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Banking

Difference Between Net Banking And Corporate Banking

Want to know some of the differences between net banking and corporate banking? Well, you must have come across these options while carrying out online payments and transactions. You might have doubted if they are the same. Well, this article will help you navigate through both of these options. Read on to know what net banking is, what corporate banking is and what features make them different from each other. [B-01] Net banking and its features Net banking is an online banking system that allows you to carry out both financial and non-financial banking services through the internet. For that very purpose, net banking is also referred to as Internet banking, which you use on a daily basis. It helps you make your transactions within seconds, allows you to keep records of your transactions, etc. If you have a bank account and wish to use the services of net banking, then you have to make a registration. After you have registered, you are now allowed to use all the services without any problems. Exclusive features of net banking Here are some of the exclusive features of net banking or Internet banking: Quick access to banking services This is a striking feature of using net banking services. You get very quick access to all your banking services, both financial and non-financial. You can carry out transactions, process payments, cover up bills, take out your bank statements, etc. Different IDs and passwords for different users Every customer who has a bank account happens to have a different ID and a different password. Simplicity Internet banking services are smooth, and everything is available in its simplest form. It is so simple that you can avail yourself of their services within seconds. Updating options If you have been using net banking for quite a while, you have probably noticed that you can update your passwords, some general information, etc. For loans and insurance You can use these services to even apply for a loan in case you need emergency funds. Using net banking, you can apply for health insurance, bike insurance, and car insurance. Striking benefits of net banking The following are some unique advantages of using net banking: Available 24*7 You can use all the net banking services at any time of the day because they are available all the time. Since it is available 24*7, this is often better than visiting banks during holidays or strikes. Faster transactions You may have noticed that online transactions via net banking are extremely fast. You only have to log in using your credentials, enter the amount, and verify it using your password. Tracking down your transaction history You can easily track down all your previous transactions using net banking. This is also very helpful at times when you don’t have original copies of bank statements. Secure and encrypted In terms of security, net banking is very secure, as it is backed up by your ID and password and followed by your mobile-generated OTP. Also, net banking options can only be accessed using your mobile device, which increases security. Convenient You can use net banking services from anywhere based on your comfort, which is not available in the offline mode. Corporate banking and its features? Corporate banking is an online system where banks provide financial services to corporates, commercial companies, etc. This includes services like credit management, asset management, etc. Commercial companies and institutions use corporate banking because it helps them meet their business objectives. In return, banks also provide some benefits to these companies to maintain a good relationship. Corporate banking is widely used as it offers cash management and asset management. It is also used for payment processing and creating business strategies for corporation firms. Striking benefits of corporate banking? Low-interest costs As mentioned earlier, the interest costs are much lower for companies, and that is why they opt for corporate banking services. Operational convenience Convenience is high for commercial companies and business institutions, as corporate banking helps them manage their cash positions and control different branches of the business. Regular updates and better accounting Corporate firms also get detailed information and updates on all their daily or weekly transactions. This service helps companies keep track of everything and keeps them updated about their monetary transactions. Difference between corporate banking and net banking The basic difference is that net banking is used by individuals for regular, day-to-day transactions, while corporate banking is used by commercial firms for business purposes. Net banking deals with customers, tracking their history, and managing their finances. On the other hand, corporate banking helps corporate customers manage their credit and assets. [B-02] Wrapping up In recent years, there has been a rise in the number of retail customers and corporate customers simultaneously. Both net banking and corporate banking have started to provide better services and meet all the needs of their customers. Both of these services are secure, fast, convenient, and user-friendly. If you like reading similar articles and blogs, you must visit Piramal Finance. They share knowledge about topics, ranging from personal loans and financing to investments and SIPs.
08-11-2023
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Personal Loan

