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Personal Loan

Complete Guide On a Car Loan EMI Calculator in India

Are you planning to buy a car on EMIs and wondering how much to pay? If you are looking for a hassle-free online tool that can help you decide if a particular loan option is suitable for your finances, a vehicle loan EMI calculator will help you to calculate your loan payments. This article examines a vehicle loan EMI calculator and a car loan interest rate calculator to estimate how much you will spend on your car loan. [B-01] Car Loan EMI Calculator The vehicle loan EMI calculator is a useful tool to estimate monthly loan payment obligations. For this, you need to enter the necessary data into the tool. There are three pieces of information necessary to arrive at the result: The sum of money you are hoping to borrow (loan principal). The timeframe you want for making payments (loan tenure) The interest rate When you enter these numbers into the EMI calculator, it will tell you how much you need to pay each month to pay off the car loan in full. Formula For Calculating Car Loan EMIs The following is the formula for the car loan interest rate calculator: EMI = P R (1+R)n [(1+R)n]-1 P = Principal loan amount R = Rate of interest calculated on a monthly basis i.e. R = annual rate of interest/12/100) For instance, if R = 10.75% per annum, then R= 10.75/12/100 = 0.0089 and N = the number of monthly instalments. How To Use a Vehicle Loan EMI Calculator Instantaneously, this vehicle loan EMI calculator will let you know if you can afford the monthly payments. You need to enter: The sum borrowed for car financing The interest rate on car loans (percentage) The period of the car loans (in months or years) The vehicle loan EMI calculator will recalculate and update the result as you make changes to the data entered. The monthly payment (EMI) and total interest (paid over the life of the loan) are both calculated by the vehicle loan EMI calculator. The entire amount of principal and interest that you are responsible for paying can be calculated with the help of a vehicle loan EMI calculator. This will help you visualise the full extent of your potential financial commitment before you decide on a car loan. A reasonable EMI-to-income ratio would be around 40% of annual household income. It is advisable to check what your monthly payments will be with a vehicle loan EMI calculator before you commit to a loan. Features of Auto Loans and Monthly Payments Car loan monthly payments are determined by three key variables: car loan principal car loan interest rate car loan tenure To calculate your loan EMIs accurately, you need to first have a firm grasp on how each of these factors plays a role in your monthly payments. Doing so can help you select the right lender with confidence. These are the three key variables in detail: Car Loan Principal The monthly payments you will have to make on your car loan depend on how much you borrow. The EMIs will be higher if you borrow Rs. 6,00,000 for 2 years as opposed to Rs. 4,00,000 for the same period. Consequently, you might choose to get a smaller loan amount if you wish to considerably reduce your EMIs. You may need to come up with the difference between that amount and the car’s asking price. Car Loan Interest Rate In general, interest rates differ from one lender to the next. The interest you pay on a loan is always going to be a significant portion of the total cost of the loan, so naturally, a lower rate is preferred regardless of the loan’s size or length of term. The interest rate your lender gives you will depend on your qualifications and credit history, among other things. Car Loan Tenure The length of your auto loan is measured by the total number of monthly payments, or EMIs. In some cases, stretching out loan payments over a longer period of time can reduce monthly payments, but will ultimately cost you more in interest. Similarly, the overall cost of the loan can be kept in check even if you want to pay it off in a shorter time frame by paying a larger monthly instalment fee. A vehicle loan emi calculator allows you to play around with different loan amounts and loan terms to see what works best for you. Benefits of Car Loan EMI Calculator For many people, our auto loan EMI calculator is an invaluable resource. Some of these are not: Convenience: As was previously shown, EMI calculations performed by hand can be extremely time-consuming and error-prone. When computing the outcome, it’s not uncommon to make a mistake. On the other hand, the EMI calculator’s user interface is cleaner and more straightforward. Accurate Results: When dealing with such large sums, any mistake can have a devastating impact. When you try to figure out your auto loan EMIs without a calculator, you greatly increase the likelihood of making a mistake like this. Consequently, make use of the less difficult choice so as to save unnecessary effort. Faster calculations: It is another advantage of car loan EMI calculators over the manual method, which has the drawback of taking several minutes longer to reach the conclusion. You may get the same information nearly instantly from an auto loan EMI calculator if you enter the necessary information. Amortisation schedule: You can see how much of each EMI goes toward paying down principal and how much goes toward interest by looking at your loan’s amortisation table, also known as its amortisation schedule. When you plug your auto loan details into an EMI calculator, you get a table like this as a result. There’s no denying the fact that a car loan When trying to get a loan to buy your ideal car, an EMI calculator is virtually a necessity. [B-02] Summing-up In this essay, we’ll take a deep dive into car loan emi calculators in India so you can make an informed decision. Consider carefully whether getting a car loan is the best option for you or not. It’s crucial to consider the flip side of the debt repayment coin before making progress. Before applying for a car loan, talk to your bank and get the advice of those who have done it before. Using an EMI auto loan calculator, you may determine how much you can afford to borrow and still afford to make your monthly payments comfortably. Investment Reliable does not offer financial advice, but we do provide unbiased information and evaluations on trading, investing, and finance. Users ought to always carry out their own research. Also visit, Piramal Finance has more in-depth, educational, financial-related articles.

