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Personal Loan

How Online Personal Loan Emi Calculator Helps You To Do Easy Financial Planning?

Financial planning has become an important part of everybody’s life. Various issues have made people plan their finances in a better way. If you do not have your finances planned from the very first month of your employment, you might face issues later. You must want to have an asset in your name, be it your dream house or a car. You can get what you are aiming for simply by calculating the finances correctly. By satisfying the eligibility criteria laid down by financial institutions, you can easily apply for personal loans. The maximum personal loan amount is based on certain judgements made by the lender. Before applying, make sure you check the online personal loan EMI calculator to figure out how much amount you have to spend from your salary. [B-01] Who can apply for a personal loan? Salaried employees of 21 years to 60 years of age are eligible to apply. However, your basic salary should be Rs 25,000 and you need to be an employee of the current organization for 6 months. After submitting your PAN card, identity proof, salary proof and income proof you can proceed with your loan application. You can become eligible for loan amounts starting from 1 lakh to a maximum personal loan amount of10 lakhs and even higher if you apply under the co-applicant scheme. In the co-applicant scheme, only working spouses can become a partner by clubbing their income. Using the online personal loan EMI calculator you can easily choose zero pre-payment and foreclosure charges for your maximum personal loan amount. You can choose the lowest possible rate of interest of 12.99% with a flexible repayment option of 12 months to 60 months. Here is the list of the documents that you will require to apply for a personal loan: PAN card As identity proof, choose one from your driving license, passport, aadhaar card, voter ID card As an address proof, you need to provide a copy of either your passport, driving license, voter ID card, lease agreement, or utility bills As proof of your income, you need to show the bank statement for the last three months. You can also provide the salary slip for the latest month. Why is Online Personal Loan EMI Calculator Required? To get an accurate EMI calculation, you do not have to conduct manual calculations. Online EMI calculator has made the job easy. You can calculate the EMI using the formula given below: EMI = [P x R x (1+R)^N]/[(1+R)^N-1] Where, P = Principal or loan amount R = Rate of interest per month. Suppose the rate of interest is mentioned in annum, the monthly rate of interest is [ R / (12 x 100) ] N = Number of monthly instalments When computers came, the EMI was calculated in Microsoft Excel : = PMT(RATE,NPER,PV,FV,TYPE) Here,EMI = PMTRate = Rate of interest on the loan in monthsNPER = Total number of instalments in monthsPV = Principal amount or present value FV = Future value or value that remains after the last payment in the last month (which is 0) TYPE = It is either 0 or 1 (when the instalment amount is paid at the end of the month it is 0 and when the instalment amount is paid at the beginning of the month, it is taken as 1) Therefore, it is also shortened as, = PMT(RATE,NPER,PV) No wonder, necessity is the Mother of Invention. Now EMI can easily be calculated online. You need to set only 3 parameters, Personal loan amount, Interest rate and Loan Tenure. Equated Monthly Instalments or EMI per month are available to you. Benefits of Using an Online Personal EMI Calculator Here’s how the EMI calculator helps you plan your finances: Accuracy The online personal loan EMI calculator provides an exact computation, saving you time in the process and avoiding calculation mistakes. Some EMI calculators also show the data in a pie-chart form. It helps you be aware of the relation between the rate of interest and the principal loan amount. Do the research well before delving into the expenditure. Planning your budget Even if you do not have enough money saved, you can still possess get your desired gadget or appliances. Check and analyse the price of the gadget you are eyeing and then using the online calculator decide the maximum personal loan amount you require. You can easily choose the EMI you can afford without making it heavy on your pocket. Saving Once you have figured out your expenses, you can start saving for your future. How much goes to paying for the FD, RD, PPF or any other insurance should be given importance too. Appropriate lenders Various financial institutions are offering loans. You can do a quick survey to determine which lender offers a lower rate of interest. Accordingly, choose the lender that is offering the best interest rate. Waiving off interest You might be earning more than you did at the start of the loan. Try to payout your loan before time, if you can arrange for some extra money. The flexible repayment tenure facility enables you to close your loan before the scheduled tenure. This helps you save up on interest and also improves your credit score. [B-02] Conclusion With so much information available online, you can make great progress in taking better financial decisions. You can find the solution whenever doubts arise. In this article, we have tried to give a picture of how the online personal loan EMI calculator enables better financial planning. For further information about maximum personal loan amount eligibility, log onto the Piramal Finance website. You can check various informative blogs uploaded online on the website. Do not forget to explore the products and services they offer.

08-11-2023

Personal Loan

What Is Digital Personal Loan And How Does It Work In India?

