More articles for you

Your one stop place for everything related to finance and lending

Personal Loan

How Do Personal Loan Schemes for Retired Pensioners Work in India?

Whether you are prepared or not, financial needs can arise at any time. In such cases, personal loans can be greatly useful because they are typically unsecured. They are also not tied to a specific purpose. Although personal loans are easy to get for those with a stable income, older adults and retirees may have difficulty getting them. As pensioners lack a steady source of income, loan lenders view them as high-risk people. The good news is that many Indian lenders have realised the financial needs of senior citizens. They have thus come forward to offer personal loans for pensioners. You should also know how to calculate personal loan interest for your benefit. [B-01] What is a Personal Loan for Pensioners? Personal loans for pensioners are loans given to people over the age of 60. There is no major difference between personal loans for young people and personal loans for seniors. But, they differ in terms of the needs and the rate of interest charged by banks. The most critical thing for senior citizens is that they have a pension. Some lenders refuse to give loans to senior citizens who do not have a stable source of income. If you have a pension, you may be able to apply for a loan in this case. Process to Apply for a Pensioners’ Loan The steps for applying for a personal loan for pensioners are as follows: You should select a lender and go to its official website. Then, you should visit the ‘Loans’ section and choose ‘Personal Loan’ from the list of options. You should put your information and upload any documents needed. After that, verification will take place. Your request will be approved quickly and the funds will be deposited into your account within a few hours after the entity verifies the information provided. Documents Needed to Apply for a Personal Loan for Pensioners If you are a senior citizen, lenders may request extra information before approving your loan. If you want to apply for this type of loan, you should have the proper documents ready in case the lender needs them: Proof of a regular pension Proof of funds received from children working locally or abroad Proof of income if available Identity Card Proof Given that every lender has a different set of needs, these might not be the only documents that you need to prepare. You must remember to deeply enquire about the needs if you want to know what the specific lender needs in terms of qualifications. Personal Loan Eligibility for Pensioners When it comes to being qualified for a personal loan, there are some things to keep in mind. The eligibility needs for applying for personal loans for young people and senior citizens are similar. But if you keep the things in mind when making an application for a senior citizen personal loan, your loan will be accepted: Each bank has a different age limit for pension loans. But pensioners can apply for personal loans for pensioners up to the age of 76. The senior citizen must be Indian. The senior citizen cannot be older than 76. If you are applying for a loan, the monthly pension must be less than Rs 15,000. Your credit score should be greater than 750. Features of Personal Loans for Pensioners Purpose: The loan can be used to fulfil any family duties or financial needs. Processing Fees: Defense pensioners are not subject to processing fees. If not, nominal fees are charged. The processing fees are 0.50% of the loan amount plus tax, with a minimum of Rs. 500 plus tax. There are no extra hidden fees involved in processing the loan. Loan Limit: A minimum of Rs. 25,000 loans are approved. The maximum depends on the type of pension and your age. Regular pensioners, family pensioners, and defence pensioners get loans at different rates. The loans can be approved up to Rs. 14 lakhs. Repayment: The loan must be paid back through standing orders. It debits the pension account on the given date with the amount of the EMI. Margin: The pension loan has no set margin. Guarantor: The spouse who qualifies for the family pension must act as a guarantor. If the spouse is not present, any other family member can serve as a guarantor. Interest Rate: The interest rate on the pension loan is at the bank’s discretion. It varies based on the person’s loan amount request, repayment terms, etc. Does One Need Collateral? Collateral refers to the security you give the lender so that the loan application will be approved quickly. If you are unable to make your loan payments, the collateral will act as a backup option. The collateral serves as the lender’s means of loan security. The lender has the right to take the collateral. They can use the money to pay off any loans they were unable to make. Both the lender and the borrower benefit from having collateral. In this situation, you will be needed to make the debt payments to recover the pledged collateral. It will speed up the application process if you don’t have a pension. If you can offer something as security for the loan, the chances of being approved are higher. What If One Doesn’t Have Collateral? If you do not have collateral, your application is likely to be rejected. If you are not able to offer collateral or have no pension, some lenders demand a guarantor. To speed up the approval of the loans, you can ask your children or other family members to serve as guarantors. Benefits of Personal Loans for Pensioners The primary benefit of personal loans for pensioners is that the person has instant access to funds. If you need money right away and meet all of the requirements, your application can be approved quickly. Second, lenders are more lenient toward senior citizens who qualify for personal loans. For example, if you currently get a pension, you can use it to secure approval from the lender. Third, unlike large loans such as car loans, business loans, and home loans, personal loans are easier to apply for. It’s similar to a salary loan, but the funds you can get are larger. Finally, personal loans are simpler to pay back. You will be given payment options for the loan. It includes a payment schedule and method. [B-02] Conclusion Personal loans for pensioners allow retired seniors to easily manage money crises. You should check the lender’s terms and conditions. You should use personal loan eligibility calculators and EMI calculators to measure the total value of your loan. You can visit the Piramal Finance website to get more details related to personal loans for pensioners. You can also explore their products and services.

