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Personal Loan

Small Personal Loan, Get An Instant Personal Loan

Small personal loans are short-term, unsecured loans given to people with urgent needs. Since you don't have to purchase any collateral, you can easily apply for a small loan online. However, some companies only let their employees use them. A small personal loan can be repaid within 2 to 18 months, making it easy to pay minimal interest on the borrowed amount. With competitive interest rates and a simple application process, it's a convenient option for borrowers. To complete the process, the borrower must submit a few basic documents. There is no application fee, and once approved, the loan amount will be credited to the bank account within a few hours. A small personal loan offers flexibility and can be used for various purposes, such as emergencies, medical bills, tuition fees, home repairs, international travel, or other expenses. It's ideal for meeting immediate or short-term financial needs. Benefits of a Small Personal Loan No Collateral Because small loans are unsecured, you don't have to use anything as collateral to get the money. They are great if you need money immediately but need something to put up as collateral. Minimal Documentation Since there is no need for collateral, you don't have to complete a lot of paperwork to get one of these loans. Your processing time will be low if your documentation matches the bank's criteria. Same-Day Approval Some small loans can be given out quickly and with support on the same day. When you apply for one of these loans, the money is sent to you on the same day your loan is approved. So, you can be sure you will be given the money immediately. Eligibility Criteria for a Small Personal Loan A person applying for small loans online should meet the following requirements: Must be a citizen of India An individual who is self-employed or paid a salary At the time of the loan application, they must be at least 21. Earn at least Rs. 10,000 each month (varies from lender to lender). Must have a current government ID. How to get a Small Loan instantly Personal loans that don't need collateral are a common way to get the cash you need immediately. They can be used for weddings, home improvements, trips, and more. There are no rules about where you can use the money. The person who borrows it can use it for anything. A personal loan can help you build your credit more quickly. Here are some tips given to get a small loan instantly: Apply Online Applying for a small loan online is the fastest and safest way. After the application has been sent, the lender will send a confirmation message with the necessary information and paperwork. After verifying the profile and supporting documents, the lender will decide whether or not to approve the loan. You will get all the required updates in your email from the banks. Once you complete all the required paperwork, the loan approval process usually takes 5 to 7 days. After approval, the lender will send the money within one or two business days. Good credit score The credit score shows how good or bad a person's credit is. A credit score of at least 750 can make it easier to get a small loan, but a score of at least 700 is usually considered good. You must have a good credit score if you want your loan approved. This is the most important thing lenders look at when deciding whether or not to give you a loan. This is especially true for small personal loans, which are not secured and don't need collateral. A good credit score helps you get a better interest rate and lower processing fees, making the loan more likely to be approved quickly. Don't go to many banks for a loan. People who need money quickly often apply for personal loans from multiple banks or NBFCs, believing this increases their chances of getting a loan as soon as possible. Keep the documentation ready. Before applying for a small personal loan, have all the necessary documents. Lenders usually only want a few records since the loan is not backed by anything. One can find the list of required documents on the lender's website or by asking a bank representative. The loan process can be sped up if all the paperwork is ready. The required documents are usually: PAN card, Aadhar Card, and passport for identity proof Aadhar Card, voter ID, or electricity bill for address proof Salary statements from the past three to six months (for salaried people) Current Income Tax Return (ITR) and income computation (for self-employed people) Certification by a Chartered Accountant (CA) for the last two years in the form of a balance sheet and profit and loss statement (for self-employed people). [B-02] Conclusion Getting a small personal loan looks easy, but it is not. The above tips will help one process their loan quickly. Even though most people need a small loan immediately, they should take time to get one. They should do research. Then, they must send the application to the lender who best meets their requirements. The borrower must know all the rules and fees to avoid surprises later. Some of these fees are for processing, prepayment, and foreclosure. Applying for small loans online can be handy for those who need money urgently. Small loans will help them repay the money with manageable monthly installments without burden. Piramal Finance is one of India's largest financial institutions. It funds people in all sectors, like wholesale and retail. It is best suited for small loans and offers its customers many services.

08-11-2023

Personal Loan

How does Personal Loan help In Home Maintenance?

