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Personal Loan

Beginner’s Guide on How to Apply for a Personal Loan

Personal loans are popular among Indian bank customers. This is because they provide fast access to money to cover urgent requirements. A personal loan is money borrowed from a lender for almost any reason, such as repaying debt, financing a sizable purchase like a car or boat, or covering a significant expense like a wedding or vacation. Online lenders, regional banks, and credit unions all offer loans, and the money is given to the borrower all at once. Once you get the money, you must keep paying the loan until it’s all paid off. It is easy to get money. Many lenders issue loans in a couple of seconds. This blog will discuss a few points you should consider when applying for a personal loan for the first time. [B-01] Points to Keep in Mind When You Apply for a Personal Loan Check Costs and Fees Personal loans are subject to several fees, including management fees, foreclosure expenses, etc. You can be prepared to pay such charges later if you search for them in the loan agreement or on the lender’s webpage. Review the Foreclosure Guidelines Lenders typically charge foreclosure costs. They do this by returning a property purchased with borrowed funds since the funds were not repaid as agreed. Before you apply for a personal loan, you should carefully read the foreclosure rules to find out how long you have to pay off the loan and how much it will cost. Do Not Consider 0% EMI Plans Lenders always have something savvy up their sleeves. One such trick is the 0% EMI plan. It leads you to assume you are receiving the loan for free and only need to return the amount borrowed. The higher processing fees associated with all these plans indicate that you’ll be paying further towards such costs. Think About Your Current Debts Consider your current debt when you apply for a personal loan. Consider your debt-to-income ratio to determine if you will truly have enough money to repay the loan you want. You can apply for a personal loan if your debt-to-income ratio is under 30%. If it is greater, you should consider other borrowing choices. Choose the Best Lender Selecting the best lender requires extensive study and comparison. This is because many banks and non-banking financial companies offer personal loans at competitive rates. Lenders continue to bombard consumers with texts and calls providing loans and other financial services. It’s vital to avoid responding to such calls and texts. If you’re interested in applying for a personal loan, consider your possibilities online and make a well-informed choice. How to Get a Personal Loan? Understand Your Credit Score Your chances of being authorized to apply for a personal loan with the optimal rates and terms will increase if your credit score is higher. If the credit score is low, check your credit reports for inaccuracies and take action to increase it before applying. Reduce Your Debt (If You Can) You may also be eligible for a loan with favored conditions if you have a lower debt-to-income ratio. If yours is high—say, 45% or higher—paying off some debt or boosting your income will be beneficial. Obtain Estimates from Various Lenders Get loan estimates from a few lenders once your funds are in order. Compare loan amounts, loan terms, annual percentage rates, and the standing of lenders. Prequalification is a service provided by some lenders that lets you estimate your loan conditions without negatively impacting your credit. Send Paperwork to Your Lender You must apply for a personal loan and provide numerous financial details once you have chosen a lender. This could consist of pay stubs or bank statements. Be prepared to provide proof of your ability to make payments if you don’t have a job. Unemployment benefits are one alternative source of income that some lenders will accept. Obtain the Funds If the lender approves your loan application, they will pay you the money within a few business days. After that, you can put the money to use. You can protect your credit and avoid late fees if you set up payment reminders or automatic payments. Paperwork Required to Apply for a Personal Loan Here is a list of documents and information that must be provided when you apply for a personal loan: PAN Card Bank Account Number IFSC Code Age Proof Address Proof Employment Details Proof of Income Bank Statements Make sure all documents are current and accurate. When you apply for a personal loan, your documents must be real to reduce the likelihood of the loan being denied. Genuine information can expedite the procedure without requiring multiple checks. Your loan will be approved, and the loan money will be credited to your bank account once the information has been reviewed and verified. The amount borrowed must be repaid in EMIs. [B-02] Wrapping Up Personal loans are a smart option if you have a stable income and a good credit score. You can apply online for a personal loan from the comfort of your home. The process is simple. You can also apply any time you want, and most lenders offer customer support if you need. You can repay the loan with affordable EMIs split over 3—24 months. This prevents you from running out of money when you need it the most. Although qualifying for a personal loan is quick and easy, you must abide by a few key guidelines. It clears up any vagueness and guarantees a smooth borrowing process. Additionally, you might be able to adjust your tactics to make a wise decision. It is vital to do proper research. Choose a lender that best fits your needs and understands them. This will prove to be helpful in the long run. You can visit Piramal Finance for more blogs related to how to apply for a personal loan. They also offer a wide range of products and services. You may take a look at those as well.
08-11-2023
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Education

