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Personal Loan

Ways to Get Best Personal Loan Interest Rate

A personal loan is a convenient financial deal when you want to fulfil a goal or require funds for emergency reasons. The best about personal loans is that you are free to use these funds for any purpose. It is one of the most convenient, versatile, and quick ways to get immediate funds for urgent requirements. However, there is a catch to the benefits of personal loans: the whopping interest rates. The interest rates of different banks in India vary from as low as 7.9% p.a. and can go as high as 49% p.a. depending on their respective terms and conditions. This article is dedicated to finding you the best personal loan interest rate. No matter what loan you opt for, the goal is to find the one with low interest. We will discuss the pivoting factors behind personal loan interest rates, ways to get the lowest personal loan interest rate, and other essential things you must consider. [B-01] Ways to Get the Best Personal Loan Interest Rate Here are a few pointers that you must consider to avail personal loan at a low-interest rate: The Credit Score is Crucial The personal loan interest rate depends a lot on your credit score. Maintaining a high credit score shows that you are creditworthy. Banks and other financial institutions negotiate their interest rates if the applicant has a well-presentable credit score. Check your credit score before searching for the best personal loan interest rate. The score must be at least 750. If it is higher than that, your credit score is good. Do Not Miss Repayments It negatively affects your credit score if you have missed a few of your credit card or loan repayment. Loan providers go through your previous repayment history, and if it is all clear, it automatically builds a notion of trust. If you have timely paid all your previous loan EMIs or credit card bills, you might be charged a low-interest rate by the loan providers. Never Miss the Offers Banks and other financial organizations provide limited-time special offers on personal loan interest rates to create a good customer base. If you are looking for a personal loan with unbelievable interest rates, making the most of these benefitting offers is crucial. When you apply for a personal loan with a special interest rate offer, your long search ends there. Use the Internet to Compare Different Interest Rates This generation allows you to make the most out of the advantages of the internet. Visit the official websites of different banks and financial websites to compare the interest rates on personal loans. This is the most effective way to find the best personal loan interest rate. Be Prepared to Negotiate You do not have to settle down on whatever is offered by the loan providers. Sometimes, smart negotiation can help you win a profitable interest rate. Negotiation is easy if the bank officials know you or if you already have an existing account in the bank. However, negotiations should not turn into quarrels, and mutual decency must be maintained from both ends. You can also write a formal letter to the loan officials as a request application for lowering the interest rate for your personal loan. How Credit Score Plays a Part in Getting Low-Interest Rate? The following table will help you to understand the importance of a high credit score: CIBIL RatingsCredit ScorePersonal Loan Interest Rate AssumptionsPoor<600The chances of getting a personal loan are low.Average600 to 750You might get the loan but the interest rate will be high.Good >750You will get the loan with a satisfactory interest rate. Excellent800 to 900You are eligible for personal loans with the lowest interest rate. The loan amount can be higher with the quickest approval. On What Factors do Personal Loan Interest Rates Depend? Monthly/Annual Income You must provide your current income documents to the bank for a personal loan. The greater the income, the lower will be the interest rates, and vice versa. Income Source The source of your income primarily matters to get the best personal rate. If you work in a reputed organization with a stable income, the interest rates are likely to be lower. Employment Nature Interest rates differ on your employment nature, whether you are salaried or self-employed. Whatever your income type, it must be steady, trustworthy and appropriate. Age Age plays a crucial role as far as low-interest rates are concerned. If you are aged below 40, you can expect a lower personal loan interest rate. Personal loan interest rates are generally high for applicants nearing their retirement age. Therefore, if all the other factors affecting the interest rate are on your side, do not wait any longer to get a personal loan if required. Your Relationship with the Loan Providers A good reputation as an existing financial institution or bank customer or maintaining a courteous relationship with the officials might help you obtain a personal loan at lower interest rates. However, this is just a possibility. [B-02] Conclusion So, these are the ways to find the best personal loan interest rate and the factors on which it depends. A personal loan with a low-interest rate can bring considerable benefits to fulfilling a financial requirement. All the different banks in India offer different interest rates for their loan. Go through their entire policy before choosing the best plan for you. Some highly trusted and reputable private financial companies, like Piramal, offer personal loan interest rates as low as 12.99% p.a. Do remember the apparent fact that the lower the interest rate, the lower the will be your burden regarding the waving off of the loan.
08-11-2023
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Personal Loan