It is common practice for individuals to redecorate their homes in preparation for significant holidays. You will be able to accomplish the same goal if you obtain a personal loan that has been specifically designed for use on home improvement projects. This personal loan for salaried workers can be used for anything, including renovating your kitchen or adding to your living space, purchasing new furniture, and painting your walls. Since this is an interest-free loan, you are free to spend the money however you like, including making improvements to your home or buying new furnishings. [B-01] How Do You Get A Personal Loan? When applying for a personal loan, having a steady income makes it much simpler to satisfy the requirements. If you fill out the application for an unsecured loan online and get approval in a matter of minutes, you won’t have to dip into your hard-earned savings to pay for the loan. Continue reading to learn more about the advantages of obtaining this personal loan for home improvements. Perform Crucial Improvements With Personal Loan Painting your house inside and outside is the most effective way to update its appearance and prepare it for upcoming celebrations. There is no longer any need for you to delay arranging a paint job now that you have the potential to take this unsecured loan in as little as five minutes. Apply for an online personal loan with a reputed lending institution to take advantage of this perk. You may also obtain an app for personal loans on your phone, which will make it much simpler for you to apply for a loan and make your repayments after you have one. However, it would help if you were sure that you qualify to acquire approval as fast as possible. You Can Get A Personal Loan To Your Bank In A Day Problems with water, septic systems, roofing, and electrical systems can create a great deal of inconvenience and are very expensive to resolve. You can pay for these enhancements with this loan for home upgrades. These days, the most reputable lending companies may have the money for the loan sent to your account in as little as twenty-four hours. Do Not Wait For Important Improvements; Get A Personal Loan If you are currently employed and looking for a personal loan, you can qualify for one with more favourable interest rates. It enables you to make monthly payments that are within your means, and it also gives you the option to select a lengthy tenor, making the loan less taxing on your resources. Most lending firms will allow you to take up to sixty months to repay the loan. Due to this, you will have a significant amount of time to make manageable monthly payments. The EMI calculator found online is an effective tool for determining how to repay a personal loan. You Can Monitor Everything Online Certain personal loan providers provide this unique option to repay loans. If you want to make repairs or upgrades to your house, you may acquire a loan for whatever amount you need, and the only thing you will have to pay back is the interest on the money you spend. You will be able to pay for goods as they come up using this method. If you pay off your loan early when you have additional money, you won’t be charged any fees for doing so. You can pay just the interest on the loan as your monthly instalment (EMI) during the first year of repaying the loan. It results in much-improved planning and substantially reduced recurring costs. You will be able to choose the most effective personal loan that meets your needs after you know about the various home renovation loans and their advantages and disadvantages. The Bajaj Finserv House Renovation Loan makes it simple to get low-interest loans of up to 25 lakh rupees to complete home renovations. You Can Deal with Unexpected Expenses Even with thorough planning, it is difficult to estimate how much money you need for renovations. No contractor will offer you a fixed price before providing an estimate. After you have attended to the requirements of one room, you may be persuaded to waterproof the room adjacent to it or repair the leaks in the walls located outside. To pay for expenses of this nature that came up unexpectedly, you might decide to take out a larger personal loan. If you want to avoid such an expensive event and higher EMIs, your best bet is to go with the Flexi Loan option. It allows you to borrow up to the limit approved for you as frequently as you require, with interest being accrued only on the amount borrowed. In addition, you can repay the principal amount at the end of the tenor by making payments that are only applied toward the interest during the term. You won’t be subject to additional fees when you pay off this facility sooner than expected. [B-02] Conclusion If you are searching for a personal loan, then Piramal Finance is the best to talk about this. Do not waste time searching for yourself. Let the industry professionals help you today.

08-11-2023

Personal Loan

What is the Maximum Limit on Taking a Personal Loan?