08-11-2023

Personal Loan

What is an Education Loan Calculator and How does it Work?

Are you looking for something that finds the best loans and interest rates for education? Do you need a tool to calculate EMIs based on loan amount and term? Do you want a tool that calculates the final amount and interest? The Education Loan Calculator is the answer to all of these questions. It helps you find the right loan. The calculator includes tuition, interest rates, and monthly payments. You can get solutions to all of your loan-related issues here. In this article, we are going to cover the following topics. What is an Education Loan Calculator? How does it calculate? How to use the Education Loan Calculator? Benefits of an Education Loan Calculator in detail. [B-01] Education Loan Calculator An education loan is made available to people to complete their education. You can use it whether you are applying to an Indian university or a foreign university. It can be used to pay for any degree. An education loan can be used in any field. Borrowed funds may be used for tuition and other mandatory charges such as room, books, and fees. It can also be used for any incidental fees. To apply for a student loan in India, you have to fulfil these criteria. You should be an Indian citizen. You should have been accepted to a school that is approved by an appropriate body, either in India or overseas. You should have finished your higher secondary schooling. Some loan providers loan money to a student before the student is accepted to a school. The banking authority states that there is no maximum age requirement. But, some lenders might have a maximum age policy. How do I use an EMI Calculator? The ClearTax Education Loan EMI Calculator can be used to determine the regular payment. You can determine the EMI that applies to your loan amount with the help of the following. The principal amount (P). The time duration (N). The interest rate (R). By adjusting the sliders for P, N, and R, you can determine the monthly EMI. To figure out your monthly EMI payment, do the following. Adjust the loan amount using the slider provided. Decide how many months your loan will last. Set the desired interest rate by dragging the slider. Modify the input sliders at any moment to recalculate your EMI. The EMI will update instantly as you adjust the sliders. Amounts such as EMI, interest, and principal due can all be calculated with this tool. How do Education Loan EMI Calculators work? You can determine your monthly payment for your student loan by using the following formula. The monthly payment is calculated as follows. EMI = [P x R x (1+R)N]/[(1+R)N-1]. P, R, and N are independent variables. Because of this, the EMI amount will fluctuate if any of the three factors is altered. Interest is computed on the principal loan amount (P) that the bank extended to you. The bank’s interest rate is denoted by R. This loan has a repayment period of N years, where N is the number of years you have to pay it back. The number of months is used to determine the time frame, as EMIs are paid monthly. Consider the following example. Rs 10 million education loan is taken at a standard interest rate of 12%. The repayment time is two years. The EMI for this loan would be as follows. P = Rs 10,000,000; R = 12/100/12 (convert to months); N = 2 years; or 24 payments. EMI = [10,00,000 x 12/100/12 x (1+12/100/12)24] / [(1+12/100/12)24-1] EMI = Rs 47,073. Benefits of Online Education Loan Calculator Using a monthly payment calculator to plan for your student loans can help you in many ways. Take a look at some of them here. Swift and Simple Mentally calculating your EMI can be a complex process. The monthly payment calculator for student loans is simple and easy to use. The student debt calculator provides quick and precise answers. Know the right amount you have to pay A student loan calculator can help determine the EMIs that will be due each month. You can adjust your loan’s repayment period or the principal if you find your EMI too expensive. With this information, you will be able to pick the option that best suits your academic requirements. Try different figures You can check the loan amount, interest rate, and repayment period to see what works for you. You are free to play around with the numbers until you discover the one that suits you. Customize your student loan interest calculator You can easily modify the education loan EMI calculator. Enter the necessary information into the appropriate fields. Then, you can complete the form as needed. By doing so, you can learn about your options and pick the one that suits you the best. Accurate results A student loan EMI calculator quickly and precisely determines the monthly payment amount. Applying formulas and computing them would be a complex process. It could also have errors. Using a student loan calculator saves you a tonne of time and the hassle of figuring out complex formulas. [B-02] Conclusion Education Loan Calculator makes it easier for you to calculate your EMIs. You should consider this carefully before applying for master’s, Ph.D., and other educational loans. The Education Loan Calculator finds the best loans and interest rates. Input your student loan details to determine your monthly repayment, total interest, and total amount paid. We provide unbiased information and evaluations on trading, investing, and finance. Visit Piramal Finance for more in-depth, educational, and financial articles.