Personal Loan Eligibility Calculator: Check Eligibility Online

One may need loans for many reasons. Many banking firms can assist them. Each lender has its own criteria for the types of people to whom they extend their services. These factors affect one’s personal loan eligibility. One can now check their eligibility using an online personal loan eligibility calculator. They can simply access their pros and work on their cons to improve their chances of getting a loan. In this article, one will look at all the factors and what one can do to improve their chances of getting a loan. [B-01] What is a Personal Loan Eligibility Calculator? The personal loan eligibility calculator helps one find the highest personal loan amount one is eligible for; it is also known as a personal loan checker or personal loan limit calculator. Simple information like the desired tenure, net monthly income (in Rs.), and monthly costs (in Rs.) must be entered (in months). A person can determine how much money he can get after entering all the information into the personal loan eligibility calculator. Many lenders use various methods to check loan eligibility. Personal loan eligibility is decided based on the person’s fixed monthly income status. Some lenders use the FOIR (Fixed Obligations to Income Ratio) method to figure out who can get a personal loan and what the terms of the rebate are. The formula for checking a lender’s eligibility through FOIR is: FOIR = (Total Existing Obligations/Net Monthly Salary) x 100 People can also check EMI amounts using this method. The Net Monthly income (NMI) method is another great way to check a person’s eligibility. Lenders use a multiplier based on the person’s net monthly income to determine the highest loan amount. NMI allows one to get up to 30 times their net monthly income. How Does an Online Personal Loan Eligibility Calculator Work? It is very simple to use the online personal loan eligibility calculator. One only needs to type in the data given below: Months of Tenure: One should choose a number from the list. Qualification: The person should choose their job qualification. It includes Company Secretary (CS), Chartered Accountant (CA), doctor, etc. Net Monthly Salary: A minimum net monthly salary of Rs. 20,000 is needed. Fixed Monthly Funds: This involves any other EMIs one may be carrying and the basic monthly living costs. The person should enter these values into the personal loan eligibility calculator. They can see how much they can get this way. Factors That Affect Personal Loan Eligibility The factors affecting personal loan eligibility are given below: Credit Rating One of the most vital factors affecting personal loan eligibility is the credit score. If a person has a credit score of 700 or higher, they will be regarded as more financially stable. They will find it easier to get a personal loan. As a result, banks and NBFCs choose to provide loans to people with good credit. If one has a good credit score, they can also benefit from many interest rate deals and special offers. So, it is always advised to keep the credit score as close to 900 as possible. Employer Reputation One of the many factors that may impact personal loan eligibility is the employer’s reputation. Many banks give personal loans to self-employed and salaried people. But, people with a stable income may get a lower interest rate than self-employed people. Usually, government workers are chosen first, followed by reputable corporations and MNCs. For salaried people, if they have more work experience and have been good workers for their company, they can get a referral from their company. It will make their personal loan much easier to get. Age Age is one of the most vital factors in deciding whether a person is eligible for a personal loan. One’s monetary stability is determined by their age. They will not be able to take a personal loan if they are too young or too old. Many banks have a set of criteria for people who wish to avail themselves of a personal loan. If the person is over the age of 60, they are no longer eligible for a personal loan. Personal loans are usually available to people aged 21 to 60. Income A person’s income is the most crucial factor in deciding their personal loan eligibility. When a person takes out a loan, they must be financially stable enough to pay back the loan amount plus interest. A personal loan will not be given if they do not have a stable source of income. Payback Period Most banks give personal loans to those who have an EMI ratio between 50% and 55%. Also, the loan amount cannot be greater than 50% of the person’s yearly income. Benefits of the Personal Loan Eligibility Calculator There are many benefits to loan eligibility calculators. These are given below: One Can Avoid Loan Rejection If the personal loan eligibility calculator shows that the person is not eligible for a specific loan amount, they can work on ways to boost their monetary status. They can lower the chance that their loan request will be denied in this way. Save Time and Energy With the help of a personal loan eligibility checker, one can check in less than a minute whether they meet the criteria for a personal loan from a single lender or from many lenders. So, it saves people time and energy. Quick and Accurate Results It only takes a few clicks to determine a person’s eligibility for a personal loan using a calculator. It automates the calculation, fulfills it in a matter of minutes, and gives a precise estimate of the amount of the loan. Accessibility and Usability Even if one lacks much financial background, one can still use the eligibility calculator. They are accessible and available online. [B-02] Conclusion The best way to figure out a person’s loan eligibility is to use a personal loan eligibility calculator. The person will find the monthly EMI, total interest costs, and total rebate amount. Many factors affect the eligibility of a person wishing to avail themselves of a loan. But, once the person has considered all of the factors that go into defining how reliable they are from a lender’s point of view, they can work to boost their chances. This service is provided by many lending firms, including banks and NBFCs. All one has to do is find the best match for their needs. One can visit Piramal Finance for more details related to a personal loan eligibility calculator. They can also explore their products and services.
08-11-2023
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Other

