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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

Personal Loan

Get an Instant Personal Loan in Gurgaon

When you get a personal loan, you can use it for anything you want. Any financial goal can be met with a personal loan. It could be used to pay off debt, fix the house, or have a fairy-tale wedding. A personal loan can come from banks, credit unions, and online lenders. When you borrow money, you are usually expected to repay it with interest over a period of time. Some lenders may also charge processing fees for personal loans. You can also submit the necessary documents and apply for a personal loan online. It doesn’t take a long time. If interested, you can apply for an instant personal loan in Gurgaon without visiting a bank or NBFC. [B-01] What is a personal loan? Borrowing money for your own needs and then repaying that debt over time is possible with the help of a personal loan. A personal loan is a type of revolving credit that can be used to get a large amount of money quickly. With a personal loan, you can borrow money to cover personal expenses and pay it back over time. Personal loans are a type of debt with monthly payments that let you have a lump sum of money. You can use a personal loan to meet the following expenses: Moving expenses Debt consolidation Medical bills Wedding expenses Remodelling or fixing up a house Funeral costs What a trip costs Costs you didn’t expect Types of Instant Personal Loans Wedding loan In India, weddings are big events that cost a lot of money. Banks give out wedding loans to help people make their special day more memorable. Loans can be taken out by the bride-to-be, the groom-to-be, or anyone else in the family. Travel loan With holiday loans, you can travel around the world and pay off the bills later. When you take out a loan for a vacation, you often get travel insurance as a bonus. This way, you are protected on all fronts. Home renovation loan Most of the time, you might think twice before getting a home renovation done because the cost may be too high. Home improvement loans help pay for repairs while also increasing the value of your house on the real estate market. How to Apply for a Personal Loan Online If you want to apply for personal loan online, then follow the procedure as explained below: Step 1 Fill out the application form and add the details given below: Full Name (as per PAN Card) Email Address Pincode of current residence Type of job Current company name Monthly Salary Mobile Number Step 2 After filling up the form, go for the best loan option. The best loan option has the best interest rate, processing fees, hidden charges, loan amount, loan tenure, and EMI. Step 3 This step is a longer version of Step 1, where you must give more information about yourself. Send the application form after you have filled in all of the necessary information. A bank representative will get in touch with you to double-check the information before sending the application to the lender. Documents Required for an Instant Loan in Gurgaon Check the list of documents you’ll need to fill out the Gurgaon loan application form: Identity Proof: Passport, Driving License, Aadhar Card, Voter Card Residence Proof: Passport, Aadhar Card, and Electricity Bill Income Proof: Bank statements for the last 3 to 6 months for salaried employees; audited financial statements by a CA for self-employed people. Additional Fees on Instant Personal Loans The fees charged for instant personal loans vary from bank to bank. Some of them include the following: Transaction costs Sales tax on goods and services (GST) Verification charges Loan prepayment and partial prepayment fees Consequences for non-payment Applying for an Instant Loan in Gurgaon Gurgaon has become one of the most important industrial cities in India. Gurgaon is known for some of the biggest bank offices and some of the best industries in India. Financial crises may happen to anybody, including middle and upper-middle-class paid professionals and self-employed persons with high earnings. Some Gurgaon banks grant personal loans online without documentation. You can apply for a personal loan online at the websites of different lenders. Once the application is approved, the money will be deposited into your account within a few hours. Bank multipliers range from 7 to 27 times, allowing large personal loan sums, which means the loan amount will be 7 to 27 times the borrower’s in-hand salary. After a lock-in period of 6–12 months, which varies from bank to bank in Gurgaon, most banks offer half prepayment on personal loans. Some banks levy a 3% prepayment fee on personal loans, while others do not. [B-02] Conclusion When you need money, getting a personal loan on time can be a big relief. Personal loans can be used for anything, from meeting wedding costs to paying medical bills to home renovations and vacations you might have been planning for years. Before applying for a personal loan, it’s important to look for the best interest rates and terms. Gurgaon is the hub of some of the largest banks in India. It is also known as India’s centre for business and technology. Personal loans are available from many places in Gurgaon, such as banks and private lenders. If you meet the bank’s requirements, you may be eligible for an instant personal loan in Gurgaon. You can check the official website of Piramal Finance to understand the procedure for getting a personal loan in Gurgaon. They have posted many informative blogs on various topics related to finance. You can also look at the various products and services they offer.

08-11-2023

Personal Loan

Small Personal Loan, Get An Instant Personal Loan

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

08-11-2023

Personal Loan

How does Personal Loan help In Home Maintenance?

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

08-11-2023

Personal Loan

What is the Maximum Limit on Taking a Personal Loan?

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

08-11-2023

Personal Loan

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

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

08-11-2023

Personal Loan

What Is the Need to Take a Personal Loan?

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

08-11-2023