Have you ever experienced a financial crisis due to rising product costs or demand? Considered applying for a loan but were put off by the lengthy and complicated procedure? If your answer is yes, you’ve come to the right place. This post will discuss the definition of a personal loan, how much you may acquire in India, and the related terms and circumstances. Continue reading to stay up-to-date on personal loan limits in India. Let’s begin with the definition of personal loans. [B-01] Definition of a Personal Loan In simple terms, a personal loan is an unsecured loan. You can use it to pay various costs such as schooling, marriage, health care, etc. This loan does not need any collateral. But the risk for lenders is higher than with a secured loan. According to Reserve Bank of India statistics, the amount borrowed from personal loans has risen considerably in recent years. Personal loan borrowings were Rs. 19.33 lakh crore as of June 2018, up from Rs. 5.89 lakh crore in 2010. Features of Personal Loans Let’s go through some aspects that will help you better comprehend the definition of personal loans. A personal loan does not need any security. It is determined by your creditworthiness and job history, as represented in your credit score. Banks don’t do end-use surveillance on the amount issued as a personal loan. A variable payback period spans from 1 to 60 months. It depends on your needs. A personal loan may be obtained with little paperwork. Within 48 to 72 hours, the sum of a personal loan is credited to your account. Personal Loan Amount Calculation Methods Multiplier Method Many lenders use the multiplier method to assess whether a person can take out a personal loan. This test is used to identify the personal loan amount based on a certain multiple of the applicant’s monthly net income. Depending on the lender and the applicant’s monthly income, the multiple could range from 10-24 times the applicant’s monthly income. So, if your creditor offers a loan amount 24 times the NMI (Net Monthly Income), and your NMI is 50,000, you can get a loan of Rs. 12 lakh. FOIR (Fixed Obligation to Income Ratio) It is calculated by dividing your net monthly salary by your fixed monthly expenses. This demonstrates how much money you possess (savings). Following that, the capacity of this disposable cash to cover debt payments is evaluated. The ideal FOIR proportion is between 40% and 50%, which means that your monthly expenses should not exceed 50% of your income. The FOIR ratio should be as low as possible. Maximum Amount that a Personal Loan Can Cover While the amount varies by lender, you can typically obtain a loan of up to Rs. 20 to 30 lakhs if you are self-employed. Even so, some other variables may impact the loan amount. Factors Influencing Personal Loan Eligibility The following are significant factors to consider when deciding on a person’s trustworthiness: Income One of the crucial risk elements before approving a personal loan application is the applicant’s monthly income. It would be perfect if you could earn at least Rs. 20,000 per month. Though income is not the only demand, earning more than Rs. 20,000 does not guarantee acceptance. Lenders consider the amount they will have to pay for their financial duties when calculating the debt/income ratio. Employment Situation Lenders consider the employment situation. They assess the standing of the company for which you work. If you work for the state or a large firm, you may be eligible for a loan with a higher loan amount. If you have been working with the company for more than a year, your chances are better. Age The individual’s age is also very important. Borrowers must be between the ages of 22 and 58, depending on the lender, for loans to be agreed upon. Applying for a loan at or near retirement age can be difficult. Credit Rating A credit agency, such as CIBIL, provides everyone with a three-digit credit score. This scale runs from 300 to 900. It increases your credibility in the eyes of the lender. When evaluating your credit score, your initial debt payments, bills, and card payments, among many other things, are taken into account. If you’ve been paying all of your bills on time and have a good credit score, your chances of getting a new loan will increase. A score of at least 700 would be preferred. What Personal Loan Amounts Are Available in India? NameLoan Sum (Rs.)Rate (per annum.)Central Bank of IndiaUp to 20 lakh8.45% Union Bank of IndiaUp to 15 lakh8.90% UCO BankUp to 10 lakh8.45%State Bank of IndiaUp to 20 lakh9.60%IDBI Bank25,000-5 lakh9.50%CitibankUp to 30 lakh9.99%HSBCUp to 30 lakh9.75%Federal BankUp to 25 lakh10.49%Kotak Mahindra BankUp to 30 lakh10.50% IndusInd Bank50,000 -15 lakh11.00%ICICI Bank50,000 – 25 lakh10.50% Axis BankUp to 15 lakh11.00%HDFC BankUp to 25 lakh12.50%Standard Chartered Bank1 lakh – 50 lakh11.00% [B-02] Conclusion After learning about the definition of a personal loan and your eligibility to get the maximum amount, you have all the required information. Lenders will approve your application for a personal loan after considering your income, expenses, and credit score. The maximum bank loan amount you are eligible for is determined using either the multiplier method or the fixed debt-to-income ratio. A personal loan typically requires a minimum of Rs. 20,000 in net monthly income. However, if you are still confused, you can visit Piramal Finance to learn more and understand the definition of personal loans. You may also take a look at their products and services.

08-11-2023

Personal Loan

What is the Fastest and Easiest Way to Get a Personal Loan?

