More articles for you

Your one stop place for everything related to finance and lending

FD

FD Calculator: How does FD Calculator work?

What is An FD Interest Calculator? An FD or fixed deposit is an excellent choice when it comes to investing your money over a long period. These deposits typically offer a higher interest rate compared to other short-term deposits. Most NBFCs (Non-Banking Financial Companies) and banks offer FDs that are subject to a lock-in period ranging between 7 days to 10 years. The FD interests calculator takes into account several important factors that are discussed in the next few sections. You may use this to determine how much you should invest today to reap a certain amount of return on maturity. [B-01] Benefits of Using an FD Interest Calculator If you are going to invest your hard-earned money, then it is an unsaid expectation that you would want to know how much return you will get and calculating interest on any investment can be complicated since there are too many factors involved. In such cases, an online FD interest rates calculator can come in handy. Here is what an FD Calculator can do: Break down complex FD maturity calculations that include multiple variables. Give you accurate figures just by inputting a little information online. Save you a lot of time. Help you compare returns offered by different NBFCs and banks. FD Interest Rates Calculator Formula The FD interest calculator calculates the return on investments based on two types of interest accrued. Simple Interest The interest accrued on an FD that is pre-decided for a fixed period is called simple interest. It formula is, SI (Simple Interest) = [P (Principal amount invested)xR (Pre-decide Rate of Interest in %)x T (time of the FD)] / 100 So, for example, if you invest INR 10,000/- at a fixed rate of interest of 10% P.A. over 3 years, then the interest accrued at the time of maturity will be, SI = [10000x10x3]/100 = INR 3,000/- So, your maturity amount will be = Principal amount + SI = INR (10,000+3,000)/- = INR 13,000/- Compound Interest When you earn interest on both the amount invested as well as the accrued interest, you earn compound interest. Its formula is given by, A (maturity amount) = P [principal amount] x (1+r/n) [r=rate of interest, n=number of compounding in a year] ^ (nxt) [t=number of years] So, if you invest INR 10,000 for 3 years at a compound interest rate of 10%, then the matured sum will be, A = 10000 {1+(0.1/4)} ^ (4*3) = 10000 (1+0.025) ^ (12) = 10000 (1.025) ^ (12) ~ Rs. 13,449/- The compound interest earned as per the FD interest calculator is thus, CI = A – P = 13449 – 10000 = INR 3,449/- How to Use An FD Interest Rate Calculator? Using an FD interest calculator is simple. You should have some basic information handy before using the calculator. Most important of these are, Deposit tenor. Principal amount. Other information that you will need to input into the FD interest rates calculator is, Type of customer. Type of FD. Once you have entered these data online, the FD interest calculator will automatically give you the interest amount, and thus the maturity amount as well. Factors that Influence FD Interest Rates All NBFCs and banks that offer FDs will take into consideration a few important factors that affect your maturity amount. Deposit Tenor The deposit tenor is the total amount of time that you invest your money. Typically, the respective banks decide this tenor which can range from 7 days to 10 years. Depending on the FD tenor, your interests may vary. Your Age Your age or the primary applicant’s age also plays a crucial role in determining FD interests. AN FD interest rate calculator will automatically consider preferential interests to senior citizens ranging between 0.25% to 0.75%. The standard age limit for this is 60, while some banks consider investors of age 55 years as senior citizens. State of the Current Economy Repo rate by the RBI (Reserve Bank of India) and inflation are other important economic factors that affect the FD interest calculator. Maximizing Returns on Fixed Deposits While the interest rates on FDs might be fixed, there are ways to maximize the return on your investments. You can try out a few possible ways to do this – Deposit amount: The FD interest rates calculator will automatically yield a higher maturity amount if the principal amount is high. Deposit tenor: If you keep your money invested for a longer period, you will get a higher interest. FD type: Cumulative FDs yield a higher interest compared to non-cumulative FDs. Interest frequency: Frequent compounding of interest may eventually lead to a decreased maturity amount. Interest can be compounded annually, half-yearly, quarterly, or monthly. Age: Senior citizens typically enjoy a slightly higher interest rate compared to others. [B-02] Online FD interest calculators are usually free and give accurate results. They save you a lot of manual work, and even compared interests across NBFCs and banks. The latter helps you make an informed choice about where to invest your money. NBFCs like Piramal Finance are a great finance option if you are looking for loans or information related to investments.
08-11-2023
Read More
Banking

How to Open a Bank Account in 5 Easy Steps?