Personal Loan for Self-Employed Individuals

If you are self-employed and want a personal loan to help you start a business or grow the one you already have, you should look into personal loans for self-employed people. Personal loans have proved to help in any monetary situation. It is crucial to check the interest rates and qualifying criteria for an instant loan before you apply. Your credit score, age, loan amount, and ability to pay it back are all key factors in the loan process. Read on to learn about credit scores and how to repay your debts. [B-01] Features of a Personal Loan for Self-Employed Individuals Here are the benefits and features of personal loans for self-employed individuals: 100% seamless process Friendly interest rates Flexible loan repayment tenure Multiple simple loan amount repayment options If the person is pre-approved by the bank, you’ll get instant money Personal Loan Eligibility for Self-Employed People Here are the personal loan criteria for self-employed persons. For a personal loan, you must be self-employed or salaried. A self-employed person needs a credit score of 750 or higher to get a personal loan. Your company’s yearly amount must meet the bank’s criteria. Your business must have been taxed for at least two years. The least you can be is 21 years old, and the most you can be is 60. Interest Rates for a Personal Loan for Self-Employed Individuals The interest rate is the amount the lender adds to the borrower’s principal amount. It is defined in the form of a percentage. The minimum interest rate on a personal loan for self-employed people starts at 10.25% per year. Depending on your credit score, it can change by up to 24%. Documents Required for a Personal Loan Application Personal loans for self-employed people require identity and business proof. Here is the list of the needed documents: ID Proof such as Aadhar Card, Passport, PAN Card, Voter ID Card, and Driving License. Address Proof such as a Ration card, phone bill, electricity bill, PAN Card, Aadhar Card, and Voter ID Card. Income Proof such as income tax return of 2 years and P/L account. Business Proof like Certification of Registration, Incorporation, and license 2 passport-size photos. Any other document required by the lender. You must fill out the bank form to apply for the loan. Then, attach the documents mentioned above. Important Factors of Personal Loans Business Tenure The business must be stable for a minimum of 2 years with profit. It will help you get a personal loan at a low-interest rate. Credit Score Credit score means your ability to repay the loan amount, also called CIBIL score. If your credit score is above 750, then you become eligible for a low-interest instant personal loan. Bank & Customer Relationship If you have an account in the same bank and a regular loan repayment history, the bank will easily offer personal loans for self-employed persons. Interest Rate Choose a loan with a low-interest rate. Always compare the rates offered by various lenders. Remember always to check the terms and conditions. Doing this will be helpful in the long run. Loan Repayment You can repay your loan amount in multiple ways. EMIs (Equated Monthly Instalments) are a popular method. They will help you pay back the loan in small intervals. How Do You Apply For a Personal Loan as a Self-Employed Individual? You can follow the simple steps listed below to apply for an instant personal loan. Visit the lender’s website. Check your eligibility. Apply online. Wait for the lender to contact you and complete the process. You can also go to the bank. You will be given a form to fill out. Submit the required paperwork. Then, your request will be looked at. After checking all the details, someone from the bank will contact you. Factors Affecting Interest Rates of Personal Loans for a Self-Employed Person You can get a lower interest rate on an online loan by following some steps. Here are some ideas: Getting a Better Credit Score High credit scores show that you are reliable. Personal loan rates will be lower for people who have good credit. Check your credit score before you apply for a personal loan online. Pay Back Loans If you pay your bills on time, it helps your credit score. The interest rates on personal loans are based on how well you’ve paid back past loans. People whose EMIs and credit card bills have been paid on time may get a lower interest rate. Observe Deals Banks and credit unions offer holiday interest rates for a limited time. When these deals are available, you might get a lower interest rate. Duration Business stability can get you a low-interest personal loan if your business has been doing well for the past two years. Banking If you have a bank account or a loan you’ve been paying off, you can get a personal loan with a lower interest rate. How to Build Your Credit Score Quickly? Your credit score is a vital aspect. It helps in getting low-interest personal loans for self-employed people. You can increase your credit score in simple ways. These are: Keep track of your bills and pay them on time. Pay off credit card debt on time. You should also keep your credit use low. Monitor your credit score every couple of months. Bring up any issues with your credit score to the credit bureau. Don’t apply for a new credit card and maintain the old one. Avoid applying for multiple loans at the same time. [B-02] Conclusion A credit score above 750 can help to get a low-interest personal loan for self-employed people. You can choose from multiple options for repayment. Make sure you have all the required documents. Fill out the instant personal loan form properly. Keeping a good relationship with the bank can get you a quick loan amount. Visit Piramal Finance for similar blogs and take a look at the products and services they offer.
08-11-2023
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Personal Loan

