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Lifestyle

5 Tips for a Successful Clothing Boutique Business

A great clothing store needs the same steps as any other business, plus a little more work. If you want to run a successful clothing business, it’s important to remember that you need a strong marketing plan. Your customers will keep returning to your shop even if they don’t know you’re there. For this business to do well, it needs to buy marketing tools and develop a good way to sell things. Use effective marketing methods, like marketing on media platforms and online ads, to reach more people. Please look at each online shop’s offer to determine which is best for your business. You also need a strong online presence and loyal customers who like what you do. Once you have the basics down, it’s important to stay unique and keep adding to your stock to keep your customers happy. [B-01] Boutique Business People who want to stand on their own often start their businesses in an area they are passionate about. This gives them the freedom and satisfaction of being their boss. Many dream of opening a boutique business. A boutique is a small retail store that sells clothes, fabrics, accessories, and other items for a specific market. It is easy to start, can be run by just one person, costs very little money, and uses the owner’s creativity and passion. How to Establish a Boutique Business? If you like clothes, fashion, and design, you can start your own business. Before the time of ready-made clothes, people often bought clothes at boutiques. Boutiques are less important for everyday clothes now that there are more brand shops and ready-to-wear clothes, but they are again important for clothes that fit well and are different from run-of-the-mill designs! When people shop in a boutique, they often think of style and fit, not just buying clothes. Some boutique shops sell ready-made clothes and clothes made just for the customer. So, clients can get the fit they want and know what styles are available. There are only a few of the usual things that a boutique business needs. For several reasons, the boutique model is changing to meet modern needs. Five Tips to Start and Run a Successful Boutique Business Before you make your official debut, there are a lot of things you need to think about and set up. Whether you want to start a boutique business or make your own clothing brand, this is true. Before you start, think about the following: Aspects of Funding, Pricing, and Law It would help if you thought about how you want to fund your business and how much you expect to make in the first quarter before taking action. Only a profitable firm can endure over the long term. Financing options include business loans, joint ventures, personal contributions, and investor recruitment. You must choose the cost of your products and services when you develop your company plan. If you’ve generated a basic draft of your product catalog, you may assess it using data about your rivals. In addition to these aspects, you must take care of your company’s core legal obligations. To do this, the firm must be listed under the proper business category, and its local government’s operating permits and licenses must be confirmed. Choose Your Store’s USP and the Goal of your Enterprise Determine your motivation for starting the boutique and the products you’ll sell. You’ll also need to know current market trends and the colors people find appealing. Create a business attitude right away. You’re doing this to benefit financially and improve your quality of life. Nothing is possible without profit. Therefore, always consider how to increase revenue while reducing expenses. As a result, consider “the reason why you wish to establish a boutique.” Any firm, not to mention the competitive fashion industry, needs a strong drive to succeed. Make sure you have the education and expertise necessary to operate a firm. A broad understanding of how to operate a firm is crucial, and you may acquire this knowledge by reading pertinent publications. With knowledge, you can depend less on other people. Nobody can trick you if you have the information. Your knowledge will serve you well, and you’ll be able to make wise judgments. Business operations are complex and need knowledge and support. A Loyalty Program Can Reward Customers A customer loyalty program is a good way to keep people coming back. A boutique business needs repeat customers. If you have more, your customers will be happy and likely tell their friends about you. Customers are also more likely to stick around if they can get a discount. Hire Good Employees If you don’t have any staff, that’s okay. Many company entrepreneurs start by themselves, handling every aspect of their operations until they start to turn a profit. But everyone needs a fallback. At some point, you will need to recruit someone, even if only briefly. It would help if you had personnel to tidy the area, handle the money, and work as salespeople. You can quickly get exhausted if you try to handle everything alone. Make certain that any new hires adhere to all shop operating procedures. Do not give in on this; if the owner is lax about the regulations, the staff will likely disregard them. Switch to Digital Platforms Despite the change from offline to online, many boutique owners keep running their genuine businesses. You may transfer your firm online using well-known programs created for the retail sector. These platforms work well for marketing and selling. They are also helpful and may help you connect with targeted users who still need to learn about your firm. [B-02] Conclusion You can make your boutique business as simple or complicated as you want. Focus on a single genre, or offer your skills for all designs and clothing. After a few months in business, you can focus on successful niches and buyer types with a growing customer base and better performance in certain boutique niches. No matter what you do, happy customers will certainly help your business reach new heights. Two things that will help you in this area are good work and careful planning. Using Piramal Finance, you can learn more business tips and tricks. Visit the website of Piramal Finance to find out more.