In the digital world, it has become easier to apply for a personal loan. There are many reasons for taking personal loans, such as home renovations, medical emergencies, weddings, and holidays. If you have an urgent need for money without disturbing your savings, you can apply for a personal loan online on the lender’s website or mobile application. [B-01] What is a Digital Personal Loan? A digital personal loan is an instant financial solution when you need to make huge expenses. A few years ago, finding a good personal loan deal would entail visiting many banks and financial institutions. Today, the process is faster and more accessible. Digital personal loans have sped up the application and the loan disbursal process. You only need to have filled out the application form and submitted the key documents for verification. After that, it takes a few days for the lender to review and approve your loan. All this happens quickly. You don’t have to waste your time following up in person for an update. Benefits of a Digital Personal Loan Easy Online Application and Approval: One can still visit their bank in person and apply for a personal loan. However, many working people can avail of the online application process. First, you log into the lender’s portal. Then you can fill in the application in just a few minutes. Often, you can receive the approval within a few hours or on the same day. Hassle-free Documentation: The documentation process to apply for a personal loan online is also digital. The application process is hassle-free. All you need to have are the basic verification documents ready to upload. Quick Disbursal of Funds: First, the lender has to evaluate and verify you as a creditworthy borrower. Once that is done, they will give you the loan amount in a few hours or days. Collateral Not Needed: Personal loans are unsecured debts. So, you do not have to put up security against them to avail of a loan. That is why it is easier to acquire a personal loan than other loans, such as home loans. Builds Credit Score: How can you build your credit score if you have a low credit score or no credit history? Getting affordable personal loans and making on-time repayments is a great way to achieve that. Your credit score will increase as you pay the EMIs on time. How Do Digital Personal Loans Work In India? Digital personal loans are common in India. It is because they offer flexible repayment tenures. Along with that, you can apply for a loan from your bank’s mobile or web application. Moreover, you can do it without disturbing your schedule. The entire process is done online. It includes the application, approval, disbursal, and recovery. To add to that, if you are pre-approved for an instant personal loan by your bank, you can get a personal loan online in just a few clicks. All you need to do is keep your KYC documents ready. Important Considerations Before Taking A Personal Loan Lender’s Credibility: You may have to pay high EMIs if you borrow without proper research. When you apply for a personal loan, it is vital to check the lender’s credibility. You can only get a personal loan from lenders who are verified by the Reserve Bank of India (RBI). Lenders also need to have a track record of lending. Credit Score: Credit scores are a measure of your financial health. They consider income, debt, borrowing habits, and repayment history. A score of 750 or higher is often known as a good credit score. This score puts you in the top spot when you apply for a loan. Terms and Conditions: It is vital to go over the terms and privacy policies before you take out a loan. Make sure to read the terms and conditions in detail when you apply online or offline. These details can seem trivial when you need urgent funds. But ignoring some key points could lead to issues later like higher late repayment fees. Pay attention to points such as the repayment schedule, charges, and default charges. Tax Implications of Personal Loans The loan amount is not part of your income. So, generally, there is no tax payable on personal loans. Personal loans do have a tax benefit. There might be tax deductions on personal loans taken for specific purposes, such as buying a house or funding education. Therefore, it is helpful to get a personal loan from a good source and avoid unverified lenders. [B-02] Conclusion When you borrow money, the golden rule is to keep in mind how much you can pay back. You might need 10 lakh rupees to buy a house, but if you should afford to repay this amount. Your existing debts may exhaust your income, making you an unreliable borrower. Digital lending has revolutionised the personal loan market. The process is now convenient and efficient. Any approved bank or financial institution can give a digital personal loan. An existing customer of a bank with a good financial record can benefit from an instant pre-approved digital personal loan. However, before you opt for a personal loan, plan your debt properly. You should ensure that it doesn’t burden your finances later. Make sure that you take into account all the key details to make the process of taking a digital loan more efficient. Piramal Finance allows you to easily apply for a personal loan online by following simple instructions.