Step By Step Process For How To Generate New Atm Pin

Account users may generate an ATM PIN by visiting the particular bank’s ATM. For PIN generation, they may use their registered mobile number, internet banking, or mobile banking services. This procedure makes it easy for every account holder to generate the ATM PIN. Also, account holders may get a debit card at the moment of account opening. But they must also know how to generate the ATM PIN. So the process of debit card generation is easy. But do you know that you must take precautions during the entire process? This blog will explain various techniques for generating an ATM pin. [B-01] What Is ATM PIN? An ATM PIN or Personal Identification Number refers to a 4-digit code. So this code is unique to every bank account holder. This code ensures the security of every transaction you undertake. It could be cash withdrawals, POS transactions, or online transactions. Furthermore, the transaction is only complete when you enter the correct pin. So this reduces the possibility of fraudulent transactions. How To Generate Debit Card ATM PIN? Below we will list various methods to generate an ATM PIN generation. So users may opt for any of these methods as per their accessibility and convenience. Note that the mentioned process and procedures may vary from bank to bank. Let’s check the steps for ATM PIN Generate: ATM PIN Generation Through ATM Machine So you need to visit the ATM kiosk of your bank to set up your card’s PIN using an ATM Machine. Next, insert your card into the ATM and choose “Generate PIN.” If the bank has provided you with a temporary PIN, you will need it to set up the PIN on your ATM card. If not, you will use the OTP to authenticate to initiate the process and generate ATM. To authenticate your request to create an ATM card PIN, certain banks may need you to provide your bank account and registered mobile number. After verification, you may continue to enter and submit your four-digit card PIN. ATM PIN Generation Through SMS You can follow these steps if you are thinking about generating an ATM Pin through SMS. Type the text in your bank’s required format and forward it to the bank’s SMS service number. Once the request has been received, you will be given a temporary OTP active for a few hours. Then, you will need to take the following steps: Locate the bank ATM closest to you. Put your debit card into the ATM Select “Generate PIN” for pin generation Enter the temporary PIN received Select “Confirm” Input your four-digit PIN and then re-enter it. Select “Submit” to verify your PIN. ATM PIN Generation Through Netbanking Log in to the bank’s online banking site Browse to the “Debit Card” part of the site. Then, choose any option that indicates “generate PIN” or “create a PIN.” Once you select this option, the site will provide activation instructions for your debit card. Follow the online activation procedures for your debit card. ATM PIN Generation Through the Mobile App You may generate your ATM card PIN using your mobile banking application. Here are the procedures that you need to take: Use the bank’s mobile app to log in. Select the account you want to generate a PIN for your ATM card. From “ATM Card Services,” choose “Generate PIN.” Input the four-digit PIN code and confirm it. Use the OTP issued to your registered mobile number to validate. After authentication, you can now use this pin to conduct transactions effortlessly. ATM PIN Generation Through The Customer Care To create a PIN via customer service, you must contact the customer service number for your bank and receive an OTP for PIN creation on your card. You will need to provide specific information, like your account number, card number, etc. So once all the information has been verified, you will get an OTP active for a few hours. Next, follow these steps: Visit the bank ATM closest to you. Insert your debit card into the ATM Select “Generate PIN” Input the received OTP Select “Confirm” Input your four-digit PIN and then re-enter it. Select “Submit” to verify your PIN. Note A Few Things Banks provide OTP to the user’s registered cellphone number to authenticate and activate the debit card. Never discuss or click on spammy links to activate or change/create your debit card PIN with anybody other than the bank. Points To Consider While Generating ATM PIN Keep these things in mind whenever creating a PIN for a debit card: Do not click on odd links or websites that ask you to update or generate your debit card PIN. Never disclose your PIN for your debit card to anybody. Prevent using your birthdate, mobile number, or other sensitive data as your password. Safeguard your PIN when using your debit card at a POS. Always transact with your debit card on authorised sites that require you to enter your PIN. Never reveal your debit card PIN via telephone, email, or text. Banks never request banking credentials or other personal details over email, text, or telephone. Always handle your debit card with caution. Maintain a routine of updating the PIN of your debit card after PIN Generation. Always Keep Your ATM PIN Confidential Because the PIN gives you (or anybody who knows it) access to your funds, it is crucial to keep the pin confidential. Protect it and avoid writing it on the backside of your ATM or debit card. Also, some individuals use a single PIN for all their cards, phones, etc. This is not a wise decision. Develop and implement a particular logic for various PINs. When you use the same PIN for every transaction, you are putting too much of your financial data at risk. Never reveal the PIN to anybody who calls and pretends to be a bank employee. [B-02] Conclusion For ATM PIN generation, you may follow the above instructions. Nevertheless, before activating your debit card, understand the PIN-generating procedure and keep other factors in mind. Stay aware and avoid falling into any fraudulent transactions. For more information, get in touch with Piramal Finance.
08-11-2023
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Personal Loan

How Much Personal Loan Can I Get on My Salary?