5 Myths about Fixed Deposits That You Thought Were True

SIPs, liquid, balanced, debt funds, tax-free bonds, PPF, EPF, and other alternative assets may be popular. But some say nothing is as safe and easy as a fixed deposit. It’s a common choice when it’s time to write down investments at the end of a fiscal year. But all this certainty and ease of life come at a price! By reading this article, you’ll learn the truth about some of the most common myths about fixed deposits and the interest they earn. Read on to learn more about investing in FD so you can use what you learn the next time you want to buy one. [B-01] What does a fixed deposit mean? Fixed deposits are one of the most common ways to invest in FDs. Even though SIPs, liquid, balanced, and debt funds, stock picking, tax-free bonds, and other investment strategies get a lot of attention, the truth is that nothing beats the security and ease of a fixed deposit. Fixed deposits should be part of your portfolio, even though they don’t give you the best returns and aren’t tax-friendly. If you know of another investment strategy other than investing in FD that is as simple, safe, liquid, free of monitoring, and risk-free, please let us know. Because there isn’t any. The trade-off is less tax efficiency and much lower returns, but in many cases, returns may not be the only thing that affects your investment decisions. If you are starting to feel better than many fixed deposits mainly sitting unused in your bank accounts can now be justified, you can give a word of caution. On your fixed deposit, you are getting interested. Taxes can also be taken out by the bank (TDS). But you could owe more taxes. And if you still need to pay those bills, you could be in danger. Yes, when you file your income tax returns, you must figure out how much more tax you have to pay because of the interest on your fixed deposit and bear it. This could be in addition to any TDS the banks may have thought about. If you have been ignoring that, you should also know that not knowing the law is not a good reason to get out of trouble. If you correctly handle your bank’s fixed deposit interest, you could avoid getting into a lot of trouble with the tax man. 5 Myths about Fixed Deposits TDS (tax deducted at source) Fixed deposits are taxed, which is true, but only some have to pay taxes. Yes, you did read it right. Interest from a fixed deposit is added to a person’s total income under “income from other sources.” So, if you earn more than Rs. 10,000 in interest in a financial year, your TDS will be 10%. If a company’s deposits earn Rs. 5,000 in interest in a fiscal year, TDS is taken out of those deposits. People who are too young, stay at home with their kids, are very old, or have no or very little money could avoid TDS. Forms 15G or 15H must be turned in to avoid TDS. If you are over 60 and don’t have a job, you won’t lose any money to taxes, and you might even get a higher return on your FD. FD Provides Tax Benefits If you’re interested in investing in FD, you need to know that not all of it saves you money on taxes. Section 80C of the Income Tax Act says that only certain deposits can get tax breaks. For example, you must lock up your money for at least five years to get tax breaks. The deposits also can’t be taken out or used during this time. Fixed Deposits That Receive Regular Interest Payments There are two kinds of fixed deposits: one where you get interest payments at regular intervals and the other where you get the full amount (the principal plus bank interest) when the account matures. The second option gives you more benefits. How? That’s the magic of adding things up. The bank always multiplies and adds up the interest it pays on a cumulative deposit. Cash Crunch is an Early Withdrawal Most banks let you take money out of your fixed deposits in parts if you need to get money out for an emergency. At the same time, the balance that has yet to be paid off keeps earning interest. Investing in FD in the Name of a Family Member Giving money to a spouse or child is not taxed. When investing in FD, however, the product is added to the giver’s income and taxed correctly. Therefore, keep in mind that the interest on any fixed deposits you make in a family member’s name will be taxed as part of your income. So it’s best to stay away from it. How do bank fixed deposits work? Most people think wrongly that fixed deposits can only be made at public or private banks. You can talk to some well-known businesses and NBFCs that offer fixed deposits to regular customers. The downside is that interest rates at these institutions are likely to be higher than those at banks. On the other hand, you might not get appealing benefits from these institutions, like the ability to change the length of your fixed deposit, access to your account online, or insurance coverage. [B-02] Conclusion Fixed deposits and investing in FD should be part of your portfolio, even though they don’t give you the best returns and aren’t the best way to save on taxes. This investment choice is easy to understand, comes with a guarantee, is always available, doesn’t need to be tracked, and has no risk. Even though fixed deposits and the interest they pay may seem simple, there are a lot of misconceptions about them. You can visit Piramal Finance to learn more about these and make a good choice.
08-11-2023
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Personal Loan

