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Personal Loan

How to Compare and Apply for a Personal Loan Online in India?

If you need money to take care of urgent expenses and you are broke, you should consider applying for a personal loan online in India. Since many banks offer such loans, comparing and applying at the right place is important. Personal loans have much lower interest rates and are secured by your assets. This guide will help you learn how to pick the best online personal loan service and get the money you need as quickly as possible. This article explains how to compare personal loan providers and apply online, so you can start focusing on your finances once again instead of on paperwork and phone calls with other companies. [B-01] Types of a Personal Loan You can use the money for anything from buying a new car to paying off credit card bills, but it comes with an extra cost in the form of interest. The process is easy, quick, and convenient. Interest rates and guidelines depend on different banks and types of loans. Personal loans are available in a variety of forms depending on your needs.For Example: Wedding Loan Home Renovation Loan Travel Loan Debt Consolidation Loan Consumer Durable Loan Instant Personal Loan Personal Loan Top Up How to Compare a Personal Loan Online? In India, many banks, NBFCs, and private companies offer online personal loans. The interest rate, fees, and other terms and conditions are available on their websites. As a user, you can go on the lender’s site to find the best personal loan online. Understand your requirement Before applying for a personal loan, you must know your basic requirements. For example: Which type of loan do you need? How much money do you need? How long do you want the money for? What would be your maximum monthly income? How much money and interest can you pay every month? Do you have a regular income? Identify the total cost or interest When comparing personal loans online, the key differentiators are the interest rates, processing fees, stamp duties, and any other hidden costs. Before proceeding with your plans, consider the amount of the loan, the repayment period, and the permissible interest rate. Also, you need to understand the tenure of the loan. Look for a loan that offers the lowest overall costs, including fees and interest rates, to keep borrowing costs as low as possible. Go to the financial service website Finding a single bank’s website can be time-consuming and exhausting. So a better option may be to go to a trusted financial services website. Use their platform to compare offers from different companies. These platforms identify different banks, NBFCs, and fintech companies to collect the right information. They put all the required data in one place. So, it’s best to know your creditworthiness before searching for a lender and focus on those with better rates. Understand who you are For salaried people with good credit histories, you can consider Axis Bank, ICICI Bank, Kotak Mahindra Bank, and HDFC Bank. For self-employed borrowers, consider NBFCs. Or, you may want to leave your contact details and receive customer service-based phone calls based on which you can make an appropriate selection. How to Apply for a Personal Loan Online? Unlike a car loan or mortgage, a personal loan covers any personal expense and has a flexible end-use. So, it makes it an unsecured loan. Unlike other loans, the application process for a personal loan is fairly easy. Banks don’t need to assess the specifics of collateral or other security before they decide whether to give you one. There are various lenders available to apply for a personal loan online. These include nationalized banks, financial institutions, NBFCs, and fintechs.You can apply online with any of these lenders for fast personal loan approval on their official websites. Step 1: Go to the website You need to visit the lender’s website to apply for a personal loan. Understand their terms and conditions carefully before applying. Now you can sign up to create an account on their portal. Step 2: Apply for a personal loan To be redirected to the application page, enter “apply online.” Complete the fields in the form and enter your mobile phone’s One Time Password that will be sent to you. From there, you also need to fill out a form asking for your name, contact details, monthly income, etc. Step 3: Upload the required document Once this is done, the bank will call you or send an email asking for additional documents like an Aadhaar card copy, a PAN card copy, and address proof. You can submit these documents either through email or upload them on their website. Also, they need your income documents, income tax filing, and credit score. Step 4: Select the amount After completing your KYC, enter the personal loan amount that you want to borrow. Step 5: Waiting for approval Your personal loan online will be approved once all of the documents have been approved and all of the eligibility criteria have been met. Once these steps have been completed, the representative from the bank should call you with the updated loan approval and details about the wire transfer of the loan funds. [B-02] Conclusion On one hand, the expansion of unsecured lending has allowed loans to be fulfilled quickly, easily, and efficiently. Yet, care must be taken because the easy availability of loans can trap borrowers in debt for years or decades to come. Preparing a budget plan that includes the amount of money we might need in the future is difficult if you are careless. If so, it is advisable to go for a personal loan. A personal loan allows you to borrow money from a bank or non-banking finance company without pledging any form of security. But before applying for one, you can check out the Piramal Finance website to compare and apply for a personal loan online.
08-11-2023
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Personal Loan