The higher your salary, the more money you can get as a personal loan. Ideally, you should be eligible to get an amount that is 30 times your monthly salary. However, there are a few other factors, such as your credit score, the tenure of loan you prefer, and your Debt-to-Income ratio, that the lenders consider before approving your loan. [B-01] Personal Loan Eligibility Criteria Since personal loans are unsecured loans, most banks and financial institutions have set a limit of 25 lakhs against them. However, there are certain conditions that you have to meet to get a personal loan: You need to be an employee of a public or private company that satisfies the basic minimum turnover condition Your age should be between 21 and 60 years You should be drawing a salary of at least Rs. 25,000 if you are a resident of Mumbai or Delhi. In other parts of India, the minimum salary for a personal loan is Rs. 20,000. You should have worked in the current company for at least 18 months If you are a self-employed individual, you should have been in business for at least 5 years. Your loan will be gauged based on your profit after deducting tax. Methods of Calculating Personal Loan Companies choose various methods to calculate the amount of personal loan for salaried people. Here are some of the standard methods used: The Multiplier Method This is a simple and common method for calculating personal loan amounts. In this method, the net monthly income of an applicant is multiplied by a fixed number. This can range anywhere between 10 and 24, depending on the applicant’s monthly income and the lender’s discretion. For instance, if you are drawing a monthly salary of Rs. 40,000, you can get a personal loan of Rs. 9,600,000 (40000 X 24), provided you don’t have any financial burden. The maximum loan amount that you can get through this method is 15 times your net monthly income. The EMI / NMI Ratio Method In this method, the proportion of income that goes into paying EMIs determines the personal loan amount. You can be eligible for a personal loan if your EMI/NMI ratio is between 50 and 55 per cent. To increase this loan amount you may want to extend your tenure or go for a lower interest rate. Documents Required for Personal Loan Personal loan for salaried people involves minimal papers and is free of hassles. You will only need to submit: Your salary slips for the past three months Your bank account statements for the last six months Your KYC documents such as your Aadhar Card, PAN Card, and Driving License Interest Rate for Personal Loan The interest rate calculated for personal loans varies from lender to lender. The interest depends on the borrower’s credit score, their monthly salary, the company they are working for, and their financial duties. The interest rate on personal loans is generally higher than those on home or auto loans. However, here are a few things you can do, to get a personal loan at a lower interest rate: Improve your Credit Score A credit score of 750 and above is usually considered a good credit score when it comes to getting a personal loan at a lower interest. To improve your credit score, you should start clearing your debts and dues and make sure you don’t use more than 30 per cent of your credit limit. You should also make it a point to check for any errors in your credit report routinely and get them resolved. Try increasing your credit limit, if possible, and keep a healthy mix of secured and unsecured loans. If you are a guarantee or co-signer for any other loan account, make sure it is repaid on time. Pay Your Bills on Time Clearing off your bills and credit card debts within time is crucial to get a personal loan at a lower rate of interest. If you are paying EMIs for any existing debts, make sure you pay them on time. If you have a good EMI repayment history, you have better chances of qualifying for other loans, in future. Also, you will be in a good position to work out better interest rates. Compare Lenders and Grab Seasonal Offers There are many online financial marketplaces where you can compare the interest rates offered by different lenders, before deciding on a particular loan to apply for. You can discuss it with your existing lender for a better interest rate, considering your pre-existing relationship. Some banks offer attractive personal loan schemes during the festive season. It might make sense to check these out if you can wait until such times. Identify the Method Used to Calculate the Interest Interest rates on personal loans differ depending on the method that your lender uses to calculate the total amount of interest payable. For instance, in a flat interest rate method, you will be paying the same amount of interest throughout the tenure of your loan. In a reducing interest rate method, the interest amount that you pay reduces month after month. This is because the interest is calculated on the full loan amount in case of a flat interest rate. In the case of a reducing interest rate method, the interest is calculated on the remaining principal amount. So, if you avail of a personal loan at a flat interest rate, you may end up paying more interest than what you would pay for a personal loan with a reduced interest rate. [B-02] The Bottom Line It may not be too difficult to get a personal loan if you are working in a good company and are drawing a high salary. However, it is always wiser to know the various aspects of the loan, such as the interest rate, the tenure, the loan amount, the processing fee, and prepayment charges if any, before you apply for one. Try Piramal Finance if you are looking for a personal loan at a lower interest rate.
08-11-2023
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FD

Complete Guide On How To Calculate FD Interest Rate?