How Government Employees Can Apply for Personal Loans in 2025

Government employees, whether central, state, PSU, railways, defence, education, healthcare, or local bodies, are often seen as low-risk borrowers because of stable income and predictable service benefits. That stability can translate into faster approvals and better terms. Still, approval isn’t automatic. Lenders assess your overall profile before deciding the loan amount, interest rate, and tenure. This guide explains eligibility, documents, the step-by-step process, and practical tips to maximise your chances in 2025. Why government employees often qualify easily Stable salary and job continuity: Regular credit of salary reduces perceived risk. Predictable benefits: Pension, gratuity, and leave encashment (where applicable) strengthen the profile. Clear documentation trail: Employee ID, salary slips, and Form 16 make verification simple. Important: Stability helps but lenders still check your credit score, income, existing EMIs, and years remaining until retirement. Eligibility snapshot (2025) Exact criteria vary by lender, but most look for: Age: Typically, 21-60 years at loan maturity Employment type: Central/state government, defence/paramilitary, PSU, government-aided institutions, etc. Work experience: Usually 1–3 years in service (more is better); for probationers, some lenders may wait for confirmation. Minimum income: Commonly ₹15,000–₹25,000 net monthly (varies by city/tier) Credit score: 750+ is ideal for quicker approvals and better rates. Debt-to-income (DTI) ratio: Total EMIs ideally within 60–65% of your monthly income Years to retirement: Lenders prefer the tenure to fit comfortably within your earning years; if the loan runs close to retirement, you may be offered a shorter tenure or asked for proof of pension/retirement corpus. Documents you should keep ready Having your paperwork in order speeds up approval: KYC: Aadhaar, PAN, recent passport-size photo Address proof: Aadhaar, voter ID, passport, utility bill (current address especially important if you’ve been transferred) Employment proof: Government/PSU ID card, appointment/confirmation letter or service certificate Income proof: Last 3–6 months’ salary slips and bank statements showing salary credits; Form 16/latest ITR (if asked) Other (if applicable): Pension order for superannuation-near cases, NOC if the lender needs any employer confirmation (not always required), and any ongoing loan statements. Step-by-step: How to apply in 2025 The process is largely digital now, especially with leading NBFCs. Check eligibility onlineUse the online eligibility tool. Enter age, employer category, net income, and existing EMIs. This gives a quick go/no-go and an estimated amount. Estimate your EMIBefore you apply, ensure the EMI fits your monthly budget. You can always use the Personal Loan EMI Calculator for better planning. Fill the online applicationProvide personal details, employment information, and loan preferences (amount, tenure). Upload documentsKYC, employment proof, salary slips, and bank statements. Ensure the bank statement shows regular salary credits. Verification & credit assessmentThe lender checks your credit score, employer category, DTI ratio, and documents. They may call you or your HR for simple verification. Loan offer & e-agreementIf approved, you’ll get a sanction letter with the loan amount, interest rate, tenure, EMI, processing fee, and prepayment/foreclosure terms. Review carefully before e-signing. DisbursalFunds are transferred to your bank accountoften within 24–48 hours after final approval. How interest rates generally work Fixed vs. floating: Personal loans are usually fixed-rate, so your EMI doesn’t change over the tenure. What influences your rate? 1. Credit score and repayment history 2. Employer category (central/state, PSU, confirmed service) 3. Net take-home salary and DTI ratio 4. Tenure and loan amount NBFC vs. bank experience: NBFCs often offer faster processing and flexible documentation; banks may have stricter internal checks. Choose what suits your timeline and profile. Note: Piramal Finance offers personal loans starting *at 11.9% p.a.**, with flexible tenures and quick, digital processing suited to government employees who value speed and transparency. Tips to strengthen your application Aim for a 750+ credit score.Pay bills on time, keep credit card utilisation under 30%, and avoid multiple hard inquiries in a short span. Right-size your loan amoun.tKeep EMIs within 60–65% of your monthly income (including existing EMIs). If needed, lower the loan amount or extend the tenure slightly. Choose tenure wiselyIf you’re close to retirement, consider a shorter tenure to finish the loan comfortably within your service period. Consider a co-applicantA spouse with stable income (especially another government employee) can improve eligibility and may unlock a better rate. Keep records cleanEnsure salary credits, allowances, and any deductions are clearly reflected in bank statements. Update KYC with your current posting address. Avoid back-to-back applicationsToo many loan/credit card applications in a short period can reduce your score and lead to rejections. Check total cost, not just the rate.Ask for the APR, which includes interest and fees (processing, documentation, etc.). Understand prepayment/foreclosure rules. Special scenarios for government employees Frequent transfers: Keep your address proofs updated; consider e-KYC and DigiLocker for quick document access. Probationers: Some lenders may wait for service confirmation; others may consider proof of continuation and strong income. Approaching retirement: If tenure extends close to superannuation, lenders might reduce the tenure or ask for proof of pension/retirement corpus. Defence/paramilitary: Keep your service ID and posting documentation handy; if you’re in a high-mobility role, ensure communication details remain current. Common mistakes to avoid Applying to many lenders at once (multiple hard pulls hurt your score) Over-borrowing and stretching your DTI beyond 65% Ignoring fees while comparing offers (processing fee, insurance, etc.) Not reading the prepayment/foreclosure terms. Missing EMIs after disbursal (this damages credit and can trigger penalties) Why consider Piramal Finance Competitive starting rate: 11.9%* p.a. (subject to eligibility) Fast, digital application & verification Flexible tenures (typically 12–60 months) Simple documentation suited to government employees Transparent charges and helpful customer support The bottom line For government employees in 2025, personal loans are straightforward if you prepare well: maintain a strong credit score, keep your DTI healthy, choose a sensible tenure, and organise your documents. Estimate your EMI before applying, compare the APR, and pick a lender that balances speed, flexibility, and transparency.
08-11-2023
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Personal Loan

What is a personal loan, and what are its benefits?