08-11-2023

Know More

Complete Details of Personal Loan You Should Know

Personal loans are a great way to get the finances you urgently need. It can be an excellent way to build a good credit score for yourself. Before applying for any personal loan, you should know the personal loan details. This article will answer questions about personal loans and how to take a personal loan. [B-01] What is a Personal Loan? Personal loans are usually taken from banks, NBFCs, or other financial institutions. The amount of the loan can vary. It generally ranges depending upon the personal loan details provided at the time of availing. You may be wondering why someone would need a personal loan. Well, there are many reasons why you would need one: There is an urgent expense such as buying new furniture or getting their car repaired To start a business To renovate their home One desires to buy something expensive But anyone looking to apply for a personal loan must be eligible for the same. This is before they know how to take a personal loan. How Do Banks Calculate Personal Loan Eligibility? The first thing banks do is look at a person’s credit score. It is a good sign if they have a history of paying off debts on time. This helps lenders determine whether they should approve them for a personal loan. Next, they’ll check how much you make per month. They will also check for factors that affect the person’s ability to repay the money. Finally, they’ll calculate what collateral lenders can use against defaulted payments. This includes assets such as real estate properties. But, this is only for those personal loans which need collateral. The majority of personal loans are collateral free. It is very important to know about the concept of credit scores. So what exactly is a credit score? A credit score is a number that represents the credit history. Lenders use it to determine whether a person is a good risk for a loan. Your credit score will help you to decide how much money you will tend to receive. This will further determine how much interest they will offer. You should know what all documents are to be submitted with a personal loan application. What Are the Documents Required to Get a Personal Loan? If interested, you will have to submit the following documents while applying for a personal loan: Identity Proofs: They need to provide their PAN card or Aadhaar card in case of an online application. Address Proofs: You can submit their official identification card as their address proof. Income Proofs: You can submit tax returns, bank statements, and other financial documents. This is to show income from previous years. They also need to show their current year’s salary to prove their eligibility for this product. Types of Personal Loans A personal loan, as was said before, may be used for a wide variety of reasons. Your immediate wants and requirements may be met by this method. Personal loans are categorised further by their intended purpose for the borrower’s convenience. The following are examples of well-known categories of personal loans: Wedding Loan Efforts to top one other in lavishly preparing for a wedding day seem endless. These costs may wipe out a person’s savings if they have not saved wisely. To have the finest celebration, most individuals spend more than their original plan. When people require money, many will not think twice about borrowing it. A wedding loan is a short-term unsecured loan taken out to pay for a wedding. It is not uncommon for a couple to borrow money from close relatives or friends to cover the cost of their wedding. Hence, you can avail of the facility from formal institutions according to their terms. No stigma is attached to getting a loan to pay for a wedding. Festival Loan Cultural celebrations often occur throughout the year in India. They have a special meaning for people and are celebrated with great enthusiasm. Some cultures even consider holidays as lucky times to make major purchases. They see such actions as a sign of prosperity. But monetary constraints might dampen the holiday spirit at times. For this reason, festival loans are there to help everyone. The holiday season is when many financial institutions introduce their Festival Loans. A festival loan is available for those who lack immediate funds. Lack of cash may prevent them from enjoying the holiday season to the fullest. Vacation Loan A person’s plan for a trip might become a reality with the help of a personal loan. A personal loan specifically designed to cover the costs of a trip is known as a “vacation loan.” Thus, a holiday loan is a short-term unsecured loan taken out for the express purpose of a trip. Depending on your financial situation, you may benefit from the same. Anyone should be aware of all the uses and details of a personal loan. The benefits of borrowing from banks or NBFCs should also be known. The article will discuss how taking a personal loan may help a person now. What Are the Benefits of Taking a Personal Loan from Banks or NBFCs? If a person is looking for a personal loan, consider taking one from banks or NBFCs. There are several benefits to taking a personal loan from banks or NBFCs. It is better than borrowing from friends and relatives. For example, when one avails of a personal loan, they can get the money immediately. Banks usually approve the application on the same day a person applies. Besides, personal loans are much more flexible than other types of loans. The borrower can use the money for any purpose. Banks and NBFCs also offer lower interest rates on personal loans than on other loans. This makes it easier for anyone to pay back their debt. In the end, it becomes a win-win situation for the borrower. [B-02] Conclusion The best way to get a personal loan is to ensure one is eligible for the same. As emphasised before, one should know all the details of a personal loan. Then, it is important to ensure that you have calculated your needs and know how to apply for a personal loan. If a person faces any drawbacks, it is advisable to seek professional advice. Do avail the products and services of Piramal Finance. They are here to assist everyone in streamlining their finances. Do visit this space for more financial knowledge and awareness!