08-11-2023

Electronics

5 Problems Small Businesses Are Facing Post-COVID-19

COVID-19 has been a nightmare for many small businesses. Since the pandemic ended, some businesses have grown, but others still have to deal with many problems. How can businesses that are having trouble making money fix their problems? A small business loan, also called an SME loan, can help a business that is having trouble doing well. This article discusses the five main problems small businesses have had since COVID-19 and the best way to get a small business loan, or SME loan. [B-01] The problems Maintaining Competence Your business will always have to deal with new competitors in terms of prices, goods, and services. Even though some may charge less, others may have better products or services that are more useful. Since COVID-19, it has been hard to stay competitive and take advantage of undiscovered gaps in the market because of money worries. Customised advertising Marketing strategies are no longer a place to try out new ideas. In the wake of COVID-19, the marketing budgets of SMEs have shrunk, so the team needs to be more proactive about how they use their time and resources. Now is the time to spend money on market research to find out who your company’s target market is. To use this information and market your business well today, you need to learn about your target customers’ traits and buying habits. Dealing with Uncertainty For a long time, markets have been hard to predict. But since COVID-19, there have also been a lot of big changes. Keeping afloat is hard when you have to think about everything, like rising prices and higher GST rates. SMEs need to set goals for productivity, make targeted marketing campaigns, and put R&D teams on products to improve their features. These are some of the most common problems SMEs have to deal with after COVID-19. After two years of the pandemic, things are still hard, and businesses must find better ways to keep going. Cash Flow Management This is one of the most important problems for SMEs. It is hard to stick to a cash flow rule that balances money coming in and going out, especially post-COVID-19. The lengthening of credit terms has made business operations harder. Supply chain breakdown After COVID, there was a bad effect on the supply chain. The financial results of the companies have been hurt in a big way. Companies also think their suppliers like big brands and companies more than small ones. Significance Based on a survey of more than 5,800 small businesses, this report provides an overview of how COVID-19 has affected their economies. The results showed that the finances of many small businesses were in bad shape and that COVID-19 had a big impact on them in the weeks after it started. The results also show how businesses feel about the government’s relief efforts and what they think COVID-19 will do to them in the long run. How hard is it for small businesses to adapt to a long-lasting recession? One of the most important things to happen during the COVID-19 pandemic was for small businesses to move online. This has given people a lot of chances to solve different problems. Despite the pandemic, the internet is still a lifeline for several small businesses. In the 30 days before the study, 37% of businesses said they used digital payment tools, 16% said they used digital tools to deliver services, and 23% said they used digital tools to take orders. 36% of small businesses run by one person and doing business online say they make all of their sales online. During COVID-19, however, we have also seen many small businesses come up with creative ways to do well, like entering new markets or coming up with new ways to deliver their goods and services. Big tech companies like Facebook and Google are creating new ways for small businesses to talk to all of their customers at once. Even when businesses stay open, employees lose money when they lose their jobs or work less. It’s important to remember that when a company closes or has to lay off workers, it affects whole communities of people who depend on their jobs for financial security. This, in turn, helps keep other local businesses and organisations going. Dealing with the coronavirus’s wave-by-wave effects on businesses People have called each stage of the COVID virus’s spread a “wave” to distinguish it from the early stages. The spread of the virus has affected businesses and other industries worldwide. This pandemic has had a big effect on many businesses, and managers are fighting unemployment by cutting salaries and trying different things to deal with how the virus is changing. Different industries have been affected by the coronavirus as businesses try to get back on their feet after the chaos that has taken over the world. Impact of Coronavirus There is also a better chance that the response and recovery will work. Encourage people to do things that put people first, protect their rights, and put them in the centre. While also protecting the economy, financial systems, and assets that are very important. Find the sectors and groups that are being hurt the most and are being left behind or will soon be left behind. Avoid policy and funding changes that turn short-term projects into “giveaways” over the long term unless they are meant to be incentives for long-term development goals. Take advantage of the chance to work on long-term goals linked to short-term goals that will help make the future more fair, resilient, productive, environmentally friendly, and sustainable. [B-02] Conclusion COVID-19 hasn’t affected every business the same way. Some were told to close, while others were considered important enough to stay open. Some businesses can get employees to work from home, but others need more help. The pandemic has caused a lot of trouble, and the fight continues even after more than two years. Small businesses have trouble managing cash flow, finding qualified employees, and dealing with supply chain interruptions. If you want to learn more about these, you can learn more at Piramal Finance.