Are you looking to open a bank account but are confused about what to do and how to do it? Let us tell you that opening a bank account is a simple job. We will discuss the 5 easiest steps you should follow, provided that your required documents are ready, to open a bank account within minutes. Also, this blog will cover important information related to bank shares or investments that you must know minutely before investing in banks or other financial institutions. [B-01] 5 Easy Steps to Open a Bank Account 1. Choosing the Right Bank You must consider the facilities you want from your bank and adhere to them while searching for a suitable bank. If you do not have an idea, you can visit the official websites of various banks in India and learn about their offerings to customers for bank account opening. The interest rate is the most crucial factor you must consider before opening a bank account. Only a few private banks offer an interest rate higher than 4%. 2. Visit the Bank’s Website We have already mentioned that the best way to learn about the bank’s features before opening a bank account is to visit its official website. One may not be too used to this technical side of the internet. In that case, visit the bank physically and talk with the officials to learn more about the bank. Almost every bank allows you to open a bank account online within a few minutes. 3. Know the Type of Account Banks provide multiple types of accounts with different features, functions, interests, and requirements. For example, if you want to open a bank account for savings, choose a savings account. On the other hand, if you want to use your bank account for salary deposits, choose the salary account. Each of them provides a different set of benefits. We recommend you open a savings bank account for regular banking requirements or a current account for business needs. 4. Be Ready with your Documents Due to obvious reasons, your documents are essential for bank account opening. While filling out the form, providing KYC details, and attaching the photograph, documents will be required to prove our identity, address, citizenship, etc. The documents generally include the Aadhaar card, PAN card, passport, ration card, and voter ID card. 5. Read and Agree with the Bank’s T&Cs The final step before opening a bank account is to read through all the essential terms and conditions carefully. If you have any doubts, clear them up by asking the banking officials. Reading the terms and conditions is very important because you will learn everything there is to know about the bank’s rules and services.After it is all done, put in your final signature, and your bank account is ready. Factors to consider before investing in bank shares Financial Condition Before investing in bank shares, the first step is to examine the banks’ financial health. If you follow this step correctly, you will have completed half of your work once you have identified the best bank to invest in.Check whether the bank you are opting to invest in has enough reserves to cover its liabilities. The financial health of the bank is the leading indicator of whether or not you should invest in it. A bank lagging with low funds might be unable to carry on its expenses. Low reserves show that the bank is about to go bankrupt, as it will not be attracting or engaging any more business organizations to invest in them. Set your Investment Objectives Reading the banks is crucial, but having a clear insight into yourself as an investor also plays a vital role. Consider the goals and objectives you want to achieve as an investor and your future investment plans. If you reckon that banking investments do not fit your investment goals, then it is better to refrain from them. Bank investments involve high-risk factors but better profit chances. If you want a safe investment where your parked money will follow a safe path and grow gradually, then bank investments might not fit your interests. Bank shares are niche stocks that require a second thought before investing. Tolerance of Risk Knowing how much risk you are willing to take as an investor plays a pivotal role in bank investments. As mentioned above, buying bank shares involves a high-risk factor but pays off well if it does well in the market. Banking shares have a high volatility factor, meaning their values can fall or rise drastically. If you are not prepared to accept the possibility of your shares falling in value, consider more traditional investment options such as real estate. Interest Rate is the Key If interest rates are high, investors can earn more from assets like bank shares. Purchase your bank stocks only when the interest rate is rising. Interest rates depend on factors such as financial policy, inflation, economic conditions, etc. How is the Economy Currently Doing? The current economic scenario of the company is crucial for making any investments, let alone buying highly volatile bank shares. High economic growth generally yields high stock returns. [B-02] Conclusion The banking sector is the backbone of the financial realm of the country. Furthermore, a bank account is essential for managing our personal or family’s financial situation.Now that you have reached the end of this blog, you know the easiest way to open a bank account. We also talked about the things you need to think about if you want to buy bank shares at the best time. You can visit Piramal to learn more about informative posts related to the banking sector.
08-11-2023
Read More
Personal Loan