08-11-2023

Personal Loan

A Complete Guide on How to Calculate the EMI on Personal Loans

Are you having difficulties using a personal loan EMI calculator and want to know how to use it? Looking to finance a foreign tour with your family or pay off all your debts at once? Want to go for an immediate personal loan but don’t have enough information regarding it? Well, then you have to go to the right place because this article talks about all these things briefly. In this article, you will learn about personal loans, what a personal loan EMI calculator is, and how to use it. [B-01] What is a personal loan? Like any other form of loan, a personal loan is a short-term credit service where you borrow money from a bank and in return pay the bank at a little higher interest. This interest is the profit obtained from the interest rate that the banks keep with them. An immediate personal loan is given to individuals who have a good credit history and a clean track record. It is an unsecured form of loan that doesn’t require any collateral or security fund. This is the striking feature of a personal loan that differentiates it from other types of loans. What are some of the exclusive benefits of a personal loan? The approval time is quite fast for a personal loan, which is a significant advantage. There is little paperwork and it is often carried out within a day, which is another great advantage. Your loan is instantly sanctioned by the banks, especially if you have a good credit score. In such cases, they are sometimes called “immediate personal loans.” They have a lower rate of interest, which means it won’t bother you much financially during depositing your instalments. You can get up to 35 lakhs of rupees as your loan amount, and some banks even provide up to 40 lakhs. Personal loans are highly flexible, which means their repayment tenure is somewhere between one year and five years. They are easily payable, as banks don’t charge you a high rate of interest. You have to repay in small instalments within a relatively long period. Now, what is a personal loan EMI calculator? To calculate your EMIs for personal loans, an online, user-friendly, AI-based tool is used. This calculator helps you calculate the interest amount that you are going to pay to your bank. A personal loan EMI calculator requires your interest rate, loan amount, and period and gives you the result within a second. What are some of the exclusive benefits of using a personal loan EMI calculator? There are many benefits to using a personal loan EMI calculator, and they are: It saves you a lot of time by doing all your calculations in less than a second. It takes your number, processes it, and gives you the result in no time. A personal loan EMI calculator gives you the value of your estimated interest. This helps you know how much you are going to pay and for how long. It keeps you updated regarding the loan dynamics, so you should be using it now and then to be updated. A personal loan EMI calculator gives you accurate results because it is calculated by artificial intelligence. It is completely free and available with just one click, which increases your convenience. You can rely on it anytime you need to know the figures. What is the best way to calculate your EMI for personal loans? There is a standard formula that is used to find your EMI for personal loans, and the formula goes like this, E= P x R x (1+R)^N / [(1+R)^N-1] Here, E equals the EM I know that you are going to pay. P is the principal loan amount that you took from the bank. N is your loan tenure, and R is the rate of interest that banks are going to charge. To understand this better, let us take an example where you take a loan of $10,00,000 from the bank. Banks charge you a 10% interest rate and give you 15 years to pay that in the form of an EMI. So, according to the formula mentioned above, your monthly EMI will be 10,476 rupees. But, to avoid such complexity while calculating the EMI manually, you should use a personal loan EMI calculator. It will give you results within a second after you enter the numbers. How do I use a personal loan EMI calculator? Here are some simple steps to use to calculate your EMI for an immediate personal loan and get your desired results. Open the application or the site on which you rely to calculate your EMI. To be frank, there are tens of applications on the internet, and you can use any of them. In the first bar, enter the loan amount that you have taken from the bank. Now, enter the rate of interest that the bank has charged you for taking this immediate personal loan. Put in the number of years up to which you have taken the personal loan in the requisite bar. Now press on the “CALCULATE” option, and you have your result right in front of your screen. [B-02] Wrapping it up In India, the rate of interest for a personal loan is somewhere between 8.5% and 30%. However, most banks charge between 10% and 20%, which is a decent interest rate. You should use a personal loan EMI calculator to calculate your interest rates and your remaining amount frequently to keep up with the trends. You should go and visit the official page of Piramal Finance to know more about personal loans and see their amazing content on topics like this. They have also got engaging content on investments (SIPs, mutual funds, etc.), which you should have a look at.