Apply For A Personal Loan Online In A Few Minutes

Applying for a personal loan online has become fast and easy in today’s digital world. You can complete the entire process with just a few clicks and receive an approval within minutes. Checking for personal loan eligibility online has some advantages over traditional methods. One of the advantages is that you don’t have to tire yourself out by going from one bank to another looking for the best deal. You can compare offers from multiple lenders from the comfort of your home. If you’re considering applying for a personal loan online, here are a few things to remember. [B-01] Features Of Personal Loan A personal loan is an unsecured loan since it is not backed by collateral. This makes personal loans a good option for people who don’t have any assets to use as collateral. Personal loans can be used for various purposes, including debt consolidation, home improvements, medical expenses, managing a wedding, and planning vacations. The interest rate on a personal loan is typically lower than the interest rate on a credit card, making it a good option for people who are looking to reduce their debt.Applying for a personal loan online and checking personal loan eligibility is easy. You can check your eligibility without affecting your credit score, and your loan can get pre-approved in minutes. Once you have received the approval, you can choose the amount you want to borrow and a repayment schedule that works best for you. How to apply for a personal loan online? After you have decided to apply for a personal loan, the first step is to check your personal loan eligibility. An applicant with a high credit score is a favourite among lenders. A person’s credit score is determined by factors such as credit history and debt repayment record. A credit score between 800 to 850 (on a scale of 300 to 850) is considered excellent. If your credit score is low, you may still be able to get a personal loan, but you may have to pay a higher interest rate.The next step is to research lenders and compare the rates and terms before you decide which personal loan is right for you. Once you’ve found potential lenders, it’s time to fill out the loan application.Most online personal loan applications can be completed in just a few minutes. You’ll need to provide basic information, such as your name, address, and employment details. Additionally, you might have to keep documents about your income and debts handy during the application process. Once the application is submitted, it will be reviewed by the lender. If your application is successful, the loan amount will be disbursed to your bank account in a few days or hours. Who can apply for a personal loan online? Worried about whether you have personal loan eligibility? Salaried individuals between the age of 21– 60 with a minimum income of Rs. 25,000 per month can apply for a personal loan. However, the income criteria might change from bank to bank. You should be employed for a minimum of 6 months in your current workplace, which could be any of the following: Government Institution Private sector Public sector MNCs or related companies Partnership Firms Proprietorship concern When applying for a personal loan online, you should keep the following documents ready for verification. PAN Card Passport Driving License Aadhaar Card Voter ID Registered Leave and Lease Agreement Passport Driving License Voter’s Identity Card Utility bills Three months’ salary slips Bank statements from the last three months How to compare different personal loans? When looking for a personal loan, it’s important to compare your personal loan eligibility and offers from multiple lenders to ensure you’re getting the best rate and terms. Here’s a step-by-step guide to comparing personal loans: Check your credit score: Your credit score is one of the most significant factors lenders will consider when determining your interest rate. You’ll likely qualify for a lower interest rate with a high credit score. Know how much you need to borrow: Before shopping around for personal loans, it’s essential to know how much you need to borrow. This will help you narrow your options and find a lender who best meets your needs. Compare interest rates and fees: Once you’ve shortlisted the best offers, compare the interest rates and fees. Be sure to look at the Annual Percentage Rate (APR), which includes all charges associated with the loan. Consider repayment terms: When comparing personal loans, consider the repayment terms. Some loans may have shorter repayment periods, while others may have longer terms. Choose the loan that gives you the most affordable monthly payments based on your budget and financial goals. [B-02] Conclusion A personal loan is the most sought-after financial assistance chosen by people for various purposes. For instance, if you are looking for funding to help your child study abroad, you can apply for an educational loan. Many also fund their vacations with travel loans instead of exhausting their investments and savings. Applying for a personal loan online takes just a few minutes. Additionally, your personal loan eligibility can also be quickly checked online. Visit the Piramal Finance website to read more about personal finance.
08-11-2023
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Personal Loan

How much personal loan can you get on a salary of Rs. 50,000?