Aadhaar Card Loan: How To Apply for Personal Loan On Aadhaar

It’s no secret that one can face a financial crunch at any point in their life. If you are facing challenges in making ends meet, a personal loan comes in pretty handy in such circumstances. A personal loan can cover almost all your financial shortages. It is an unsecured loan. As a result, it has a fairly long verification process before you get approval. Also, lenders require multiple documents for verification procedures. So, it becomes a very hectic and time-taking process. In the end, your application could even get cancelled if the criteria are not met. But wait, don’t worry! There’s an easier way out. Nowadays, the process has become quite straightforward. [B-01] Now all you need is just one document. Yes, we’re talking about the loan on Aadhaar card only facility. With just your Aadhaar details, the documentation can be done online by e-KYC. In case you need to know, KYC is how a bank or lender will verify your identification. Since no physical documents are needed, it saves time. In some banks, you can even get instant approvals if you submit a scanned copy of your Aadhaar card. Eligibility criteria for getting a personal loan with an Aadhaar card Yes, you have certain criteria to fulfil first. But these are somewhat basic. So, let’s have a look at the personal loan on Aadhaar card only eligibility criteria, shall we? Age You must be at least 21 years old when applying for a personal loan. However, you should not be older than 60 years (60 years for self-employed) when the loan matures. Credit score You must have a credit score of 750 or above to be eligible for an Aadhaar card loan. Salary A minimum of Rs. 25,000 in net monthly income is necessary to apply for an Aadhaar card loan but this varies from one bank to another. Also, you must have a minimum of 2 years of combined work experience, including at least 1 year in the present organisation. Years in existing residence You must be residing in your current home location for at least 12 months. Documents needed for Aadhaar card loan Here’s a list of the documents you will need to apply for a personal loan using an Aadhaar card: Passport-size photos. Additional KYC papers, such as a passport, PAN card, driver’s license, and voter ID. Bank statement for the past 3 months. How to apply for a personal loan using an Aadhaar card? Digitisation and the introduction of the Aadhaar card have made it simpler to submit an online personal loan application. Your Aadhaar Card is the sole document you need to present as verification of your KYC. Most banks and non-banking financial Institutions now accept it as identity, birth, residence, and citizenship proof. Follow the step-by-step guide below to apply for a personal loan using an Aadhaar card: Step 1 First, you need to check and compare personal loan offers online by going to a bank or financial aggregator website. Step 2 Then, you need to enter a few basic information and the needed loan amount. Step 3 Next, you need to submit scanned copies of your ID cards and other documents online. Step 4 Your application and the necessary documents will be up for verification. Step 5 Finally, when approved, the loan amount sanctioned will be credited to your bank account. Why choose the Aadhaar card personal loan option The perks of getting a loan on an Aadhaar card are quite a few: Loan amount You can avail of a loan of Rs 10,000 up to Rs 50,000 by just using your Aadhaar card. Interest rate Interest rates for personal loans from private lenders begin at 10.50% per year, whereas public sector banks begin at 8.35% per year. This is less compared to other ways of getting a personal loan. Tenure The typical personal loan repayment period is from 1 to 5 years. Some banks, however, could provide terms of up to 72 months. Processing charge For an Aadhaar card loan, it is only 2% or even less of the approved amount. Prepayment penalties The penalties can be up to 4% of the loan balance remaining. Processing period The processing period for an Aadhar card personal loan may range from a few minutes to a few hours, depending on the procedures of each lender. Some mobile apps can also disperse loans within a few seconds these days. Aadhaar card impact on personal loan Individuals must provide their KYC documents to use any financial services. To prevent money laundering, the government has mandated that banks and other financial organisations have to gather clients’ KYC information. In the past, KYC needed a fair amount of documents. But today, it can be done quickly. Moreover, banks have begun e-KYC, which completely digitises the KYC procedure. Verification is an easy process now because Aadhaar has the biometric information of the individuals. When it comes to personal loans, both private and public sector banks have highly strict validation and verification procedures. Initially, obtaining a loan required the applicant to submit a lot of paperwork. The approval process also took a while. However, since the Aadhaar card was introduced, fewer documents are needed now. Also, the time taken for a loan to be approved is reduced. People mostly prefer personal loans in case of an emergency. They also require a speedy verification procedure. An early deposit of the loan funds into their bank accounts will help them for sure. [B-02] Wrapping up It’s a no-brainer that an Aadhaar card has made it easier to get a personal loan. Earlier, you had to go through a lot of struggles to get one. Just make sure you do a bit of research for the best deal. In case you are seeking a loan on Aadhaar card only, do not forget to check out Piramal Finance for the best interest rates.
08-11-2023
Read More
Personal Loan