08-11-2023

Home Loan

Discover How to Use a Home Loan Eligibility Calculator

Building a new house or buying one is a big deal and must be an informed decision. Applying for a home loan is preferable, but it often requires proper planning, knowledge of the dos and don’ts, and paperwork. You should also use a home loan interest rate calculator to find out how much interest you will be charged. But don’t worry; all you have to do is read this article to learn about home loans, eligibility criteria, and how to calculate them. In this article, you are going to learn about a home loan, the eligibility you should have to apply for it, and how to use a home loan eligibility calculator. What really is a home loan? A home loan, as the name implies, is financial help you take from a bank to purchase, extend, or renovate your house with the promise of returning the money with some extra returns. It has a fixed interest rate, which you will be charged when you take the money from the bank. However, this house or property for which you have taken the loan remains a mortgage, which means the bank can take it away from you if you fail to repay the money. A home loan is a very profitable option for people who have been dreaming of buying their own house. But, with all that said, you need a home loan interest calculator to help you manage your interest rates and EMIs (equitable monthly instalments). What are the benefits of a home loan? A home loan has a lot of benefits: Helps in reducing taxes: To encourage more and more people to buy their own house, banks provide a tax reduction on the principal amount and the interest rate. Easily payable: Banks often charge low EMIs if you take out a home loan. The amount won’t hurt you, and you can easily repay your loan. In case you feel like tracking down your interests, you can use a home loan interest calculator to keep track of the exact numbers. Saves you from paying rent: Living in a rented house sometimes gets tough, and paying high rent every month is not easy. A home loan helps you build your own home and saves you from rent. The repayment period is long: Often, the repayment period is long and manageable at the same time. So you don’t have to worry about paying a large amount at a time. You can gradually pay off your debts without compromising your expenses. No prepayment penalties: If you pay the installments ahead of time, you will not be charged any additional fees. If you have extra money and are worried about spending it, you can pay it in installments. Besides these, home loans are safe and secure, and you don’t have to worry about any risks. What is the minimum eligibility to apply for a home loan? There aren’t any exact numbers, but the values given below for age group, salary, etc. are nearly common. Age limit: If you are a salaried individual, you must be at least 21 years old and less than 65 years old to apply for a home loan. This might be slightly different for self-employed people, but it is mostly the same. Minimum Salary: If you are a salaried individual, your monthly salary should be at least 10 thousand rupees per month to qualify for a home loan. If you are a business person, you should at least generate 2 lakh rupees per annum to apply for a home loan. Loan term: The maximum loan term is around 30 years, which means that if you apply for a home loan in 2022, the term lasts until 2052. Credit history: Though not always requested, a good credit history is always a plus if you are looking for a home loan. What is a home loan eligibility calculator? A home loan eligibility calculator is a simple, user-friendly online tool that helps you estimate your EMI from your borrowed loan. A home loan calculator calculates the interest you will pay to the bank in return for the debt. The interest is determined by your age, credit history, financial status, etc. How do I use a home loan interest calculator? Using a home loan calculator to determine your estimated EMI is simple. Here are some steps: Put your monthly income in the bar, and if you are an NRI, then you have to put your yearly income in the bar. Next, put the loan time period in the second bar of the home loan interest calculator. Now, enter the interest rate on the home loan that the bank has charged you. Different banks charge different rates, and this varies in almost every case. If you have other loans, put their EMIs in the last bar of the home loan eligibility calculator. This is an optional case. You can leave the space blank if you don't have a previous loan. Now click on “CALCULATE,” and your interest amount will appear on your screen. [B-02] Summing-up A home loan calculator is of great use to estimate your interest, and you should use it quite often to map your current loan status. To keep yourself updated from time to time, you should use a home loan interest calculator. Since the risk is almost nil and the installments are low, a home loan is preferable to get your dream house.

08-11-2023

Mutual Funds

What is Growing SIP and How to Calculate It?