Dreaming about larger-than-life plans might be easy. What’s not so easy is financing them. Be it your dream wedding or giving the best possible education to your child, it is important to know how to pay for such large expenses. While personal loans seem like a good option, you should be aware of the application process and terms of repayment. We, at Piramal Finance, give not just one but several ways for customers to apply for a digital personal loan. We understand that different customers have different needs that need to be taken care of. [B-01] What is a personal loan? A personal loan gives you the funds needed to meet any personal monetary obligations. It is an easy way to fulfill existing money demands, such as repaying existing debt or covering expanding money needs, such as buying your dream car, paying for your child’s education, vacationing, or planning your destination wedding. To save you time, effort, and patience, Piramal Finance makes it easy to apply for a digital personal loan in a variety of ways, allowing you to select the option that best meets your needs. Features of a personal loan include: There are no foreclosure penalties. Loans range from Rs. 1 lakh to Rs. 10 lakh. Less paperwork is needed Quick approval and quick disbursement Monthly EMIs that are as per your choice Flexible payback terms ranging from 12 to 60 months Income pooling for more loan eligibility How to Get a Personal Loan From Piramal Finance? Here are the steps you need to know to apply for Piramal Finance’s digital personal loan: How much money do you need?Before applying for a personal loan, check how much money you need to borrow. Are you eligible for such a loan?Check the eligibility criteria for the loan, since it can be different for each bank. We at Piramal Finance have easy loan criteria and aim to give finance to all who is in need. How do you want to repay EMI/ Lump Sum?Check the repayment options of the loan you are borrowing and if they suit you. Approach the bank or instituteAfter a thorough analysis of your desired bank or institute, approach them through their website or visit their nearest office. Submit the needed documentsOnce you contact your desired bank or institute, you will need to fill out the application form. The bank or institute may also ask you to submit a few documents. Once this is done, your loan amount will be given to you in 3-5 working days. Documents Required While Applying for a Personal Loan The most time taking step of a digital personal loan application is documentation. Once your documents are in place, you are almost there. Thus, you should know what documents are needed to speed up the loan process. The documents needed for a digital personal loan are: PAN Card ID Proof: Aadhar Card, Passport, License, Voter ID Address Proof: Passport, Aadhar Card, Driving License, Voter ID, Utility Bills Proof of Income: Pay slips and bank statements Photos of the applicant and co-applicant in passport size (if any). Before you apply for a personal loan, ensure that your documents are valid. Only original copies of the documents will be accepted by the banks. You should avoid carrying only photocopies of your documents. Fastest and Easiest Way to Apply for a Personal Loan There are several ways by which you can apply for a personal loan that are fast and easy. We, at Piramal Finance, understand that everyone has different needs. We aim to fulfill all their loan needs and are thus, working towards giving multiple options to apply for a digital personal loan. Below are the many ways in which you can apply for a loan through Piramal Finance: Piramal Website: You can visit Piramal Finance’s official website, which has a user-friendly interface that makes it easy to navigate and apply for a digital personal loan. Piramal Mobile App: You can quickly download and use the Piramal Mobile App, which is accessible on both iOS and Android smartphones. Request a call from an executive: If you are not aware of, or don’t want to apply online, you can simply request a call from Piramal Finance or dial their toll-free number. An executive will be in touch with you soon. Physical Application: You can submit your application in person at any Piramal Finance branch. [B-02] The Bottom Line Personal loans have seen a huge rise in popularity lately. It is due to the easy grant terms, less trouble, quick access to money, and simple loan repayment that people prefer personal loans for their urgent money needs. But to get a personal loan in the fastest way, it is better to have a good credit score, a regular income, or a good credit history. India is a diverse country, where people have diverse needs. If you are not well-versed in technology, it doesn’t mean you will have to give up on what you need. At Piramal Finance, we aim to give loans to everyone in need in the best possible manner, acting as “a friend in need to a friend who needs.“. If you have a busy schedule, you could save time by selecting the online options to apply for a digital personal loan. Or, you could just visit the nearest Piramal Finance branch, meet with an executive, and discuss the best options for you. We, at Piramal Finance, have it all for you. If you want to read more such articles, visit Piramal Finance right now.

08-11-2023

Personal Loan

What Is the Need to Take a Personal Loan?

Personal loans have become one of the most sought-after loans, especially during times of financial crisis. These days, if you are looking for a quick solution, a personal loan can be the best. This article discusses how a personal loan works so that you can decide whether to apply for one or not. [B-01] Why Opt for a Personal Loan? Easy to get Personal loans have minimal documentation, and approval time is also less, making them one of the most sought-after loans. The process of applying for a personal loan is simple and easy. You can apply for a personal loan online without stepping out of your home. Collateral-free Loans Personal loans do not require collateral and have a faster approval time, so they make a great choice as emergency loans. This is the best option if you need urgent money and don’t want to avoid the hassle of selling your car or home. You can apply for a personal loan without any paperwork. This means that there’s no need to worry about how much equity you have in your house or whether they would take it off from under your feet if they see that you’re not capable enough financially yet. Now let’s look at how you can use a personal loan to your benefit and why you may need a personal loan! Why Do You Need a Personal Loan? Whether you want to complete your home renovation, pay medical bills, or plan a vacation, personal loans come in handy and offer instant relief from the monetary crunch. Personal loans are easy to get and quick to get approved. They can be used for many things, including home renovations, medical bills, and vacations. You need a personal loan if you need money fast and at better interest rates! 1. Paying Off Outstanding Balances and EMIs This is one of the best uses of a personal loan as it helps you combine your loan EMIs into a single loan with lower interest rates. You can also use your personal loan to pay off high-interest-rate credit cards or other debts. To do this, you should make sure that there are no late fees or annual fees on your card(s) and that they have flexible repayment options so that you can pay them off each month without having to worry about paying extra charges later down the line when payment becomes due (e.g., late penalties). 2. To Meet Emergency Financial Needs Life is full of uncertainties, and a financial crisis can hit you unexpectedly. You might be suffering from any one of these problems: You need money to pay off your debt or other debts. You want to start a new business but need more capital to invest in it. Your car has broken down, and you need immediate funds to fix it or buy a new one. You can get personal loans for any purpose. You can apply for a loan if you need money for a short period of time. The loan is available with flexible repayment terms and low-interest rates to meet your needs at affordable prices. 3. Financing Home Renovation Home renovation projects often cost more than you expect, and a personal loan can help you fund your renovation project without spending all your savings. Personal loans are a good option for financing home renovations because they have lower interest rates than home equity loans. Personal loans can be used for home renovation, even if the project is large or expensive. Home renovations often cost more than you expect, but with a regular monthly payment plan on a personal loan, there’s no need to worry about paying back more than expected. 4. For Higher Education Several limitations and requirements are attached to the conventional types of student loans. Some student loans, for instance, are available exclusively to those accepted into certain kinds of universities. In addition, they come with strict repayment restrictions and a lengthy time commitment before students can finally be debt-free. A personal loan is the best choice in these situations since there are no requirements to get one. When you need money for school, a personal loan may help because of its short loan term and low-interest rate. 5. Vacation Costs Taking out a personal loan to finance the expense of your typical holiday may not be necessary, but what about your dream honeymoon or a lavish cruise for two? Personal loans are a great way to get the money you need for a trip, whether you are celebrating a recent graduation or a wedding anniversary. However, remember that you will still be responsible for paying interest on that debt long after your trip has ended. When Should You Not Opt for a Personal Loan? A personal loan may be a good way to pay big or unexpected bills, but it is only sometimes the most practical choice. Your credit score is low. Your interest rate may be higher if you have a poor credit score. You should look into bad-credit loans designed for those with less-than-perfect credit. The monthly loan instalments are too much for your budget. Evaluate your monthly budget to find out how much of a loan payment you can comfortably make. You may not need a personal loan if you qualify for other advantageous forms of financing. A personal loan is something that should be approached with caution. Avoid risking your long-term financial security by using it for anything other than an emergency. [B-02] Conclusion Personal loans are a great choice for many people. It offers instant relief from your financial crunch and helps you save time, money, and effort. You can even combine multiple loans into one loan with lower interest rates. The best part is that you can use a personal loan for any purpose, whether home improvement or buying a new car. Apply today. If you need a personal loan or any other financial product or service, check out Piramal Finance! Get loans at attractive interest and repay them as suitable to your schedule.