Find the Right Personal Loan Tenure that Works for You

Personal loans are unsecured loans. It means you can get one without putting up any security. The funds taken can be used for a variety of purposes. It includes using them for an emergency, funding a business, or pursuing your education. Personal loans are more expensive than other loan categories. You can choose the maximum loan tenure and an EMI amount based on your repayment capacity. But, this does not imply that you can choose any loan tenure. For example, a longer tenure with lower EMIs or a shorter tenure with a higher EMI amount. Both cases are not good because they can affect your finances. Your budget will need to include money for repayments if the term is shorter. On the other hand, a longer tenure leads to a greater average cost of borrowing. It is crucial to select the right personal loan tenure period. This will ensure that you receive the desired benefits from your loan. [B-01] What is a Personal Loan Tenure? The personal loan tenure, or duration, is the time between its disbursement and your final EMI payment. Let’s say, you took a personal loan in 2017 and paid it off in full in 2022. In this case, the loan term will be five years. In India, the interest rates on personal loans vary from bank to bank. Most financial firms offer personal loans with a usual minimum loan tenure of two years. And, a typical maximum personal loan tenure is five years. But keep in mind that the length of a personal loan can vary depending on the lender. Importance of Setting the Right Personal Loan Tenure It doesn’t only have cost advantages. Choosing the right personal loan tenure allows you to pay your EMIs smoothly. This will make sure your finances are not affected. Other benefits include the following. It assists you in building a positive credit history and a higher credit score. So, it allows you to obtain competitive rates on future loan applications. It helps you effectively manage your personal finances while also achieving other goals. Some Factors to Consider to Choose the Best Personal Loan Tenure Be aware of your monthly income. The best way to analyze the ideal personal loan tenure and EMI is to assess your spending and saving habits. Before taking a loan, create a list of your monthly expenses and how much you can save. Take into account all the liabilities you may have as well as their duration. The amount of your EMI loan and the length of your loan can be chosen based on your savings and spending rates. The 50/30/20 rule will help you create a repayment strategy that works for you. It states that 50% of your income should go toward meeting fixed and variable expenses. 30% should go toward non-essential expenses. The rest of the 20% should go toward debt repayment and savings. Determine how much of a personal loan you need. Decide on the amount of the loan you need before applying for one. Your loan tenure directly affects the amount of your loan. To repay the funds and interest on a loan for a larger amount, more time may be required. So, as a general rule, never take a personal loan for a sum greater than what you actually need. Understand the reasons you require the loan and how much you will need to achieve your goal. It will help you calculate the loan amount needed accurately. Future Cash Planning. It is crucial to have an in-depth understanding of your monthly expenses and regular income. It will help you make an informed decision and decide the best personal loan tenure. When figuring out your monthly expenses, including the amount that you owe, it can be any current loans or debts, including credit card debt. It’s a good idea to look at your debt-to-income (DTI) ratio as well. It is calculated by the formula given below. Debt-to-income ratio = (Total monthly debt payment / gross monthly income) x 100 It is best to only apply for a personal loan if your DTI is under 50%. Calculate Your Interest Rate A personal loan’s eligibility and interest rate are both influenced by your credit score. Shorter loan terms result in lower interest rates. Longer loan terms lead to higher interest costs that must be paid in the future. Choose the tenure based on your credit score. If your credit score is high, choose a shorter term. Good credit scores will qualify you for some of the best personal loans with a lower interest rate. This will help you avoid paying more interest. You should also choose a longer term if your credit score is low. A shorter term with a higher interest rate will affect your finances. Longer tenure options can also help you raise your credit score. It will benefit future loan applications. Use a Personal Loan EMI Calculator Use the personal loan EMI calculator if you need help deciding the ideal personal loan tenure. You can easily calculate your EMI payments. You can also choose the length of your loan with the aid of a free online tool. Assess the ideal EMI by combining different tenures. A personal loan EMI calculator can give you exact information on the total amount of interest paid and the total payment. This includes interest plus the principal that is due over the course of the loan. [B-02] Conclusion Personal loan tenure refers to how long it takes to pay the loan back. The time it takes you to repay the personal loan and the interest rate are directly correlated. So, the longer it takes you to repay the loan, the higher interest you will have to pay. A penalty could apply if you repay a loan early. It’s important to pick the right loan amount, interest rate, and repayment period when taking a personal loan. If your financial state enables you to select a shorter tenure, go for it and save money on a personal loan. Don’t forget that every penny matters! For more details, you can visit the Piramal Finance website and explore their products and services.
08-11-2023
Read More
Banking

What Is Net Banking And How Does It Work?