08-11-2023

Other

Land Area Calculator: All You Need To Know

India is such a diverse country, with various states using different land measurement units. The land measurement unit changes with almost every part of India, be it West India, North India, South India, or East India. This begs a question, “Is it possible to calculate a land area manually?” The answer is certainly no. Doing manual calculations not only costs you time but also has a high risk of producing inaccurate results. However, accurate land measurement is crucial before making a purchase. This is possible with an online tool called a land area calculator. Read on to learn about the land area calculator in detail and how to use one. [B-01] What is a Land Area Calculator? The land is measured in a variety of ways across India. A land area calculator is convenient for quickly converting between different measurement systems. A land calculator is the quickest and most accurate way to convert from one land measurement unit to another. An online tool like a Land Area Calculator is a great option if you need to calculate or convert land area quickly. Just by entering the dimensions, you can find out the area for both even and unevenly shaped plots. Land Area Calculation: Manual vs. Online It is necessary to wrap your head around why an online land area calculator is better than a manual land area calculation. Let’s dive deeper into this with the following points of content: Time: In a manual calculation of land area, you will first measure the length and breadth of the land using a measuring tape. Then, you will multiply both dimensions to arrive at the final area. However, in an online land area calculator, you need to put in the length and breadth of the land and the calculator finds the final product. It is very clear, that using a land calculator saves you time from manual calculation. Accuracy: Finding the product of length and breadth manually carries a potential for inaccuracy. However, an online land calculator gives accurate land area figures. India’s Most Popular Land Measurement Units Different units of land measurement are used throughout India depending on the locality. Here is a brief list of the most well-known land measurements in India: Hectare Hectare or ha measures an area of square land with each side of 100 meters. It is used as a Standard International (SI) unit even after being a non-SI unit. Hectare is a unit that measures large land areas like forests, agricultural lands, etc. Acre Acre is a land metric popularised mainly in the UK and US. However, Acre is used in India to measure the large plot areas like farmland or estates. Bigha In the Indian states of Punjab, Haryana, Bihar, Uttar Pradesh, Himachal Pradesh, Uttarakhand, Gujarat, and parts of Rajasthan, a bigha is a traditional unit of land measurement. However, there is no standard size for this unit of measurement. Bigha has two subunits- Biswa and Katha. Its measurement varies according to state. For instance, in West Bengal, one bigha equals 1,600 square yards. However, in Uttarakhand, it is 756.222 square yards. Square Foot A square foot is a standard land measurement unit used worldwide. This standard measurement unit is included in both imperial and US customary units. A square foot is the size of a square, with each side only 1 foot. Square Meter Square Meter or m2 or sq m is a Standard International(SI) unit. The most commonly used land metric measures an area of square land of side 1 meter each. Common Conversion Units in Land Area Calculator. Unit of AreaUnit SymbolsConversion Unit1 Square Metersq. m to sq. ft10.76391042 Square Feet1 Square Inchsq. into sq. ft0.0069444 Square Feet1 Square FootSq. ft to sq. m0.092903 Square Meter1 Square KilometerSq. km to ac247.10 Acres1 Square YardSq. yd to sq. m0.836127 Square Metre1 AcreAc to gaj4886.92 Gaj1 BighaBigha to sq. yd2990 Square Yard1 HectareHa to ac2.49 Acres1 Square MileSq. mi to ac640 Acres 3 Easy Steps to Use Land Area Calculator. To calculate the land area using an online land calculator, follow these 3 straightforward steps: Type the input value in numbers. Choose the input area unit from the dropdown. Choose the output area unit from the dropdown. The desired area will be calculated automatically by the Land Area Calculator. Bottomline There are various land measurement units. The measurement of Indian land area is based on many state-specific land measurement techniques. You can use the Land area calculator to calculate an accurate land area as well as to convert one land measurement unit to another without the hassle of manual calculations. Visit Piramal Finance to read more such articles and learn about the various loan options. [B-02] Frequently Asked Questions. How is a land area determined? Any unit of measurement can be used to compute a piece of land’s area. The initial size of the land is its length and breadth, and the findings are multiplied. The land area is calculated by multiplying the length and breadth of the land. How to Use Google Maps to Calculate Land Area? You may use various online tools to calculate a land’s area from Google Maps. You need to zoom in on the map and outline the plot of land. Then, the region of that specific piece will then be visible on the screen. But this will just be a general estimate, not a precise one. Additionally, you can convert these computations into whichever unit you like. How do you compute the area of an irregularly shaped plot of land? The area of irregular-shaped land can be manually determined using specific formulas. For maximum accuracy, online land calculators can be used to determine the land area.

08-11-2023

Personal Loan

How to get a quick personal loan during the festive season?

