More articles for you

Your one stop place for everything related to finance and lending

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
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
Read More
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
Read More
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
Read More
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
Read More
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
Read More