Today is the last day to pay your kid’s school fees and you have to go to the school to make the payment. Suppose you don’t have cash at hand and you need to rush to the bank to bring cash. You only have 1 hour left. It is impossible, to be in 2 places at the same time! Who’s going to be your lifesaver? Net Banking is the facility to save you in such times. It helps to pay your utility bills, and order groceries or medicines for your parents online. You can complete such payments without rushing to the bank. Banks allow you to use banking services over the internet. In this article, we will discuss what net banking is. Further, we will discuss how it works and how to use banking services without visiting the bank, in detail. [B-01] What Is Net Banking? In simple words – net banking is online banking or internet banking. It is convenient facility banks provide to make payments through the internet. Moreover, it is also a secure method. Net banking is a feature given by banks to do various transactions. A few services to name are: Sending funds to another bank account Checking your payment history Checking your account balance Paying various bills Applying for a loan Log payment-related queries. In short, net banking is a digital method of banking or an electronic banking system. Like physical banking, net banking allows you to access your banking account online. But with a simple click, you can do online bank login and complete payments. Now that you know what net banking is, let’s see how it works and how it helps you to begin using net banking. How Does Net Banking Work? Net banking is an online banking service provided by banks. You can use this service sitting in your home. Yes, no more stress. Complete bank login online and do all banking payments comfortably. If you have a computer, laptop or mobile phone, you can access your bank account through net banking. This can be done without visiting the branch while having a cup of tea at home. That’s how net banking saves time. Here’s how to start using your internet banking account with online bank login. How To Do Net Banking Login For First Time? For using online banking services, an online bank account should be set up. First, reach out to your bank and get the user id and password for your internet bank account. Go to the webpage of your bank. To start your account bank login, enter the user id and password on the login page. On the net banking login page, there will be a host of services offered by the bank. Use most of these services by simply doing a bank login via internet banking. Why Using Internet Banking is helpful? Net banking login is a useful service provided by banks. There is a long list of features of net banking provided by banks. You can simply log in to your account and use net banking services all day long.Crucial banking tasks became easy with an online net banking facility. Using both financial and non-financial services with online internet banking is convenient. Some of the features are: Easy to operate With internet banking, you can do most of the bank operations online easily. It is easy to do net banking without visiting the bank using the internet service. Works 24X7 Unlike banks which run for a specific time of the day, the net banking facility is available 24X7. Even after the bank closes for the day, net banking allows you to do banking transactions all day long. No need to rush to the bank chasing time! Funds transfer and other financial services Merchandise payments, bills payment, funds transfers, etc., are easy and only a click away with net banking services. Moreover, you can do it anytime at your convenience. Non-financial services Net banking makes other bank services easy. These include requesting a chequebook, applying for a home loan, managing a trade account, opening fixed deposits, starting investments and many more. ATM Debit card pin generation The traditional way to do ATM Debit card pin generation is at any ATM. Net banking allows pin generation from net bank login too. Complete Safe and Secure Banking System Online net banking is a password-protected banking system. Rest assured, online net banking is a fully safe and secure banking system for customers. Customers can do net bank login with their user id and password. Do not share your user id and password with anyone so that others can not access your account. In short, net banking: Enables to track account payments, account balance and statements Allows funds transfer online without visiting the bank physically Works 24X7 and helps customers to do transactions all day long Allows financial and non-financial banking services Helps in paying taxes, utility bills, insurance premiums, etc. Allows you to request a new chequebook Is a safe and secure method of banking Helps in opening Fixed Deposit (FD) And, many more. [B-02] Final thoughts Now you know how to use online banking services provided by banks and are now able to do online bank login to access your bank account. Net banking makes life easy. It allows accessing the bank 24X7 from the comfort of your home. Be it paying bills online, applying for a credit card, home loan or personal loan, etc. If you want to know more about internet banking services, read the Piramal Finance Blogs. Visit the Piramal Finance website and the range of services and products offered. You will find blogs on a range of topics on personal loans, home loans, microfinance, etc. If you are looking to buy a home, you can consult Piramal Finance experts. They give guidance on various features and benefits of home loans offered by Piramal Finance. They also suggest the best housing loans at the lowest interest rates by Piramal Finance.
08-11-2023
Read More
Other

How Important is it to Keep your ATM Pin Private? 

Using debit or credit cards is a faster and more convenient way to pay your bills. Withdrawing cash from the ATM is another access point you have, which is probably one of the easiest ways to have liquid cash. While withdrawing money from an ATM, you must have used a four-digit code, which you have to enter into the machine to get the cash. Want to know about ATM pin generation and how do you keep your ATM pin secure? Then, read this article further, and you will know everything about ATM pins, pin generation, and ways to keep them secure. [B-01] What is an ATM pin or ATM code? An ATM pin is a unique, four-digit code that is assigned to every ATM card to verify that the original user is withdrawing the money. To complete any type of transaction, you have to enter your ATM pin. Without an ATM pin, it is not possible to carry out any transactions, both offline and online (only during card payment). When you apply for your ATM card, banks ask for ATM pin generation, which is any four-digit number that you will use in the future to carry out transactions. It is different for every cardholder, and you should keep it confidential, even from near and dear ones. How to generate an ATM pin for your new ATM card in the bank? First, you have to visit your branch and apply for a new ATM card by giving all your details and credentials to the bank. The bank will provide you with an application form which you have to fill in with all your information. Then, for pin generation, banks either give you the pin right away or send you a text message to your phone number. How to generate a new ATM card pin at any ATM booth? Visit the nearest ATM booth of the bank to which your ATM card belongs. As usual, insert your ATM card into the machine and select the most convenient language. You will see a flashing “Generate PIN” option on the screen of the ATM. Click on that option. It will ask for your mobile number, which is registered with your bank account. Enter that 10-digit mobile number on the screen. As soon as you do this step, you will receive a one-time password (OTP) on your phone, which you need to enter on the screen. Now, it will ask for your date of birth for pin generation, so you have to enter your date of birth in the DD/MM/YY format. You now have the option of setting a new ATM pin for your ATM card. How to generate a new ATM card pin using other methods? There are other options for you to choose from for ATM pin generation, such as: Net banking You can log in to your bank account using your credentials and password and request pin generation. This is a very easy and convenient method, and it won’t take you too much time to set up a new pin for your ATM card. Customer care services You can also get help from the bank’s customer care services by contacting the 24*7 customer care number and requesting ATM pin generation. Via SMS You can message your bank by sending a request for ATM pin generation and get your new pin through an SMS. How to keep your ATM pin secure and protect yourself from ATM fraud? Now that you are done with ATM pin generation, you should also focus on the security part. Here are some of the steps to follow to protect your ATM pin: Not sharing it with anyone The first step is to keep your unique ATM pin code confidential from others, even if the person is close to you. No one knows when, why, or how personal things get shared by mistake. Not keeping it low-key easy You should not use your date of birth as your ATM PIN during pin generation because it is easy to guess and, therefore, too risky. You should also not use all 4 of the same numbers as your password because that is, again, too easy for anyone to guess. Use a combination of numbers that is different and easy to remember at the same time. Preventing transactions on suspicious websites To prevent any type of fraud, do not get involved in online transactions with websites that seem suspicious. Make sure the website where you’re entering your pin is official and protected. Prefer UPI transactions more instead of using an ATM card. Be cautious in public places When you are using your ATM card for transactions in public places, make sure you keep an eye on who is watching you. Preferably choose a zone with no one else except you. Looking for alerts Whenever you get a message from your bank or any alert regarding any transaction, log in and recheck, even if you know about the transactions, to ensure safety. This will assure you about the transaction, and in case something fishy has happened, you can report it and prevent fraud. [B-02] Summing up An ATM pin is your only way to access your ATM card for transactions, which is why you should be confident about it. During ATM pin generation, you should ensure that you choose a four-digit number that is difficult to guess and easy to remember. Try to change your ATM pin every 6 months to increase safety. Piramal Finance is equipped with many engaging write-ups, articles, and services regarding personal loans, investments, finance, etc.
08-11-2023
Read More
Banking