08-11-2023

Business Loan

All things you need to know about Secured vs Unsecured Business Loan

Personal loans were once the final resort for urgent financial problems. Despite the COVID-19 impact, it is now one of the consumer loan types in India that is expanding the quickest. Personal loans have not been significantly affected by the sluggish economy brought on by the pandemic, even though most credit categories have seen an increase. Except for personal loans, key credit divisions all experienced a moderating in credit growth, according to the Economic Survey 2019–20. A personal loan is frequently what saves people whose salaries were reduced and payments were postponed. According to the Reserve Bank of India (RBI), personal loans today account for 28% of total bank credit. There are two primary forms of personal loans that you may choose from when looking for financing: secured personal loans and unsecured personal loans. [B-01] Secured Business Loan To get a secured loan, you must give an asset that may serve as collateral to an insurance company. A secured personal loan is a loan that is secured by an asset for the amount you borrow. Your asset will no longer have a mortgage on it once you have paid back the complete loan amount, so you won’t have to worry about it anymore. Your asset is essentially retained by the bank up to the point at which your loan is not repaid. If you default on the payment, the lender may seize your asset. Features of a Secured Business Loan Interest rate: Since collateral has been pledged and there is little danger, interest rates are low. Accessibility: No Problem Term Length: Short to Long Loan size: The loan amount is fixed as per the value of the collateral and can be quite big. Processing period Verification procedures lengthen it Low chances of rejection, subject to lending requirements and the availability of assets to use as security for the loan. Types of Secured Loans in the Market Home loans are among the most popular bank lending products. The new home you are taking a loan for in this case is the security. Gold Loan: People who are in urgent need of cash can use their gold as security to get a bank loan that is about equal to 75% of the gold’s worth. Auto Loan: For many people, getting a car loan is the next logical step after paying off their house loan. Unsecured Loans Personal loans that are not backed by collateral are not insured. Compared to secured personal loans, the interest rates for these loans are often higher. For college loans, credit card debt repayment, etc., unsecured loans are used. Unsecured personal loans often have higher interest rates. Both the principal amount and the payback period may be less than they would be for a secured loan. Features of Unsecured Loans The perks of an unsecured personal loan are considerable. Since they are less risky than secured loans, you won’t have to worry about losing your assets. Since there are no assets to consider and process as security for an unsecured loan, it is easier. Its easy accessibility is one of its main benefits. However, you do need a solid credit history and score. Before applying for a loan, you may quickly and easily check this information online. Types of Unsecured Loans One of the most widely used types of unsecured loans is a credit card, which bills you once per month and charges interest on any unpaid amount. Personal Line of Credit: While credit cards and lines of credit are comparable, lines of credit often have much lower interest rates. They give a pre-approved credit limit that you are free to utilize in any way you see fit. Personal Loans: These loans are for your use and may be used for a variety of things, including education, travel, medical expenses, and phone bills. The loan amount depends on your credit history and can range from a few thousand rupees to several lakhs. Points to Consider before taking a Secured Loan or Unsecured Loan If your CIBIL score is good enough, as mentioned above, you can choose an unsecured loan. This implies that by limiting the number of unsecured loans you apply for, you should keep your hunger for them low. Even though unsecured loans are widely accessible, it is advisable to practice moderation. Your credit score will rise if you repay unsecured loans on time and with discipline. It is advisable to evaluate the amount of your loan debt. While applying for an unsecured loan, you should not promise collateral that is worth more than the bank requires. You can choose to pledge two or more minor assets that are equal to the amount of your loan. If you have enough liquid assets, collateral, and backup assets, you may apply for a secured loan because the interest rate will be cheaper. For instance, you can borrow money against a fixed deposit for a 1% to 2% premium to the interest rate on the FD. [B-02] For long-term loans, banks typically look for collateral. Banks give personal loans without asking for any security for short-term loans, which are defined as loans between six months and two years. Banks base their decision on your ability to repay the loan on your income. There may be pre-payment fees and personal loans have higher interest rates. Banks might easily grant unsecured loans to account customers with solid loan histories and CIBIL scores. To read more such articles, visit Piramal Finance right now!