08-11-2023

Tax Savings

All the Home Loan Tax Benefits Under Section 24 You Need to Know in 2022

Everyone dreams to purchase their own home one day. The Indian government has shown a strong interest in motivating Indians. They have urged residents to engage in real estate. The ability to deduct interest paid on a home loan is made possible under Section 80C. And if you finance the purchase of a home with a mortgage, you’ll be eligible for a variety of tax benefits. They are much lower than the amount of tax you pay every term. In this piece, you will get to know all of the tax benefits with home loans under Section 24. [B-01] All of the Tax Benefits under Home Loans Under Section 24 Deduction for the interest that was paid on the mortgage To buy or build a house, one needs to apply for and receive a mortgage loan. If the loan was taken out to pay for home improvements, then those improvements have to be finished no later than the end of the fifth year after the fiscal year in which the loan was obtained. If you are paying (EMI) on your home loan, the payment will consist of two parts: Interest payment Principal repayment Under Section 24, you are allowed to deduct the percentage of the EMI. The deduction is equal to the interest that you paid during the tax year, up to a maximum of Rs 2 lakh. There is no maximum amount that can be claimed in interest for a property that is rented out. Deduction for interest that was paid in the pre-construction period Imagine that you have purchased a home that is still in the process of being built and that you have not yet moved in. However, you are currently paying the EMIs. The earliest point at which you will be able to begin deducting the interest you pay on your mortgage is the point at which construction is finished. The Income Tax Act provides for the possibility of claiming a deduction for such interest. In addition to the deduction that you would normally be able to claim from the income from your house property. It begins in the year that the property is purchased or the construction is finished. Repayment of a principal subject to a deduction Under Section 80C A deduction equal to the amount of the EMI that was paid toward the principal during the year can be claimed. Up to one and a half million rupees (Rs.) is the maximum sum that can be claimed. To be eligible for this deduction, however, the home cannot be sold during the first five years of the taxpayer’s ownership of the property. If you don’t meet either of these conditions, the deduction you claimed earlier will be applied back to your income in the year that the sale occurs. Stamp duty and registration fees are eligible for a deduction Under Section 80C, you can claim a deduction for principal repayment, as well as a deduction for stamp duty and registration fees, as long as you stay within the overall maximum of Rs 1.5 lakh. On the other hand, you can only make a claim for it in the same year that the expenses were paid for. Extra reduction allowed under Section 80EE Buyers of primary residences are eligible for an additional deduction of up to Rs 50,000 under Section 80EE of the Income Tax Act. To qualify for this deduction, you need to satisfy all of the following conditions: The amount of the loan that is taken out should not be more than Rs 35 lakh, and the value of the property should not be more than Rs 50 lakh. The loan must have been authorized sometime between April 1, 2016, and March 31, 2017, inclusive. Also, on the day the loan is approved, the individual in question will be considered a “first-time house owner,” meaning that they will not have previously owned a home. Extra deduction available under Section 80 of the EEA An additional deduction of Rs. 1,50,000 for homebuyers under Section 80 EEA of the Income Tax Act was included in the 2019 Budget to encourage growth in the housing market. The following must be satisfied to qualify for the deduction criteria: The property does not have a stamp value that is greater than or equal to Rs 45 lakh. The loan must have been approved sometime between April 1, 2019, and March 31, 2022, inclusive (extended from 31 March 2021) It has been established that the individual in question is a first-time home buyer as of the date on which the loan was authorized. Deduction for interest paid on a shared mortgage If the home loan was taken out jointly, each loan holder is eligible to receive a deduction. Deductions up to 2 lakhs of rupees and principal repayments under Section 80C up to 1.5 lakhs of rupees are given. To be eligible for this deduction, it is necessary for them to also be co-owners of the property that is being used as collateral for the home loan. Therefore, taking out a loan with your family members at the same interest rate will help you qualify for a higher tax benefit. How to File for Deductions and Benefits on Your Home Loan It is not difficult to qualify for tax deductions when you purchase a home. The steps that need to be taken to claim your tax deduction are explained here. The first thing you need to do is work out how much of a tax reduction you can get. Determine whether or not you are listed as a co-borrower on the mortgage or whether or not the house is registered in your name. Provide your employer with the interest certificate for your home loan to modify the tax deduction at the source. If you have not completed the steps that came before this one, you will be responsible for filing your tax return all by yourself. If you are self-employed, this step does not apply to you because you are not needed to submit these documents anywhere. Simply store them safely. [B-02] Conclusion It should be kept in mind that an individual can opt for the old tax regime and claim exemptions under the home loan. Deduction such as HRA and others under sections 80C, 80D, etc. for the current financial year. This is something that should be noted at all times. A further choice available to the individual is to switch to the new tax system. It has a lower overall tax rate but does away with tax exemptions and deductions. For more details, visit the Piramal Finance website and get assured assistance.