Systematic Investment Plans (SIP) Mutual fund SIPs are a well-researched, methodical, and scientific way to build wealth over the long term. The concept is not brand-new. Brokers and distributors of mutual funds have been actively promoting them for more than 20 years. But SIPs have gone through some changes recently. Equity mutual funds have had continuous outflows since 2008, when the market slump first started. Midway through 2014, the pattern altered, and it has persisted ever since. But, a growing proportion of mutual fund inflows are going to equity funds. A growing proportion of those inflows are going to come via retail SIPs. [B-01] Why should you invest in an SIP? SIP encourages regular saving habits and instills a sense of discipline in your financial decisions. An SIP is based on the principle of small, frequent savings. SIP makes it possible for the investor to accumulate wealth over time. An SIP also has a lot of other advantages. The most significant ones are listed below. Rupee Cost Averaging SIPs can help with cost-return ratio averaging. Due to the volatility of the equity market, an investor can buy more units when the price of shares is low. They buy fewer units when the share price is higher. Regular investors have a better chance of obtaining more shares at low prices than those who make a significant one-time investment. It is all thanks to SIPs. Power of Compounding Any modest sum of money, when invested for a longer period, can compound and earn you large returns. This is based on the compound interest principle. By making small, frequent investments, the investor will be able to build up a sizable corpus. Thus, they can meet long-term financial objectives. Automated Payments Even if you are someone who consistently makes investments, you could occasionally forget to make the payments. An SIP eliminates this by automating the payments. A predetermined sum is automatically debited from your bank account each month. Therefore, there is no chance of forgetting to make the payments. Funds can be used for emergencies With a single click, you can withdraw entire amounts from an SIP at any moment. This fund can cover any unplanned event, like losing your job, getting hurt, getting sick, etc. How to achieve more with SIP? Make sure you perform the following to get the most out of an SIP. Make a list of your objectives and figure out how much savings you will need to achieve them. To achieve your goals, decide how much you want to invest monthly or quarterly through an SIP. Find out which mutual funds have performed successfully in the past by researching the market. Once you have completed that, you can choose which plan to invest in using an SIP. Investors must complete the KYC verification process for all mutual fund investments. They also need to complete other formalities, including submitting checks and paperwork. Finish the procedure and begin investing. Choose a long-term plan if you want to get good returns on your investments. To diversify your holdings and maximize results, you can invest in a number of SIPs. How to Calculate SIP SIP calculations are an essential but slightly complex component of investing. The SIP investments are carefully planned investments that occur on a regular basis. You receive units that are prefixed according to the NAV value of the chosen scheme at the time of investment. As time passes, a large number of these units amass. This makes it challenging to calculate the precise amount of money one has acquired during this time period. This is because each installment will have developed differently. To simplify matters, all you need is your computer. You need a basic understanding of the excellNSE-2.16% application. Figure out the returns on each investment you have made. XIRR is a formula that can be used to calculate the returns on your assets. STEP 1 Open the Excel document and enter each SIP date in a separate column. STEP 2 The amount you have invested in the SIP should be entered in the field below Step 1. Now, enter the amount with a (-) minus sign in front of it, assuming you are putting INR 1000 into it every month. This indication is crucial because it will specify the cash flow. STEP 3 After completing these steps, enter the total market value of all the units you hold. Input the date for which you want to check the returns, together with the market value of each unit in the scheme, in the appropriate fields. These must be entered in the same scheme where the SIP amount and date were previously entered. By logging into your SIP account and looking through your statement, you can determine the market value of the units. The market value of the units should not be preceded by a minus symbol (-). This represents a cash inflow rather than an outflow of funds. STEP 4 It is now time to use the XIRR function. It may be accessed by moving the mouse to the empty cell next to the current one and then selecting XIRR. The dates, values, and other options listed below must be filled out. To input a value in the value field, choose the cell that contains the SIP amount and the market value. You must choose the cells containing the return date and SIP dates in order to fill out the date choice. Select the “guess” option, and then click OK. STEP 5 The final step is to simply multiply the decimal value available by 100. The outcome would display the return amount earned for the specified SIP investment on the desired date. There are many ways to figure out your returns by hand, but this is one of the easiest. [B-02] Conclusion A sensible, hassle-free way to invest a set amount in a mutual fund scheme is through an SIP. It enables you to buy units on a specific day each month in order to carry out a savings strategy. A specific, predetermined quantity can be invested at predetermined, regular intervals. It can be quarterly, monthly, weekly, etc. Visit Piramal Finance to learn more about such topics!