08-11-2023

Personal Loan

Most Important Tips on Personal Loan EMI Management

You shouldn’t spend all your savings if you can get personal loans. These loans can be used for anything, from paying off a lot of debt to buying a car or getting medical care. Personal loans are popular with borrowers because they are easy to get, have few requirements, and don’t need any paperwork. The problem, however, begins when the EMI payment plan is about to start. The management of your personal loan EMIs can often break a person’s bank balance. People who take personal loans don’t understand much about personal loan tenure or how to space them out. This often results in a low balance or missing important loan repayment dates. This article explains everything you need to know about personal loans, personal loan tenure, and much more. [B-01] Check Your Savings Always verify how much you have saved up in the bank before you decide to take out a personal loan, and do this regardless of how long you want to keep the personal loan. Check to see that you have sufficient funds stashed away in your bank account. This is for the monthly interest payments that you will have to make. You may utilize a portion of the money from the personal loan to pay back the EMI on your car loan, but you have to have some savings of your own. You can make on-time payments of your EMIs if you have sufficient savings—at least half or three-quarters of the loan you have taken out. Your CIBIL score will suffer if you cannot keep up with your monthly installment payments, or EMIs. Because of this, getting another loan in the future will be much more difficult for you. When you get a personal loan, you should ensure you have enough money to pay it back. Use an EMI Calculator for Personal Loan Tenure Online, you may find a variety of different EMI calculators. In this section, all that is required of you is to input the loan amount you have taken out and the duration of the personal loan. After you give this information, you may or may not be asked to give more information to finish the process. When all the information has been entered, the system will determine the amount of EMI you must pay each month. You will be able to better prepare for your EMI payments with the assistance of this fantastic planning tool. With this approach, you can get an approximation of the total amount you will be responsible for paying toward your EMIs. This is an excellent method for keeping track of your savings, expenditures, and EMI payments, and it is recommended that you use it. Cut Down on the Use of Credit Cards Reduce your reliance on credit cards if you are already servicing a personal loan on your account. Wondering why? Do you know that if you make your payment on time for your credit card account, you won’t have to pay any interest? The issue is with the interest rates. If the situation is not handled correctly, the interest rates on even the finest credit cards may become significant. People often spend their credit cards above reasonable limits while acting as if they have no concerns in the world. This is what leads to financial hardship. When you have a personal loan repayment term that you need to finish, you do not wish to be in this situation. Reduce the amount you spend each month and prioritize paying off your debt. Your monthly EMI payments are your priority, above anything else. If you are in debt from a personal loan, you should work to reduce it rather than add to it. You want to get out of debt since getting further into debt is something no one wants to do. Get All Information About Your Personal Loan In Hindi You must have the necessary information before applying for a personal loan. The employees at the bank will walk you through everything in great detail and will be more than delighted to do so. Find out all you need to know about the loan you are applying for. If you don’t understand the language used at the bank, you could ask that they talk to you in Hindi. You must get all of the information you want about personal loans and personal loan tenure. You will be aware of the day on which payment is due, the amount of money that must be paid, and the repercussions of not making payment in this manner. Every person applying for a loan should be aware of this crucial information. Ask them for all the information regarding your personal loan in Hindi so that you can fully understand. Maintain Emergency Funds During Your Personal Loan Tenure When you are on your personal loan tenure period, it is advised to have emergency funds. These are to ensure you can pay back your EMIs on time. These emergency funds should be there alongside your savings. If you are in a situation such as job loss, low savings, etc., your emergency funds can come to the rescue. You are given a monthly EMI amount when you take a personal loan. The personal loan tenure period is also specified for repaying it. This is important to keep in mind. Have emergency funds that can help you pay back at least two EMIs so that you can work on your situation worry-free. [B-02] Conclusion Personal loans can be a lifesaver. But don’t drain all your savings while trying to pay them back within the personal loan tenure. Keep the EMI amount in mind, reduce expenses, and strategically plan your budget. You will have no issue paying back your EMIs on time. For more information about personal loan tenure, you can contact Piramal Finance.

08-11-2023

Personal Loan

Is It Good to Take a Personal Loan on a Credit Card?

Credit cards help you source cash easily for emergencies, trips, shopping, and paying for services. Using a credit card, you can buy products now and pay later. If you have taken a credit card personal loan from a personal loan provider you are expected to make timely payments. Personal loan providers could charge you extra interest and a late payment fee if you don’t pay your bills on time. Financing costs for credit cards can be pricey. If you only pay the interest, it forms a large chunk of your income. If you are struggling with credit card bills, here are a few options that could help. [B-01] Taking Cash to Take Care of Credit Card Obligations As you weigh your options, a low-interest credit card personal loan might seem like a good option. But, in addition to the cost of the loan and the time taken to repay, you should also take into account its terms and conditions. Before choosing a credit card, you should be aware of the bank’s payment terms and financing costs. Further, there are a few benefits to long-haul individual credits. Since the scheduled payments on a longer-term private loan are lower, salaried borrowers may be able to pay off the interest easily. If you can’t make big payments regularly, you might be better off with a personal loan with a longer tenure. You should choose personal loan providers that best fit your needs. Benefits of Taking a Personal Loan on a Credit Card Low Loan Fee Most of the time, the interest rates on advances are lower than those on MasterCards. In different situations, credit card personal loan VISA rates cover some of the costs of loan advances. Credit Union One of the biggest problems with salaried classes is that there is never enough time to figure out how to take care of all of your responsibilities. Also, stress and pressure at work can make it hard for people to remember things. If you have more than one credit card, it could be hard to keep track of when each payment is due and its amount. Without a well-thought-out plan, it will be hard to handle the responsibilities that come with each of these cards. In this way, You might be able to avoid all the problems if you put all of your personal loans on a credit card. By taking out an individual credit, you can pay off any other credit card personal loan and only worry about the individual advance. It will be easier to keep track of and manage your money if you only make one payment each month instead of multiple. Due Date At times, you keep making credit card payments, and it still feels like it will go on forever. When it comes to personal credit, on the other hand, you can choose fixed terms for the duration of the repayment period and look over all of the agreements, not just the loan cost. Now, you have a better repayment plan, without having to worry about the costs all the time. If you get a personal loan to pay off your credit card obligations, you should be aware of the number of regular payments you need to make to be debt-free by the due date. Credit Rating With financial assessment credits, you can raise your FICO score. When you take care of all of your bills as soon as possible, your FICO score will start to improve. This is because you have already paid off all of your advances and charged card fees. If you can’t make your credit card payments on time, you should choose a reasonable credit card personal loan so that you can still pay your monthly bills on time and maintain a good FICO score. Disservices of Taking Individual Credit to Take care of Mastercard Obligations Getting a personal loan to pay off your Mastercard bill isn’t as easy as it sounds. Your FICO score is low because you may have gotten a lot of credit in the past. This could make it hard for you to get a credit card personal loan on your own. If you get a private loan with a long repayment period, you will have to pay interest over a longer period. You might end up paying more than the Mastercard bills because the interest on the credit card charge will be added to the interest you pay on other debts. After transferring your charge to personal credit, you could also think about donating a part of your Mastercard charges to a charity. However, this may result in a decline in your FICO score. Overall, each credit card has to pay more. So, you should use your credit card for personal loans instead of getting rid of them. Using a program like CRED, which not just guides you in terms of due date reminders, but also pays you for making timely payments. Another strategy is to avoid debt altogether. Unless you need money immediately, keeping away from debt is generally considered ideal. [B-02] Conclusion It is best to pay your credit card bills on time, so as to avoid taking additional credit for paying off the balance. Even though there are benefits to credit card personal loans, they might not always be the best choice. Several personal loan providers can help you repay your credit card personal loan on time. You can visit Piramal Finance to find out more about their services.