A personal loan refers to money obtained from a lender that can be used for almost any reason. This includes debt repayment and financing a substantial purchase such as a car or a boat. You may also use it to pay for the expenses of a major occasion, such as a wedding or a vacation. Loans are available from internet lenders, local banks, and credit unions, with cash supplied in a flat amount. Once you get the funds, you must keep making payments until the loan is entirely repaid. One of the most significant advantages of personal loans over credit cards is that they possess a set interest rate and repayment duration. [B-01] What is a personal loan? A personal loan is a specific amount of money that you can borrow for many purposes. Usually, personal loans are unsecured. This means you won’t have to put up any collateral to get the money. For example, you may utilise a personal loan to restructure debt, pay for home improvements, or arrange your ideal wedding. Personal loans are available through banks, credit unions, and online lenders. Borrowed funds must be returned over time, generally with interest. Personal loans may also be subject to fees from some lenders. What are the benefits of a personal loan? 1. Quick Approval A personal loan takes far less time to process than a home loan. Home loans might take 3–4 weeks. As a result, they are your best choice. Personal loans can be used to satisfy your immediate cash or payment requirements. Keep your credit history solid (CIBIL score of 750+). If so, lenders will have no trouble accepting your personal loan application. 2. Minimal paperwork and accessibility One of the most significant benefits of applying for personal loans is the lack of paperwork requirements. Not only that, but the application procedure is designed with the customer’s convenience in mind. These loans may be obtained online in minutes. Amounts range from Rs. 5,000 to Rs. 5,00,000. Payback terms extend up to 60 months. 3. Enhances credit score Do you have a poor credit score or are you new to credit? If yes, taking out modest personal loans is a wonderful method to improve your score. Also, you have to be careful to return them on time When you pay your EMIs on time and at the agreed-upon interest rate, your credit score will go up. However, you must obtain a loan balance that falls within your repayment capacity. If not, skipping EMI payments might harm your credit score. 4. Versatility A personal loan will be useful regardless of the use case, whether it is for an iPhone purchase, a Swiss vacation, or a house renovation. Also, unlike loans for houses or cars, a single loan can be used for more than one thing. One of the reasons personal loans are so attractive now is because of their flexibility. 5. There isn’t any need for a collateral Personal loans are unsecured, which means they do not require collateral to be obtained. This is why personal loans are easier to obtain than other types of loans such as house loans, vehicle loans, and so on. However, as a consumer, you should be aware that unsecured loans are risky for lenders, so interest rates are often higher to reduce the risk and are typically 1.33% or more each month. What should you remember before taking a personal loan? Now that you’ve learned about some of the advantages of personal loans, here are a few tips to help you pick the ideal loan for you: Check that the amount available is within your ability to repay. Before taking out a loan, be sure you understand all of the terms and circumstances. Personal Loan Interest Rate Calculator from reputable fin-tech businesses or bank sites and select the best alternative for you. What are the different types of personal loans? Unsecured personal loans: The majority of personal loans are unsecured, which means you do not need to put up any collateral to qualify. With an unsecured personal loan, you’ll get a lump sum of money and then return it with fixed monthly instalments over a certain period. Credit-builder loans: Credit-builder loans do not provide you with a line of credit. These loans are put into a lender-controlled savings account, and you make the payments on your account for the length of the loan. Lenders submit your payments to credit bureaus during this time to assist you in creating a history of appropriate credit utilization. At the end of the term of the loan, you will get your complete payment. This payment shall be after all loan costs are subtracted. Secured personal loans: Secured personal loans necessitate that you put down collateral to qualify. You could be able to employ other assets as security instead of cash, such as a house, a boat, or a car. If you fall behind with the payments, the creditor may be allowed to confiscate such assets. Specialized lenders: Some service-oriented businesses provide personal loans to their customers to help them fund their products or services. For example, a home improvement company may provide financing when you purchase a new appliance. These loans are usually easy, but they may not always provide the best rates and conditions. [B-02] Conclusion Personal loans are among the most popular types of loans available today. We’ve only discussed 5 of the various benefits of personal loans. There are many more that contribute to their popularity. Not only are rates of interest reasonable, but the paperwork requirements are simple, and loans of up to Rs. 5 lakhs are available. Simply go to the Piramal Finance website for more information and make sensible economic decisions now!
08-11-2023
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Personal Loan