08-11-2023

Other

Everything You Need to Know About the EMI Calculator

Everything You Need to Know About the EMI Calculator The Equated Monthly Installment (EMI) is the monthly payment that people make to a bank after taking out a loan. When you borrow money, the bank gives you a contract that says how you will pay it back. The EMI includes both the interest and the original amount (principal) you borrowed, divided by the time you have to repay the loan. This means that the amount you pay each month depends on how much you borrowed, the interest rate, and the time you have to pay it back. Initially, EMIs can be high, but they go down as you continue to make your payments. What Exactly is the EMI Calculator? An EMI calculator is a simple tool that helps you figure out how much your monthly payments will be for a loan. You can find these calculators on the websites of various banks and lenders. This calculator not only helps you with the monthly payments but also shows you the total interest you'll pay over the life of the loan. To use an EMI calculator, you just need to enter three things: the loan amount, the loan period (how long you want to take to repay it), and the interest rate. What Exactly is an EMI Calculator for a Home Loan? When you borrow a large amount of money, like for a home loan, you might worry about how much interest you will pay. A home loan EMI calculator helps you see how much money you will owe each month. Since home loans can last a long time, sometimes decades, it’s essential to understand what you’ll have to pay. Knowing this amount helps you plan your finances better. With a home loan EMI calculator, you can see how much money you should set aside each month for your EMI. If the loan terms don’t work for you, you can change the loan amount, the interest rate, or the loan duration to find a better fit for your budget. EMI Calculation Formula The formula to calculate EMI is: [P x R x (1+R)^N] / [(1+R)^N - 1] = EMI Here:P – Principal Loan Amount (the money you borrow)R – Monthly interest rate; if the interest rate is annual, then R = interest / (12 x 100)N – Loan tenure in months (how long you will take to repay the loan) What Role Does EMI Calculation Play in the Planning? An EMI calculator helps you see exactly how much you need to pay each month for your loan. This information is useful for planning your monthly budget. By knowing your EMI, you can manage your finances better and ensure you don’t overspend. The calculator also helps you understand how much money you can borrow and how long it will take to repay. This information is crucial to ensure that your loan fits your financial situation. Factors Affecting the Loan EMI The principal sum (P)The principal amount is how much money you want to borrow. This amount directly affects your EMI. If you borrow a smaller amount, your monthly payment will be less. If you borrow a larger amount, your monthly payment will be higher. Interest rate (R)The interest rate is how much the bank charges you to borrow money. This rate directly influences the EMI. A higher interest rate means higher monthly payments, while a lower interest rate results in lower payments. The Benefits of an Online EMI Calculator AccessibilityYou can access an online EMI calculator anytime and from anywhere. You can use it multiple times whenever you want. Simple and time-savingUsing an online EMI calculator saves time. Doing all the calculations manually can be tedious and slow. With an online calculator, you can quickly see the results for different amounts and terms. AccuracyWhen you do calculations by hand, it’s easy to make mistakes. An online EMI calculator helps avoid errors, giving you accurate estimates for your payments. Helpful in the financial planning processWhen you calculate your EMI, you can see how much you need to pay back. This allows you to arrange your finances before you take out the loan, ensuring that the EMI fits within your monthly budget. You can also experiment with different loan amounts and terms to find the best option for you. The online EMI calculator for any loan type You can find EMI calculators for different types of loans, including car loans, home loans, and student loans. Although many calculators are similar, you might sometimes need to use specific calculators provided by different lenders. Conclusion If you have chosen a home loan plan, the home loan EMI calculator can give you a clear idea of how much you will pay in interest. If you are still exploring options, the EMI calculator helps you compare different loan offers. By entering various loan amounts, interest rates, and term lengths, you can see the different costs associated with the loans. This information allows you to make a well-informed decision about which loan to choose. Visit Piramal Finance to learn more about home loan calculators and explore their range of products and services.