08-11-2023

Personal Loan

Smart Ways to Get Minimum Interest Rates on Personal Loans

If you are in a financial bind, taking out a personal loan is a flexible way to meet your unique demands. They are often borrowed to cover emergency fund needs. Personal loans with low interest rates are the ideal solution to address your immediate financial requirements. A personal loan can help you finance everything from your child’s wedding to a vacation with your partner. However, obtaining a loan at the most competitive rate is critical. Lenders are developing several practical options for personal loans to make them more accessible to customers. A personal loan can be obtained either online or in person. But the vital point is how wisely and carefully you approach a lender for a personal loan. Finding the best rate is necessary when applying for a personal loan and choosing one that works best for your needs. Here are a few tips to help you discover the best interest rates on personal loans: [B-01] Maintain a good credit score You might want to become familiar with and continue to monitor your credit score if you are interested in obtaining a personal loan. This is because the terms of the loan you take out are determined, in part, by your credit score, which reflects your capacity to manage credit responsibly. A higher score indicates better credit. You will be eligible for a personal loan if you have a credit score of 700 or 750; as a general rule, the higher your score, the better off you will be. Lenders will decide on payback terms, the total amount of the loan, and the interest rate based on your credit score. You will have more leverage in the negotiation process with a higher score. Be consistent in employment A consistent, full-time job with demonstrated professional advancement is always preferred over a freelancer or contract worker. In addition, lenders consider steady work to be an assurance of monthly loan repayments. Therefore, before deciding on personal loan interest rates, they look at your career history and how long you’ve been at your current job. If you are a freelancer or contract worker, getting approved for a personal loan might take a lot of work. However, if your work history is strong and you have a good credit score, there’s no reason why you shouldn’t be able to secure a personal loan. If you have worked for over two years at the same company and have received a regular raise, the lenders will have no qualms about lending money to someone like you. Compare lenders to find the best deals When looking for personal loans in your area, you must get clarification on all the possibilities available. Because of this, you need to take some time to do some preliminary research and compare the interest rates and features of different products. Research can go a long way: it may assist you in finding the loan that has the features and interest rate that are most beneficial to you. Even though it will take some time to finish this task, you will realize at the end of the day that this was the best choice. Develop a positive relationship with your lender If you’re looking for a reasonable rate on a loan, it’s worth being an existing customer with the lender. A lender with whom you have a good relationship can help you get the best rates and loan offers. If you are an existing customer, the lender understands your credit history and will always want to keep you on the best terms. Therefore, when seeking low-interest loans, always strive to approach a lender with whom you have been a customer for a long time. Understand how the lender calculates interest Ensure that you have a solid understanding of your lender’s interest rate calculation process. Never select a personal loan solely based on the interest rate offered by the lender. Stick to your budget and consider all the relevant factors before applying for a personal loan. When determining the interest rate, various criteria are taken into consideration. These things to think about are the total amount of the loan, how long it will take to pay off, and any costs that come with getting credit. Keep an eye out for exceptional deals Maintaining a watchful eye for promotions is the most effective strategy to uncover a favorable deal for your bank account. The vast majority of large banks and other financial organizations run promotions regularly. During Diwali or other special occasions, such waivers or cashback incentives are frequently made available to customers. It will be easier to get a decent deal if you routinely check the official websites of the most important financial institutions, including banks and lending institutions. [B-02] Conclusion Before taking a personal loan, it is essential to understand the different elements that determine your interest rate. These factors include your credit score, income, employment history, and other financial obligations. If you meet these criteria, you may even be able to negotiate a reduced interest rate on your loan online with the bank. Choosing a personal loan is one of the most crucial decisions of your life because it is fraught with danger. As a result, it is advised that you conduct considerable research before deciding on a lender. You can compare and select an affordable personal loan with the help of this article. For extensive information and expert guidance, make your way to Piramal Finance.