What Do I Need To Do To Apply For a Personal Loan for Travel

A personal loan for travel is a loan that can be used to fund travel costs. A travel loan is also known as a tour loan, tourist loan, or holiday loan. Many people wish to take a vacation abroad. But they may lack the money to do so. However, they can plan lavish vacations without eroding their savings by using travel loans. Travel loans are usually for a short period. Many banks offer them as personal loans because they are unsecured loans that the person can use for travel-related expenses. The interest rates on travel loans can differ from one lender to the other. Some banks offer low-interest rates to make saving money more feasible. On vacation or travel loans, a guarantor is not needed. Technology has made the loan application process fully online. The person can now submit a loan application from the comfort of their home and have the amount sent to their account. [B-01] Why is a personal loan for travel a viable option? Personal loan funding is a quick process. So, for last-minute travel plans with family and friends, taking out a personal loan for travel will save one a lot of time. It’s simple to budget, which means one will know exactly how much money they will have to pay back as EMIs and how long the loan will last. It is an unsecured loan. This means one does not have to put the home or valuable items up as collateral to get the funds. How to apply for a loan for travel These are some steps to follow to apply for a personal loan for travel: Select the destination The first and most crucial step is to select the destination carefully. One should check if they have enough money and plan for travel finance. It would be unwise to select places that would require one to rely solely on a travel loan. One should check that the destination’s hotel, travel, and food prices are not too high. Research the destination After one has decided on their destination, they should carry out research online. They should learn more about the specific areas they want to cover and how they plan to cover them. One should check the currency value, internal transport system costs, and other details. Plan a budget The next step is to create an estimated budget based on the research. The person should decide all of the costs he will incur. A personal loan for travel must cover the costs of flight tickets, hotel stays, daily meals, internal transport, and sightseeing. For convenience, one can go to a travel agent and get an estimate for their total travel cost. It is often a good idea to add a 15% buffer to the estimated cost because the actual cost will be higher than what one initially estimated. Check available funds Now that one has a rough estimate of their travel costs, they should figure out how much they can contribute from their funds. The rest of the funds can be obtained through a loan for travel. Apply for a personal loan With the trip details, estimates, and an idea of how much money one will need, one can go to a bank branch of their choice and apply for a loan for travel instantly. One should submit their loan application with proper documents such as Income Tax (IT) returns, bank statements, Aadhaar, PAN, and so on. Receive the money The bank will approve the loan and transfer the requested amount once one’s credit score has been approved. Once one has the funds, one can begin working on making the dream a reality. They should book their flights, make hotel reservations, and try to pre-book everything they can so they know how much money they have for the rest of their travel funds. Things to consider before taking a loan for travel Here are some things to keep in mind before opting for a loan for travel: The person should set a limit on the amount of money they think will be enough to cover vacation costs. This will reduce the chances of spending more. One should secure a loan for travel according to their ability to repay. There should be a clear trade-off between the cost of the itinerary (including food, lodging, and so on) and the loan amount. As a result, spending beyond the means during the vacation will stretch one’s monthly budget. It will also increase their chances of defaulting when it comes time to repay. The person should keep the loan term as short as possible. A longer-term means higher interest. Also, one may need extra funds in the future for a vehicle, medical funds, or a home. In that case, their overall eligibility may suffer. One should check for full and partial prepayment clauses if they want to pay off their loan sooner rather than later. Many lenders charge penalty fees (up to 5% of the balance plus service tax), while a few lenders do not allow people to prepay personal loans. The person should check the repayment plan before signing up. Some banks need a certain number of EMIs before one can make a pre-payment. The thing to keep in mind is that trips are not cheap these days. As a result, it is advised that one should have enough funds. A personal loan may be a viable option if the vacation costs more than the current savings. But one should keep in mind that it is critical to use the funds wisely. One should have a repayment plan in place in advance to enjoy that dream trip with their loved one. [B-02] Conclusion With a personal loan for travel, one can do what one wants without worrying about the costs. In India, many lenders offer instant approval for travel loans. These are mostly trouble-free, as they don’t need many documents. Also, lenders are ready to offer budget-friendly EMI plans that will never leave a dent in one’s wallet. One can pay with cash, a credit card, or a check, depending on their choice. One can visit the Piramal Finance website for more information related to personal loans for travel. They can also explore their products and services.
08-11-2023
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Personal Loan