A personal loan is emergency money you can get. Banks give personal loans by interest. There will, however, be a few instances when you might need more money. There can be any reason for the same. Many banks give personal loans by keeping something. This is known as the security or collateral pledged to the bank. This may be your property or any other asset that you own. As humans, we might fall into unprecedented situations more often than not. These are times when personal loans come to your aid. Getting a loan accepted can be hard. A lot of things control how much money one can loan. The important factors are your income and credit score. Your monthly payment is given greater weight since it helps banks calculate your ability to repay on time, thus, removing the danger of risk. [B-01] But how can you get a personal loan? What are the minimum things required to get a personal loan? If you have these questions, don’t worry. This blog is sure to help you. The things that are required to get a personal loan are covered in the blog. Now, before knowing how you can get a personal loan, let us see the minimum criteria you must fulfil to get a personal loan. The loan applicant’s age must be between 21 to 60 years Your income should be at least Rs. 25,000 A business owner can also get a personal loan depending on the size of their business The applicant should have one year of working experience in the field they are working in. If you are a person who can get a personal loan based on the things above, then you must further, fulfil the following requirements: You must possess an aadhar card, pan card, passport, and job form. Also, you should know the interest rates that many banks in India give. The lesser the interest rate the more you will be benefited. To apply for a personal loan, you can directly go to the bank. You would then need to fill out a paper form and submit it to the bank. If you are eligible for a loan, going to the bank would be the next step. Another way is to apply online. For that, you should visit the bank’s website. On the bank website, search for the “loan” option. There, you may find many options for a loan. You can choose a personal loan as per your requirement amongst the same. How can a self-employed person get a loan without ITR? Self-employed people do not have a job as they run their businesses. So, the income is not fixed. Getting a loan for a self-employed person is hard but not impossible. If a person provides proper documents, then they can get a loan. The loan amount depends on your business and your past bill payments. If you have a good credit score, you can get a loan easily. Personal Loan For Self Employed Without ITR Yes, People can get a personal loan for self-employed without ITR. But that depends on the size of your business. Generally, it is a risk for loan providers. The risk here is self-employed people do not have fixed salaries. Because of this, the loan process becomes lengthy. One must follow the given steps to get ITR free loan. 1. Have a secured loan A personal loan is always insecure. You have to keep your property against the loan. Without ITR, it may be a risk. 2. Pay your payments on time Always have a good credit score. It is a commonly known fact that a good credit score is required. 3. Have a good relationship with the bank. You can do this by handing out your payments on time. This will create a credit-worthy image. What is the personal loan limit you can get? At this point far in the blog, you must have understood that people usually take personal loans for a cause. The cause can be any unplanned reason. Banks determine how much money you have by subtracting your total net profit from your fixed monthly bills. This tells how much you are capable of repaying. Following that, the ability of this disposable income to cover loan bills is determined. The desired appropriate FOIR ratio is between 40% and 50%. The FOIR ratio should be as low as possible. However, the FOIR ratio might rise to between 60% and 70% for high earnings. As told above, personal loans have a limit. But you can extend the limit. You can improve your loan limit with a good credit score. And also paying your bills on time. Having a good credit score makes the process easy. Also, it makes the process faster. At the same time, it improves the limit of loans. Paying your bills on time also improves the limit. Let us see fee few things that are important for a loan. 1. Income Your income is an important factor for a loan. The higher your income is, the higher the loan value you can apply for and get. If your income is good, you can get a loan quickly. 2. Credit score Every person has a credit score. If your credit score is more, you can get a loan easily. The process also becomes faster. You can increase your score. To do this, you should pay your bills on time. 4. Job You must have a job to get a personal loan. Your job determines your income, and it eventually affects your loan. The better the job, the higher your income will be. If you have a good job, you can get loans with higher value. 5. Age Age is also important for a loan. A person between the ages of 22 and 60 can get a loan. 6. Bank All banks have their own rules. We must follow the rules to get a loan. [B-02] Conclusion So, from the above blog, the rules and procedures for getting a loan might be clear. You can get a loan if you follow all the rules. It is easier to get a loan if you have a good credit score and a job. Being self-employed, you can get a loan without filing an ITR.
08-11-2023
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Personal Loan