With so many financial institutions all around us, applying for quick personal loans has never been easier. Mobile phones having gathered popularity over all these years have made sure that paper money is never the same. Even money has become digitalized and you can even apply for loans from the comfort of your phone. Keeping up with the changing generations, times of festivities are also associated with lots of offers and discounts. Most people wait for auspicious moments for buying any new household items. That is when the shops introduce their new schemes in attracting the crowd. For certain items, the price of which fits your budget, you might have already had the money saved. What about commodities that are a necessity but you had not planned for? The launch of new schemes allures your mind to get your hand on the item. Either way, you might start making plans for buying the article next time or you are too worried to lose on the discount. That’s when quick personal loans come to your rescue. [B-01] What do we need a quick personal loan for? Indians are very spiritual. We believe that buying or spending money during auspicious times is bound to be good for us. Let me list down some of the requirements for you so that you understand whether your necessity is listed below before you apply for a quick personal loan. Redecorate your house We should redecorate our house once in a while. The place which we call our home deserves love during the festive time. Before Diwali, special attention is paid to cleaning our house. Giving a complete makeover at that time is bound to make you feel good. What more reasons do you want if you can get a discounted rate for all the expenditure? Ready to throw a party? Get-together and buying gifts Who doesn’t love gifts? How happy it makes you when you receive something from someone? Greater joy comes when you make the person happier in return by gifting them. Nowadays in the fast-paced world, we hardly get time to spend with our family and friends. According to our traditions, we make sure to at least get together with friends and family for a short while and spend the time without worrying about work. That’s the best time to surprise someone with gifts. If the gift is something that the receiver needs, spending money could not have been any sweeter. Investing in gold Buying gold, especially during Dhanteras is considered auspicious. You can buy jewellery or gold coins. Even all the gold shops make sure to give discounts on the making charges during the festivities. They make sure that you come back to them by giving you return gifts. Even lucky draws are organized. What more motivation do you need for a quick personal loan? Vacations Work, work, work. We have become so engrossed in securing money for our livelihood and earning for our family, that we have forgotten to spend quality time with our children, spouse or parents. Taking trips with your family not only helps in your rejuvenation but also aids in bringing your family close. You get to see them in a new light. Your homemaker deserves a break. Your parents are growing old. Your children want to discover the world, so instead of working from home, why not convert your vacation to a workation? New Appliances Most of us look forward to buying the necessary appliances or gadgets. Like I had said earlier, the discounts offered by the market have an alluring effect on us. A quick personal loan is bound to help during unexpected expenditures. Eligibility for getting a quick personal loan To get a quick personal loan it is important to fulfil certain criteria. Only salaried individuals who are between 21 to 60 years of age can apply. You need to have a minimum work experience of 6 months in government, public or private sector, a proprietorship concern, partnership firms, or MNCs. If your salary is more than Rs 25,000 you can go ahead and apply for a quick personal loan. Documents required at the time of application The applicant must have a PAN card and any other identity proof like Aadhar Card, Driving License, Passport or Voter’s Identity Card. For address proof, besides the above-mentioned documents, you can also submit Aadhar Acknowledgement, Registered Leave and Lease Agreement or Utility bills like Electricity and Telephone Bills but not older than 3 months. For a quick personal loan, as your income proof, you need to submit the latest 1 month’s salary slip and the previous 3 months’ bank statements. The good news for married couples, is you are eligible for a higher loan amount. In that case, you need to submit your spouse’s documents too. Hope you have found the article useful. To get a hassle-free quick personal loan with zero pre-payment and foreclosure charges, the expert advisors at Piramal Finance are there at your service – just a call away. You can easily get a quick personal loan amount of 1 lakh to 10 lakhs or higher in case you are clubbing your income under the co-applicant scheme. The personal loan pre-closure calculator helps you to choose the repayment tenure ranging from 12 months to 60 months for the particular loan amount. You can opt for the rate of interest starting from 12.99% per annum which will ensure that the monthly EMIs don’t pinch your pockets. [B-02] In case of more doubts, you can go ahead and check the official website (https://www.piramalfinance.com/personal-loan) for more clarifications. Once you have visited their website, feel free to browse through the other pages so that you have a clear understanding of the products and services that they provide. Who knows that for a future requirement you can always come back to them and for being an existing client, you will be entitled to receive further benefits?