08-11-2023

Mutual Funds

Complete Guide on How to Calculate SIP in Excel

Looking for a way to invest in mutual funds or any monthly investment option? Want unique features like Rupee Cost Averaging and a reduction in risks? Want to know about something that compares to lump sum investing in mutual funds or stocks? SIP Calculator will help you to calculate the returns from mutual fund investments. In this article, we learn about mutual funds SIP, benefits and ways to calculate SIP in excel. [B-01] What are Mutual Funds SIP? You can choose SIP to invest regularly. One approach to investing regularly in mutual funds(MF) or other options is through a systematic investment plan or SIP. For brevity and clarity, this essay will treat SIPs as mutual fund investments. You can use the SIP method to invest in stocks and shares of corporations. As such, let’s examine the value of SIP and why you should begin using it. Let’s look at some numbers before we get into the meat of the case for SIP investing. The total monthly SIP receipts were INR 43.921 crores in 2016–17 and are projected to reach INR 1,00,800 crore by the end of the upcoming fiscal year (2021–22). That’s an increase of almost 100% in less than five years. Additionally, as of January 2022, there were 5.05 billion SIP accounts in India used for investing in mutual funds. So, why do Indians seem so keen on SIP mutual funds? This is because of the benefits of SIPs over traditional investing methods, such as rupee cost averaging and lower overall risk compared to making a single large investment in a stock or mutual fund all at once. Benefits of SIP: Rupee Cost Averaging: This concept is equivalent to dollar cost averaging, but let’s consider it in Indian rupees for now. Since a SIP invests in MF on a predetermined schedule, it allows you to buy fewer units of mutual funds when the market is doing well (and thus when their prices are high) and more units of mutual funds when the market is doing poorly (and (price goes down). Lowering risk: Your SIPs allow you to invest regularly despite market fluctuations, which helps to maintain a more stable investment value than would be possible with a lump sum investment in which the full amount would be invested all at once following a slight decline in the market. For SIP, this means less danger. Mental Strength: Unlike with a lump sum investment, you won’t need a sizable amount of cash to get started with a systematic investment plan. A small percentage of the total cost is paid upfront, but the long-term advantages more than justify the initial investment. Achieving goals: “Slow and steady wins the race” is a cliche you’re probably familiar with. It’s not about how fast you go but about how patiently and persistently you finish the race. A SIP is a great way to save money for the future and reach your goals more quickly. How to calculate SIP in an Excel sheet? Now you know the difference between a systematic investment plan (SIP) and a net asset value (NAV) in a mutual fund. Let’s now study ways to calculate SIP returns in Excel. To reiterate, figuring out a SIP and keeping tabs on your investments is a breeze in Excel. Step 1: I will use a mutual fund I’ve been following for a year to demonstrate how I would track the NAV. The monthly SIP investment amount we’ll use as an example is Rs. 5,000. Step 2: To use the units SIP calculation formula: Units = Amount / NAV, to determine how many units will be issued for each monthly investment. Similarly, we determine the monthly SIP calculated payments. Step 3: We sell our MF units (redeem funds) based on the recent NAV of the mutual fund. The amount earned from selling all units is calculated as follows: Total Amount = Total Units * Most Recent NAV. When does SIP get matured? It’s worth noting that you have complete liquidity over your units when you invest in a mutual fund through a SIP. As of yet, we have no established SIP expiration date. You are not required to maintain your SIP investments for a minimum of one year or a maximum of five years. You can trade whenever it suits you. But, depending on the mutual fund you choose, you might not be able to sell too soon because of fees or minimum holding periods, which we call exit rules or criteria. The phrase “0.1% charged for units redeemed in less than a year” describes one set of rules for early withdrawal. For example, you buy some units first. Now due to any reason, you sell them within a year. You need to pay 0.1% of the profits after selling them. Each month’s SIP allocation will have a 1-year duration with its departure conditions. With such exit rules in place, however, you can withdraw the funds within a year for the price of 0.1% of your total profits of a year (if you’re okay with that). Units of mutual funds are subject to a 5% redemption fee upon request or sale, although this fee is waived if you choose to hold them for above a year. [B-02] Summing-up: This article intends to do just that: examine the SIP Calculator in great detail. You should carefully consider whether or not an investment is the best choice for frequent, long-term use. The SIP Calculator will help you determine how much money you should invest in various stocks or mutual funds with a particular sum of money. Before investing, it is also important to be aware of the other side. Investment Reliable does not offer financial advice, but we provide unbiased information and evaluations on trading, investing, and finance. Users ought to always carry out their research. Also, visit Piramal Finance, which has more in-depth, educational, financial-related articles.