How to Personal Loan Application Status Online

While technology is evolving like never before, banks and NBFCs have also shifted most of their services to online portals. All thanks to this shift, they now have quicker and simpler ways to solve their customers’ issues. This helps save time and effort for both the banks and the customers. Now, you can apply for a personal loan online and even check its status with the click of a button. Have you applied for a personal loan and visited the bank now and then to know its status? It is now easier to track your loan application status in less than 5 minutes through your mobile phone without making frequent visits to the bank. Learn how you can check your loan status online with the help of this article. [B-01] What is a personal loan? A personal loan is an amount borrowed from a lender at a certain interest rate to meet certain urgent expenses, such as a child’s education or the purchase of a car, or a sudden tragedy, such as any medical emergency for which you need urgent funds. Personal loans are given by commercial banks and non-banking financial institutions (NBFC) to help one meet their personal financial needs. Since you do not have to pledge your assets against a personal loan, it is an unsecured loan. Personal loans are also easier to apply for than other types of loans and take less time to complete because there are fewer steps involved. Features of a personal loan: Source of emergency funds: A personal loan is a good source of urgent funds because it requires fewer documents and is quicker to get. Simple to obtain: Personal loans are also easy to apply for and take less time since there is not much documentation involved. No collateral is required: When taking a personal loan, you will not be asked to pledge your assets against it as collateral. Interest rates: As it is a collateral-free loan, interest rates are also higher. Loan amount: The loan amount is quite small compared to company or business loans since they do not have any land or assets pledged that could fix the loan amount. Eligibility: To qualify for a personal loan, you must have a good credit score. How can you check the status of your loan online? Most banks and other lenders have started giving their customers e-banking services. Tracking your loan status online is now easy and hassle-free, saving you the time and effort of travelling to the bank. Once you are done with your loan application and the KYC checks that the bank conducts, you are given your loan ID and other details. And after all documents and procedures are in place, you can check your loan status using the bank’s and NBFC’s official websites. Many banks often have different ways of offering this facility. While few banks use just a mobile number and an OTP (one-time password) sent to it to log in to their customer portal, other banks might ask for a reference number, PAN card number, or other such details. Once you enter the details asked and they match correctly, you will be taken to your account, which you can use to check the loan status and retrieve other related data from here. You might be asked any or all of the following data while trying to access your account: Reference Number PAN Card Date of Birth Mobile Number Portals for your help: Net Banking Mobile Number or Toll-Free Number Customer Service executives via chat or call both Mobile Application Website How is the online banking facility useful? It is a quick and easy way to access your loan status. It is an easy way to rectify any errors in the application you gave to the bank. It does not charge you any fee for using your account and checking your data. It gives all the data you may need about any service the bank provides aside from loans. Tips to follow for safe banking online With the rise in cyber crimes and fraud, it is crucial to be alert while using any e-banking service, such as checking your loan status. Follow these tips and be safe. If you want to use your bank account on an online bank portal, use private Internet. Avoid using internet cafes or “cyber booths” for net banking. No bank or NBFC would call you and ask for any data about your account, Beware of any such traps. In any case, do not share any bank details like your ATM pin, account number, Aadhar card number, or OTP sent to your mobile number. Also, read the advice from the Central Bank of India: The Guidelines of the RBI on Internet Banking. [B-02] In conclusion: In today’s era, everything is going online, including banking services, making it more convenient, user-friendly, and time-saving for you. If you have applied for a personal loan and wish to know its status, whether approved, rejected, or on hold, you no longer have to visit the bank, wait for your turn, and seek the banker’s advice. You can access your loan approval status using your lender’s website or app. This will help you save yourself time and effort. If needed, take help from wise people you trust or the bank or NBFC, who are always ready to help their customers in every possible way. Piramal Finance has made all your loan and bank-related data just a click away. Also, we strive to make your online banking experience a safe and secure one. We know everything you want to know! Read more about other finance-related topics and make yourself aware of all the related articles on our website. Visit Piramal Finance and explore the finance world on your mobile phone right now!
08-11-2023
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Education