FD is a type of savings that you can do by putting a fixed amount safe for a particular tenure. The tenure of an FD can be from a few days to up to 10 years. The interest rate of the fixed deposit remains fixed at the time when you are opening it. You can use the FD interest calculator to calculate interest income and maturity amounts. [B-01] What is a Fixed Deposit? A fixed deposit is a term deposit where you invest your money and after a fixed tenure you can take your principal amount back along with the fixed interest rate. When you invest in fixed deposits you get an interest rate better than the other options such as a savings account. If there is an emergency you are allowed to break your FD by paying a certain amount as a penalty, which is not that high. You can choose to have the interest credited to your account at regular intervals or once the deposit gets matured. You will receive the maturity amount at the end of the FD term if you invest money in an FD plan. FD Interest Calculator helps in calculating the exact amount that you will receive once your FD gets mature. Fixed deposits are available in two types. Cumulative Fixed Deposit (FD): A cumulative fixed deposit pays compounded interest annually or quarterly. In general, cumulative fixed deposits pay a greater interest rate. Non-cumulative FD: A non-cumulative fixed deposit pays interest on a monthly, quarterly, half-yearly, or annual basis, depending on the investor’s preference. Non-cumulative FDs have lower interest rates than cumulative FDs. It is suitable for people who desire a consistent income from their investments. What is an FD Monthly Payout? The FD monthly payout means that you opt to take the interest every month on your FD, instead of taking it at the time of maturity. Comparatively the interest rate of the amount taken monthly is less than the ones received through other frequencies. Monthly payouts are preferred by those who want who look for steady and fixed monthly incomes. What is an FD Interest Calculator? An FD is an excellent investment option for people of all ages and provides reasonable rewards with little risk. You can choose a non-cumulative fixed deposit to earn FD interest every month. Furthermore, the interest rates given are competitive. Investment professionals recommend utilizing an FD interest calculator to calculate interest income and maturity amounts. An FD interest calculator is easily accessible online and helps calculate FD interest in only a few clicks. How to use an FD Interest Calculator? You may compute the maturity amount of an FD plan by entering a few basic details. It is vital to remember that the maturity amount changes depending on the type of deposit, interest rate, FD period, deposit amount, and customer type. Choose a customer type. Understanding that each choice will have a different interest rate is vital. Select the fixed deposit type. Enter the amount of your FD and choose the period of your fixed deposit arrangement. The calculating formula is as follows: A = P (1+r/4/100) ^ (4n) (4n) Or, A = P (1 + r/25) 4*n A = the maturity amount in this case. P = Principal or deposited amount n = compounded interest frequency. The FD calculator allows you to arrange your investment with ease. Assume you want to put Rs. 1,00,00 in a five-year fixed deposit at an interest rate of 10%. A is your maturity amount now = 1,00,000 (1+(10/25)= 140000 where P denotes the Principal, n the term, and r the interest rate. The FD interest calculator allows you to plan and assess investment returns in advance. All you need to do is enter your investment amount, duration, and interest rate. An FD calculator can help calculate your earnings before investing in fixed deposits. Advantages of Investing in an FD It provides more stability because it is one of the safest investment tools. There is no risk of principal loss, and the fixed deposit offers guaranteed returns. The market changes do not affect your fixed deposits, giving better security for your investment cash. It has a better interest rate. It provides the best returns for senior citizens. FD and Taxes The interest earned on an FD is taxed. The tax on fixed deposits is deducted at the source and ranges from 0% to 30%. The basis of the TDS deduction is the investor’s income tax bracket. If you earn more than Rs. 10,000 in interest in a year, the bank will deduct around 10% TDS. If you do not provide your PAN number, you can get a deduction on TDS of 20%. You can, however, claim the deducted TDS if your total income is less than the 10% tax slab. If you are not in a tax bracket, you can avoid the tax deduction by submitting Form 15G to your bank. Senior citizens can prevent deductions tax by submitting Form 15H. If you fall into a higher tax category (20-30%), you will be required to pay additional tax on top of the TDS deducted. Factors that affect FD Rates Let’s have a look at the factors that impact the rates of FD: The more the amount invested, the greater the interest given out. In general, you can get more effective interest rates if the deposit is for a more extended period. You can receive a greater interest rate if you choose a cumulative fixed deposit program. Senior citizens get preferential interest rates. If you are considering investing in one of the fixed deposit programs, the FD calculator will be helpful. You can compute the returns on fixed deposits provided by various banks and financial institutions. Based on the results, you can choose the fixed deposit strategy that provides you with the most benefits. [B-02] Conclusion The FD interest calculator assists you in making an informed decision by allowing you to evaluate the returns offered by various fixed deposit programs in India. Also, please remember that before you decide on an investment, ensure you understand the returns and the applicable terms and restrictions. There will be no room for confusion or presumption if you have explicit knowledge. Check the official website of Piramal Finance to understand the process of calculating the FD interest rate. You can also go through many informational blogs posted on their website. Do not forget to explore their products and services.
08-11-2023
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Personal Loan

How You Can Use a Personal Loan EMI Calculator

Loans have become quite popular as a money tool. Lenders have seen vital growth in loans in the last few years. This is because a loan gives you a simple and rapid way to earn money during times of monetary crisis. Like any other money choice, a loan should only be accepted after checking each crucial aspect. This covers loan terms, rates, and other factors. A loan is a debt that impacts your lifestyle. As a result, before applying for a loan, you should gain clarity by using a Personal Loan calculator. Personal loans are collateral-free. You must pay higher interest rates than those for secured loans. PL calculators are used to calculate the EMI on your loan. [B-01] What is a Personal Loan EMI Calculator? A personal loan calculator assists you in calculating EMIs to repay your loan. All you need to do is enter the loan amount, tenure, and interest rate into the system, and it will calculate your EMI. What Does EMI Stand For? EMI (Equated Monthly Installment) is the amount you pay every month to the lender to pay back the loan. The loan amount is the original amount plus interest that needs to be paid back. EMI is paid monthly. The total amount (loan plus interest) is divided by tenure. Initial interest is high. It reduces with each payment. The interest rate and tenure of EMIs are fixed. Note that EMI is the same, but the interest rate and principal can vary. A personal loan EMI calculator can be used to find your EMI. How to Use an EMI Calculator? A personal loan calculator is easy to use. It has easy-to-read charts and gives quick results. A PL calculator is used for home loans, car loans, personal loans, education loans, etc. Given below is the data needed to find EMI using a personal loan calculator: The principal amount (in rupees) Term of the loan (in months or years) Interest rate (percentage) Unpaid EMIs or pre-paid EMIs (for car loans only) You can adjust the values using a slider. For exact values, you can simply type them in the space given. The calculator will find the amount of your EMI when you enter the value. Let’s take an example: Principal amount: Rs. 5 lakhs from the bank Rate of interest: 10.5% annually Tenure: 5 years (60 months). Then, the EMI = Rs. 5, 00,000 x 0.00875 * (1 + 0.00875)120 / ((1 + 0.00875)60 – 1) = Rs. 10,869 This means that you need to pay Rs. 10,869 per month for 60 months to repay the entire loan amount. The total amount payable will be Rs. 10,869 x 60, or Rs. 6,52,140, which includes Rs. 1,52,140 as interest toward the loan. Documents Required for a Personal Loan If you are self-employed: Copy of your PAN card Balance sheets Profit & loss account Partnership deed Other documents, etc. If you are a salaried person: Copy of your PAN card Identity proof Bank statements from the past 3 to 6 months Residence proof Salary slips Guarantors with the same set of documents as the applicant Features of a Personal Loan Calculator Aids in choosing offers in terms of cost A personal loan calculator helps you choose between various offers from lenders. Given how simple it is to use an EMI calculator, people can easily compare offers and review the repayment details. You can browse through various loan term options until you find one that fits your needs. Simple to use One of its main features is that it is simple to use and offers guidance at each step. With the help of the PL calculator, you can calculate EMIs easily. The lender may be considerate of the client’s comfort. In that case, lenders will make sure that the borrower knows how to use the PL calculator. Exact outcomes The quality of the results is one of the major perks of using the PL calculator. There is always the chance of getting the wrong data when using a manual system. You can avoid manually testing various rate pairings, desired loan rates, and loan tenures. Time-saving Another useful feature of using the PL Calculator is that it saves time by providing quick and precise answers. It is online, saving you the time and effort of going to the bank, standing in lines, and waiting for your loan EMI to be computed. Removes The Demand For a Manual Sum Getting the sum manually is time-consuming. You need to convert the data to fit the criteria of the formula in use. The EMI calculator is user-friendly and helps you avoid complex sums. To find the EMI amount, just input the desired loan balance, the loan rate, and the loan tenure. This saves you the time and effort of using the EMI formula manually. [B-02] Final Word Personal loans have become popular in recent years as these loans do not need collateral and may be used for several reasons. Despite having higher rates than other loans, such as a loan against property, many people choose personal loans since these do not require assets and function well in times of monetary need. People prefer using a PL calculator to doing a manual sum.We know that no matter how helpful a loan is, it may cause your life to revolve around its repayment. As with any other money choice, it is advised that you take out a loan only after carefully considering issues such as loan amount, repayment ability, rates, loan term, and so on. A PL EMI system is the best way to assure accuracy and clarity when applying for a loan. For more details on calculating EMIs using personal loan calculators, visit Piramal Finance. They have blogs similar to this one. You may also take a look at the products and services they offer.
08-11-2023
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Banking