All You Need To Know About Retired Pensioners’ Personal Loan Scheme

The requirement for finances might come up at any time. Personal loans are extremely useful in times of financial need since they are not attached to any specific purpose. Although personal loans are widely available on the market, retirees may have a more difficult time obtaining approval. Banks view elderly people as having a higher risk and are less inclined to give loans to senior citizens. However, retirees with a pension remain in a better position. Listed below are a few top banks that provide pension personal loans to retirees. [B-01] State Bank of India Retirees may have financial needs that require them to take out a loan. The State Bank of India (SBI) offers loans to retirees to fulfill these needs. This loan is available to government retirees (state or central) or defense retirees under the age of 76. They must obtain their pension from SBI, and the loan can be obtained from any branch. Features of an SBI Personal Loan for Pensioners The processing charge is less, and there is no processing cost for military retirees. The loan processing is fast. The loan has no interest charges. If a person increases the credit on their loan account, the loan burden and loan interest will be reduced. The minimal loan amount for Central Government workers is Rs. 25,000, and the highest pension period is 18 months, with varied top limits for different age groups. The lowest loan amount for defense is Rs. 25,000, and the maximum is for 36 months, capped at Rs. 14 lakh for pensioners under the age of 56. There is also an 18-month pension with a varied maximum cap for various ages. The repayment time is specified according to age. Eligibility Criteria The maximum age for government (central and state) pensioners is 76. Individuals eligible for defense pensions must have served in the armed forces (CRPF, CISF, BSF, ITBP, Assam Rifles, Rashtriya Rifles, or Coast Guard). The principal pensioner’s spouse may get the pension after their death. Their age should not be over 76 years. Interest Rates The interest rate on the SBI Loan for Pensioners is 3.80% higher than the two-year MCLR. It is presently 11.45% per year. The processing charge for government (central and state) pensioners and family pensioners is 0.50% of the amount of the loan. GST (which is subject to a threshold of 500 and extra applicable GST) will be added. Defense pensioners pay no processing fees. Those who repay the loan before the expiration of the term must pay 3% in prepayment costs. Central Bank of India The Central Bank of India Personal Loan to Pensioners is a financing product offered by the Central Bank of India to provide financial assistance to pensioners. A pensioner can apply for a personal loan. As a result, individuals have an avenue to use the pension personal loan for any personal needs such as medical bills, wedding expenses, and so on. The loan amount offered by the Central Bank of India Personal Loan to Pensioners can be used to fulfill any financial costs or personal emergency needs that an individual may have. This loan may also be used for healthcare crises, house renovations, family vacations, and other similar purposes. Eligibility Criteria The applicant must be a family pensioner getting their pension from a Central Bank of India branch. Forms of Financing Offered The loan might be disbursed in the form of a term loan or an overdraft. Pensioners below the age of 75 will get an 18-month pension, with a limit of Rs. 50,00,000. Pensioners over the age of 75 will get a 12-month pension, capped at a maximum of Rs. 2,00,000. Interest Rates The interest rate will be the base rate of 9.70% + 2.00%, for a total of 11.70%. How to Apply People may apply by downloading the forms from the website and submitting them, along with supporting documentation, to the nearest Central Bank of India branch. The registration form may be obtained online; however, the applicant must visit the branch with the completed form and documentation. The Central Bank of India Personal Loan to Pensioners can be availed of as a personal loan for doctors who receive a pension as well. Bank of India This is a unique lending program available to people getting a routine pension through a Bank of India branch. Unsecured Loans Unsecured loans can be used to cover wedding expenses, medical bills, and education expenses for oneself, one’s spouse, one’s child, or close relatives. The loan amount may also be used for home repairs, renovations, extensions, or other personal needs. If the borrower chooses an unsecured loan, an undertaking will be sought from the borrower indicating that the cash was used for the stated purpose. Secured Loans A secured loan may be used to pay off an existing mortgage or to buy consumer goods, computers, or professional equipment. Proof of receipt for incurred expenses must be acquired. Eligibility Criteria The BOI Loan for Pensioners is available to monthly pensioners or family retirees who get a regular monthly pension from the branch. It is also available to retired employees who did not lose their jobs or have to retire because of their age. Forms of Financing Offered BOI gives loans in the form of a demand loan, a term loan, or an overdraft that can be reduced based on when the loan is paid back. Interest Rates The interest rate on the Bank of India (BOI) Loan for Pensioners is the base rate + 2%. The base rate is 9.70% plus 2%, for a total of 11.70%. If the collateral is available and worth more than 25% of the loan, the person will receive a 1% interest rate reduction. The highest allowable base point for 1% security is 100. [B-02] Conclusion Pension personal loans can fund personal necessities. If the conditions are favorable, the bank from which the individual gets the pension will provide a loan. These loans may be used to fund almost any need a person has. Visit Piramal Finance for more information on retired pensioners’ personal loan schemes.
08-11-2023
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Personal Loan

How Can a CA Avail of a Personal Loan in India?