08-11-2023

Personal Loan

How Online Personal Loan Emi Calculator Helps You To Do Easy Financial Planning?

Financial planning has become an important part of everybody’s life. Various issues have made people plan their finances in a better way. If you do not have your finances planned from the very first month of your employment, you might face issues later. You must want to have an asset in your name, be it your dream house or a car. You can get what you are aiming for simply by calculating the finances correctly. By satisfying the eligibility criteria laid down by financial institutions, you can easily apply for personal loans. The maximum personal loan amount is based on certain judgements made by the lender. Before applying, make sure you check the online personal loan EMI calculator to figure out how much amount you have to spend from your salary. [B-01] Who can apply for a personal loan? Salaried employees of 21 years to 60 years of age are eligible to apply. However, your basic salary should be Rs 25,000 and you need to be an employee of the current organization for 6 months. After submitting your PAN card, identity proof, salary proof and income proof you can proceed with your loan application. You can become eligible for loan amounts starting from 1 lakh to a maximum personal loan amount of10 lakhs and even higher if you apply under the co-applicant scheme. In the co-applicant scheme, only working spouses can become a partner by clubbing their income. Using the online personal loan EMI calculator you can easily choose zero pre-payment and foreclosure charges for your maximum personal loan amount. You can choose the lowest possible rate of interest of 12.99% with a flexible repayment option of 12 months to 60 months. Here is the list of the documents that you will require to apply for a personal loan: PAN card As identity proof, choose one from your driving license, passport, aadhaar card, voter ID card As an address proof, you need to provide a copy of either your passport, driving license, voter ID card, lease agreement, or utility bills As proof of your income, you need to show the bank statement for the last three months. You can also provide the salary slip for the latest month. Why is Online Personal Loan EMI Calculator Required? To get an accurate EMI calculation, you do not have to conduct manual calculations. Online EMI calculator has made the job easy. You can calculate the EMI using the formula given below: EMI = [P x R x (1+R)^N]/[(1+R)^N-1] Where, P = Principal or loan amount R = Rate of interest per month. Suppose the rate of interest is mentioned in annum, the monthly rate of interest is [ R / (12 x 100) ] N = Number of monthly instalments When computers came, the EMI was calculated in Microsoft Excel : = PMT(RATE,NPER,PV,FV,TYPE) Here,EMI = PMTRate = Rate of interest on the loan in monthsNPER = Total number of instalments in monthsPV = Principal amount or present value FV = Future value or value that remains after the last payment in the last month (which is 0) TYPE = It is either 0 or 1 (when the instalment amount is paid at the end of the month it is 0 and when the instalment amount is paid at the beginning of the month, it is taken as 1) Therefore, it is also shortened as, = PMT(RATE,NPER,PV) No wonder, necessity is the Mother of Invention. Now EMI can easily be calculated online. You need to set only 3 parameters, Personal loan amount, Interest rate and Loan Tenure. Equated Monthly Instalments or EMI per month are available to you. Benefits of Using an Online Personal EMI Calculator Here’s how the EMI calculator helps you plan your finances: Accuracy The online personal loan EMI calculator provides an exact computation, saving you time in the process and avoiding calculation mistakes. Some EMI calculators also show the data in a pie-chart form. It helps you be aware of the relation between the rate of interest and the principal loan amount. Do the research well before delving into the expenditure. Planning your budget Even if you do not have enough money saved, you can still possess get your desired gadget or appliances. Check and analyse the price of the gadget you are eyeing and then using the online calculator decide the maximum personal loan amount you require. You can easily choose the EMI you can afford without making it heavy on your pocket. Saving Once you have figured out your expenses, you can start saving for your future. How much goes to paying for the FD, RD, PPF or any other insurance should be given importance too. Appropriate lenders Various financial institutions are offering loans. You can do a quick survey to determine which lender offers a lower rate of interest. Accordingly, choose the lender that is offering the best interest rate. Waiving off interest You might be earning more than you did at the start of the loan. Try to payout your loan before time, if you can arrange for some extra money. The flexible repayment tenure facility enables you to close your loan before the scheduled tenure. This helps you save up on interest and also improves your credit score. [B-02] Conclusion With so much information available online, you can make great progress in taking better financial decisions. You can find the solution whenever doubts arise. In this article, we have tried to give a picture of how the online personal loan EMI calculator enables better financial planning. For further information about maximum personal loan amount eligibility, log onto the Piramal Finance website. You can check various informative blogs uploaded online on the website. Do not forget to explore the products and services they offer.