08-11-2023

Personal Loan

Complete Guide on Getting an Instant Personal Loan for Home Renovation

People like personal loans because they are easy to get and don’t require much paperwork or collateral. They help in emergencies when money is tight. Most lenders now offer online instant personal loans. So, you can get cash in your account in minutes. Since personal loans can be used for anything, many homeowners use them to fix up their homes. You might wonder if the high-interest rate and fees for a personal loan to fix up your house are worth it. Many people can’t afford to fix up their homes. Even small changes can cost a lot. You can save up quickly before getting a loan to fix your house. It’s easy and quick to get an instant personal loan. Let’s examine details about instant personal loans to fix your house. [B-01] Why Should You Renovate Your Home? Home renovation is a way to improve the quality of your life and the value of your home. Both of these will be useful in the long run. Not everyone can afford the renovation costs of their homes. Hence, people can use instant personal loans to fix up their homes. Before you apply for a personal loan, you should understand why it’s important to fix up your home. Safety Reasons This is the main reason why people make changes to their homes. A house built even ten years ago might not meet today’s safety standards if you live in an area with many earthquakes or tornadoes. Some walls, roofs, and stilts need to be rebuilt because they are no longer safe. Increase Aesthetic Value Almost everyone wants to make home changes to stay updated with the latest design trends. Homeowners like to make their homes reflect their identity by changing things like flooring, bathrooms, kitchens, wall colours, windows, and furniture. Festive Occasions When Indian families get ready for important events like weddings and engagements, they often whitewash and repaint the outside of their homes. Getting an Instant Personal Loan to Renovate Your House Getting an instant personal loan for home improvements is the best way to pay for a renovation. There are a lot of banks and non-bank financial companies (NBFCs) that offer loans for home improvements. Most of these are unsecured loans. This means that the customer doesn’t have to use any property or collateral as security. For home improvements, it’s always better to get a personal loan than to use your savings. It’s also better than using a credit card to pay for your renovation. Credit card loans can have high-interest rates and lead to more debt, so an instant personal loan is the best option. Key Features of Instant Personal Loans for Home Renovation Simple and Quick Instant personal loans are a quick, easy, and convenient way to get cash for home improvements. The whole process is quick, easy, and doesn’t cause any trouble. What else? Your application is approved as soon as possible, and the money for the loan is sent to you within 24 hours. Good Interest Rates Good interest rates are given on instant personal loans today. It’s best to do a lot of research, look at the different offers, and compare them before making a final decision. Before choosing a lender, it’s also important to understand the terms and conditions, prepayment/foreclosure fees, and types of interest rates (floating or fixed). Flexible Repayment Tenure You can get an instant personal loan with flexible payment plans that best fit your financial needs and goals. So, you can be sure you can handle having enough money to make your EMI payments on time. Eligibility Criteria for Instant Personal Loan Eligibility CriteriaRequirementAgeApplicant:Minimum Age: 18 yearsMaximum Age: 65 yearsResident TypeResident IndianNon-Resident IndianEmploymentSalariedSelf-employedResidenceA permanent residenceOr a rental home where the applicant has lived for 12 months.Credit scoreCIBIL Score > 700 Documents Required for Instant Personal Loans Before you apply for a personal loan, you will need some paperwork. Here is the list: For a salaried person: Employment proof Salary slips of last 3 months Account statement of last 3 months PAN card Address proof (Voter ID card, passport, Aadhaar card, driving license) KYC Documents Identity proof (Aadhaar card, driving license, passport, voter ID card) For a non-salaried person: KYC documents PAN Card Last 6 months’ Bank statement Income Tax Returns A balance sheet with profit & loss account audited for the last 3 years Firm continuity-proof Steps to Get an Instant Personal Loan for Home Improvement Fill out the application form. It needs basic information like your Aadhar card number, address, Permanent Account Number (PAN), annual salary, etc. Use the loan calculator to figure out how much money you need and how long you need it for based on your ability to pay it back. As part of the KYC process, the lender will ask you to show proof, like pay stubs, bank statements, and an employee ID. Since it’s an unsecured loan, you won’t have to put up anything as security. But some lenders may take the house you are fixing up as collateral for the loan. Once you finish the KYC process, the loan amount will be sent to your bank account. Depending on the lending bank, this can be done immediately or over 24 hours. Tax Benefits of an Instant Personal Loan for Home Renovation One of the best things about instant personal loans for home renovation is that they often come with tax breaks. Section 24 of the Income Tax Act says you can get a tax break of up to Rs. 30,000 per year on your home improvement loan. But remember that this deduction of Rs. 30,000 falls within the limit of Rs. 2 lakhs that has been set for loan interest payments on self-occupied homes. [B-02] Wrapping Up Using an instant personal loan to fix your home is a good idea for the reasons listed above. If you plan, you can get more out of your loan. It is important to be smart with your money. But, it’s vital to choose the right lender when you apply for a loan. Before making a choice, evaluating different loan options based on the loan amount, interest rate, loan term, and repayment flexibility would be best. Check out more blogs about instant personal loans on Piramal Finance and explore their various products and services.

08-11-2023

Personal Loan

Does the Purpose of Personal Loans Matter for Loan Approval?