08-11-2023

Other

5 Things to Know Before Buying Gold ETF

For the last two thousand years, investing in gold has been a common activity in India. The precious metal was traded for spices and dyes back then. India still claims to be the owner of 170000 tonnes of gold — 20–25% of the total amount of gold mined to date. Gold is a great hedge, so investing in it is highly advised. It maintains its stability and provides good returns at a lower rate than many other assets. If you are thinking about investing in gold, why not in Gold Exchange Traded Funds (ETFs)? Gold ETFs provide all of the benefits of gold trading. It also removes some of the most important drawbacks related to physical gold. If you look at gold solely as an investment option, you should invest in gold-related instruments such as Gold ETFs. [B-01] What are Gold ETFs? Gold Exchange Traded Funds, also known as gold ETFs, are some investments that follow the domestic price of gold. They make investments in gold bullion. They are dematerialized versions of actual gold. One gram of gold is equal to one unit in the gold ETF scheme. This unit is supported by 99.5% pure physical gold. Through this scheme, one can purchase gold and invest in the market. As a result, they can be bought and sold on the NSE and BSE like any other stock. Also, they are traded at market rates and are listed in the cash section of the exchanges. Some Benefits of Gold ETFs Over Physical Gold No premium fees When buying solid gold, owners will always demand a fee for coins and bars. When looking for the best ETFs to buy, you only pay the true value of the gold. No extra charges are applied. No chance of theft There is no chance of theft because the gold you purchase through ETFs is secured. It is kept by a guarantor. This makes sure that the gold has absolutely no chance of being taken. Assurance against fraud A dishonest gold dealer may defraud you regarding the value and amount of gold you are buying. When purchasing Gold ETFs, it is not possible. No wealth tax If you own more gold than a certain amount, you must pay a wealth tax on it. This is untrue if you purchase Gold ETFs, which you can do in any amount without incurring any wealth tax. No price discrepancy If you’re buying gold bars in India, be ready to pay a wide range of prices in various cities. Even the prices change from one jeweler to the next. When buying Gold ETFs, this issue is not present because the prices are consistent across the board. No storage costs Buying solid gold requires a secure location to store it. Due to the fragility of storing gold, there is usually a surcharge. Again, choosing Gold ETFs will solve this problem. Tax advantages For tax purposes, gold ETFs are much more effective than physical gold. Liquidity Gold ETFs have good liquidity, making it easy to buy and sell them. This benefit actually qualifies it as a type of currency. No deduction No deduction is made at the time of resale. Physical gold will have a small amount deducted when it is sold again to a jeweler or buyer. With gold ETFs, this does not take place. Can be sold at any time For a number of reasons, banks or jewelers every now and then won’t buy the gold you own. These issues do not apply to ETFs since they are purchased and sold online. Some Things to Consider Before Investing in the Best Gold ETFs The fund house’s track record of past performance should be one of your first priorities when buying gold ETFs. A better performance suggests a higher chance of future success and overall efficiency. The level of trading on a gold ETF, or liquidity, is a crucial factor to take into account. When trading activity is active, liquidity is higher, which increases the chance of high returns. Another key aspect to take into account is the ETF’s tracking error. It is expected that ETFs will closely follow the underlying indices. Investors are typically advised to choose a gold ETF with the smallest tracking error possible. Before purchasing gold ETFs, investors must be aware of the applicable taxes. Due to the fact that gold ETFs are regarded as non-equity assets, you must pay capital gains on them for up to three years after redemption. After indexation benefits are taken into account, 20% of long-term capital gains are also taxed. Gold ETFs are non-equity assets. So, the Securities Transaction Tax does not apply to them. Gold ETFs are not long-term revenue-producing equity assets. Instead, they serve as hedges that will keep your portfolio safe when the economy is uncertain. This means that periods of economic uncertainty are also the best for Gold ETF performance. Must Know Facts About Gold ETFs The assets under the management of the fund are unaffected by purchases or sales of gold ETFs (AUM). In a transaction involving a gold ETF, there is only a change in ownership. The AUM does not change. Each unit of a gold exchange-traded fund (ETF) is supported by a physical unit of gold with an equivalent value. SEBI regulates these funds. Physical gold prices are the only factor influencing gold ETF prices, and the value of the ETFs fluctuates based on the price of gold in the market at any particular time. A Demat account can be used to buy and sell gold ETFs on the stock market, just like any other asset sold there. [B-02] Conclusion A great way to protect your investments is to purchase gold. With slow but certain returns, it is also a very great investment. A good way to invest in gold is through gold exchange-traded funds (ETFs). They have none of the drawbacks of physical gold ownership. Gold ETFs offer prices that are as close as possible to the spot price of the metal with no added fees or restrictions. For more details, you can visit the Piramal Finance website and explore their products and services.

08-11-2023

Personal Loan

Which Factors Affect your Personal Loan Interest Rate?