What Is Online Banking: Everything You Need To Know

If you’re too busy or bored with receiving and sending checks and going to the bank to deposit or withdraw cash, try online banking for quick pay funds. Banking is no longer tied to conventional banking hours or even visiting the bank to complete a transaction. With the use of ‘Internet banking,’ you may perform all of these duties and many more. Internet banking has become very prevalent. Even the thought of going back to the days before the internet can make you cringe since you have no clue how you ever got by without it. [B-01] What is Online Banking? Online banking, often known as “net banking,” is the electronic system run by banks that allows you to access financial and non-financial banking items online. Earlier, you used to have to visit banks even for minor services. However, with the advent of internet banking, almost all services may now be used online, from fund transfers to asking for demand drafts, internet banking services, and other banking needs. How Does Online Banking Work? You must first register for online banking at your bank to use it. With a savings or current account at any bank, you may sign up for online banking. Net banking requires a laptop, computer, or mobile device, as well as internet access to quick pay. After registration, the bank issues a unique client ID and password that may be used to access the net banking platform to quickly pay funds. The Benefits of Online Banking Other benefits of banking online include the ability to quickly pay money at any time and from any location. You could also: Quick Pay for Online Bills One of the most vital benefits of online banking is that you do not need to take time from your day to visit the bank. Simply connect your bank account and quickly pay your bills online. You may also set up automatic bill payments for efficiency. This helps control your income when you have to make monthly payments. Transfer Funds You may need to quickly pay money to a customer or seller, or you may have to move funds from one account to another. Instead of mailing a registered check and waiting for it to clear, you may safely transfer the funds online. Online Cheque Deposit Rather than travelling to a bank location and standing in line, you can submit cheques online in minutes. And, since most financial institutions offer a mobile app, you can always bank on the move. Some banks also provide client support 24 hours a day, seven days a week. Cons of Online Banking While internet banking is constantly improving, there are certain drawbacks as well. Disruptions Caused By Technology A reliable internet connection is required for online banking. If your internet connection is disrupted due to a power outage, server problems at your bank, or if you are in a remote area, you may be unable to access your accounts. You may be unable to log in to your accounts due to planned site maintenance, forcing you to look elsewhere. Lack of Personal Connection A personal connection with your bank may provide an advantage over internet banking for quickly pay money. If you want a business loan, a new line of credit, a fee waiver, or to make alterations to your present banking demands, having that connection might be beneficial. In-person banking connections may also assist you in creating a business account that is suited to your unique requirements, like quickly paying funds. They can also make notes in your files about checks, cash deposits, and overseas payments so you don’t have to wait as long. An ideal connection would be a combination of internet banking for day-to-day operations and a close bond with your bank to help with larger needs. As a result, you will have a range of options to help your firm. How to Sign Up for Net Banking Online Users may register for online banking through the bank’s official website. This is in addition to offline registration, which entails submitting the application form to the bank directly. Not all banks offer online enrollment for online banking services, so keep that in mind. Step 1: Go to your bank’s official net-banking page. Step 2: Under the personal/retail banking option, click on the ‘login’ button. Step 3: On the next page, click the ‘New User?’ button. The ‘Register Here’ option will appear. Step 4: Enter and continue to log in if you already have the customer ID and password from the bank. Otherwise, click ‘Next.’ Step 5: You will now be asked to complete a ‘Self Registration Form.’ Enter information such as your account number, debit card details, enrolled mobile number, branch code, email address, CIF number, and so forth. Then, press the ‘Submit’ button. Step 6: Verify your enrollment using a one-time password emailed to your registered cellphone number. Step 7: Your temporary client ID & password will be presented on the following page. Step 8: Log in with your interim details. After you log in for the first time, you must generate a new password. Net Banking Login Procedure After successfully registering, you may log into your online banking account by following the instructions below: Navigate to your bank’s official net-banking site. Check that the website’s URL begins with ‘https://’. This indicates that the URL is safe. If you are a regular user, pick ‘Personal Log-in.’ If you are a business user, choose ‘Corporate Login.’ Now, on the following page, enter your user ID & password. Enter the Captcha & click ‘Login.’ The next page will show your Online Banking dashboard. [B-02] Conclusion Online banking is a service given by banks that enables clients to access financial services online instead of visiting the bank offline. However, net banking services may only be accessible over the internet. Hence, updating your security passcode regularly is a good idea. This ensures that your bank account is safe from hackers. Aside from that, it is best not to reveal your net banking details to anyone. It might result in account theft. To know more about online banking and quick pay, check out Piramal Finance and explore their products and services.
08-11-2023
Read More
Personal Loan