08-11-2023

Personal Loan

Everything You Need to Know About Small Personal Loan Online

In recent years, a growing number of people have turned to personal loans as a method of financing expenditures. They pay for it in 12 equal monthly instalments (EMIs). Personal loans can be put to a variety of uses, including buying a home or automobile, providing financial help for a child’s college education, or covering medical expenses. A pile of bills you didn’t expect? Not able to stock up on food until you get paid? Simply visit a personal loan agency like Piramal Finance to apply for a small personal loan. If you are in urgent need of help but do not have a lot of money to put toward the repayment of a loan, you may want to get a small loan, which is a form of an unsecured personal loan. Because these loans are for relatively modest sums, the terms are often for a shorter period. If you need a modest loan and have decent credit, many lenders will allow you to select how long you have to pay the loan back, giving you more flexibility in your situation. [B-01] How does a personal loan for a small sum help? The majority of people resort to getting smaller loans to cover their more manageable out-of-pocket costs, including but not limited to: Home expenses Latest gadgets Medical expenditures Bills that were not expected Small loan varieties available in India Payday loans A payday loan is a short-term, unsecured loan that is often taken out for 1 month and paid back in full, with interest, when the borrower gets their next paycheck. When looking for a payday loan, the interest rate you end up paying may be different from one lender to the next. Small personal loan Most personal loans have longer terms for paying them back (anything from 2 months to 5 years). If this is the case, you can change the amount of time you have to pay back the loan. The interest rates on payday loans are very high, while the rates on small personal loans are usually much lower. Line of credit loan A line of credit loan is also called revolving credit. This is a type of short-term, unsecured loan in which a lender gives you a credit line for a certain amount. If you need money, you can borrow as much as you want from this line of credit and pay it back each month with interest. You can take out as many small loans as you need with this line of credit, up to your credit limit. Interest is figured out based on how much you borrowed and not on your total credit limit. Perks of a small personal loan Getting a personal loan can be useful in many different kinds of circumstances. There are many advantages to obtaining a personal loan with a low-interest rate, including the following: People are turning to small online loans because they make it possible for them to obtain funds at interest rates that are far lower than those offered by traditional lending institutions like banks and credit unions. When you borrow a small amount of money through a personal loan, you can get the money you need without worrying as much about the interest rate. Since they are unsecured loans, the majority of Indian lenders make it simple to obtain approval for a modest loan. Once you’ve chosen a lender, you can apply for a loan online through their website, as long as you meet all of their requirements. When asking for a small loan online, one of the most beneficial aspects is the fact that the majority of online lenders offer flexible repayment terms. It is possible to adjust the term of the loan so that it is suitable for your financial situation. For a personal loan, unlike with other kinds of loans, you won’t have to put up an asset as collateral to get the money you need. Things to keep in mind before applying for a small personal loan Keep your credit history in good standing Analyse the difference between the various market interest rates Assess all costs When deciding how much of a loan is appropriate for you, you should think about your needs Examine how well you can afford to pay back the loan Stay away from deals that seem too good to be true Why should you choose Piramal Finance for small personal loans? Discover the actual ease of a personal loan from Piramal Finance, with no fees for foreclosure. Our loan is the one-stop shop for all your financial needs, whether they be for a vacation, the purchase of a dream gadget, the payment of school tuition, or the financing of a dream wedding. If you need help with any part of the application process, our team of seasoned advisors is here to help. We’ve introduced Piramal Suvidha EMI to help you pay off your loan in monthly instalments. In contrast to similar products, this one allows you to split your monthly payments in half and make them on the 16th and 1st of every month. Since the loan is being repaid in smaller chunks, the monthly payments will be easier to handle. A selection of highlights from our wide variety of personal loans It is possible to foreclose on the property or prepay it without incurring any penalties A financial aid package that ranges from Rs. 10 lakh to Rs. 1 crore Minimum paperwork Monthly payments that are both affordable and timely There is a choice of payment terms, ranging from 12 months up to 60 months Making use of many incomes to boost one’s chances of being approved for a loan [B-02] Conclusion You could run out of cash at any time and need help right away. In this situation, the best way to get the money you need is to fill out a small personal loan application. Personal loans that don’t need collateral are easy to get and don’t take long to get approved.

08-11-2023

Personal Loan

How salaried persons can avail of personal loans?

As we go through life, we are faced with many situations and expenditures which may not be manageable with a monthly paycheck or savings. For those situations, whether it be for medical purposes, marriage, starting a new business, or financing education, we need extra help. Taking loans for specific purposes such as a Home Loan, or a Car Loan may limit the purposes for which they can be used, and require additional collateral with fixed tenure and high rates of interest. It may also take a longer time for the application to be processed. To avoid hassles while borrowing, applying for personal loans become your best bet. [B-01] What are personal loans? Personal loans are loans which can be used to cover personal unspecified expenses and can be borrowed from banks and online lenders. Many sources of these loans offer different rates of interest and terms of repayment. Personal loans are also unsecured loans, which means that you do not need to offer collateral. Therefore the specific aspect makes it easier to apply for personal loans than for other types. Applying for a personal loan as a salaried person While it is easier to get a personal loan because there is no requirement for collateral, as well as the quick processing time, there are still some factors that are essential for successfully availing it. Employment history and income are very important criteria. Applying for a personal loan as a salaried worker is therefore much more favourable for you. You can apply and avail of the personal loan because you can show proof of your income and qualify for the loan amount. Most lenders will also offer you loan repayment installations based on your salary, such that the EMI is not more than half of your monthly income, and you also have flexibility in choosing the tenure of your loan. How to apply for a personal loan The process of applying for personal loans has been made very easy due to digitization. Now, instead of making a trip to the bank for your application process, you can directly apply for your loans from the comfort of your home as well. While the process may differ from lender to lender, most banks have the option of applying for a personal loan on their respective websites. You will most likely have to first check your eligibility, and then fill out a form and upload the required documents. If approved, it may not even take more than 24 hours for the loaned amount to show up in your bank account. Through this easy technique, you can avoid the hassle of physically going to the bank. Requirements for a personal loan application While the documents required can be different for different lenders, some of the main documents that have to be present along with the application form are: Proof of income in the form of salary slips, bank account statements, employment certificates, proof of residence; and identification in the form of PAN, and/or Aadhaar cards. Important things to keep in mind Credit score: Other factors also affect your eligibility for securing personal loans such as your credit score or your CIBIL score which is a value that indicates your ability to repay loans on time. The higher your credit score, the better your chances of successfully applying for a personal loan. While some lenders require a CIBIl score of 600 plus, others may be more flexible. Prepayment of Loan: It is important to remember that if you pay the loaned amount before the agreed-upon term, some lenders can charge some amount of penalty as foreclosure fees. However, this is not the case for all lenders, e.g. Piramal Finance has 0% prepayment charges. Minimum Salary Eligibility: Another important criterion for applying for a personal loan is the minimum amount of salary which differs from lender to lender. Most often, the amount varies from Rs. 15,000 to 30,000 for salaried professionals. Therefore you need to meet the minimum criteria while applying for personal loans as a salaried person. Age Eligibility: While personal loans can be for innumerable and unspecified reasons, a minimum age has been set for qualifying for personal loans. The minimum age for applying for a personal loan can vary from 18 for some lenders to 21 for others, and under 68 years of age. Employment History: For some lenders, you also need to have 6 months to a year of working at your current work to apply for a personal loan. The more years of work history, the more favourable your chances. [B-02] Fraudulent websites: Because personal loans are loans that are often available through multiple channels, some that are online and easy to apply for, you can come across fraudulent websites, and finance forums that offer loans at very low-interest rates to dupe you for your money. Therefore, it is important to remain alert while searching for the best offers to apply for a personal loan. Always take your time to research whether the site is legitimate or not because your savings matter. To get further information from a trusted source, you can check out Piramal Finance for further clarity. Their easy application process and hassle-free approach are highly recommended.