3 Reasons Why You Should Invest in the Best Large-Cap Mutual Funds

Money management is important for a secure future. Planning for your financial future is important. This is because it may help you learn how to handle your finances better. Managing money and making a plan for it should go hand in hand. At the end of the month, many young people can’t pay their bills on their own and have to depend on others. People should start setting aside a small amount of their monthly salary to save and invest. More money will be needed in the future than right now. Many people think that saving is enough, but you may need to invest money soon if you want to beat inflation. Mutual funds may be a good option if you want to add some stability to your investment portfolio. Large-cap mutual funds are the preferred choice for people due to their stability and high returns. Let’s learn more about them in this blog. [B-01] What is a large-cap mutual fund? Investing in companies with a large market capitalisation is the primary focus of a large-cap mutual fund. Large-cap mutual funds are a great place to start for anyone interested in investing in mutual funds for the first time. In the long run, these investments give great returns to investors. Market capitalization is what the “cap” in large-cap funds stands for. An increasing number of investors prefer these funds because of their consistent and long-term track record of profit creation. How Do The Best Large-Cap Mutual Funds Work? Large-cap funds give a huge portion of their assets to companies with high market values. Companies with a large market capitalization are likely to have a long history of success. They also have high-quality management and solid corporate governance standards. These companies consistently rank among the market’s most closely watched. They have slowly and steadily made money for their investors over a long time. The criteria for classifying companies as big, small, or mid-cap have changed due to recent re-categorization by SEBI. Large-cap firms rank in the benchmark’s top 100. These funds are safer than small- and mid-cap funds. Large-cap fund investors may benefit from taking a patient, long-term view of their holdings. The Top 3 Reasons to Invest in the Best Large-Cap Mutual Funds If you’re considering putting money into mutual funds, large caps may be worth looking into for the following reasons: Stability Most of the time, investing in companies with a large market capitalization is safe. Large-cap companies don’t usually go bankrupt unless there are major problems. The best large-cap mutual funds offer stability and growth. Also, big companies usually make regular dividend payments worth a lot. These payments help your portfolio slowly grow in value. The best large-cap mutual funds are stable both when the market is going up and when it is going down. So, it’s a pretty safe investment that can last through a recession. It can also recover quickly without hurting its future potential. Better Valuation of Assets Large-cap mutual funds usually put their money into well-known, long-standing companies. There is a good chance of making money because these companies do well and make money consistently. The stock prices of large companies tend to stay pretty steady. That’s why investors who want a steady return on their money are interested in them. Extra Liquidity The best large-cap mutual funds have a lot of cash, which is important in a volatile market. Investors can easily sell everything they own quickly if they need to wait out a market crash. Fund managers can easily buy and sell stocks, which helps them make the most money possible. Large-cap stock prices and a large-cap fund’s net asset value (NAV) don’t change much when the market is volatile. Tips for Smarter Investing in the Best Large-Cap Mutual Funds Risk When mutual funds buy shares of big companies, they take on some market risk. Because these funds are so reliable, you should make them central to your investment strategy. To do better than the market when it’s going up means to do worse when it’s going down. Returns The best large-cap mutual funds have a history of staying steady when the market goes up and down. So, you don’t have to worry about their efficiency changing too much. Investing in these funds is appealing because their returns are less likely to go through a lot of change. Don’t be surprised if these funds don’t make a lot of money, even when the industry is doing well. Prospects Large-cap mutual funds might be a good choice for investors with a long-term view. The fund underperforms during weak markets, but investors should expect 10–12% returns over the next 6–7 years. People who invest in these funds should be willing to stay with the company for at least a minimum amount of time, like 3–4 years. Financial Goals Large-cap mutual funds are the best choice for investors willing to take on moderate risk. These funds provide stable returns. And the fund’s value can’t go down. You can use these tools to save and invest for your future, especially your retirement. People who are just starting and want some of the benefits of the stock market without the risks can use these funds to get their feet wet. Due to their low maintenance costs and favourable tax treatment, they are good for investors. [B-02] Conclusion Large-cap mutual funds are great for investors who want to get the most out of their equity investments. These mutual funds are a good choice if you want a fund with stable returns over the long term. The funds aren’t immune to market losses. But they are less sensitive than average. Investing in the best large-cap mutual funds is also a good way to enhance your portfolio. You’ll have to consider your immediate financial needs and long-term goals to get the most out of your money. You can invest in the best large-cap mutual funds after finding out how much they cost and how well they have done in the past. Check out Piramal Finance for similar blogs about the best large-cap mutual funds. You can also take a look at the services and products they offer.
08-11-2023
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Education

5 Financially Smart Ways to Use Your Diwali Bonus

It’s that time of the year once again! With the arrival of Diwali, the festival of lights comes the anticipated and well-earned Diwali bonus. Bonuses make you happy; they give you the power to enrich your lifestyle. This one-time-per-year windfall is the focal point of many plans. Some prefer to spend the full sum, while others save it for a rainy day. Your Diwali bonus can help your long-term financial health and shed light on your future if you have the right financial plan to invest in. A financial plan is a detailed outline of your financial objectives and the actions you must take to reach them. To make sure that a financial plan is definite and definitive, it is often documented in tangible papers. [B-01] What Is a Financial Plan? A financial plan outlines your steps to reach your financial goals while identifying, ordering, and selecting your financial objectives. They also assist you in figuring out if you need to cut down on your spending or whether you’re on track to meet your financial goals. These plans might be about getting rid of debt, opening trading or bank accounts, starting to save regularly, or making an investment plan. Financial plans might include years, months, or even decades, depending on the length of your goals. But by taking a few little steps, like setting a monthly savings goal or investing part of your salary, your financial plan may lead to far better future planning. Financial plans are often flexible, allowing for unforeseen events or future life changes. This may include major life events like a long hospital stay, a wedding, the birth of a child, a move, a new job, and others. Five Smart Methods to Spend the Diwali Bonus Money Budget your money Giving presents to your loved ones is a lovely experience, but if it is regulated, it may avoid financial strain. Give them a budget and a list of the gifts and purchases you want to make for Diwali. Making a plan in advance can increase your chances of avoiding impulsive expenditures. Diwali “sales” should be avoided since pricing may be cut after inflating certain things. Finally, when making purchases for yourself, put your needs ahead of your wants. Protect yourself by getting life insurance The notion that there is always light at the end of the tunnel is one of the main themes of Diwali. Yet, we must be ready in advance if we want to get a glimpse of that light. Given the risks associated with leading a high-risk life, purchasing life insurance is crucial to ensuring that we can always care for the people we love. Life insurance is thus among the finest purchases you can make with your Diwali bonus. Many people are now aware of the need for comprehensive medical insurance due to the COVID pandemic outbreak. Some people choose not to get health insurance because of the high costs, while others eschew it in favour of more expensive but more complete family floater health plans. A top-up or mega-top health plan might provide extra coverage in this case. The correct level of insurance coverage is needed to meet your family’s demands. Make sure to examine the cover amount and consider the layer of safety it provides. It’s necessary to check your insurance coverage after getting a bonus and, if required, raise your coverage. Enhance your wealth Make more cash savings with your Diwali bonus. Investment options include mutual funds, public provident funds, tax-advantaged savings accounts, and gold. You may diversify your portfolio by choosing a lot of different investing strategies. The Diwali bonus’s finest quality is that it provides you with more funds on top of your wage and may aid in maintaining your future financial stability. Repay Loans You have the potential to lessen your debt load with every bulk payout. Utilise your Diwali bonus to pay off any bills you may have. The less debt you have, whether for a vehicle, a property, or a remodelling loan, the better. If you have numerous loans, focus on paying off the debts with the highest interest rates. By lowering your debt load, you’ll be able to enjoy more of your income and spread enjoyment throughout your life. Establish a reserve fund An emergency fund might be used as a last resort if all other means of payment have failed to cover an extra cost. Your Diwali bonus allows you to start building an emergency fund. No matter how exciting it may be to spend money on new apparel, tech, or house upgrades, none of these items will be able to keep you safe in an emergency. The pandemic has also shown us the unpredictability of life. Given the uncertain economic situation, creating an emergency fund to help you deal with a tragedy is only sensible. Both were having fun, and managing your Diwali bonus is important. Don’t forget to uphold the Diwali spirit by gifting yourself and those you love something that would please them. The wiser course of action is always to be an informed shopper, whether or not it is Diwali. [B-02] Conclusion Remember that how you use your Diwali bonus is more important than its size. Using your bonus financial plans will make you happy and help your long-term economic growth. On Diwali, spend your money to improve your financial future and realise your aspirations and objectives. Make the proper choices to reveal your long-term financial stability. After the Diwali holiday, people may spend the funds to get the most significant profits. While some workers indulge in excessive spending, others make other investments. Piramal Finance may be used to find out more. To learn more about financial plans, visit the website of Piramal Finance.
08-11-2023
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Personal Loan