Most Important Reasons Why You Should Use Net Banking

From minor to major transactions to all types of loans, get all the banking services at your fingertips with net banking. All you need is an internet connection and a simple card login into your official banking website/app. Yes, it is as easy and fast as enjoying your favourite shows/movies on your smartphone. Here are some more reasons why using net banking can save time and effort, and make your life convenient. [B-01] 1. Two-Factor Authentication Every time you complete a transaction through net banking, you will be asked for a two-step verification. In the first step, you will receive a One-Time Password (OTP) on your registered mobile number, in the form of an SMS. This will give your bank a confirmation that it is you who is making the transaction. After completing the transaction, the bank will send you another SMS, informing you that the transaction is complete. The SMS will usually include a phone number that you can contact, in case it is not you who made the transaction. This process is very helpful in securing the identity of the account holder and assures the safety of online transactions. 2. High-End Encryption Banks invest a lot of money to make their websites and online banking applications safe and secure. By using advanced technology, they encrypt every transaction to ensure no data has been compromised. Hence, while using net banking or card login, you can rest assured that your data will not be accessed by any criminals or hackers. 3. Device Authentication Another method banks use to secure digital transactions is known as ‘Device Authentication’. Whenever you log in to your account through a new device, you will get a message on your authenticated device to verify if it is you. You will then need to enter a Personal Identification Number (PIN) to establish your identity. Once the bank has verified the device, you can access your account through net banking or card login. 4. Better Control Over Your Transactions Net banking makes it easy to access your account online and control transactions. Once you log in with your username or card details on the bank’s website, you can: Check your account balance Transfer funds Pay bills View your previous transactions Download a historical statement Check your TDS deduction details Add or manage your beneficiaries You can even request a new chequebook or make a demand draft (DD) through net banking. Moreover, due to restricted access, net banking allows you to detect any unauthorized or suspicious activity at once. 5. Quick and Efficient Money Transfers The best part about net banking is that you can transfer money quickly anywhere anytime. You can do this without leaving the comfort of your home. There are various options to choose from, such as NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement), and IMPS (Immediate Payment Service), depending on your convenience. 6. Pay Bills Automatically Most banks offer the option of setting up automatic bill payments using net banking. You can see this option under the ‘Bill Pay’ section of the portal. All you need to do is enter the payee’s details, and the bank will automatically debit the amount from your bank account on the date specified by you. 7. Make your Investments Online Net banking also allows you to open fixed deposits online and even make premature withdrawals without having to visit your bank branch. You can even register for a Systematic Investment Plan (SIP) and set up your mutual fund house as a biller, to automate your SIP payments. This way, you can make your savings regular and consistent. 8. Apply for a Personal Loan Most banks and fintech startups make it mandatory to register for net banking if you wish to apply for a personal loan. This gives you access to credit whenever required. Also, you can make your loan repayments automatic by setting up standing instructions. 9. Pay Income Tax Online Apart from the above, you can also pay your income tax through net banking. You will have to log into your e-filing account and then verify your Income Tax Return (ITR) online. You no longer need to send the signed copy of your ITR to the Income Tax Department. Safety Tips to Enjoy Net Banking Banks have made it as safe and convenient as possible for you to manage your accounts. However, there are a few things you need to keep in mind, to ensure the safety of online transactions: Always make sure that you type the website URL while visiting your bank’s website. Don’t use any external links to access net banking. You can bookmark the URL in your browser for future use. Look for the internet browser security lock next to the address bar, before logging into your account. This lock might also appear in the bottom right corner of the browser window. This ensures that the data you enter is encrypted. Never provide your username or password by email. Banks will never ask you to email your personal and sensitive information such as credit card number, net banking or card login details, password, or PIN. Any hacker can gain access to your account by hacking into your email account. Change your password regularly. Use combinations of capital and lowercase alphabets, numbers, and special characters to make your password difficult to guess. Choose to receive email or SMS alerts from your bank. This will keep you aware of any suspicious transactions and alert you whenever your balance falls below a certain threshold. [B-02] The Bottom Line Net Banking has made it convenient to access your bank account and send or receive payments, anywhere anytime. As account holders, online banking benefits us in many ways. However, the onus is on you to make your experience, a safe one. Visit the Piramal Finance website for more details on this.
08-11-2023
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Personal Loan

