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Personal Loan

How You Can Calculate Personal Loan EMI

Personal loans are now among the most common types of loans available to people. These are unsecured loans. You can take these loans for a short or medium period of time to meet your financial needs. They are most commonly used to cover debt consolidation, vacations, and medical expenses, among other things. Personal loans are available without the need for collateral. But eligibility will be decided by your credit history, income, and age, among other things. Banks offer special personal loans for pension holders. These are also known as pension loans. To get personal loans for pension holders, you must follow the loan rules, including the age limit. The loan is available to government, military, and family pensioners up to the age of 76. There are no real limits to how you can use the money from a personal loan. People are usually given a flexible repayment period of up to 5 years. This is why people prefer personal loans to credit cards or other types of loans. [B-01] You can submit a quick online application to receive a personal loan of up to Rs. 25 lakhs. Personal loans have a repayment period of up to 60 months. To get an instant loan, you can benefit from fair interest rates and a hassle-free online application process. Calculating the personal loan EMI (Easy Monthly Installment) has a major impact on your ability to repay the loan. It is the first thing you should do if you plan to take out a personal loan. What is an EMI Calculator? You may use the EMI calculator to calculate the personal loan EMI. Loan factors such as the principal amount, term, and rate have to be added, and the EMI is calculated with ease. You can calculate the personal loan EMI of many types of loans. For example, to calculate the personal loan EMI of a loan, use a personal loan calculator. You can calculate your personal loan EMI in seconds. Many personal loan calculators are free. They can be used 24 hours a day, seven days a week. You may compare or calculate multiple personal loan EMIs as often as you want. What is the Use of The EMI Calculator? With an EMI calculator, you can learn the details given below: The amount of the EMI The total amount of interest taken on the loan The whole amount is taken (the total cost of the loan) You can modify the loan term or balance to get an EMI that you can afford. Process To Use an Online EMI Calculator There are many steps to calculate the personal loan EMI. These are as follows: Step 1: Visit any reliable website. Step 2: Click on the calculator tab to access the EMI calculator page. Step 3: Decide on the type of loan needed. This may be a house loan, a personal loan, a vehicle loan, and so on. Step 4: You must now provide the proper details. This includes the loan amount, principal, rate, and loan time. Step 5: After entering the details, the EMI calculator will show the payable EMI amount. Step 6: You may try other combinations to find the best fit EMI amount. Features of an EMI Calculator Graphical Representation With the graphical representation, you can find out how much principal and interest will be charged in each EMI. You will be shown a pie chart with these details on it. Repayment Schedule The repayment schedule gives data about how to pay back the loan. It enables you to plan the rest of your expenses correctly by letting you know how much you will have to spend each month. Three Things to Know About Personal Loan EMI Calculation The principal sum and interest are included in the EMI payment It’s crucial to realize that when you make your EMI payments, you are also paying the principal balance of the personal loan and the interest that is due on that balance. The monthly payments you make to pay back the loan over its term are known as EMIs. When you first start making EMI payments, you typically pay more towards interest than you do toward principal. But, as the loan’s term draws to a close, the EMI payments make a larger contribution to the principal than interest payments. Ensure that the EMI does not exceed 40% of the monthly income Market experts suggest that the EMI for any loan should not exceed 40% of the monthly income. This is due to the fairly fixed monthly income of people and other charges and financial burdens to consider. Also, if you are a self-employed business person, you can never predict your income. If you are a salaried person, you can never predict losing your job or getting a pay cut. As a result, it is vital to be on the safe side. You should ensure that your EMI payments do not exceed 40% of the monthly income. The interest rate will be affected by a number of factors The interest rate on the personal loan is the main factor that affects the amount of EMI you pay each month. Your interest rate is based on a number of factors. It includes the credit history, income, the amount taken, and age, among others. One of the most key factors that affect the amount is credit history. Your credit history is affected mainly by how you repay past or current loans and credit card bills. Lenders and banking institutions will offer higher personal loan interest rates to people they consider to be a low credit risk. For example, people who have paid back their previous loans on time. [B-02] Conclusion Loans are now a vital part of many people’s lives. They help us reach certain life goals. The most important term to keep in mind when it comes to loans is EMI. There are many EMI calculators that you can use to calculate personal loan EMI. This includes personal loan calculators, home loan calculators, and business loan calculators. They may be used to calculate the personal loan EMI of various types of loans. When you enter the needed data into an EMI calculator, it makes calculations based on the EMI calculation formula. Then, it provides the EMI you must pay monthly in seconds. You can visit the Piramal Finance website to calculate loan EMIs and explore their different products and services.