Personal Loan Part Pre-Payment Calculator

Banks and other financial institutions often use calculators to figure out exact amounts. The loan calculators were made so that they could take in a wide range of information, such as the length of the loan, the interest rate, the principal, and the total amount. It figures out the monthly payment or the balance due to help the consumer. Almost all legal loan providers use the payback and Part Prepayment Calculator to ensure their borrowers have all the necessary information. Put the interest payment away and move quickly through life without worrying. “Prepayment” means paying down the principal of a personal loan before the end of the loan’s term. Any amount of principal can be paid, from a small amount to the full amount. The Piramal personal loan prepayment calculator can help you figure out your EMI, the interest rate for prepayment, and other important details. [B-01] What is ‘part payment’? When people take out loans, they usually agree to pay back the full amount plus the interest rate. With standard ways to pay back mortgages, customers only pay back the interest they owe, not the borrowed amount. So, they have an extra option: they can use the money they put away to pay the rest. But not all clients have the money or property needed to make this change. Because of this, only a few buyers think this is a good option. Part-payment is a great option for anyone with a loan or mortgage who needs to pay it back. In this case, the interest and mortgage payments are split into two different monthly payments. You can put the parts in any order you want. You might save more for the interest and less for paying off the loan. Even though they pay at least some of the loan back, this doesn’t mean that the whole amount will be paid off at the end of the term. How Do Personal Loan Prepayment Calculators Work? Calculators for the monthly interest on personal loans that let you pay off the loan early are essential tools for staying on top of any changes that may occur to the EMI. To use the calculator for a prepaid personal loan, you must enter the amount you wish to borrow, the length of time you wish the loan to be, and the interest rates. You can do the following things with a personal loan prepayment calculator: Make quick calculations which help pay off your debts. Using a prepayment calculator you can decide when and how to prepay your loan. By saving money and then making a prepayment on the loan’s principal, you can avoid debt and live a less stressful life. When you pay off a personal loan early, you also get a lower EMI rate because you don’t have to pay as much of the principal. Choose lower EMI plans easily. On a personal loan, you don’t have to pay it off all at once. You can pay back a loan in full or in part. Even if you don’t save any money on interest, the total amount of debt you have to pay off will be much less. When you pay off a debt early, the amount of principal you still owe on the loan goes down. Because of this, the EMIs will be less expensive than the current interest rate. Figure out how to repay personal loans in parts. You can also pay off a portion of your loan balance early. You might not be able to save money on interest, but you’ll have much less debt overall. If you pay off part of your loan early, you will have to pay back less of the principal. Because of this, the EMIs will be less expensive than the current interest rate. Reduce the amount of interest you pay. You must have enough money to pay off the full loan at the start of your term. Banks and other financial institutions often use a one-year lock-in Banks, and other financial institutions use a one-year lock-in. It says you have a year to pay back all or part of the debt. But after a year, you can pay off the remaining loan balance and save money. Personal Loan Prepayment Conditions Before you decide to pay off your personal loan early, think about the following: Fiscal Benefits Section 80C of the Income Tax Act lets people get a tax break of up to Rs. 1.5 lakh per year. But if you pay everything up front, you won’t get a tax break. But if you only pay part of the loan early, the tax benefits will be much smaller. What it costs to borrow money The interest rates on mortgages are less than those on personal loans. So, you should pay off the principal of your personal loan first. Use a personal loan prepayment calculator to determine how much interest you will pay if you pay off all or part of your loan early. The best time of year If you pay off a personal loan early, you’ll pay less interest in the long run. Personal loan prepayment calculators are easy-to-use tools that show how much interest you’ll pay if you pay off your loan early. In the first few years, though, the interest rate on your loan will be higher. So, you must pay off the debt as soon as possible. Also, you won’t be able to get some benefits if you pay the money now instead of later. [B-02] Conclusion Suppose you currently have a personal loan and are making payments. In that case, you can use the prepayment calculator to determine how much money you will save by paying off the loan earlier than originally scheduled. You will need to be aware of the total amount that is still owed on your loan, the total amount that has previously been paid in EMIs, the total amount that can be paid off early, the interest rate, and the length of your loan. Calculating how much you could save using a personal loan EMI calculator that allows you to pay off the loan early is one way to get an idea of how much money you could put away. The Piramal Part Pre-Payment Calculator is available to everyone with a valid company account. To determine the EMI and remaining loan period after prepaying a given portion of a loan, customers can use the Piramal Part Pre-Payment Calculator at any time. For more such articles, visit us at Piramal Finance.
08-11-2023
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Personal Loan