A person applies for a loan for a specific cause. It includes debt restructuring, wedding costs, medical emergencies, abroad travel and education costs, house improvement, etc. The plus side of online personal loans is that there’s no need to give a reason. A lender may ask for the loan casually. The user can reveal the need for urgent cash. However, in most cases, a person’s reason for taking a personal loan is useless. Without reason, the loan can get approved. As the saying goes, “it’s personal,” and lenders know that. Let’s read on to find out the reasons for a personal loan. [B-01] Reasons One May Apply for a Personal Loan Personal loans are taken for personal reasons. Hence, the purpose is not required to be written. If the loan’s value is high, lenders ask about the purpose. Also, they may suggest a better loan category based on the borrower’s needs. For example, a medical loan, an education loan, etc. The purpose of the personal loan will not affect the interest rate. Here are some of the usual purposes of personal loans: Health issues Medical bills can pile up at any time. And one must clear them in time to continue their check-up. There are times when health bills might become costly. In such times, personal loans are helpful. They are hassle-free and easy to acquire. Personal loan interest rates are at an all-time low these days. It is all the more reason to go for this loan. It is advised to take loans rather than spend the savings. Education Every parent wants to provide the best possible education for their child. There may be times when the funds fall short. In such a case, they can supplement their child’s studies by opting for a personal loan. If you do this, the child’s tuition won’t be late, or worse, they won’t have to drop out of school for a semester. Funding major milestones Online personal loans help with many major causes. It can be a move to another city or a wedding, where personal loans can make things easier. What’s more, many institutions extend personal loans with lower interest rates. They have relaxed the criteria for loan approval. New business setup The lack of capital can put a halt to any business plan. A personal loan can help with the plan and the money needed in such a case. It will help users either launch or expand the firm. A new company may not have the financial books or tax records to qualify for an online personal loan, but the option to apply for a loan remains open. Therefore, since personal loans are much simpler to obtain, they would be the best action to take. Home renovation Buying a new home or renovating the current one requires serious cash. Due to emotional attachment, many users opt for renovation. While updating a home may be high on a person’s wish list, the shortage of money may force the project to be put on hold. Factors Considered by Lenders Before Approving an Online Personal Loan Credit Score A user’s credit score is crucial in approving an online personal loan. It helps lenders track the payment habits of the user. The credit score depends on how the user has previously managed their credit. The thumb rule is that the higher the credit score, the better the chances of getting the loan approved. If the payment record is good, then loan approval is easy. Repayment Schedules Lenders prefer shorter repayment cycles. A shorter payback period means that the lender can get the loan back. However, the payback period should not be too tight. It may reduce monthly EMIs. This point should always be kept in mind. Personal Loan Documentation All the legal papers should be in order. At the time of application, legal papers will be requested, such as a PAN card, photo proof, address proof, and financial papers. The loan officer will check all the papers to make sure they are legal. If there is any mistake or criminal case, then it is likely that the loan will be rejected. Whether the user has a job or works for themselves, they can change the documents they need to bring. Employment Background A borrower with more work experience will have the edge over a new hire. While getting the loan, a new startup may face some issues. However, the period of work-life changes with many factors. There is a general mindset that business owners need five years of work experience to qualify. This criterion is easy for salaried employees. They only need three years of work experience. Age of the Applicant Age is one of the factors on the list. It shows the financial situation and cash flow of the individual. If the applicant is in their early twenties, they will not earn as much. The same is true for people over the age of 60. Personal loans are available from banks to people aged 25 to 55. A Few Points to Note Before Applying for Online Personal Loans Conduct proper research before applying Think about the bank giving loans with simple terms and low-interest rates. Even though most banks have similar rules, some may be more flexible and have less strict penalties. Before choosing a loan, people should always do proper research. The chosen lender must offer low-cost EMIs One should choose EMIs that are easy to pay each month without the risk of penalties. An EMI calculator can be used to find a result based on the loan amount, interest rate, processing fee, pre-payment options, and loan tenure. Always keep other options open Personal loans are not always the only way to get out of a jam. If the amount is not too large, one can ask family and friends for a loan. This eliminates the need to pay interest rates; even if someone pays them off early, it won’t cost them anything. [B-02] Final Word The applicant should know that personal credit or loans are not insured. It means that no security measures are required. Proper documents and a good credit score are the most important. For more details on an online personal loan, visit Piramal Finance and look at their products and services.