CAs, or chartered accountants, are financial guides in layperson’s terms. A CA’s business is basically about providing services. They audit accounts, provide advice, and prepare reliable financial records and information for their clients. Some prefer to join firms or companies to work. And others choose to work individually and have their own setup. The number of industries and establishments has increased with today’s growing economy. Both large establishments and self-employed individuals need the services offered by a CA. This is why CAs are also looking forward to expanding their businesses. Hence, banks and other financial institutions have come up with loan offers specifically designed for CAs. They are also entitled to many personal loan offers. This article goes on to explain in detail how a CA can take advantage of this service. [B-01] Who can apply for a chartered accountant’s loan? CAs who are self-employed CAs who are salaried CA companies and firms What are the eligibility criteria for applying for the loan? The eligibility criteria needed for availing the personal loan offers are: One must be an Indian citizen The minimum age should be 21 and at most 65 A minimum of 3 years of working experience is needed What documents are required? The documents needed for availing of this type of personal loan are: ID proof is needed, e.g., a PAN card. Address proof is required, e.g., an Aadhar card. Address proof of the business/company is needed, e.g., a rent agreement, electric bill. Financial documents are also required, e.g., a bank statement or an IT return. Also, proof of professional qualification is required. What features are available for the chartered accountants for the loan? Quick processing of loans without any hassle: The entire process of applying for a personal loan has been digitalized. One needs to fill out a form where one needs to provide basic information. It hardly takes 10–15 minutes. Document submission can also be accomplished digitally. For the verification process, personnel visit the borrower to check the authentication of the provided documents. It is an unsecured loan: A CA’s work is basically service based. Hence, the loan offered is based on the credit score and academic merits of individuals. These loans are therefore unsecured. In comparison to other types of personal loans, the processing for this one is quicker. That is why they offer a more favorable interest rate. Very less documentation: Even though this is an unsecured loan, only a few documents are required. The ability to digitally upload documents is now available. Later they are verified. The process of verification is a door-to-door service that the banks or other financial bodies perform. Payment options are flexible: The tenure for such loans is 1 year to 5 years. However, they follow the Equated Monthly Instalment (EMI) schedule. Depending on what kind of financing is availed, a preferable repayment tenure is chosen. The processing fee, on average, is 2% across banks and other financial institutions. Certain banks and financial institutions might charge a minimal rate for providing online services. Loans are provided by financial institutions and banks up to Rs. 35 lakhs or Rs. 50 lakhs. The entire process has been made so that the loan is advanced within 24 hours. What is the process for applying for a personal loan for CAs? One needs to either visit the nearest branch or the website of the chosen bank or financial body. One must check to make sure that they are eligible to apply for the loan. The loan application form must be properly filled out and signed by the customer. Loan details must be specified correctly, i.e., the tenure and total amount required must be given. Documents that are required must be scanned and uploaded. Post verification, the amount gets transferred to the customer’s bank account, and they can now take advantage of the personal loan offers. What are the many reasons to take a personal loan for a CA? Banks and financial institutions have designed personal loans for CA to meet their specific requirements. CAs or such firms prefer to take a loan to support and extend their setup and boost practice. A few reasons why this loan is being taken: To purchase and establish a new and better office space. Many want to renovate the working space that they already have. Office infrastructure is also important to draw clients. As a result, some people decide to upgrade. To scale up the operations. To meet the requirements of working capital. For increased workload, they need to hire new staff, so for that purpose, a loan can be taken. To pay the overhead costs. Other than personal loans, what other loan products are offered to CAs? The personal loans offered are quite similar to business loans extended. But, the interest rate is comparatively higher. Personal loans for CAs are offered digitally. The process of documentation and sanctioning is simplified. The other loan products offered are: Business loans designed for CAs. Home loans are designed for CAs. A loan was taken against property for CAs. [B-02] Conclusion Up until now in this article, all the details required to apply for a personal loan for CAs have been discussed. There are many personal loan offers and features that they get to experience, which have been explained. The eligibility criteria and application process have also been clarified. If a person needs a financial guide, then “Piramal Finance” is a good personal loan/financing option for buyers. They have great blogs, too, that are there to help people.
08-11-2023
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Personal Loan

An Overview of Personal Loan Terms and Conditions

Personal loans have grown in popularity because they can be used for almost any purpose. They are very easy to get and require a few documents. Many institutions give personal loans via online or offline means. The personal loan application forms come with a document stating the personal loan’s terms and conditions. You should keep this document for future reference. It contains vital information regarding the loan you have obtained. If you have a question, there is a strong chance the terms and conditions will have the answer. [B-01] What is a Personal Loan? Personal loans are mostly unsecured loans. This means they have no collateral. As a result, they have higher interest rates than secured loans. Banks, lenders, and credit unions offer this type of loan. They are very flexible and can be used for a variety of things. Depending on the lender, one may be able to borrow a substantial amount. Personal loans usually have short or mid-term payment terms. One’s credit score, credit history, and income are all factors that affect how much one can get and the interest rate one pays. Personal Loan Terms and Conditions Here are some personal loan terms and conditions that you should be aware of: The Credibility of the Lender Many monetary firms give personal loans at fair rates. Some make enticing offers and force people to accept them right away. It is very useful to sign a contract using the phone. But, you must be extra careful about who is offering to lend. Read the fine print to make sure the lenders you are trusting are not scamming you. Be Aware of The Interest Rate This section covers the amount of interest you will pay on your loan. It contains data on the interest rate as well as the Annual Percentage Rate (APR). The interest rate is included in the annual percentage rate. But, it also contains lender fees and other charges. When it comes to personal loans, the interest rate is always the appealing factor. But, the flat rate that is given to you might be tricky. This is due to the chance of hidden fees in the offer. It would raise the interest rate. Prepayment Details Personal loans have prepayment fees. It is also known as foreclosure fees. Lenders will charge you this fee if you pay off your loan early. If you are planning to use this option to pay off your loan early or expect to be able to pay off the entire amount after a specific event occurs, you will have to incur a penalty. In this case, you will need to fully grasp the penalty charges. You should choose a lender with low or no foreclosure fees. Prepayment is a positive step toward paying off a loan But, be aware that most lenders will not provide this option until a certain number of EMIs have been paid. Hidden Fees Personal loans have extra charges apart from the rate of interest. There is a processing fee, insurance fee, service fee, and other miscellaneous charges that are not usually explained. It’s also critical to check these charges. After your loan is approved, most lenders debit the processing fee from the loan amount. They deposit the rest of the money into your bank account. Also, the final monthly EMI might include extra charges. These charges are usually explained in the personal loan terms and conditions. You will also find various penalty fees you might incur and when. Make sure you understand all the charges you will have to bear. Loan Usage You should check to see if the loan agreement states what you can and cannot do with the personal loan. Generally, it should state that one may use it for any legal reason without restriction. However, if it states that it cannot be used in some cases, the person should be aware of this before signing. Say No To Faulty EMI Schemes There are some eye-catching zero-interest EMI schemes. These are very popular among people. People believe they will not have to pay any interest on the product they buy. This is a very well-thought-out scheme that has puzzled many. They are unaware that they are being fooled into taking out what appears to be an interest-free loan. Such products have high processing fees, flat fees, administrative costs and so on. People should go over the loan agreement with a fine-tooth comb. They should ensure that they fully grasp the terms and conditions before signing. Personal Loan Documents A lender will need KYC (Know Your Customer) documents. It includes a driver’s licence, voter ID, Aadhar card, and so on. Aside from that, salary slips and bank statements would be needed. As a result, when applying for a personal loan, you must have these documents on hand. [B-02] Conclusion A personal loan can now be obtained quickly and easily. The loan application process can be done online from the comfort of your home or office. Most loans can be availed within minutes of being approved. Checking all personal loan terms and conditions thoroughly may be time-consuming and stressful. But, it is a valuable practice that will benefit the person in the long run. Be sure to properly read the fine print before signing the document. One can visit the Piramal Finance website for more details related to a personal loan’s terms and conditions. They can also explore their products and services.
08-11-2023
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Personal Loan