Personal Loan FAQs: Get Answers to Your Personal Loan Queries

One can need money whenever there is an emergency. A personal loan would be the best option for them to get through the crisis. It not only protects the person during crises but also allows them to meet their long-term goals. This includes wedding plans, dream jobs, higher education abroad, and so on. But, before deciding to take a personal loan, one may have many questions and confusion about it. It is always preferable to seek answers to questions before deciding on a personal loan. Continue reading to learn more about personal loan questions and answers. [B-01] Personal Loan FAQs How are loan amounts up to a maximum limit decided? When determining the highest personal loan amount for salaried individuals, banks ensure that the EMI does not exceed 30% to 40% of the person’s pay.The amount of the personal loan is decided after taking into account all loans that the person is currently paying back. For a self-employed person, the loan price is set, taking into account any extra penalties (such as current business loans, etc.) that the person may have. How does one choose which bank or monetary firm to get a loan from? Before settling on a specific provider, it’s always a good idea to compare the offerings of several banks. One should use free tools to find the loan option that best suits their needs. It includes a personal loan EMI calculator and a loan eligibility calculator. When choosing a loan provider, it’s crucial to take into account many important factors. For example, consider interest rates, loan terms, processing costs, etc. Should one always choose the loan provider with the lowest EMI possible? Low-interest rates, lengthy repayment terms, or both can lead to low EMI offers. As a result, if one opts for the lower EMI option, one might, in some cases, end up paying their lender a higher interest. Rather, one should assess their interest costs over the loan term. One should also check their ability to repay using free tools like the personal loan EMI calculator before making a choice. Is there an extra charge for taking a personal loan? Yes, when a person takes out a personal loan, there is an additional non-refundable fee that must be paid apart from the interest that will be charged on the total amount. To handle any paperwork that must be done as a component of the personal loan process, the lender charges processing fees. It is usually 1%–2% of the loan principal. If one has good links with the lender, they might waive this fee. Are the interest rates on personal loans floating or fixed? With a fixed-rate loan, one’s EMI amount stays constant. So, the person will pay the same amount each month for the period of the loan. When a personal loan has a floating interest rate, the EMI will keep going down. The interest is charged by the use of a reducing balance method. When it comes to a floating rate, the bank may change the interest rate from time to time. According to the new MCLR rules, the floating interest rates might be changed either annually or semi-annually. What is a relationship discount? Suppose a person already has a connection with the lender. In that case, he may be eligible for a relationship discount from them. A savings account in the bank, a credit card, a loan with the lender, or a fixed deposit are examples of pre-existing relationships. When a person applies for a loan, the lender might give them discounts based on their relationship. It includes waiving processing fees or low-interest rates. How much time does it take to get a personal loan? Getting a personal loan takes only a few minutes. After filling out the online application form, the lender will contact the applicant. Then, they will be asked for documents that support the loan request. Lenders may issue the personal loan in the next 48 hours after one has submitted all the proper documents. This whole process usually takes 4 to 5 working days to be completed. Is there a balance transfer offer available for a personal loan? Does the balance transfer have any benefits? In some scenarios, a lender might allow the person to switch their personal loan‘s current balance. It means the amount that has yet to be paid back —from one lender to another. Then, the current lender would accept funds from the new lender for the whole amount. One will be liable for paying off the rest of the amount on his current loan. They also have to pay any applicable interest to the new lender once the balance transfer process is done. A balance transfer offer allows one to get the benefit of the lower interest rate given by the lender. However, there may be fees associated with the process.It has pre-payment charges, balance transfer fees, and so on. Do personal loans have any tax benefits? A personal loan taken for home repair or a down payment may qualify one for an income tax deduction under Section 24. It does not matter if they usually have no tax benefits. The total amount of the loan is not included in this tax benefit. Only interest is included. To make a deduction, the person must also provide the proper receipts. What are the benefits of having a higher credit score? A higher credit score shows that the person has a solid track record when it comes to previous loans. As a result, if the person’s credit score is high (more than 750 in the case of CIBIL), the chance that they will be approved for a loan is high. By using a high credit score as leverage, one might also be able to get benefits like a lower interest rate, a larger loan amount, the removal of processing fees, etc. [B-02] Conclusion Personal loans are a good way to overcome money issues. It is critical to conduct research before applying for a loan. This article helps explain personal loans. It will make one’s financial journey easier and less stressful. So, one should apply online to meet urgent financial needs. If one has any more questions, they can visit the Piramal Finance website. They can also explore their products and services.
08-11-2023
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Banking

Step-by-Step Procedure for Checking Account Balances Without Going To The Bank

We live in the digital age. The advances in modern technology have helped us digitalize almost every process in our daily lives. From turning on the lights to locking our car doors, we can easily perform almost every activity in our daily lives because of access to the Internet and handheld devices. Innovative technologies continually offer people quicker and easier ways of doing things, such as a bank balance enquiry. You can open a bank account, conduct transactions, and do an account balance check without even stepping inside a bank. The process is so simple that even people who are not used to using their smartphones or laptops will find it convenient and preferable. Visiting your bank for a balance inquiry is not feasible every single time. Besides, when you conduct multiple bank transactions in a day, it becomes important to check your account balance regularly. To do an account balance check, you need a registered mobile number and access to your bank account. [B-01] How to Do an Account Balance Check Online 1. Mobile Banking App If you regularly check your balance, it is advised to download the mobile application of your bank to your smartphone from the App Store or Google Play Store. This will save you from entering all the details every time you need to conduct a balance enquiry. If you are a first-time user, register by entering the details requested when you open the mobile app. Enter your registered account number, registered mobile number, registered email address, debit card number, and CVV in the given fields. Enter the OTP sent to your registered mobile number. Create a username and password. Once you create an account, enter the login details. Check your account balance by clicking on ‘Account Overview’ or ‘Account Balance’. Once you complete this process, you will be able to check your account balance, transactions, and other details every time you open the app. 2. Text Message (SMS) Another convenient way to do a balance enquiry is via text message, or SMS. Most banks will have a specified number to which customers can send an SMS and receive an SMS reply from the bank with their account balance. At the time of creating an account online, you have the option of enabling auto-updates via SMS. Check that box so that you do not have to log into your bank account every time after conducting a transaction to check your account balance. If you forget to set up text messaging at the time of creating an account, you can activate it later by visiting your branch. You might have to fill out a form, after which you will start receiving text messages so you can check your account balance. With the SMS option, you can get a quick account balance check without entering any details. 3. Phone Banking Phone banking is another method to do an account balance check. For people who are not comfortable using the internet or smartphones, making a simple phone call to the bank’s phone banking number can help you with your balance enquiry. Most banks have a phone banking service that will allow you to check your account balance at any time of the day. Call the toll-free number of your bank, listen to the automated recording, and dial the number that corresponds with ‘Balance Enquiry‘. You will hear your updated bank balance on the recording up to two times. To find the toll-free number, check the details printed on your cheque book, passbook, and bank letters, or you can find out by calling your bank or even checking the website. 4. ATM If you cannot use a mobile device to check your account balance, you can use the ATM. To use the ATM for a balance enquiry: Enter your card into the card slot. Enter your PIN. Follow the on-screen instructions for ‘Balance Enquiry’. Most ATMs have similar procedures to help you check your account balance and the on-screen instructions are clear enough to help you navigate. It is advisable to use your bank’s ATM. There will be additional charges if you use the ATMs of other banks, even if you do not withdraw money. Extra charges are also incurred when you use ATMs in a foreign country for an account balance check. It is recommended to keep these in mind. 5. SMS Alerts When you conduct multiple transactions a day, it becomes difficult to keep track of each transaction and the remaining balance. You can set up alerts and even choose what type of alerts you wish to receive. Most banks will send the customer an SMS to their registered mobile number whenever a transaction has been made. This SMS will contain the remaining balance after a successful transaction. So, whenever there is any account-related activity, such as a debit or credit, you will receive a push SMS notification. This will keep you informed of all transactions related to your account. 6. UPI Apps UPI transactions are becoming increasingly common and frequent. Almost everyone who conducts digital transactions has started using UPIs. You can check your account balance using your UPI ID. To do so, you will first need to create a UPI ID: Install a UPI app on your phone by downloading it from the Apple App Store or the Google Play Store. The UPI app will work only if there is a registered SIM card on the device. Enter your mobile number and receive an OTP. Add your bank account to your UPI app. You have to select the bank and enter your account number and registered mobile number. This will begin the registration process. After automatic verification, you will be asked to create a UPI pin. You will get your UPI ID after you complete this step. To do an account balance check after creating your UPI ID: Open the UPI app. Enter the UPI pin. Click on the Check Account Balance tab to view your balance. [B-02] Conclusion Depending on various factors, you can choose one or more of these methods to regularly keep an eye on your account balance. If you are comfortable using smartphone apps for your day-to-day activities like shopping or hailing a cab, then you will probably find it hassle-free to check your account balance using your bank’s mobile app. For those who are not used to internet-based apps and services, using phone banking or SMS services for an account balance check will get the job done. To learn more about different ways to check your account balance or other related areas, visit Piramal Finance and read more useful articles like this one!
08-11-2023
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Personal Loan