08-11-2023

Personal Loan

Best Personal Loan EMI calculator in India

Taking out a personal loan might sound easier, especially when your credit score is high and all the necessary income certificates are in place. However, if we consider realistic situations, one has to cover many hurdles and roadblocks before the loan application gets approved. Besides, the loan isn’t something you think about last night and get done by tomorrow afternoon. Yet, taking a loan without complete knowledge of its various attributes can be problematic. You have to work on getting all the documents for the personal loan and understand the aspects of paying monthly installments, interest rates, etc. Besides, if you take a secured loan, the asset you kept as collateral will get forfeited if you fail to pay the installments. This article will explain how a personal loan calculator can help solve most of your problems and guide you to make a well-informed decision. [B-01] What is a Personal Loan and Why Do You Need It? A personal loan is a type of credit you can take from any creditor or bank to fulfill any financial crunch or meet any personal goal. It is primarily divided into two types: secured and unsecured personal loans. If you opt for a secured loan, you need to keep something as collateral that will guarantee the creditor the repayment through the fortification of the asset in case the borrower fails to pay the installments after repeated notices. In contrast, an unsecured loan doesn’t ask for any collateral, but the interest rates are pretty high and also depend on your credit score and income proof. What is a Personal Loan Calculator? As the name suggests, a personal loan calculator is a simple piece of software that takes multiple inputs, like the principal amount, the number of repayment years or months, the type of personal loan, and so on. Then it returns a value for the EMI you have to pay monthly based on the interest rate and input details you gave. It’s almost like running an automatic instrument through software, where everything can be calculated easily. How a Personal Loan Calculator Can Help You Make a Well-informed Decision? There are multiple benefits to using an EMI calculator. So without further ado, let’s look at some of the benefits of using the loan calculator. You can easily know the monthly EMI to be paid for a certain principal amount you want for your personal loan. There is no need to wait for the concerned creditor to respond to your quote request. Using the loan calculator is quite easy. You won’t have to give confidential personal information like bank card details, ID proof, bank account details, credit card information, etc. So the tool is safe and secure to use. You don’t have to pay to use this tool. Most EMI calculator software programs come for free and allow people to calculate their EMI installments without extra charges. Another significant benefit of using personal loan calculators is that the software programs will let you check how the EMI varies according to your credit score, type of personal loan, repayment term, and several other attributes. So, you can choose the best personal loan based on how easy it is for you and how much you can afford to pay each month. Since these calculators are hassle-free, you won’t have to spend hours understanding how they work and using them to calculate the approximate number of installments per month. As you can make a proper decision with the values known, the loan application and approval process can be completed much faster. Which is the Best Personal Loan Calculator You Can Use? There are many personal EMI calculator tools online, so finding the best one is a cumbersome task. But unless and until you already have a plan in place, you won’t be able to choose the best tool and may even end up using software that never displays accurate results. So, to help you out of this dilemma, we have shared some insights about finding the best calculator for a personal loan. First things first, you need to understand that a calculator is a simple tool that takes the principal amount, the time, and the type of loan you want to take out. Once you give all the inputs, you click the search or calculate button, and the software runs a back-end program to display the results. Therefore, it’s crucial to check if the program is coded in a way to display the most accurate results or not. If there is no accuracy and precision in the loan EMI displayed on the screen, it can lead to problems later on. Creditors offer different types of personal loans. Secured and unsecured loans are the two major classifications, to begin with. The interest rate will be higher for unsecured loans than for secured loans. Similarly, an unsecured personal loan can be further classified into more categories. Therefore, the personal loan calculator must have a dropdown showing options for the different personal loan types. Another thing you must worry about is the calculator’s security. Sometimes, you have to input personal information like a birth date, name, email ID, and so on to use the tool. Doing so can jeopardize these information sets, mainly if any trustworthy regulatory authority does not supervise the device. That’s why you should always use a reliable and secure calculator. [B-02] Conclusion In this article, we have taken you through some of the most important details about a personal loan calculator. The software tool might vary from one platform to another, but it will have certain features that are common and required for giving an estimate about the EMIs, interest rates, and others. If you still have any problem understanding the role of a calculator or want to try the most accurate calculator, you can connect with the experts at Piramal Finance. They will help you understand the loan calculator’s use in detail and also guide you through the entire process.