08-11-2023

Personal Loan

What Is Digital Personal Loan And How Does It Work In India?

In the digital world, it has become easier to apply for a personal loan. There are many reasons for taking personal loans, such as home renovations, medical emergencies, weddings, and holidays. If you have an urgent need for money without disturbing your savings, you can apply for a personal loan online on the lender’s website or mobile application. [B-01] What is a Digital Personal Loan? A digital personal loan is an instant financial solution when you need to make huge expenses. A few years ago, finding a good personal loan deal would entail visiting many banks and financial institutions. Today, the process is faster and more accessible. Digital personal loans have sped up the application and the loan disbursal process. You only need to have filled out the application form and submitted the key documents for verification. After that, it takes a few days for the lender to review and approve your loan. All this happens quickly. You don’t have to waste your time following up in person for an update. Benefits of a Digital Personal Loan Easy Online Application and Approval: One can still visit their bank in person and apply for a personal loan. However, many working people can avail of the online application process. First, you log into the lender’s portal. Then you can fill in the application in just a few minutes. Often, you can receive the approval within a few hours or on the same day. Hassle-free Documentation: The documentation process to apply for a personal loan online is also digital. The application process is hassle-free. All you need to have are the basic verification documents ready to upload. Quick Disbursal of Funds: First, the lender has to evaluate and verify you as a creditworthy borrower. Once that is done, they will give you the loan amount in a few hours or days. Collateral Not Needed: Personal loans are unsecured debts. So, you do not have to put up security against them to avail of a loan. That is why it is easier to acquire a personal loan than other loans, such as home loans. Builds Credit Score: How can you build your credit score if you have a low credit score or no credit history? Getting affordable personal loans and making on-time repayments is a great way to achieve that. Your credit score will increase as you pay the EMIs on time. How Do Digital Personal Loans Work In India? Digital personal loans are common in India. It is because they offer flexible repayment tenures. Along with that, you can apply for a loan from your bank’s mobile or web application. Moreover, you can do it without disturbing your schedule. The entire process is done online. It includes the application, approval, disbursal, and recovery. To add to that, if you are pre-approved for an instant personal loan by your bank, you can get a personal loan online in just a few clicks. All you need to do is keep your KYC documents ready. Important Considerations Before Taking A Personal Loan Lender’s Credibility: You may have to pay high EMIs if you borrow without proper research. When you apply for a personal loan, it is vital to check the lender’s credibility. You can only get a personal loan from lenders who are verified by the Reserve Bank of India (RBI). Lenders also need to have a track record of lending. Credit Score: Credit scores are a measure of your financial health. They consider income, debt, borrowing habits, and repayment history. A score of 750 or higher is often known as a good credit score. This score puts you in the top spot when you apply for a loan. Terms and Conditions: It is vital to go over the terms and privacy policies before you take out a loan. Make sure to read the terms and conditions in detail when you apply online or offline. These details can seem trivial when you need urgent funds. But ignoring some key points could lead to issues later like higher late repayment fees. Pay attention to points such as the repayment schedule, charges, and default charges. Tax Implications of Personal Loans The loan amount is not part of your income. So, generally, there is no tax payable on personal loans. Personal loans do have a tax benefit. There might be tax deductions on personal loans taken for specific purposes, such as buying a house or funding education. Therefore, it is helpful to get a personal loan from a good source and avoid unverified lenders. [B-02] Conclusion When you borrow money, the golden rule is to keep in mind how much you can pay back. You might need 10 lakh rupees to buy a house, but if you should afford to repay this amount. Your existing debts may exhaust your income, making you an unreliable borrower. Digital lending has revolutionised the personal loan market. The process is now convenient and efficient. Any approved bank or financial institution can give a digital personal loan. An existing customer of a bank with a good financial record can benefit from an instant pre-approved digital personal loan. However, before you opt for a personal loan, plan your debt properly. You should ensure that it doesn’t burden your finances later. Make sure that you take into account all the key details to make the process of taking a digital loan more efficient. Piramal Finance allows you to easily apply for a personal loan online by following simple instructions.