All The Documents Required For Personal Loan In India

Personal loans can be a lifesaver in times of need. Multiple factors could be the reason why one would require a personal loan. The last thing you want is to be rejected when applying for one. You will have to provide the lender with some documents for a personal loan in India. Keep in mind that each state and bank have additional documents they could ask for. These are mandatory documents required for one to apply to get a personal loan. Please check with the bank to which you are applying to learn more about the documents they need. [B-01] What are the types of personal loans available? There are two types of personal loans available in India. For salaried Individuals For self-employed Individuals The documents required by any bank are almost the same, with just some variations. This is because self-employed individuals must prove that they can repay the loan. For salaried individuals, the documents are much more accessible. This is because they have an employer and a salary account with a registered bank or organization. What are the eligibility Criteria For Applying For A Personal Loan? As with any loan, there is an eligibility criterion that you have to meet to apply. The following are the eligibility criteria for a personal loan: If you meet the requirements, you can move on to the documents required. Nationality: Indian (The nationality of the person applying must be Indian. Yes, loans are given to NRIs, but the process is much more tedious.) Age: 21 to 67 years of age (The age limit begins at 21. The cutoff age is at 67. There are plans by the government for people above 67 also to secure a loan. But this needs to be discussed with the respective bank.) Employment: Private or public sector (This is crucial for any bank to give you a personal loan.) CIBIL score: 750 or Above (A good CIBIL score is not only key to getting accepted, but it also speeds up the process. A good CIBIL score indicates that you repay your debts on time. This is something that most banks look for.) Monthly salary: 15,000 INR (This amount varies depending on the bank and city you are applying in. The monthly salary allows the bank to know how much your monthly income is and how well you will be able to pay back your EMIs.) Documents required for a personal loan for salaried individuals The following are the documents required for a personal loan for a salaried individual: Identity proof: Passport, PAN Card, Voter’s ID, Aadhar Card, or Driving License Identity proof is crucial when applying for a personal loan. You can pick one of the above to submit as your identity proof. Most banks prefer to give a personal loan on an Aadhar card. This has become mandatory by the government and RBI. Address proof: Passport; Utility Bill (telephone, electricity, water, gas, all less than two months old); Aadhaar Card; Driving License; Ration Card. The address proof is vital. You can use any of the bills mentioned above as address proof. It is for communication purposes. Since your Aadhar card has your address, banks prefer to give you a personal loan on your Aadhar card. Income proof: Salary slips (from the last three months) or bank statements of the previous 3-6 Months The bank statement is essential when applying for a personal loan as a salaried individual. This allows the bank to know if and when you get your salary. You can use your salary slip or bank statement for the last few months. This ensures the bank that you are a salaried individual and get your compensation regularly. Tax documentation: IT returns (for two years)/ Form 16 These documents allow the bank to know that you are a taxpayer. Every employed citizen must pay their taxes. This helps the bank build trust with you. Ownership of residence: Property documents; maintenance bills; electricity bills This is for those applying for home loans, but it is also used for personal loans. This again falls under address proof. You can use a rental agreement if you do not own a home. This needs to be decided by the bank you are applying to. Current employment proof: Current employment certificate, job appointment letter, or experience certificate You must prove your employment status if you are applying for a personal loan as a salaried individual. This is mandatory for all Indian citizens. You can provide your current employment certificate or current job appointment letter. This ensures that you are currently employed by an organization. Documents required for a personal loan for self-employed individuals For self-employed individuals, the records are similar to those for salaried individuals. The only difference is proof of income and ownership of a business. Since self-employed individuals work on their terms with no organization to back up their salary structure, the bank needs to know if they can pay on time. Identity Proof: Passport, PAN Card, Voter’s ID, Aadhar Card, or Driving License Address Proof: Passport; Utility Bill (telephone, electricity, water, gas, all less than two months old); Aadhaar Card; Driving License; Ration Card. Ownership of residence: Property documents/ Maintenance bill/ Electricity bill Proof of office address or ownership: Maintenance bill, property documents, or an electricity Bill Since self-employed individuals work for themselves, this is mandatory. Proof of ownership of an office or an office address for communication is required. Proof of Business: GST registration, company registration license, or shop establishment proof Since self-employed individuals work for their businesses, there must be proof that the business exists. This is vital for any bank that provides you with a personal loan. Proof of income: (Any one) During the most recent two years, the applicant’s income tax returns and a certified copy of the Chartered Accountant’s computation of their income. Statement of Tax Audit Results with Profits and Loss numbers. Passbook or bank statement showing the deposit and withdrawal history of the past year. The choices mentioned above allow the bank to know the borrower’s capability of repaying the personal loan. You can provide any of the documents mentioned above as proof of income. [B-02] Conclusion The information mentioned above is for all the documents required for a personal loan. Please note that these are just the mandatory documents required. Some banks and states could ask for an additional one. Rest assured that with these, you will not face any rejection from the most popular banks in India.
08-11-2023
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Personal Loan