Best Personal Loan for Travel in India

The economy is starting to recover after the tough times caused by COVID-19. Many businesses are reopening, and one of the sectors bouncing back is tourism. People have spent too much time at home, and many are eager to travel again. If you worry about money for your travels, personal loans can help. What are travel loans? Travel loans are a type of personal loan specifically used for traveling. Many banks and financial companies provide these loans for both local vacations and trips abroad. The interest rates for travel loans start at 10.75% per year, and you can repay them over a period of up to six years. You can borrow as much as Rs. 40 lakhs. Why should you take personal loans? Here are some reasons why you may consider getting a travel loan: - You don’t want to pay a lot of money for a fancy vacation. - You want to spend time with your family and don’t want to wait to take a trip because you don’t have enough money. - You prefer not to sell off your savings or investments, like fixed deposits or government savings schemes. What should you know before taking personal loans for travel? If you are thinking about taking a travel loan, here are eight important things to keep in mind: 1. Online process: You can apply for a travel loan online without having to go to a bank. You can find all the information and complete your application from home. 2. Unsecured loan: Travel loans do not require you to offer any assets, like property, as security. You don’t need a guarantor either to get the loan. 3. Straightforward process: The entire process of applying for and getting the loan is simple and digital. You can track your application online, and only a few documents are needed, which can also be submitted digitally. 4. Limited amount: Since it is an unsecured loan, you cannot borrow any amount you want. The amount you can get is based on your monthly salary, credit history, and job type. 5. Flexible uses: People often think travel loans only cover flight tickets, but they can actually be used for other travel costs too. This includes hotel bills, sightseeing expenses, meals, and even shopping on your trip. 6. Low-interest rates: While using a credit card can be quick, the interest rates and fees for credit card loans are generally higher. In comparison, travel loans can be obtained at lower interest rates, allowing you to borrow more. 7. Flexible repayment time: Travel loans offer flexible repayment options. You can choose to repay the loan in easy monthly installments (EMIs) within 12 to 60 months (1 to 5 years). If you want to pay off your loan earlier, you can do so without a penalty. 8. Easy repayment: You can repay your travel loan through electronic payments or by sending post-dated cheques. You can also set up a bank transfer to automatically pay back the loan. Which are some of the best personal loans for travel in India? 1. HDFC Bank Travel Loan: HDFC offers personal loans with low-interest rates. They accept different payment methods like cash, checks, and online transfers. There is a processing fee of 2.5% of the total loan amount. 2. Tata Capital Travel Loan: Tata Capital can transfer the loan amount to your bank account within only two days. You can qualify if you have a monthly income of at least Rs. 20,000. There is no need for any extra security to get this loan, and the processing fee is 2% of the loan amount. 3. Axis Bank Travel Loan: This travel loan has a two-month pause period, meaning no EMIs are charged for the first two months. It is available for salaried individuals with a minimum monthly salary of Rs. 15,000. The processing fee is determined by the bank. Conclusion Now that you understand travel loans better, you can think about using this option to help fund your holiday, whether it’s domestic or international. Check out the Piramal Finance website to see their services and learn more about the terms of loans available.
08-11-2023
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Personal Loan