Features of a Loan & Characteristics of a Personal Loan

Personal loans are a great option if you need money to pay for specific purposes. This includes buying a car, home repairs, and an education program. These loans come with unique features. It makes them easier to avail in no time. Personal loans are one of the most common forms of loans in India. This loan is given on a short-term basis with a fixed repayment period. You can check out such loan options at Piramal Finance. We offer loans with low interest rates. Here’s What You Need to Know About Personal Loans [B-01] What is a personal loan? A personal loan is a term used to describe a loan given to an individual for any purpose. It’s a short-term loan, typically issued by a bank or other financial institution. The borrower’s property secures these loans (such as an automobile). Also, it is repayable over a fixed period and has a variable interest rate. You can use these to pay off credit card debts, consolidate existing debts, start a small business venture, or buy a home. Since the government does not guarantee personal loans, borrowers must be careful to ensure they qualify for the loan before taking out the money. Taking out a personal loan is important only if you can repay it in full and on time each month. A personal loan should also not be used to pay for emergencies. Usually, these situations are covered by other forms of credit, such as credit cards and utility bills. Features of a Personal Loan A personal loan can help meet a variety of financial needs. It can cover short-term expenses, such as paying for school fees and replacing lost or stolen equipment, or emergency expenses, such as medical costs, car repairs, and home repairs. Personal loans can also be used to pay off high-interest debt, such as credit card balances or mortgages. There are two main types of personal loans: unsecured and secured. Unsecured loans do not need collateral to obtain the money. To obtain a secured loan, some form of collateral (such as a car) is required. Secured personal loans are more likely to be approved than unsecured ones because of their higher risk. But your chances of getting a secured personal loan depend on things like your credit score and how much money you make overall. Personal loans can come in different forms and have different interest rates and repayment terms. The most common personal loans include short-term time-based loans and long-term installment-type loans. Personal loan interest rates vary quite a bit depending on your loan type. Generally speaking, high-risk borrowers will see higher interest rates than low-risk borrowers. One way to lower your risk is by choosing. What is the eligibility to get a personal loan? One of the most important factors to consider when deciding whether to take out a personal loan is your ability to repay it. While loans are not generally considered an investment, some types of personal loans may offer better returns than other types of investments. If you have poor credit or low income, you may find it more difficult to get approved for a personal loan than for other types (such as credit cards). If this is the case, you may consider another loan with lower interest rates and fees. To apply for a personal loan, you must qualify for some factors, which are To get a loan, you must be a salaried person. Entrepreneurs and self-employed people are not eligible for this loan. Your place of work can be a government office, a private or public company, a multinational corporation (MNC) or a company that works with MNCs, a partnership, or a sole proprietorship. Your minimum age at the time of application must be 21, and your maximum age must be below 60 at the time of the loan’s maturity. You must be earning at least Rs. 25000 per month. You must have worked in your current organization for at least six months. What are the pre-payment and foreclosure charges? These charges are usually added to the principal amount of your loan, and they are meant to cover costs associated with your loan. For example, pre-payment fees are used to pay the principal balance before it’s due. They can also cover costs related to loan modifications or short sales. The type of fee you will most likely have is either a pre-payment charge or a foreclosure fee. These fees are both charged when you refinance or pay off your loan early. Pre-payment fees are typically higher than foreclosure fees because they require more work from the lender. While you may be able to avoid them by refinancing or paying off your loan early, it’s always best to know exactly what you’re signing up for. At Piramal Finance, you can get a personal loan with zero prepayment and foreclosure charges. Minimum and maximum loan amount The minimum personal loan amount is the smallest amount that you can borrow. The minimum personal loan amount sets a baseline for what a lender will consider when assessing your ability to repay a loan. This is typically the amount needed to obtain a copy of your credit report and pay the application fee. Yet, you can get a personal loan of at least Rs 1 lakh at Piramal Finance. The maximum personal loan amount is the largest amount you can borrow under a single loan. You can get a personal loan for a maximum of Rs. 10 lakh. As long as you’ve got a good enough credit score, the maximum personal loan amount is usually pretty easy to hit. Documents Needed A PAN Card An identity proof, i.e., a passport, a driving license, an Aadhar Card, or the voter’s identity card. Any address proof like a registered leave or lease agreement, passport, driving license, Aadhar card, voter’s identity card, and utility bills like Telephone Bill /Electricity Bill, etc. (not more than three months old) An income proof that should either include your latest month’s salary slips or your bank statements from the previous three months A Co-applicant, If clubbing of income you need for higher loan eligibility, then a co-applicant is mandatory. You can only make your spouse a co-applicant. Also, the co-applicant will ask for all the above documents at the time of the loan application. [B-02] Conclusion On the surface, personal loans may appear to be a good option for those who need money quickly. However, several factors must be considered before applying for a personal loan, including how long you plan to repay the loan, the amount you can borrow, and whether you can do this successfully with another type of loan. Piramal Finance provides a limited number of personal loans to qualified applicants. Apply Now!
08-11-2023
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Personal Loan