What Makes Unsecured Personal Loans Popular?

Unsecured loans are given without any security. The terms and conditions of these loans, including loan sanction, and payout, often rely on your credit score. You must have a good credit score to be approved for these loans. Let’s suppose that a person does not have the needed credit score. In that case, the lender may need a co-signer. The co-signer might take on the responsibility to repay the loan if the person does not make the payments. The borrower decides the goal of unsecured personal loans. For instance, you plan to use the loan to buy an object. In that case, you may take an unsecured loan. Such loans can or can not be used to buy assets, but there is no asset with the bank. The main goal of unsecured loans is to make money available to those who may lack funds. [B-01] What Are Secured and Unsecured Loans? The main difference between a secured and unsecured loan is the need for assets. A loan that is secured has assets as security. Loans and auto loans are the two widely known types of secured loans. In such loans, the house or vehicle is the security. The asset might be any type of capital product that people hold. Also, the bank can take the security as payment if people do not pay back the loan. The credit record will need recovery for at least seven years. Unsecured loans are also known as good credit or sign loans. These loans are available from many old, digital, and state lenders. The method is often less stringent than secured debt. How Do Unsecured Loans Work? Unsecured loans can take the form of revolving credit lines. They can also be instalment loans without assets. When a bank receives an application, lenders judge if a person is eligible for a line of credit by looking at their trust and other factors like savings, debt, etc. Unsecured loans are often secured by the person’s duty to pay. However, the lender does have remedies if a debt is not paid in full. Some options include suing the debtor and reporting the missed fees to credit agencies. The person’s credit score can suffer as a result of that. Reasons Behind The Popularity of Unsecured Personal Loans No security is needed The fact that loans are provided without security is one of the main reasons more people choose them. People do not need to provide any security, asset, or guarantors to be approved for an unsecured loan. This is not the case with secured loans taken for vital buys. The capacity to pay back the loan within the allotted time is the sole factor when granting a loan. Availability of online personal loans You may submit an online loan request with banks, NBFCs, and internet lenders. Also, most loan apps and sites show the highest loan amount you qualify for. The analysis is based on the monthly income when users apply for credit online. You have the option of uploading the papers online. After paying the processing charge and loan approval, the loan amount is transferred right into the bank account. Plenty of loan funding chances There are many lenders of unsecured personal loans. To cover urgent money needs, they have cheap lending choices. Up to Rs. 5 lakhs in fast loans is available. The lenders may pay the bills immediately with any financing choice. Nowadays, it’s easy to apply for a loan. Many lenders provide users with loans at good rates, perks, and discounts. Unsecured loans are simpler to get than house loans and auto loans. Simple rules and regulations Banks now provide loans to older, jobless, self-employed people and paid workers. Any person who meets the qualifying needs may apply for a loan. These requirements often include meeting the age limits, least wage, having a good credit rating, etc. If the credit score is low, people may apply with a co-signer. Quick processing of loans Unsecured personal loans are handled better than vehicle loans. They are executed within 2-3 days after the form is reviewed since they don’t demand any kind of security. Little to no paperwork People don’t need to provide many papers for unsecured loans. Banks, money firms, and other lenders don’t need as much proof as they do for loans. These loans are popular because they demand fewer supporting papers. People must only provide proof of identity and address in applying for unsecured loans. Increases the CIBIL score An unsecured personal loan assists you in expanding your credit lines. It also assists in obtaining instant funds. Consistent EMI payments might help to improve the CIBIL score. As a result, you become more creditworthy. Users can access a broader range of loan products, better loan sums, and cheaper loan rates. Flexible loan tenure Loan terms are usually brief, lasting up to five years. But, most banks also provide you with the option of selecting the payback time. This implies that you may choose a time based on your monthly needs and ability to repay. As a result, the payback process isn’t demanding. [B-02] Conclusion Always remember that both secured and unsecured loans will need to be repaid, despite the situation. Loans to pay off credit cards or other huge events must be repaid with interest. Loans are a terrific way to pay for big buys, but you must always use them wisely. In India, unsecured personal loans are one of the users’ most often-used finance options. Their lack of assets needs, quicker access compared to other loan choices, good loan rates, etc., make them a viable choice. You now know about the perks of unsecured loans. Visit Piramal Finance to learn more about secure and unsecured loans and explore their range of products and services.
08-11-2023
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Personal Loan