08-11-2023

Personal Loan

Apply Personal Loan Online Vs Apply Personal Loan Offline

Adulthood comes with numerous responsibilities. One of the most challenging is the financial responsibilities one has to carry on their shoulders. Especially, when the loved ones are dependent, both emotionally and financially. Whether it is to pay for one’s child’s wedding, build a dream home, or cover necessary medical expenses, the future is lined up with expenses that monthly paycheques and savings alone cannot cover. There are times when one needs additional finance to meet these necessary expenses. This is where personal loans come in to save the day. It can be secured by banks or financial institutions. One can apply for a personal loan online and offline. It is also possible to avail personal loan on a credit card. This article talks about how to secure loans through these various modes. But before that, let’s brush up on the basics. [B-01] What are Personal Loans and How do They Work? Personal loans help one pay for personal expenses when the funds are limited or when one has planned to channel them differently. One borrows an amount of money and pays them at a certain date in the future. It carries a certain rate of interest, which is the cost of securing the loan. Some loans also require putting in some collateral. These are often called secure loans. In contrast, personal loans don’t need collateral. A personal loan is issued based on one’s credit behaviour, including the amount of credit one has availed in the past, how soon it was paid, and so on. Credit behaviour is determined by the credit score. It helps the lender ascertain if one will be a suitable candidate to secure loans and repay them on time. Other than that, income and employment history also come into play. How to Secure Personal Loans in India? One can apply for a personal loan online and offline. It is also possible to apply for a personal loan on a credit card as well. If one is confused about which approach to pick, we’ll help you decide. Benefits you Get When you Apply Personal Loan Online No Hassle of Visiting the Institution or Bank Branch It is not convenient to visit fund houses or banks to secure loans. Thankfully, long gone are the days when one had to go through the hassle of visiting banks and financial institutions to apply for personal loans. Now, this can be done right from the comfort of home. This option is ideal for an individual who cannot take out the time to secure loans the old-fashioned way and can apply for a personal loan online. Less Paper Trail Managing a hundred documents can be a hassle. However, when one applies for a personal loan online, one eliminates the obligation. Most banks and financial institutions now require to fill out digital forms or go through minimal offline document submission. If someone prefers that, securing a personal loan online can be the ideal choice. Time-Saving By choosing to apply for a personal loan online, one might save a lot of time. This is because the offline application might involve several formalities that can eat up a lot of time. For instance, it is very likely that most of the time, one might be called in again if the documents are not filled in properly, or if some mistakes have been made. Offline loan applications do require thorough verification, which can be time-consuming, Hence, it’s better to apply for a personal loan online if one has these reservations. Benefits When you Apply For A Loan Offline When one applies for a personal loan online, one will certainly reap some benefits. However, the offline application process does have its benefits too: Ideal for Someone Who’s Not Tech-Savvy Technology has certainly made lives easy, but it remains challenging for those who are not well-versed in technology. An offline personal loan application is much more convenient for them than the personal one. Personal Touch An offline personal loan application might give one the elaborate interaction they are looking for. In other words, an offline, face-to-face interaction would always have the upper hand for some individuals. They can get their doubts cleared, and understand the financial products and procedures much more efficiently than they would when they apply for a personal loan online. Ideal for Someone Who Has Better Access to the Loan Houses If someone lives near a bank or financial institution, then going for the offline mode of loan application is any day a sagacious choice. The option can be ideal for someone who finds commuting to the bank more convenient. One can also avail of a personal loan on a credit card through the bank. This can be a convenient option for those individuals who have an operational credit card. As all KYC documentation would already be completed and would not require to go through the same formalities again to get a personal loan. [B-02] Which is Better? There’s no clear winner here. It all depends on preference. If one is tech-savvy or doesn’t find time to go through the offline channel, it’s a wise decision to apply for a personal loan online. However, if someone prefers going the traditional way out of convenience, then filing a loan application offline is ideal. Whichever one chooses, ensure that one is availing a personal loan from prominent financial service companies like Piramal Finance. Piramal Finance is India’s leading financial company offering personal loans, housing loans, business loans, and other financial products catering to the needs of different individuals. Whatever the loan application needs are, Piramal finance is here to fulfill them efficiently.