08-11-2023

Personal Loan

Types of Personal Loan Interest Rates

You can take out a personal loan without any restrictions on how you can use the money. It is an unsecured loan, which means that you do not need an asset as collateral. Such loans are risky for NBFCs and banks since they lack the safety of a pledged asset. So, banks have added many internal standards that a person must meet before their personal loan application is accepted. Personal loans are often used in times of urgency, such as for urgent medical bills or education costs. Personal loan interest rates at top banks normally start at 10.49% per year. Some public-sector banks may offer loans at cheaper interest rates. The personal loan rate of interest is set by the applicant’s credit score, monthly salary, and other factors. To pick the finest and most fair personal loan interest deal, check and compare the rates offered by several lenders. [B-01] What is a personal loan interest rate? The interest rate is charged on the principal loan amount. In addition to each planned payment, you pay an agreed-upon sum that counts as interest. As a result, the monthly payment is split into two parts: interest and balance repayment. As the loan balance decreases, so does the interest rate. Types of Interest Rates on Personal Loans Lenders charge two types of personal loan interest: Fixed Rate: The fixed rate of interest is set for the term of the loan. The benefit of a fixed personal loan interest rate is that you can plan your finances without worrying about market rate swings. Floating Rate: Floating rates, in contrast, may alter at any moment. They are managed by the government’s policy rates and may change for many reasons. The personal loan interest rate might rise or fall, which in turn raises or lowers the EMI amount. The benefit of a floating-rate loan is that it is 2-3% less costly than a fixed-rate loan. Also, when the rates fall, you can save a lot. Factors Influencing Personal Loan Interest Lenders set interest rates based on their funding costs and their clients’ credit risks. Here are a few crucial factors that can affect your personal loan rate of interest: Credit ScoreLow personal loan interest rates are given to people with better credit ratings. As a result, you should maintain your credit score at or above 750. Better fiscal habits, such as paying credit card debts and EMIs on time, can help you keep your credit score high. IncomeA higher salary indicates a greater ability to repay debt. This reduces the bank’s credit risk. As a result, many banks give reduced personal loan interest rates to persons with stable and high incomes. EmployerMany banks base their personal loan rates on the professional histories of their clients. Salaried people often pay lower rates of interest than self-employed people because their salary is more stable. Also, because of their guaranteed job safety and more stable income, government and PSU staff pay lower rates. MNCs and famous private sector firms are more robust to fiscal declines than other private sector firms. So, people working with them also enjoy lower rates. Link with the BankMany banks give low personal loan interest rates to users with an existing relationship with the bank. People who want personal loans must first talk to banks with whom they have a good history. What Does It Mean To Lower Personal Loan Interest? If you take out a fixed-rate personal loan, the interest is based on the whole loan sum over the whole loan tenure. On the other hand, when you get a loan with an interest rate that goes down, you only pay interest on the amount you still owe. So, when you make a monthly payment, the interest is calculated on the pending principal amount. There are a few more factors to check when looking for low personal loan interest: Processing FeeLenders demand a one-time processing fee, which may affect the interest rate. If you are given a low rate of interest, you should check if there are any processing fees imposed by your lender. Pre-Closure CostsSome banks charge pre-closure fees if you settle the pending loan sum before the end of the loan tenure. You must check if such charges are levied by your lender before applying with them. Criteria for eligibilityAlthough the lender may provide low personal loan interest rates, you should check if the rates match the bank’s eligibility rules. You need to make sure that your salary is within the range given and that you are old enough. DiscountsAlthough the lender may have fixed a high personal loan interest rate, you can try to get a lower rate. Lenders often offer rebates to long-term and steady clients. [B-02] Conclusion A personal loan is an unsecured loan that you may put to many uses, such as buying an expensive gadget or managing your small business. Since personal loans are more popular than all other types of loans, they are simple to apply for. Moreover, with online applications, you can receive a personal loan interest rate estimate from anywhere. Piramal Finance helps people get low personal loan interest rates. Give the blogs a read and check out the financial services they offer.

08-11-2023

Personal Loan

Personal Loan for Government Employees

Any unexpected financial emergency can be very stressful. A personal loan can always help, whether you need it for unexpected expenses such as home repairs or medical emergencies or to pay off credit card debt. Banks and NBFCs have a lot to offer, such as special rates on loans and other provisions. Personal loans are a type of credit that is paid back in small amounts over time. Then, over the life of the loan, the borrower pays back that amount, plus interest, in regular monthly payments. People, in general, have always taken advantage of these loans, and government workers are no different. Personal loans are a smart choice for covering urgent financial needs, and anyone can get one right away with less paperwork. Those who are working for the union government, state and local governments, PSUs (public sector undertakings), railway employees, and the military or paramilitary are called government employees. Under the government employee personal loan scheme, these people can get bank loans with lower interest rates. [B-01] Even though there are a lot of loan options out there, personal loans may be the best option. Never blindly follow what a bank says to do. Before getting a personal loan from a bank, you should carefully look at the step-by-step process, how easy it is, and what paperwork is needed. Look at the agency’s testimonials to get an idea of how the personal loan programme works and if it’s a simple and easy way to borrow money. Why Should Public Sector Employees Go For Personal Loans? Personal loans for government employees work in the same way as they do for any other person. There are also many personal loan programmes available from the government. Here are the main things that government workers can get out of a line of credit: Adjustable repayment period Personal loans are popular because the terms are easy to deal with. The loan duration depends on how much money you can pay back. The length of most personal loans is between 12 and 60 months. Even with longer terms and rules, only a few lenders offer personal loans. So, the adjustment repayment period is an important feature that can help government workers get the money they need for their own needs. Simple eligibility requirements and documentation Personal loans are easy. There aren’t many rules about who can get one and how to apply. Lenders usually only need the most basic information about age, civic participation, regular income, and credit rating. A personal loan needs bank statements, proof of age, proof of identity, and proof of address. Quick processing Lenders process personal loans quickly. Many lenders will let you apply for a personal loan and give you the money in 24 to 48 hours. Personal loans that have already been approved are another option for borrowers. They are taken care of within 24 to 48 hours. Banks usually take care of personal loan requests much faster than other financial paperwork because they are higher on the priority list. Easy to obtain Technology has made obtaining personal loans for government employees very simple. You don’t have to wait in long lines to borrow money. You can now apply for a personal loan online by going to the lender’s website or downloading their loan apps. No need for security Personal loans are different from loans for homes and cars because you don’t have to put up anything as security. It means you do not have to put up your assets as a security. You only need to meet the lender’s basic requirements and have a good credit score to apply for a personal loan. No limitations on usage Personal loans are flexible, so there are no rules about how they can be used. It means you can use it for anything like paying for medical emergencies, a trip, tuition fees, fixing up the house, or buying something necessary. Using the loan scheme in many ways is a feather in the cap. Eligibility Criteria for Personal Loans for Government Employees Here are the things you, as a government worker, need to do to get personal loans. You should be working for the state or central government of India. You should be an Indian citizen. Your age should be between the ages of 22 and 58. You must have worked as a government employee for at least two to three years. Your salary should be 20,000 rupees per month. For a government employee to apply for a personal loan, the following paperwork is needed: Address proof Identity proof ID card for proof of government job Bank records Wage slips The above list of eligibility requirements and supporting documents is an example. They could be different for each lender. How to Apply? When you apply for a personal loan as a government employee, the lender is more likely to give you the money quickly. The following steps can be used to apply: Step 1: Fill out an online application for a personal loan on the lender’s website. Step 2: If you work for the government and want a personal loan, you must confirm your eligibility first. Then you can fill out the loan application. Step 3: Choose the loan amount and duration. Step 4: Send the necessary paperwork to finish the loan application. If you want to get a personal loan online, you can upload the necessary paperwork to the bank’s website. Step 5: The lender will start the verification process once they have the loan application and any supporting documents. Step 6: Once the documents have been checked, the lender will send the loan money to your bank account. It might take anywhere from 24 to 48 hours. [B-02] Conclusion When you think about the benefits of a personal loan, it’s crucial to find the right institution. It should be done after careful research and a look at how it stands up against other options on the market. By taking simple steps, it may be easier to use a personal loan scheme for both short-term needs and long-term plans. A government employee personal loan plan is a stress-free way to get money because there are no fees if you pay off the loan early. Piramal Finance has various blogs like this for you if you want to learn more about personal loans. Check out what they have to offer in terms of financial services.