How To Get A Personal Loan & What Documents You Need

Thinking about taking a trip abroad or maybe organising the ideal wedding? Make use of a personal loan to realise your goals. A personal loan typically does not demand collateral or security and has flexible repayment periods. Here are the six steps for obtaining a personal loan. We’ve got all the information you need, including what paperwork is needed and how to apply for a personal loan: [B-01] Step 1: Determine what you need Determine your requirement for a personal loan and the amount you require. You might require a loan, for instance, to pay for your wedding or to repair your house. Step 2: Verify your eligibility Once you are aware of your needs, you should determine your eligibility. To find out how much you can borrow as a personal loan, go to the loan provider’s website and use the personal loan eligibility calculator. Step 3: Verify your credit report Most lenders will run a credit check on you to assess your likelihood of repaying your loan. Even though some Internet lenders have begun to consider alternative credit information, they will normally still consider your credit score. You need at least a fair credit score, which is normally between 580 and 669, to qualify for the finest personal loans. However, you’ll have the best chances of being authorised with a reasonable interest rate if your credit score is good or exceptional and is above 670. If you have a low credit score for some reason, you may still be able to get a loan. You should work on your credit history first if you want to apply for a loan and if you think the interest rates and fees are too high. Step 4: Figure out EMIs If you want to estimate how much you’ll have to pay back on your loan each month, you may use an EMI calculator to help you out. Using a tool like a personal loan EMI calculator, you may adjust the loan’s interest rate and term to best suit your budget. Personal loans from today’s financial institutions come with affordable monthly payments. Step 5: Visit the bank You can visit the bank branch for offline documentation. A personal loan from the bank can also be made through several other channels, including net banking. Step 6: Submit the paperwork Next, learn what proofs are needed to secure a personal loan. You’ll typically need to provide evidence of your identity, residency, and income (such as pay stubs, bank statements or tax returns). Give the bank your duplicate personal loan paperwork. Patiently anticipate the arrival of the money in your account. Loans accepted are typically disbursed within seconds to customers and within hours to non-customers. That’s it; in only six simple measures, you can secure a personal loan! So, what are you waiting for? Get a personal loan today! There is a wide range of interest rates for personal loans. The interest rate on your loan will be determined by several factors, including the loan amount you request, your credit history, and the time you take to pay it back. Your personal loan’s interest rate can be cut if you continue to have a strong credit score and solid working connection with your lending institution. Why Might You Need a Personal Loan? To what ends can one take out a private loan? There are few restrictions on how a personal loan can be used because it does not require collateral like a car or a home loan. It has a wide range of potential applications, including debt consolidation (whether from other loans or credit cards), making large purchases that require a large amount of money upfront, and emergencies. It can’t be used for gambling or buying stocks on the speculative market. Personal loans are frequently used to cover unexpected costs in areas such as education and travel and for large purchases like furniture, automobiles and home appliances. If the rate of interest on a personal loan is lower than the rate on a car loan, it can be used to purchase a vehicle. Therefore, a personal loan can be useful for many purposes, including covering both anticipated and unexpected costs. Documents Required To Apply For Personal Loan To get approved for a personal loan, you’ll need to provide documents that banks and other financial institutions often need. What you’ll need to apply with can vary from one lender to another. The lending institution may request extra paperwork after you submit your application. You may be asked to provide supporting documentation, such as a copy of your driver’s license, a recent pay stub, or proof of residency. If additional paperwork is required from you, the lender will let you know whom to send it to and what it is. The quicker you can offer the details, the quicker a decision can be made. If more information is needed, you should be ready to provide it during the application process. You can speed up the application process by having your W-2s, salary stubs, proof of residency, driver’s license information, and other required documents on hand. To acquire a rapid decision from your lender, it’s important to submit all required paperwork as soon as possible. You’ll need the following documents for personal loans: RequirementsSalaried individualsSelf-employedIdentity proofPassport, Voter’s ID, Driving License, or PAN CardPassport, Voter’s ID, Driving License, or PAN CardResidence proofPassport or utility billsPassport or utility billsIncome proofBank statement of salary account for the past two yearsCurrent and prior year’s audited financial statements These are the items a lender will require to approve a personal loan for an NRI applicant: Visa and passport photocopy copy. The HR department’s or your official email address. Pay stubs and a pay certificate. Documentation showing 6 months of NRO/NRE account activity. Documentation of your person, your residence, your income, and your assets. Pictures of you and your guarantors taken within the past year in passport size. [B-02] Conclusion Want to apply for a personal loan? You can begin right now by contacting Piramal Finance. Finding the right personal loan product can be difficult because there are many lenders to select from. Get in touch with Piramal, and our experts will help you get a personal loan with the best interest rates in minutes.
08-11-2023
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Personal Loan