What Are the Advantages of Applying for a Personal Loan Online?

As the cost of living continues to rise, more people are looking for alternatives or ways to make extra money. One of the alternatives that individuals are turning to is personal loans. Personal loans can be a great option for individuals who are struggling to have enough money and want additional finances. It is an easy, quick way to borrow money with relatively low interest rates. This article covers the advantages of applying for a loan online and the various types of personal loans available. With so many benefits, it is no wonder that millions of people use online personal loans to fund their financial needs. Applying for a personal loan online is easy, quick, and convenient. It is often cheaper than getting a personal loan in person because there are no miscellaneous fees, like application or processing fees, to pay. And unlike getting a personal loan from a bank, most of the time you will not have to work with an agent. Applying for personal loans online is not hard, and you should not have any trouble finding the right loan for your situation. [B-01] Application Process You can apply for a personal loan online in several ways. The most common way is to visit a website offering this service. Just follow the directions on the website to complete the application. When you finish, you will be able to see what your interest rate is and how much money you qualify for. If there are no additional requirements, your funds will be available quickly, so you can start using them. Advantages The following are the advantages of applying for a personal loan online: 1. Convenience Applying for a personal loan online allows you to complete the process in the comfort of your home. It is a convenient option for individuals who don’t have time to go to a bank or look for other lenders. By applying online, you can save both time and money by avoiding miscellaneous fees. When applying for a personal loan in person, you will be required to provide various documents, such as proof of income, credit reports, and even an application fee. The amount of paperwork involved can make it difficult to apply at times, so it is easier and more efficient if you are able to do it all from home. 2. Trust There are no agents or brokers involved in applying for a personal loan online. This means that lenders will not have to worry about scammers trying to take advantage of them by demanding extra money or payments. When you apply for a personal loan in person, you will be required to meet with an agent who could potentially solicit you for additional fees and services. Lenders ask for these extra fees because of the possibility of fraud, which makes it more difficult for individuals to get a personal loan when they are usually looking for one form of financial help. 3. Easy loan processes with minimum documentation When applying for a personal loan online, the lender will not require you to provide several types of documentation. The personal loan application process will require only proof of income and an easy-to-understand explanation of the amount you need to borrow. The application process can be fast without involving additional paperwork or the delays that occur when applying for a loan in person. 4. 24*7 service and easy tracking When applying for a personal loan online, you will be able to track the loan process 24 hours a day. This is because you will often be able to access the accounts and register any changes that occur in your financial situation. The loan process can also be completed quickly and easily when you have access to an online account as well. With these advantages, it is easy to see why many people choose this type of option over other traditional lenders. It can also be easier for individuals who are looking for additional finances because they will not have to go through the hassle of dealing with agents in person. 5. Quick approval Applying for a personal loan online is easy and fast because there is no hassle like getting rejected by an agent or banker. Instant approval means that once you submit your application, there will be no delays in receiving the funds, which can be hard to come by considering the number of people who are looking to find extra capital. The process of applying for a personal loan online is convenient and easy, and you will not be disappointed by the results. 6. Monthly instalments are fixed at a very low amount When you apply for a personal loan online, the lender will be more likely to give you a fixed rate. Unlike other options, the monthly payments that you have to make will be easy and convenient. You can easily manage your finances without worrying about irregular and unpredictable costs. The interest rates for personal loans are often higher than other types of personal loans. This is because lenders are taking additional precautions to prevent fraud from happening. With that being said, the interest rate can still be much lower if you have a good credit score and a stable income. [B-02] Summing Up If you are looking for extra funds or are looking to start a new business, then a personal loan can be the answer to your financial problems. If the amount of money that you need is not very high, then applying for a low-interest personal loan is a great option because of the lower rate and fixed monthly payments. You can consider consulting an institution like Piramal Finance for more details about personal loans. With all of the loan facilities and tools available, you will be able to find the right one that suits your needs. The ease of applying for a personal loan online with Piramal Finance makes it not only an efficient option but also the provider of the best personal loan in India.
08-11-2023
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