Medical Loans: Apply for Personal Loans for Medical Emergencies

Emergencies can happen anytime, anywhere, and without warning. And when it is a medical emergency, one wants to make every effort to get things under control. But with rocketing healthcare costs, one might find themselves short on funds. This is where the medical emergency loan comes in. These are personal loans to use for medical emergencies. They don’t need collateral, and the disbursals are instant. Medical emergency loans can be used to pay hospitalization bills, surgery costs, medicine expenses, and other treatments. [B-01] Features of Medical Emergency Loans Instead of digging into your savings, simply opt for a loan in difficult times. There are many reasons to take out a personal loan for a medical emergency. Let’s have a detailed look at it. No Collateral One of the top features of loans for medical treatment is that they don’t require any collateral. The loan is given based on your income, repayment capability, and credit score. So, these loans come in handy in times of medical emergencies. Flexible Repayment Tenure The medical emergency loan comes with flexible tenure. There is no pressure to repay the amount immediately. Generally, the tenure is 12 to 60 months. One can choose easy EMI options according to their suitability. Quick Approvals and Disbursals Medical emergencies come without warning. At that time, one looks for funds as quickly as possible. Loans for medical treatment are popular because of their quick approval and disbursals. The loan usually gets approved in less than a week after applying, depending on the credit history. Many lenders do the whole process online. And based on their credit profiles, some lenders even give their customers loans that have already been approved. Minimal Documentation Amidst a medical emergency, the last thing a person wants is a pile of paperwork. The best part about medical emergency loans is that they require minimal documentation. Generally, the only documents a lender asks for are basic identity and address proof, along with income statements or job or business details. Many lenders have a completely online process, which saves a lot of time. Minimal documentation lets one focus solely on the medical emergency. Quality Healthcare The costs of healthcare are always on the rise. Sometimes medical insurance coverage is not enough. A personal loan for medical treatment allows people to receive the best medical care possible.These are additional funds that let you access the hospitals of your choice. Eligibility Criteria for a Medical Emergency Loan Lenders understand that a medical emergency is a difficult time. One might need quick financing during these times. Hence, medical emergency loans come with very basic eligibility requirements. Applicants should have a salaried job or be self-employed. Some lenders require the applicants to have been employed for at least 2 years, with a minimum of 1 year with their current employer. The minimum work experience required can vary from lender to lender. Age bracket of 21 to 65 years. The age bracket may vary a little, depending on the lender. Applicants with a credit score of 750 or higher can get a medical emergency loan easily. However, even with a low credit score, one can get a loan, but with higher interest rates. Required Documents for a Personal Loan for a Medical Emergency The best part about medical emergency loans is that they require minimal paperwork. Some lenders might ask for some additional documents, like a Form 16 or an ITR with income computation for two years. Otherwise, the generally required documents are listed below. Identity proof (Aadhar card, PAN card, driving license, passport, voter ID) Address proof (Aadhar card, PAN card, passport, voter ID, electricity bill, telephone bill, driving license) Proof of income (tax returns, salary slips, bank statements, etc.) Proof of employment Conclusion Health is not something to take lightly. So when it comes to healthcare, one wants the best for themselves and their family. Even if there is medical coverage, sometimes that is not enough. Healthcare prices are soaring, and sometimes one can find themselves short of funds. This is exactly why taking a personal loan for medical emergencies is a smart move. It gives the applicant the additional funds they need to get the best treatment available. The process is simple, and disbursals are instant. Not much paperwork is required. Hence, it allows them to solely focus on the emergency. Head over to Piramal Finance for more such helpful blogs and other finance-related queries. [B-02] FAQs What is the process for applying for a medical loan? One can easily apply for a loan online. Provide the lender with all the basic details and required documents. If the documents are satisfactory, the loan is approved and disbursed in less than a week. The required documents are already mentioned above. Visit Piramal Finance if you have any additional loan questions. What is the maximum amount of a medical emergency loan? The loan amount differs from lender to lender. It can range anywhere from Rs. 25,000 to Rs. 10 lakh and more. A healthy credit profile can help one secure a larger loan at a low interest rate.
08-11-2023
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