08-11-2023

Personal Loan

Get a Personal Loan in Mumbai at Attractive Interest Rates

Most people think saving up for a big purchase is smarter than buying it right away. Most people find this hard, especially those living in expensive cities like Mumbai with a fixed or low monthly income. The pandemic has caused a lot of people to use their savings because they have had to pay for things they hadn’t planned for. Many people, especially young people, seek an instant personal loan to help them pay their bills. But what is a personal loan, and how does someone get one? Personal loans are loans that don’t need security and can be used for anything. Banks, non-bank financial companies (NBFCs), and online lending platforms offer this type of loan. Personal loans in Mumbai are becoming more and more popular. This article will explain why a personal loan is a good idea because of these benefits. [B-01] Understanding the Need for a Personal Loan in Mumbai Borrowers’ special situations drive the necessity for personal loans in Mumbai. You can use the money from a personal loan for anything you want, from paying medical bills to paying tuition fees to planning a dream vacation. Loan amounts vary from lender to lender based on your credit history, income, and job. If you have a poor credit score, your personal loan request might get rejected even if you meet the lender’s criteria. Before applying for a loan, be careful about the terms and conditions because each bank has its terms and conditions. Who Can Apply for a Personal Loan in Mumbai? Banks and other places that lend money have made it easier to get a personal loan. This is done to meet the growing demand for these kinds of loans. Anyone who wants an unsecured loan must have good credit, which can be built and kept up with simple money habits. Most of the time, the eligibility requirements are listed on the websites of major lending institutions. If you want to borrow money and live in Mumbai, then use an eligibility calculator to determine how much of a personal loan you are eligible for. Benefits of an Instant Personal Loan Collateral-Free Personal loans, as we’ve already said, are a type of unsecured loan. This means that, unlike secured loans, you do not have to give the lender anything as security. A personal loan without collateral is a great choice when you need money to cover big expenses. It is vital to remember that your credit history and score determine whether or not a financial institution will give you a personal loan. With careful planning and credit checks, you can get a personal loan, no matter how much debt you have or how much money you make. Get sufficient cash A personal loan is an easy and quick way to get the money you need for your financial needs. Depending on your credit score and history, you might be able to get a good amount in personal loans. Convenient payment plan The loan terms allow you to spread out payments over a time that works well with your budget. There are terms for personal loans that range from 12 to 60 months. An online EMI calculator can determine how much the EMI will be for different loan terms. It will help you set up a better plan for making payments. Also, if you have the money, you can consider paying off the personal loan early. You can do this as soon as the “lock-in” period for the loan is over. If you pay off a personal loan early, you might have to pay a foreclosure fee, but you might save a lot of interest and lower the cost of the loan. Easy Disbursement A personal loan is one of the easiest types of loans to get in India. Instant personal loans are available to anyone who applies online. You don’t have to wait days to get the money when you apply for a personal loan. When a loan is finally approved, the money is usually sent out quickly by the bank or other financial institution. Lowest interest rate How much you have to pay back is based on the interest rate. It’s always more than what you started with. As a result, it is critical to be aware of the same. Most of the time, the interest rates on personal loans are lower than those on other kinds of loans. So, it makes them more affordable for people who don’t have a good credit history or who want short-term loans at a low cost. Interest rates differ for each person, depending on your credit score and how much money you want to borrow. Various financial institutions provide personal loans in Mumbai at attractive rates. [B-02] Conclusion Many people find that personal loans are a good choice. In Mumbai, banks are willing to lend money at good interest rates. Thanks to the internet, you can now get instant personal loans right away. Personal loan interest rates are based on several factors, such as the current state of the economy, trends in the banking industry, and how competitive the interest rates are. Still, there are things you can do to ensure that you get the best interest rate possible. It is advised that you pay off your credit card balances or other loans before applying for a new personal loan. With a clean credit history, it will be easy to get a personal loan instantly. If you are looking for a personal loan in Mumbai with the best interest rates, look no further than Piramal Finance. Visit their website today and explore their wide range of financial services. You will also be able to find a lot of helpful blogs that will help you learn more about different financial terms.