Unsecured Loans: Apply for Unsecured Personal Loan Online

An unsecured loan is a type of loan that does not require any security or collateral. In other words, if you default on the loan, the lender cannot seize your assets or property. Applying for an unsecured personal loan online is a simple and convenient process. Many lenders offer this type of loan, so you should compare all available offers before picking a lender. This blog aims to provide helpful information about unsecured loans — from how to apply for an unsecured personal loan to what to expect in the application process. [B-01] What are secured and unsecured loans? A secured loan requires the borrower to pledge some asset (e.g. a car or property) as collateral for the loan. It gives the lender a security interest in the asset until the loan is repaid. An unsecured loan is not backed by any collateral; the lenders’ only recourse in the event of default is to attempt to recover the debt from the borrower through legal action. Home loans, gold loans, loans against property, etc., fall under the secured loan category, whereas personal loans, term loans, and home renovation loans are all unsecured loans. Benefits of an unsecured personal loan When you want to finance a large purchase or consolidate debt, an unsecured personal loan could be a good option for you. Unsecured loans do not require any collateral and can often be obtained with competitive interest rates. Here are some other benefits of an unsecured personal loan:No collateral required: As mentioned previously, unsecured loans do not require any collateral, so you will not have to put up your home or car as security for the loan.Flexible repayment terms: Repayment terms for unsecured loans are often more flexible than those for secured loans, so you can choose a plan that fits your budget and financial needs.Competitive interest rates: Interest rates on unsecured loans are typically lower than those on credit cards so that you can save money on interest charges over the life of the loan.Fast and easy approval process: Unlike some types of loans, such as a home loan, which can take weeks or even months to get approved, unsecured personal loans are generally approved within hours to a few days. An unsecured personal loan could be a good option if you want a loan to finance a large purchase or consolidate debt. How to apply for an unsecured personal loan online? To apply for an unsecured loan online, you must first find an online personal loan lender that offers unsecured personal loans. Then, complete their online application form with your basic information. The information you submit should be accurate, as the lender will use this to evaluate you as a potential borrower. Once you submit your application, the lender will review your information and decide whether or not to approve your loan. Upon approval, you’ll have the funds in your account promptly. In some cases, you may even be able to get your money on the same day that you apply! What are the risks of an unsecured personal loan? Here are a few things to be careful about with unsecured personal loans:Default: If you fail to make your loan payments, the lender can take legal action against you. It could impact your credit score or result in the court withholding your earnings.High-interest rates: Unsecured personal loans typically have higher interest rates than secured ones, which means you’ll pay more interest. The interest rate is generally between 10.5% to 24% per annum and can vary based on income, age, and relationship with the lender.Short repayment terms: Many unsecured personal loans have additional charges and shorter repayment terms than secured ones, making repayment difficult and unmanageable for the borrower. In most cases, short repayment terms are between 6 and 18 months. How to compare unsecured personal loans? When taking an unsecured personal loan, comparing offers from multiple lenders is essential. There are a few things to keep in mind when doing this:The interest rate: This is the most crucial factor when comparing loans, as it determines the total repayment amount. You should compare APRs (Annual Percentage Rates) and not just the interest rates, as this takes into account any fees the lender may charge.The repayment term: This is the length of time over which you will repay the loan and will also affect the total amount you pay back. A longer repayment term will mean lower monthly payments but a higher total cost, while a shorter term will be more expensive overall but may be easier to manage financially.The loan amount: The loan size will also affect your decision, as different lenders may have different limits. Make sure to compare offers from multiple lenders to find the best deal for the amount you need.Your credit history: Your credit score plays a significant role in determining the interest rate you are offered, so it is worth checking your credit report before applying for loans. If you have a good credit history, then you should be able to get a better deal. A credit score between 670 to 739 is considered good.By considering all of these factors, you should be able to find the best secured and unsecured loan for your needs. Now that you know quite a lot about unsecured loans let’s look at some common questions about them. Frequently Asked Questions On Unsecured Personal Loans 1. How can I use an unsecured personal loan?An unsecured personal loan can be used for many purposes, including paying off debt, financing home improvement projects, automobile or consumer durable purchases, and emergency medical expenses.2. How long does it take to get approval for an unsecured personal loan?The approval process for an unsecured personal loan is faster than that for a secured loan. You can expect to receive your money within a few days if approved.3. Are there any fees associated with unsecured personal loans?There may be some fees associated with taking out an unsecured personal loan, including origination fees, late payment fees, and prepayment penalties. Be sure to ask about potential costs before you agree to take out a loan.4. What is the difference between an unsecured personal loan and a secured loan?An unsecured personal loan is not backed by any collateral, while a secured loan is backed by collateral, such as a home or car. Unsecured loans are typically more difficult to qualify for than secured ones, but they can be used for broader purposes. [B-02] Conclusion If you need quick cash, an unsecured personal loan may be a good option. However, because there is no collateral securing the loan, an unsecured loan may have higher interest rates than a secured loan. So before you apply for a secured and unsecured loan, ensure you understand the terms and conditions and are comfortable with the interest rate you’ll be paying. If you are looking for loans to buy a car or a house, or consolidate your debts and expenses, then Piramal finance is the place for you. We offer competitive rates with flexible payment options.
08-11-2023
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