08-11-2023

Personal Loan

What Is Personal Loan Transfer: Everything You Need To Know

What’s the first thing that comes to mind when you hear the phrase “personal loan transfer“? If you’re like most people, your thoughts go to the money borrowed. Although it is a concept not known to many, personal loan transfers are helpful for those under huge debt. How can you apply for a personal loan transfer? Many factors need to be kept in mind when it comes to personal loan transfer, which we will explore in this article. We will also look at how personal loan transfer works in India. [B-01] What is a Personal Loan Transfer? Personal loan transfer involves the transfer of loan balance from one lender to another. It is undertaken when the borrower chooses not to pay the outstanding loan balance or has been denied a fresh loan, and no alternatives are available. Individuals who are unable to repay the full balance of their personal loan will often require a personal loan transfer. If they have met the conditions of repayment, as per the original lender’s terms, it is possible to get an instant approval personal loan faster. If the borrower has applied for a new personal loan but was denied due to the existing outstanding balance on their account with the same lender, they can request a private loan transfer. The first step in this process is contacting customer service representatives at both lenders and ensuring that both parties agree to transfer the outstanding balance from one bank account to another. It may take anywhere between 10-15 days to know the status of your personal loan transfer application. How do Personal Loan Transfers Work in India? Below is a step-by-step guide on how to apply for a personal loan transfer in India: Personal loan transfers help you transfer the entire balance of your personal loan from one bank to another. All you need is your account number and IFSC code for both banks, which you can find on your latest bank statement. The entire process takes up to 10 working days. If you’re unsure of the amount owed to each bank, speak with their representatives before making a transfer. Otherwise, the interest rate levied on the outstanding loan balance can become expensive. Once everything has been sorted out, the bank will contact the lenders involved, so that they stop debiting any payments from your account. Your outstanding debt will be transferred, and you’ll only owe what’s left over, to the new lender. It is worth noting that this process does not affect your credit score and has no impact on your eligibility for other loans or lines of credit. However, some administrative fees might be involved, depending on where you live in India. What are the Benefits of Personal Loan Transfers in India? Here are some advantages of personal loan transfers: Personal loan transfers are a way to change your lender without closing out your existing loan and starting afresh with a new lender. When you transfer a personal loan, all of your original loan terms and conditions remain unchanged. The same interest rate, as on the original loan amount will apply, and your schedule for monthly payments won’t change. You’ll be able to retain the same loan amount and interest rate without starting from scratch with a new lender. A personal loan transfer is usually free of charge, making it a viable option for people with high outstanding debt. You’ll be able to understand whether or not your new lender offers more favourable terms before anything else changes. If you’re interested in transferring your personal loan, you’ll need to contact your current lender about getting a transfer. The process for transferring a loan can vary depending on who your lender is and what type of loan you have. An important point to remember is that personal loan transfers won’t affect your monthly payment schedule or anything else related to your loan. If you’re going through a personal financial crisis, such as an unexpected job loss or medical emergency, discuss it with your lender immediately. They should be able to assist you in such cases. Lenders want their customers to be happy, which they will be if lenders help them with paying off debt during difficult times. What are the Risks Associated With Personal Loan Transfers in India? Despite its benefits, personal loan transfer has certain risks: When you transfer your loan balance between lenders, you are paying off the new loan using the amount from your original loan. As a result, this can either make it more difficult or impossible to repay your old debt. Another risk is that if you don’t qualify for a new loan, you might have to pay interest on both loans for an extended period. This can prove to be expensive, since you are now repaying two loans at the same time, increasing your debt. If your latest credit score isn’t as high as required, you might not get approved for a new loan. If any of these situations occur and you can’t repay the new debt by its due date, you may incur late fees and penalties from the lender. [B-02] Final Takeaway If you are in a position where your debt is high, you may want to consider a personal loan transfer. Remember that your goal is not to get out of debt; the goal is to alleviate the stress and pressure that comes with undertaking loans. To get an instant approval personal loan, visit Piramal Finance for more information.