08-11-2023

Know More

Complete Details of Personal Loan You Should Know

Personal loans are a great way to get the finances you urgently need. It can be an excellent way to build a good credit score for yourself. Before applying for any personal loan, you should know the personal loan details. This article will answer questions about personal loans and how to take a personal loan. [B-01] What is a Personal Loan? Personal loans are usually taken from banks, NBFCs, or other financial institutions. The amount of the loan can vary. It generally ranges depending upon the personal loan details provided at the time of availing. You may be wondering why someone would need a personal loan. Well, there are many reasons why you would need one: There is an urgent expense such as buying new furniture or getting their car repaired To start a business To renovate their home One desires to buy something expensive But anyone looking to apply for a personal loan must be eligible for the same. This is before they know how to take a personal loan. How Do Banks Calculate Personal Loan Eligibility? The first thing banks do is look at a person’s credit score. It is a good sign if they have a history of paying off debts on time. This helps lenders determine whether they should approve them for a personal loan. Next, they’ll check how much you make per month. They will also check for factors that affect the person’s ability to repay the money. Finally, they’ll calculate what collateral lenders can use against defaulted payments. This includes assets such as real estate properties. But, this is only for those personal loans which need collateral. The majority of personal loans are collateral free. It is very important to know about the concept of credit scores. So what exactly is a credit score? A credit score is a number that represents the credit history. Lenders use it to determine whether a person is a good risk for a loan. Your credit score will help you to decide how much money you will tend to receive. This will further determine how much interest they will offer. You should know what all documents are to be submitted with a personal loan application. What Are the Documents Required to Get a Personal Loan? If interested, you will have to submit the following documents while applying for a personal loan: Identity Proofs: They need to provide their PAN card or Aadhaar card in case of an online application. Address Proofs: You can submit their official identification card as their address proof. Income Proofs: You can submit tax returns, bank statements, and other financial documents. This is to show income from previous years. They also need to show their current year’s salary to prove their eligibility for this product. Types of Personal Loans A personal loan, as was said before, may be used for a wide variety of reasons. Your immediate wants and requirements may be met by this method. Personal loans are categorised further by their intended purpose for the borrower’s convenience. The following are examples of well-known categories of personal loans: Wedding Loan Efforts to top one other in lavishly preparing for a wedding day seem endless. These costs may wipe out a person’s savings if they have not saved wisely. To have the finest celebration, most individuals spend more than their original plan. When people require money, many will not think twice about borrowing it. A wedding loan is a short-term unsecured loan taken out to pay for a wedding. It is not uncommon for a couple to borrow money from close relatives or friends to cover the cost of their wedding. Hence, you can avail of the facility from formal institutions according to their terms. No stigma is attached to getting a loan to pay for a wedding. Festival Loan Cultural celebrations often occur throughout the year in India. They have a special meaning for people and are celebrated with great enthusiasm. Some cultures even consider holidays as lucky times to make major purchases. They see such actions as a sign of prosperity. But monetary constraints might dampen the holiday spirit at times. For this reason, festival loans are there to help everyone. The holiday season is when many financial institutions introduce their Festival Loans. A festival loan is available for those who lack immediate funds. Lack of cash may prevent them from enjoying the holiday season to the fullest. Vacation Loan A person’s plan for a trip might become a reality with the help of a personal loan. A personal loan specifically designed to cover the costs of a trip is known as a “vacation loan.” Thus, a holiday loan is a short-term unsecured loan taken out for the express purpose of a trip. Depending on your financial situation, you may benefit from the same. Anyone should be aware of all the uses and details of a personal loan. The benefits of borrowing from banks or NBFCs should also be known. The article will discuss how taking a personal loan may help a person now. What Are the Benefits of Taking a Personal Loan from Banks or NBFCs? If a person is looking for a personal loan, consider taking one from banks or NBFCs. There are several benefits to taking a personal loan from banks or NBFCs. It is better than borrowing from friends and relatives. For example, when one avails of a personal loan, they can get the money immediately. Banks usually approve the application on the same day a person applies. Besides, personal loans are much more flexible than other types of loans. The borrower can use the money for any purpose. Banks and NBFCs also offer lower interest rates on personal loans than on other loans. This makes it easier for anyone to pay back their debt. In the end, it becomes a win-win situation for the borrower. [B-02] Conclusion The best way to get a personal loan is to ensure one is eligible for the same. As emphasised before, one should know all the details of a personal loan. Then, it is important to ensure that you have calculated your needs and know how to apply for a personal loan. If a person faces any drawbacks, it is advisable to seek professional advice. Do avail the products and services of Piramal Finance. They are here to assist everyone in streamlining their finances. Do visit this space for more financial knowledge and awareness!