How To Apply For Personal Loan In India – Stepwise Procedure

It is important to know the correct process if you are planning to get a personal loan in India. In this blog, we’ll outline the process for personal loan. We will explain how to find the right lender, the required documents, and how to complete the application process for personal loan. Whether you are starting your own business, or just need a small sum of money until your next paycheck comes in; read on for all the info you need. [B-01] Stepwise Process for Getting a Personal loan in India Step 1 – Check your Eligibility The first step to getting a personal loan in India is to check your eligibility. This involves an assessment of your financial situation. It helps to determine if you qualify for a loan. Factors that affect your loaning eligibility: Several factors determine your loaning eligibility, including but not limited to the following: your credit score, the amount of money you need to borrow, and the duration of the loan. Fortunately, there are many resources available to help you know if you are eligible for a personal loan or not. You can also use online loan calculators. Talk to an advisor at one of the banks you are planning to take a loan from. Once you qualify for a personal loan, it’s time for the next step. Step 2 – Documentation When you apply for a personal loan in India, it is crucial to have all the proper documents ready. Documents required: Your lender will ask you to submit documents to disclose and verify these details: your credit score, income and expense info, other financial reports, proof of employment or self-employment status, Aadhar Card, driver’s license, or any other ID card, recent utility bills, any other documents that help your case. In addition, it is useful to create a document checklist before applying for a personal loan. It helps you to keep everything in order while submitting your application. This way you won’t face any issues later on. Additionally, make sure to keep all of your documents up to date. Lenders prefer accuracy in documents, ensure that all your documents are updated. Step 3 – Find the Right Financial Institute Finding the right financial institute can be a tough task. There are dozens of them spread all over the country. It can be hard to know which one is best for you. The first step is to define what type of loan you are looking for. Are you looking for a short-term debt consolidation loan or a long-term mortgage? Are you eligible for an unsecured personal loan or a secured personal loan? These questions will help you narrow down your search by location. Do you want an online lender that offers loans in every state? Do you prefer lenders with more specific locations? After weighing your options, you must review their interest rates and terms carefully. Make sure that everything meets your requirements before moving forward. Step 4 – Fill out the Application Form After zeroing in on the right financial institute, all that is left is filling out the application form. This form includes information about your credit score, income, and current debts. Next, you will need to provide proof of your assets (such as bank statements or property deeds). Finally, you will need to provide proof of identity (aadhar card, driver’s license, passport) and proof of residency (your driver’s license or lease agreement). Your loan provider will gather and process all the information and documents. Soon, you should receive an approval letter that outlines the terms of the loan. From here on out, it’s important to follow the instructions outlined in the letter closely. Step 5 – Wait for Loan Approval and Disbursal A loan disbursal process is a series of steps that a business takes to distribute its loans to its creditors. This includes everything from preparing the Loan Agreement and Document Files, to distributing payments to creditors, and finally closing out the loan. The most important part of this process is ensuring that all records are in perfect order. The Coordinator must be alert about making sure all documents are properly filed and indexed for easy access by other team members. They should also ensure all required approvals are received before starting the disbursement process. Once complete, lenders will receive notification of allocation via email or postal. After receiving creditor allocations, lenders can begin sending out payments according to their respective schedules. Finally, the loan distribution process can be closed with a final credit review meeting. The Process in Brief After discussing the application process in detail, let’s review it in brief. You just have to fill out the application form and submit it to the bank branch or online lender. After submitting your information, you will need to provide supporting documents. These can be your Annual Income Statement, Bank Statements for the last 3 months, asset details (savings account balance), etc. Once you submit all the required documents, wait for approval or rejection notice. If approved, follow up with a reminder of due dates, such as, how much monthly instalment you are going to pay and where is it going to be deposited. [B-02] Conclusion Now that you have all the information about how to apply for a personal loan, it’s time to get in touch with the financial institution to avail the best personal loan in India. Ensure to get the lender that assists you in the entire process for personal loan thoroughly. To get detailed information on personal loans in India visit the official website of Piramal Finance. Explore the informative blogs posted on the website and the various products and services they deal in.
08-11-2023
Read More
Banking