08-11-2023

Calculator

Importance of EMI Calculator in Getting a Personal Loan Online

A personal loan is a fiscal product that has lately gained success due to its unsecured nature. It implies that you do not have to present or commit any assets as collateral to get a personal loan. The great feature is that the money lent may be utilised for nearly anything. Personal loans are paid quickly, generally within one or two business days after approval. Many have begun to utilise internet calculators rather than manually calculating EMIs. Many banks offer a free calculator on their internet portals. The personal loan EMI calculator equation is now accessible online. [B-01] The Importance of a Personal Loan EMI Calculator Aids in the Planning of Your Budget Once you’ve got all of the data on the monthly repayment sum, planning your other expenses and savings becomes a lot simpler. When you grasp the formula for a personal loan EMI calculator online, you may also plot out all your existing or future debts and get an idea of how much you owe in EMIs. Knowing your financial status ahead of time is usually a smart idea. Loan Term You may use EMI calculators to pick the best loan tenure plan. If you pay a large volume of EMIs to decrease your loan’s interest rate, the loan’s term will be extended, and vice versa. You may alter the loan amount & number of EMIs to get the most cost-effective loan term. You may also play with various debt sums and terms to get the cosiest choice. Assured Good Credit Rating Knowing your income reports in advance always will help you keep a decent credit score. If you are aware of all your EMIs in advance, the odds of missing a loan payment are small. This is vital since avoiding a low credit rating is important. However, before the calculator can present you with a value, you must first input your credit rating. If it’s awful, you’ll have to pay higher interest rates. In this event, boost your credit rating. Rates of Interest The first item to consider when seeking a 2 lakh personal loan is the interest rate. The interest rate varies based on the loan term and the EMI. The calculator makes your task much simpler by letting you pick and try out various numbers until you find the best price. Eligibility and Precision Based on the info you supply, the calculator will assess if you are suitable for the loan. The method utilised in the calculator varies based on the loan. You may be unaware that different equations are used to compute various types of loans. As an outcome, you won’t have to bother about manually computing it or verifying if the proper formula was used. As a result, all of the estimates are correct. Accessibility As they are available online, EMI calculators are simple to use. Adjusting the calculator to your needs and checking various interest rates & tenure choices to find your plan renders the process quite engaging. How Does a Personal Loan EMI Calculator Assist You in Selecting the Best Loan? It may be hard to compare the many loans offered on the market, so it is helpful to have someone you can rely on to help you go through all of the facts and figure out how much each debt would cost you. A personal loan EMI calculator is perhaps the simplest way to assess many personal loan offers and pick the loan that best meets your needs. Employing the personal loan EMI calculator online allows you to compare different loans simply and rapidly. It aids in calculating your EMI with the various lenders. When looking to apply for a loan, consider how much you want to loan, how long you need to loan for and at what interest rate. All you need to do is enter the loan sum, interest rate and duration. You may try out various mixes and combinations of all three elements to find which combo best meets your unique financial demands. Once you’ve found this combination, you may look at the various offers and pick the bank that gives you the best loan. What Factors Influence Personal Loan EMI? Lenders evaluate a range of factors when deciding whether to grant a 2 lakh personal loan to a client. Some of the critical elements are as follows: History of Credit Your credit score is among the first things a bank will look at. You should have no trouble getting a 2 lakh personal loan if you have a good credit score. The lender will also look at your repayment history. Any existing debt might cause your credit score to fall. This has a big impact on the loan request. As a result, to get a loan easily, you must keep a strong credit history. Sum of the Loan Banks take into account the loan sum you want to take. If you ask for a lesser loan sum, the bank may grant your loan fast. However, if you seek a larger loan, the lender may want you to commit assets. Income Surplus While your salary is vital, the money left over after paying EMIs is also vital. After EMI payments, you may acquire loan approval swiftly if you have big excess cash. Yet, the chance of default is higher if your excess income is modest. This may have an impact on your debt request and may result in loan refusal. As a result, you should analyse your monthly excess before asking for a loan. Goal of the Loan The loan aim is why you wish to get a 2 lakh personal loan. The bank needs to know why you wish to get a personal loan. They also need to know the aim of your loan to evaluate risk and decide on lending terms. If you need debt for a low-risk reason, securing one may be simple. Yet, if you request debt for a high-risk reason, the lender will analyse you more closely. [B-02] Wrapping Up So, stop worrying about “how is EMI computed for a personal loan?” Taking up a 2 lakh personal loan to cover all of your costs, whether for shopping, vacation, or school, is now much easier. You no longer have to be concerned about your budget thanks to quick pay-out and no prepayment costs. To stay on the safe side, use an EMI calculator to have a smooth loan duration! When you utilise a personal loan EMI calculator online, you may obtain an idea of how much you have to repay each month throughout your term. This is quite useful since debtors may see how the loan will affect their budget and lifestyle. For more related information, visit Piramal Finance and explore their products and services.

08-11-2023