Personal loans are becoming increasingly popular because the needs of the average Indian consumer are growing, and this growth is getting faster. People frequently require quick personal loans to cover urgent or unforeseen expenses. Personal loans are a great way to get the money you need for things like weddings, vacations, paying for college, planning events, remodeling projects, unexpected medical bills, etc. Many people like personal loan status because it is easy to get online and show the current status. The interest rate on most personal loans is fixed, so your monthly payments will stay the same. Also, most personal loans were unsecured, which means that no collateral was put up for them. If you can’t get approved for an unsecured personal loan, you might need collateral like a savings account or certificate of deposit. You can also ask a friend or family member to co-sign to improve your chances of getting a personal loan. [B-01] What is Personal Loan Status? Many people might want to get a personal loan status. It will help if you consider a few things before getting a personal loan. Even if you’ve thought about all the possible reasons you need a personal loan and found that you have a good chance of paying it back, interest rates still greatly affect your ability to make payments. The interest rate on home and auto loans is almost the same for everyone. Depending on the lender’s qualifications, personal loan interest rates may change. Knowing all the important details that could affect your personal loan status is usually a good idea. A few of the key factors that could affect your personal loan status are: Income Your income is the main thing that affects the interest rates on your loans. It is well known that responsible people who make more money can pay back loans better than those who make less money. In the lending business, it’s common for borrowers to get loans with lower interest rates when they have a stable income and a lot of cash to spend. But this could be different for lenders who make less money. The ratio of debt to income Let’s say you work for a good company and make a good wage, but a big chunk of your money goes to paying off debt. Your past debts will affect your ability to get a personal loan status. Your debt-to-income ratio is the amount of money you spend on all your debts compared to how much you make. Higher debt-to-income ratios show that the borrower has a bigger financial burden, so the lender may charge a higher interest rate. Personal loan status for companies Personal loan status has become generally unsecured. Lenders also look for different factors to ensure the individual’s credit rating. One of these things to think about is your job. This is because lenders often have much more flexible lending standards for those working with certain organizations. This is because they see these people as more financially stable and responsible for making regular payments. Credit score A credit score is a big part of whether or not a loan is approved. A credit score is even more important when applying for personal loan status. A person’s credit score is usually a good indicator of their overall financial health based on their income, the amount of debt they have, how often they borrow money, and how well they have paid back loans in the past. A better credit score gives the lender more confidence in the borrower’s ability to handle money. It might even make it possible for them to get loans with lower interest rates than others. Most of the time, a good CIBIL score is above 750. Background of defaults Instead of looking at your credit score, if a lender finds mistakes in your credit history, they may charge you a very high-interest rate or even turn down your loan request. Most lenders prefer customers with no defaults in the last 12 months. Relations with the lender Lenders often charge lower interest rates when lending money to someone they know they can trust. They help and depend on each other because they have been working together for a long time. This trust grows over time, and it takes time and the right actions from loyal bank customers to build it. The same may be true of peer-to-peer lending. When an individual or institutional lender sees how committed you are to them, they are much more likely to give you a better rate than what a new client would get. Repayment term Most lenders will let you decide how much you want to pay back. For example, you could choose between a three or five-year payback period. If you choose a loan with a shorter payback period instead of a longer one, the lender will probably give you a loan with a lower interest rate. This is also why interest rates go up when you borrow more money. Giving you a loan for a longer period of time is riskier for the lender than giving you a loan for a shorter period of time.That makes sense since the longer it takes to pay off your loan in full, the more time there is for something to go wrong and affect your ability to make payments. [B-02] Conclusion Personal loans are one of the most flexible ways to get money because there are no rules. Personal loans can be used for almost anything, from paying for a trip to putting money down on a house. But before applying for a personal loan, you should ensure that the cost fits your budget. So, you figure out how much interest you have to pay based on the rates for personal loans. You can visit Piramal Finance for more personal loan interest rate blogs. Take a look at the products and services they offer as well.

08-11-2023

Personal Loan

All You Need To Know About Best Personal Loan Interest Rate In India

Personal loans are unsecured loans based on your credit history and capacity to repay them from your wages. They are also known as consumer loans. You may use a multi-purpose debt to address your current fiscal needs. Do you want to remodel your home? Or do you need money to repair your vehicle, for a vacation, or for your ceremony? Then, a personal loan could be a solid source of funds. Personal loan interest rates in India are higher than those on house or auto loans. This is because they are unsecured. As a result, before you pick one, you should be aware of your financial situation. [B-01] Interest Rates on Personal Loans Personal loan interest rates in India are among the highest of any loan type. Personal loans are now given at a rate of roughly 10—15% each year. The interest rates differ from bank to bank. It also depends on your income level, credit history, current EMIs & loans, loan duration, and other factors. Along with the interest rate on a private loan, there will be extra processing fees and other expenses to check. The following are various personal loan interest rates provided by various lending institutions: Loan ProvidersPersonal Loan Interest Rates In IndiaAxis Bank Limited15.50—24.00%Tata Capital11.99—19.50%State Bank of India12.50—16.60%Bajaj Finserv11.99—15.50%ICICI Bank11.59—18.49%HDFC Bank11.49—19.8%UCO Bank11.20—11.45%Punjab National Bank10.95—14.70%Andhra Bank13.05—14.30% Which Bank Offers the Best Personal Loan Interest Rates in India? When it comes to getting a personal loan, you must be curious about which bank is the best for personal loans. Yet, to keep you out of this problem, the above table will inform you about the top banks offering the best personal loan deal. All you have to do is read the section above, assess the lenders, and then select the one that is giving you the best price. However, if you are still having issues selecting which bank has the lowest interest rate on a personal loan, don’t stress. Try to pick a lender after evaluating many options. This should not only be based on interest rates but also on other criteria. In addition to personal loan interest rates in India, consider duration, fee, taxes, loan sum, EMI, and so on. This will help you get the best offer. Which Personal Loans Interest Rates in India Should You Choose? Banks give personal loans with fixed or falling balance interest rates. In the flat rate, interest is levied on the principal sum despite how much you pay in EMIs. With a decreasing debt, the interest rate will be applied to various sums depending on the EMIs you pay. Banks frequently offer two types of lower balance rates: annual and monthly. The yearly declining balance method applies the interest rate to the principal due at the end of each year. In a monthly lowering balance system, the interest rate is applied to the remaining debt after every EMI payment. If you wish to lower your interest pledges, the declining balance strategy is fairer than the flat rate. If you have a choice, choose a monthly balance that goes down if you want to save more interest. Factors that Influence Personal Loan Rates Banks and non-financial bank companies have specific criteria for personal loans that they use to determine interest rates.Here are the elements that affect personal loan interest rates in India. Loan Sum The most vital factor that banks examine is your needed loan amount. The loan sum is computed based on your salary and the firm you work for. As a result, the greater your salary, the larger the loan amount available. Personal loan interest rates in India typically drop as the loan sum rises. Tenure The interest rate is directly proportional to the loan’s term. The lower the proposed rates will be, the longer the tenure. Borrower’s Earnings Your wage will have a significant impact on the personal loan rates you receive. A solid salary with a steady flow of money would persuade the bank that you can pay the debt EMI on time. This will result in cheaper interest rates for you. Capacity for Repayment Your repayment ability is a key factor in setting interest rates. Lenders regard your loan repayment as satisfactory if you have no extra financial demands. This is because you can quickly repay the loan without future defaults. Credit Rating Your credit score does more than influence the loan amount. It also impacts the interest rate. So, the personal loan rate might be much lower if you have a credit score of at least 750 with no defaults. Type of Firm You Work For The status of your work also has a big impact on the interest rate you will get. The lender may consider lowering your interest rate if you work for a reputable firm. Working in these firms provides a consistent source of income. This is vital for the timely repayment of debt obligations. [B-02] Conclusion When getting a personal loan, it’s usually a good idea to know how much it will cost. When computing the total cost of a personal loan, you must consider the annual percentage rate (APR). The APR denotes the yearly cost of loan payback based on the interest rate and process costs. The APR and loan length may help you calculate how much interest you will pay throughout the loan’s tenure. Many banks provide unique plans and the highest personal loan interest rates in India to government personnel and retirees. This is due to the fact that government workers get a stable and secure paycheck. Their work is, likewise, solid. Therefore, there is no danger in giving money to them. However, if you are still confused, you can visit Piramal Finance for more blogs on personal loan interest rates in India. You may also take a look at the products and services they offer.