08-11-2023

Personal Loan

What is a Professional Loan? Benefits of a Professional Loan

When you first start your own business, you have a lot of hopes and plans. All you want is for your business to do well, to bring in the best clients, and to grow. But sometimes it seems like money worries get in the way of these goals. For a business to grow, it needs a lot of money and a plan for how to spend it. But even if you plan everything, you might not have enough money. One way to deal with this is to get a professional loan. If you are a management consultant, doctor, writer, photographer, or chartered accountant and you want to grow your business, you can apply for a professional loan. Personal loans are easier to qualify for and take less time to get approved for than other types of loans. You can get these loans at the best interest rates. [B-01] Types of Professional Loans Professional loans can be broadly divided into the following types: Loans for Doctors Professional loans for doctors can help you with a lot of things. It includes setting up a new clinic or improving the existing one, getting new equipment, and more. This loan has a lot of benefits, such as fast approval times, flexible payment plans, and low interest rates. This loan for doctors is for those who work in the medical field and need money right away. Doctors can easily get professional loans with flexible repayment plans and affordable EMIs of up to Rs. 45 lakh. Being a doctor, you are not required to do a lot of paperwork to get a loan. Loans for Chartered Accountants If you are a CA, then you can get professional loans for things like working capital and other needs. It involves growing the business, paying off debts like rent and salaries, buying equipment, managing cash flow, and other things. You can also apply for a professional loan of up to Rs. 40.50 lakhs as a CA. Loans for Engineers Engineers who work in information technology, mechanical, civil, chemical, electronics, or computer science can get a loan for up to Rs. 3.5 crores against their property. If you are an engineer, you can also get personal loans up to Rs. 2 crore with flexible payment plans. Benefits of a Professional Loan Some of the key benefits of a professional loan are listed below: You can get a lot of secured loans by putting your property up as collateral. But a great thing about a professional loan is that you can get one without putting up any collateral. It is easy and doesn’t require any paperwork. You can get a professional loan online. No paperwork is needed. The loan is given right away. There are different ways to pay off the loan early or in parts. You can get good rates and don’t have to pay any extra fees. There are many banks and Non-Banking Financial Companies (NBFCs) that offer professional loans. Why is Professional Loan Required? You may apply for a professional loan for many reasons. Here are a few reasons: Professionals like doctors can open their own private clinics. Since this would require money to start, a business loan for doctors would be the best option in this case. If you already have a place to practice, you might want to upgrade it. This may entail making improvements, looking for new spaces, and hiring more people. A professional loan can make it simple to get the money needed for these things. As a professional, it is critical to stay updated with new technologies taking place in the industry. A professional loan can be used to buy new equipment or machinery and keep up with trends in the industry. Eligibility Criteria for Professional Loans For professional loans, the eligibility criteria are very simple. Check the list given below: You should be between the ages of 18 and 65. You have already practiced your professions under licenses issued by local, state, or federal law. A copy of your professional certificate proving you are active in your profession. You must have a degree to prove that you are an engineer, lawyer, chartered accountant, journalist, management consultant, etc. This kind of loan is given to individuals, partnerships, businesses, and sole proprietorships. Documents Required When applying for a loan as a working professional, only basic and minimal documents are needed. The document requirements might differ from lender to lender. Here is a list of the common documents that a lender may ask for: Identity proof, which includes an Aadhar card, a PAN card, a passport, and a voter ID Address proof, which includes a passport, driving license, voter ID, electricity bill, or telephone bill. Bank statements for the self or business (including salary slips for salaried people) for the past 6 months. Income tax returns and Form 16 for the last 2 years. In the case of an existing practice, the profit and loss statement of the business. If you are setting up a new practice, copies of your professional degrees are required. In the case of a secured loan, documents pertaining to the property are to be given as collateral. Professional Loans Interest Rate Doctors and chartered accountants can get professional loans with interest rates as low as 11.99% annually. The processing fee also varies from 0% to 6% of the loan balance. You can use the personal loan EMI calculator. It gives you instant results with greater accuracy. It helps you assess the EMI and the loan EMI repayment plan for different tenures. Things to Consider Before Taking a Professional Loan Before deciding to take out a professional loan, there are a few key aspects to keep in mind. You should be aware of your financial needs. You should check the given loan interest rates. You should inquire about the special needs of CS, CA, or doctors’ professional loan eligibility. You should make use of the EMI calculator on professional loan websites. [B-02] Conclusion You, as a professional, might have many loan options available. But, a professional loan stands out because it is best suited to your specific needs. It helps in meeting all types of expenses, related to your profession. You can visit the Piramal Finance website for more information related to professional loans. Do not forget to explore their products and services and read the informative blogs posted on their website.

08-11-2023