Personal Loan Interest Rates &#8211; Apply Low Interest Personal Loans 

Personal loans have grown as a solution for people who need quick cash. This includes vacations, weddings, car purchases, and many other things. The borrower has complete freedom to use the loan amount in whichever way they want. Take out a personal loan with a reasonable interest rate because they are unsecured financial products. Personal loans also bring a financial burden because you have to pay them within the specific tenure. This includes paying interest on top of the principal. Try to get a speedy loan disbursement at the best interest rates. [B-01] How to Get Lowest Interest Rate on Personal Loan? Refer to these points to get the loan at the lowest interest rate: Boost Your Credit Score You are creditworthy if you have a high credit score. Applicants with good credit scores are preferred by banks. Before requesting a personal loan, you should check your credit rating. You should look for ways to raise your credit score if it is below 750. If your credit score is over 750, you have a better chance of receiving a personal loan with a low-interest rate. Timely Payment of EMIs Your credit score may suffer if you forget to make timely payments on your loan or credit card. Before setting the interest rates on personal loans, lenders typically consider your repayment history. Your chances of getting the loan at the lowest interest rate will be high if you have made timely payments in the past. Check the Best Offers During festive times, banks and other financial institutions typically provide special interest rates for a certain period. You can avail the benefits of the festive season and get a personal loan at the best interest rates. Interest Rate Comparison It is important to check the personal loan interest rates charged by several NBFCs and banks before requesting a loan. This comparison is required to avail of the loan at reasonable interest rates. Factors Affecting Personal Loan Interest Rates Check the prominent factors that impact personal loan interest: Income When setting the interest rate for a loan, lenders consider the applicant’s income. High-earning people may have a reduced interest rate since the bank consider them less risky. Conversely, those with lesser yearly salaries might have to pay a higher interest rate. Company Information The bank or financial institution is more likely to give you a loan at a cheaper interest rate if you work for a reputable company. The Type of Employment Your interest rate may vary depending on the fact whether you are salaried or self-employed. Age The loan provider’s quoted interest rate may vary depending on your age. You may have to pay a high interest rate if you are getting close to your retirement age. Connection to the Loan Provider If you are opting for a personal loan, being an existing client of the bank or financial institution you can get a loan at a lower interest rate. This is because you may have a solid connection with the lender. The bank reserves the right to decide whether to give a low interest rate to current customers. or not. What is meant by Reducing Interest Rates on Personal Loans? When you take out a personal loan with a fixed interest rate, the interest is computed throughout the course of the loan. In contrast, the interest on a loan that has a falling interest rate/dropping balance rate structure is only computed on the amount still owed. Thus, the interest for the remaining loan term will be calculated on the outstanding loan sum when you make a monthly repayment. Things to Consider While Taking Personal Loan There are a few additional factors to take into account when choosing a personal loan with a low-interest rate: Processing Fee The processing fee is a one-time fee assessed by loan providers that raise the cost of the loan. Even if the interest rate is low, you should still check and evaluate the processing fees levied by various lenders. Charges for Pre-Closure If you pay off the remaining loan sum before the loan repayment term is over, certain banks may charge you a pre-closure fee. Verify whether the bank or financial institution to whom you are applying charges a pre-closure fee. Consumer Assistance Applying to a lender that provides customer service is important to have a happy borrowing experience. You should investigate the customer support options before completing your loan application. Also, check how the lender responds to your queries. Eligibility Criteria Even though the bank or financial institution may offer personal loans at cheap interest rates, you should always make sure to meet their eligibility criteria. Ensure that your income and age are within the said limit. Calculation of Personal Loan Interest Rate A vital part of finding the loan amount is the interest rate on the loan. You must check the interest rate for personal loans in advance. Use variables like the loan amount and the loan timing. The following is the formula used to determine the EMI and interest rates for personal loans: P r (1+r) ^n / ((1+r) ^n-1) “P” stands for the loan’s principal “R” for the monthly interest rate “n” for the loan’s term [B-02] Wrapping Up A personal loan is immediate financial assistance that you can get to meet planned or unplanned expenses. To cover your financial needs, you can get a personal loan. You may easily apply for a personal loan either online or offline. Before applying for a personal loan, you should compare the interest rates provided by the various institutions. The interest rate could range from 7.90% per annum to 49% per annum. Visit the official website of Piramal Finance to know about Personal Loan Interest Rates. Check their informative article and explore the various products and services they offer.
08-11-2023
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Other

What is balance enquiry number and how it works?