08-11-2023

Personal Loan

How to Apply for a Personal Loan in Easy Steps?

In the Indian market, the most common type of loan is a personal loan. A personal loan is a financial blessing when you need funds. A personal loan will not only help on your big day but also in your emergencies. By reading this article, you will know a few easy steps to apply for a personal loan. What exactly is a Personal Loan? A personal loan is an amount that you borrow from a bank or any other financial institution. A personal loan, in general, does not require you to submit security or collateral. A personal loan will have a repayment period, and you must pay interest on the principal amount. The money you get from a personal loan can be used for almost any occasion. [B-01] How Do I Apply for a Personal Loan? Personal Loan Kaise le? Nowadays, applying for a personal loan is as easy as eating chocolate. With digitization, it is even easier. You can apply for a personal loan by following the simple steps we provide here. Offline Process Step 1: Determine the exact amount that you need. Step 2: Visit a leading financial institution like Piramal Finance. Check your eligibility. Step 3: Submit all the documents without fail. This will help with quick approval. It is good to visit an institution that requires minimal documentation. This will help you save time. Step 5: Get your loan approved with zero foreclosure and pre-payment. What are the eligibilities to avail a personal loan? Current Indian Resident: You must be an Indian citizen who currently resides in India. Earning Criteria: You must be a salaried or self-employed employee. Work experience will also be taken into account. Age Limit: Check your minimum and maximum age limits. In most cases, the age range is between 21 and 60 years. This is because of the calculation of your working period. Minimum age; maximum chance of availing of a personal loan. Credit (CIBIL) Score: Your credit score indicates your creditworthiness. It is the ability of an individual to pay the amount back. It is better to check your CIBIL score before approaching a lender. It is always advised to have a CIBIL score of a minimum of 700. If you have a low CIBIL score, you can always increase it. The eligibility criteria change from banks to banks and other Non-Banking Financial Companies (NBFCs). Online Process This method is the easiest that you can ever imagine. You’ll get your loan with a click! Step 1: Determine the exact amount that you need. Step 2: Check your eligibility. Step 3: Search for a leading financial institution like Piramal Finance. Step 4: Fill in the boxes. In advance, have this information (name, mobile number, e-mail address, state, city, and loan amount). That’s it! Step 5: If you are eligible, you will be informed. What are the features and benefits of a Personal Loan? Minimum Documentation: When compared to other lenders, we’ll ask you for fewer documents. This will help you to save precious time. We ask you for some basic documents as proof of your identity, address, and income. To avoid the eleventh-hour rush, you can even check this in advance. Principal Amount: We’ll provide you with a principal amount starting at Rs. 1 lakh. Quick Sanction: We not only sanction your loan as quickly as possible but also make quick disbursals. Use As You Wish: This is one of the best benefits you can reap from a personal loan. Unlike other loans, you do not have to limit your usage. You can use the principal loan amount to finance almost any occasion. It may be your dream wedding, a world tour, a medical emergency, or buying a vehicle. Low EMI: We will never charge high EMI to drain your pocket. It will be fixed according to your ability and creditworthiness. This will make cash management easier. Flexible Repayment Period: You can choose any method (fixed type, floating type, or hybrid type) to pay back your interests. You can also pre-close your personal loan or make pre-payments. It can begin as early as 12 months and last as long as 60 months. Zero Pre-payment and Foreclosure Charges: If you have a large amount before the time period, you can pay off the loan. You can even pre-close your personal loan. We’ll never charge extra for preclosing. Besides, we will not ask for any pre-payment charges. [B-02] The bottom line We hope that we’ve answered your question “Personal Loan Kaise le?“. The most important thing to consider while applying for a personal loan is choosing the best lender. If you want an easy and quick personal loan with zero foreclosure and pre-payment charges, visit Piramal Finance. Piramal Finance is a one-stop solution for all your urgent financial needs. We have an expert team who will guide you through the entire process. I wish you quick approval and the fulfillment of all your dreams! Leave your burden on us and have some breathing space.