08-11-2023

Personal Loan

A Complete Guide on How to Calculate the EMI on Personal Loans

Are you having difficulties using a personal loan EMI calculator and want to know how to use it? Looking to finance a foreign tour with your family or pay off all your debts at once? Want to go for an immediate personal loan but don’t have enough information regarding it? Well, then you have to go to the right place because this article talks about all these things briefly. In this article, you will learn about personal loans, what a personal loan EMI calculator is, and how to use it. [B-01] What is a personal loan? Like any other form of loan, a personal loan is a short-term credit service where you borrow money from a bank and in return pay the bank at a little higher interest. This interest is the profit obtained from the interest rate that the banks keep with them. An immediate personal loan is given to individuals who have a good credit history and a clean track record. It is an unsecured form of loan that doesn’t require any collateral or security fund. This is the striking feature of a personal loan that differentiates it from other types of loans. What are some of the exclusive benefits of a personal loan? The approval time is quite fast for a personal loan, which is a significant advantage. There is little paperwork and it is often carried out within a day, which is another great advantage. Your loan is instantly sanctioned by the banks, especially if you have a good credit score. In such cases, they are sometimes called “immediate personal loans.” They have a lower rate of interest, which means it won’t bother you much financially during depositing your instalments. You can get up to 35 lakhs of rupees as your loan amount, and some banks even provide up to 40 lakhs. Personal loans are highly flexible, which means their repayment tenure is somewhere between one year and five years. They are easily payable, as banks don’t charge you a high rate of interest. You have to repay in small instalments within a relatively long period. Now, what is a personal loan EMI calculator? To calculate your EMIs for personal loans, an online, user-friendly, AI-based tool is used. This calculator helps you calculate the interest amount that you are going to pay to your bank. A personal loan EMI calculator requires your interest rate, loan amount, and period and gives you the result within a second. What are some of the exclusive benefits of using a personal loan EMI calculator? There are many benefits to using a personal loan EMI calculator, and they are: It saves you a lot of time by doing all your calculations in less than a second. It takes your number, processes it, and gives you the result in no time. A personal loan EMI calculator gives you the value of your estimated interest. This helps you know how much you are going to pay and for how long. It keeps you updated regarding the loan dynamics, so you should be using it now and then to be updated. A personal loan EMI calculator gives you accurate results because it is calculated by artificial intelligence. It is completely free and available with just one click, which increases your convenience. You can rely on it anytime you need to know the figures. What is the best way to calculate your EMI for personal loans? There is a standard formula that is used to find your EMI for personal loans, and the formula goes like this, E= P x R x (1+R)^N / [(1+R)^N-1] Here, E equals the EM I know that you are going to pay. P is the principal loan amount that you took from the bank. N is your loan tenure, and R is the rate of interest that banks are going to charge. To understand this better, let us take an example where you take a loan of $10,00,000 from the bank. Banks charge you a 10% interest rate and give you 15 years to pay that in the form of an EMI. So, according to the formula mentioned above, your monthly EMI will be 10,476 rupees. But, to avoid such complexity while calculating the EMI manually, you should use a personal loan EMI calculator. It will give you results within a second after you enter the numbers. How do I use a personal loan EMI calculator? Here are some simple steps to use to calculate your EMI for an immediate personal loan and get your desired results. Open the application or the site on which you rely to calculate your EMI. To be frank, there are tens of applications on the internet, and you can use any of them. In the first bar, enter the loan amount that you have taken from the bank. Now, enter the rate of interest that the bank has charged you for taking this immediate personal loan. Put in the number of years up to which you have taken the personal loan in the requisite bar. Now press on the “CALCULATE” option, and you have your result right in front of your screen. [B-02] Wrapping it up In India, the rate of interest for a personal loan is somewhere between 8.5% and 30%. However, most banks charge between 10% and 20%, which is a decent interest rate. You should use a personal loan EMI calculator to calculate your interest rates and your remaining amount frequently to keep up with the trends. You should go and visit the official page of Piramal Finance to know more about personal loans and see their amazing content on topics like this. They have also got engaging content on investments (SIPs, mutual funds, etc.), which you should have a look at.

08-11-2023