Step-By-Step Bank Account Login Process To Check Your Bank Balance

Digital technology has changed the way almost everyone conducts their bank transactions. With the click or touch of a button, a financial transaction can be carried out from anywhere which is also easy and secure. People no longer need to go to the bank and stand in line to make a transaction or check their bank balance. Using a smartphone or a computer, you can easily perform bank-related tasks like a bank login, checking your bank balance, and depositing and withdrawing money. Constantly logging into your bank account and checking your bank balance also keeps you on top of any possible mistakes or fraudulent activities related to your bank account. To check your bank balance, you can send an SMS, use internet banking, access Unified Payments Interface (UPI) services, use mobile banking apps, and other methods. This article details multiple ways to perform your bank login and check your bank balance in a few seconds. [B-01] What You Need to Check Your bank balance Before you check your bank balance, you need to be registered with the apps or platforms that enable you to perform actions related to your bank account. This includes: A registered mobile number Access to internet banking, your bank’s mobile app, or a UPI app 5 Ways To Check Your Bank Balance These are 5 of the most popular ways to perform a bank login to check your bank balance and conduct other financial transactions: 1. SMS or Phone Banking You can send an SMS from your registered mobile number to your bank to check your bank balance. This option does not require you to log in to a website or an app, but simply send a message from your phone. To find the number to which you need to send an SMS, you can call the bank or check on the bank’s website. Once you send an SMS, you will receive an SMS from the bank in return with your bank balance. Or, you can use phone banking. This is ideal for people who do not use smartphones. Simply call the phone banking number from your registered mobile and listen carefully to the automated recording. When the recording asks if you want to know your bank balance, dial the corresponding number and listen to the bank balance which will be read out to you. Almost every bank offers this facility to account holders. 2. ATM/Debit Card You can check your bank balance using an ATM. Simply insert your ATM card or debit card into the ATM and follow the on-screen instructions. These are the steps to use an ATM to check your bank balance: Insert your ATM or debit card Enter the four-digit ATM pin Choose the ‘Balance Enquiry’ option Check your bank balance Log out Retrieve your card It is recommended to use the ATM of your bank. Usually, other ATMs will charge a fee even if you do not withdraw cash from them. Furthermore, your bank may levy additional fees if you use an ATM in a foreign country. 3. Internet Banking One of the most common ways to check your bank balance is through your bank’s internet banking service. To use this feature, you must go to the bank’s official website and create an internet banking account using your personal information and bank account-related information. If you have not registered for this service yet, go to the bank’s website, the internet banking page and click on ‘Register’ or ‘First-Time User’ and follow these steps: Step 1: Enter your account number, phone number, email address, debit card number, and CVV. Complete the form. You will get a one-time password (OTP). Step 2: Enter your username (new) and password after entering the OTP. It is now set up. Step 3: Select ‘Login’, enter your bank login information (username and password) and you can check your bank balance. Using internet banking, you can check your bank balance and perform financial transactions at any time and from any place. It is recommended to use your own personal devices and not shared devices since your bank login information may not be secure on a shared computer. 4. UPI Apps Another simple way to check your bank balance is through UPI apps. The steps to do this are as follows: Download the UPI app from your Apple App Store or Google Play Store. Start the registration process as soon as you have downloaded the app. Enter the mobile number registered with your bank to generate an OTP. After receiving the OTP, log into your app and check your bank balance. In most cases, the UPI app will automatically detect the account connected to the mobile number you entered. The last 4 digits of your account number will be displayed. Once you complete the confirmation process, it will generate a new UPI ID. Once verified, a UPI passcode is activated. Using a UPI app, you can check your bank balance. 5. Bank’s Mobile App Your bank’s official app is one of the most convenient ways to check your bank balance. Download your bank’s official app from the Apple App Store or Google Play Store. To make sure you are downloading the official app, you can go to your bank’s website and click on the link that will take you to the correct app. Enter the requested information including your registered mobile number, OTP and other information. Once you have registered, you can now use your bank’s official app to check your bank balance and carry out other tasks carry from your smartphone. [B-02] Conclusion Many banks today provide their customers with services, websites and apps to check their bank balance and conduct financial transactions. This includes services for people who are not comfortable using the internet or who do not have smartphones, tablets or laptops from which they do their bank-related activities. For more on banking services and to read more articles on related topics, visit Piramal Finance, which also has information and guidance on the world of finance.
08-11-2023
Read More