08-11-2023

Personal Loan

Step by Step Guide on How to Boost Your Chance of Instant Personal Loan Approval

People usually apply for an instant personal loan online because it is an unsecured loan and is quickly approved. Lending institutions are also eager to give this kind of loan because it can be paid back quickly. However, it has also been observed that many borrowers face rejection of their applications because a few basic details are not clear. Denial of a loan application may be due to many reasons, but a poor understanding of the process should not be one of them. Let’s look at how you can increase your chances of getting a personal loan online. [B-01] 6 Steps to Improve Your Chances of Getting a Personal Loan Online Apply Online One of the quickest and most convenient ways to get a personal loan is to apply online. Once you login to the lender’s website, all you need to do is fill in the required information and upload the documents. The lender typically takes a few days to review your documents and information before approving or rejecting your personal loan application. One significant advantage of applying online is that you can check your loan application status by just checking your email or messages. After submitting the necessary paperwork, the loan approval process may take a week. The disbursement may take an additional one or two days, but it is faster than getting secured loans. Most financial institutions today pre-approve and pre-qualify you for a personal loan based on your banking history and credit score. Online pre-approval offers can speed up the process of getting a unique loan. Sometimes, the money can be in your account just minutes after you apply. Check your credit score Even if you’ve never missed a loan payment and have a good credit history, you should check your credit score before applying for a personal loan online. Sometimes an error on the backend might reflect your credit score erroneously, which might impact your chances of getting approval. Checking your credit score is essential because different lenders have varying standards for the minimum credit score they’ll accept. If your loan application is denied, it can hurt your credit score. Because of this, it is a good idea to examine your credit score to see whether or not it is equivalent to the minimum credit score required by the lender. Have a good bank balance Lenders consider how well you keep your Monthly Average Balance (MAB) when assessing your ability to repay. Your MAB is determined by summing up your ending balances for the entire month and dividing by 30. If you keep an overall good balance, banks and non-bank financial companies will consider lending to you because it demonstrates that you have a good repayment capacity. Banks provide quick, pre-approved, and pre-qualified personal loans if you keep a high savings account balance. Apply only to one lender Those in immediate need of cash often apply for an instant personal loan online at several institutions. This may increase your odds of getting quick approval. However, several loan applications may result in many rejections, negatively affecting your credit score. It is essential to keep the process simple and steady. Give accurate and complete information Providing accurate personal and financial information will improve your chances of loan approval and streamline the procedure. For instance, if you have multiple income sources, disclose them all at once in case the lender needs additional income-related documentation. In addition, if you are staying in a rental place, keep a copy of your rental agreement handy to rule out any confusion over addresses. Make sure that all of the documents are ready Gather the necessary paperwork before applying for a personal loan online. A personal loan is an unsecured loan that is usually approved with minimum documentation. However, you should contact your lender and ensure that you have all the necessary information ready for verification, as this speeds up the disbursal process. Documents such as your passport, Aadhar, PAN card, salary slips, IT returns, and bank statements are usually demanded. [B-02] Conclusion Getting an instant personal loan online may seem complicated at first. However, if you have your personal information and verification documents ready, applying for a personal loan online is a breeze. Moreover, facilities such as pre-approval for existing bank customers also allow for same-day disbursal of the loan amount. In addition, personal loan repayment can be efficiently planned and managed through EMIs. However, like all other loans, a personal loan means more debt. Therefore, you must take stock of the situation and do enough research before getting a personal loan. Apply to the lender who meets most of your requirements and gives you the best rates. Also, read all the terms and understand the costs involved, such as processing fees, prepayment fees, and foreclosure fees, ahead of time so you don’t get any unpleasant surprises later. Interested in knowing more? Head over to Piramal Finance for more interesting blogs and to explore their product offerings.

08-11-2023