These days, when businesses are expanding and time is the new oil, it’s quite a tedious job for the new-age working professionals and entrepreneurs to visit their banking branches just to get the details about their bank balance. Banks nowadays provide balance inquiry numbers that enable their customer to get the required info within seconds. For example, the Balance Enquiry Number for Bank of India is +919015135135, and Canara Bank Balance Enquiry Number is +919015483483. There is no need to go to the bank to check your account balance. Banks have implemented a variety of techniques for clients to check their bank accounts. Internet banking, ATMs, mobile banking, phone banking, SMS notifications, Balance on Missed Calls, Toll-free lines, and many more are examples. Over the phone is one of the most convenient ways to check your bank balance. [B-01] Indian Bank Balance Check Number Indian Bank provides its customers with a single toll-free number 9444394443, which is a one-stop solution for all urgent banking requirements which includes Balance Enquiry, Last 3 Transactions Details and Deposited Cheque Details. The user simply needs to give a missed call to this number to get the relevant information. Note: It is mandatory, that the mobile number must be linked to the Customer’s Bank Account. Validation Keywords and Syntax for Indian Bank SMS Banking NoCODEDESCRIPTIONSMS format1BALAVLBalance EnquiryBALAVL <Ac no> <MPIN>2LATRANLast 3 TransactionLATRAN <Ano> <MPIN> LATRAN <MPIN> For default account3CHQSTSIssued Cheque status EnquiryCHQSTS <chq no> <Ac no> <MPIN> CHQSTS <chq no> <MPIN> For default account4DCHSTSDeposited Cheque Status EnquiryDCHSTS <chq no> <Ac no> <MPIN> DCHSTS <chq no> <MPIN> For default account5CHGPINChange Mobile Banking PINCHGPIN <New MPIN> <OMPIN>6HELPHelp on How to UseHELP <Code> <MPIN> An important thing to note: Customers are advised to keep their password/PIN private. How to Check Your Indian Bank Account Balance Via SMS Customers who do not have an internet connection or online accounts with Indian Bank can check their account balance by SMS. To do so, the customer must register his or her mobile number at the home branch using the SMS banking application form, and once the MPIN and confirmation message that his or her number has been registered is received, the customer can use the SMS facility. The procedure should be followed: Register your mobile phone number with Indian Bank at the branch where you have your account. Once you’ve received your MPIN, call Indian Bank at 94443-94443 and enter your balance in the manner provided below. Indian Bank will then react to your request by giving you an SMS with your account balance. Customers can use the SMS service to not only check their account balance but also to request a mini-statement and track the status of a cheque they have issued. (For example, if a client wishes to check his balance and his account number is 762584521, and his MPIN is 4582, he must write “BALAVL 762584521 4582” and send it to 9444394443; following confirmation, the user will receive an SMS with the balance outstanding.) How to Check the Balance of an Indian Bank Account Using the Missed Call Service If the consumer has registered his or her cellphone number with an Indian Bank savings account, he or she can utilize the missed call service to find out the amount. Customers must take the following actions to use this service: Customers must first register their phone numbers with Indian Bank to access the service. The consumer must then make a missed call to 09289592895 to determine their balance. When the bank receives a missed call from a customer, it sends the customer an SMS with their account balance. How to Check Your Indian Bank Account Balance Using Online Banking Customers who have an Indian Bank internet banking account can check their account balance by following the instructions below: Visit Indian Bank’s online banking service. From the main page, select ‘personal banking.’ Enter your user ID and password to gain access to your account. Accept the terms and conditions of the bank to proceed. After you’ve logged in, navigate to the ‘accounts’ option on the left side of the website. When you do this, the screen will show your account balance. Select ‘detailed statement’ to see your most recent transactions. How to Check Your Indian Bank Account Balance Using the IndPay Mobile App Customers of Indian Bank may also use the mobile app to check their account balance by following the procedures listed. Before all this, the customer must download the Indpay App Enter your login and password into the IndPay mobile banking app. To advance, you must agree to the terms and conditions. After logging into the app, select ‘accounts.’ As soon as you do this, the app will reveal your account balance. You have the option of reviewing your account’s complete statement as well. Conclusion Balance inquiry number provided by banks hence plays an important role, especially for professionals and entrepreneurs where their time has a significant value. Piramal Finance has been a pioneer in providing finance-related tips and tricks to our audience since 2017. For more such tips and tricks please visit Piramal Finance. [B-02] FAQs 1. Is it possible to check another Indian Bank customer’s balance through Balance Enquiry Number? No, it is not feasible. You may only view your account balance with the Balance Enquiry Number provided your mobile number is registered in the banking records. 2. Is there a fee for utilizing the Indian Bank SMS and Balance Enquiry Number service? Regular SMS rates will apply to the Indian Bank SMS service. Aside from that, Indian Bank does not charge for both SMS and missed call services. 3. Is it necessary to register my cellphone number for internet banking and the IndPay app? Yes, you must enter your cellphone number when signing up for internet banking and the IndPay app. You can change your password and receive notification messages for every transaction made using your internet banking account and the IndPay mobile app by registering your mobile number.
08-11-2023
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