08-11-2023

Personal Loan

How Does Car Loan EMI Calculator Works In India?

One of many loans people can obtain from a bank or a financial institution is a car loan. In today’s fast-paced world, owning a car or an automobile has become a necessity. Be it a new car or a used one, people are looking forward to buy vehicles more than ever before. Your budget is crucial in choosing the car you can buy, the down payment you can make, and the loan amount you need. The car loan can be repaid in a pre-arranged duration with manageable EMIs. Your credit score will suffer if you don’t pay back the loan on time, and the lender may seize the vehicle to make up for the loss. [B-01] What does an EMI calculator for Vehicle loans do? The vehicle loan EMI calculator is a powerful tool that will guide you in calculating the equated monthly payments you need to make to the bank during the term of the car loan. Before entering the bank, you are notified of the loan’s required amount, interest rate, and monthly payments for the car loan. This tool is a formula box with sliders for the loan amount, loan tenure, and interest rate. The vehicle loan EMI calculator will display the monthly repayment amount to the bank after you enter the data. How does the Vehicle Loan EMI calculator operate? With the aid of the following mathematical formula, you can establish the car loan EMI amount: EMI amount is calculated as [P x R x (1+R)N]/[(1+R)N-1] with P, R, and N acting as the variables. Additionally, this implies that the EMI value will alter each time one of the three variables is altered. Let’s go into greater detail about these three variables. “P” is an abbreviation for the principal amount. The initial loan amount that you received from the bank is what will be used to compute interest. “R” speaks for the interest rate that the bank has established. “N” is the total number of years allotted for loan payback. The period is measured in terms of the number of months because you must pay the EMIs every month. If you borrow Rs 10 lakh for a car at a 12% interest rate, the EMI will roughly be as follows: P = Rs 10 lakh, R = 12/100/12 (you must convert to months), N = 2 years or 24 months. EMI = [10,00,000 x 12/100/12 x (1+12/100/12)^24] / [(1+12/100/12)^24-1] EMI = Rs 47,073. Benefits of taking a Vehicle loan: There are many positives to leasing funds to buy a car, some of which are mentioned below: Can be repaid in simple EMIs – You can choose your own simple equivalent monthly installments (EMIs) for your auto loan repayment. These EMIs will depend on the repayment period you select as well as the interest rate the lender will charge. Your stress of having to make a large loan repayment payment all at once is lessened by using EMIs. Instead, you might make modest payments as you can afford to do so. No need to present collateral – When you apply for a car loan, the vehicle itself will serve as your only form of security. The vehicle will be held in the trust of the bank, and the lender will have the right to confiscate it in the event of any payment default. Excellent for establishing your credit history – If you borrow money for a car and pay it back on time, your credit rating will rise. Because lenders will know you can pay them back, they will be more likely to offer you favourable terms, such as lower interest rates or the elimination of processing fees. Better planning – By paying back your car vehicle loan through EMIs, you may better manage your finances because you will know how much you will be spending each month to cover the debt. Then you can make the necessary adjustments to your other costs. You can use the car loan interest rate calculator feature to determine the EMI amount. Offers additional advantages – These days, many banks will give you perks like free maintenance, free road tax, etc. when you take out a car loan. Factors Affecting Car Loan EMI The vehicle loan EMI calculator is determined by a variety of parameters. Since the principle sum, term, and interest rate all play a significant role in determining the EMI, any change in any of these factors may affect the EMI amount. The additional elements that influence EMI are: Employment Category (Salaried, Self- Employed Professional, or Businessman) Income brackets Age demographic Duration of the loan Vehicle (New or Used) Car financing programme The applicant for the car loan An active bank account The price of the vehicle you choose will also determine whether you qualify for a car loan or not. [B-02] Final Thoughts Nowadays, more and more Indians are choosing to buy a vehicle. As a result, banks in India are providing vehicle loans with affordable rates of interest. Gone are the days when you had to wait in long queues at banks to apply for a car loan. Today, applying for a car loan is simpler than ever and can be done from the luxury of your home, with just a few taps. To know more about car loans, check out the Piramal Finance website, and find out which one suits you best.

08-11-2023