08-11-2023

Personal Loan

Easiest Way to Get an Instant Personal Loan in India

When you go to a banking firm for a loan, it could take a lot of time to accept. This makes it difficult if you need money quickly. Also, since certain lenders have rigorous qualifying situations. So, you may only get part of the sum. When you have a short-term financial flow, applying for an urgent personal loan can keep your funds moving. Personal loans are granted quickly and with minimum paperwork. Many financial firms provide different types of personal loan options, so your funds may be issued within a few hours after applying. [B-01] How to Get an Instant Personal Loan? Choose a Lender or a Lending App To obtain a quick loan, first, select a lender. You can apply for a personal loan on many online apps. Some lenders charge greater interest rates. Find out all the options available and choose a lender who offers better loan terms. Select Your Loan Program After selecting an app, you will be shown several financing alternatives. The loan amount and payback terms must then be chosen. However, the amount of debt you choose is determined by your eligibility. It is important to note that your loan eligibility is determined by your CIBIL score, salary, and age. It is vital to maintain a strong credit score for improved loan eligibility. Keep Your Documents Ready Before endorsing your loan request, lenders will request many documents from you. You must provide proof of identity, which can be a PAN card. Note that the image on the PAN card must be of high quality. In case of a poor photo, your card gets denied. Some banks may ask you to submit a lawful Indian passport instead. Another document needed for rapid personal loan approval is proof of income. Salaried employees may submit bank records. Self-employed clients may also produce bank documents demonstrating their revenue for the past three months. When applying for a loan online, you must provide your home address. Many banks need utility bill documents that include your address. A valid driver’s license or your Indian passport can be used as proof of residence. How to Ensure the Success of Your Instant Personal Loan Request? Provide Correct Data Many banks enable you to apply for a loan online. Ensure that you enter the most precise and truthful facts to prevent rejection. To minimise losses, your lender must verify that the loans go to the right borrowers. Any incorrect details like your address make the approval process longer. Factual inaccuracies may also lead to loan requests being denied. Affordability Examine your costs and compare them to your monthly revenue to check your capacity. Once you know that, use the bank’s affordability calculators to estimate the amount and interest rate of the loan before you apply. Banks will lend you money if they feel you can repay it. Pay Down Any Due Debts Banks check your background when you apply to get an instant personal loan. Your bank is most concerned about unpaid debts. Resolve any major credit card debts or existing cash loans. They might cause your loan request to be rejected. Before your request is granted, all of your financial pledges and duties are examined. A High CIBIL Score Despite CIBIL scores varying from 300 to 900, a score over 750 is considered a strong suit. If your credit rating is less than 600, you may raise it by repaying your debts on time. If your rating is lower because of a mistake, notify the proper officials and request repairs. Having unused credit cards might also help your credit score. What Are the Various Types of Personal Loans Available in India? There are many types of personal loans available in India. They differ in interest rates and other details. Let’s have a look at some examples: Short-Term Personal Loan (STPL) The short-term personal loan, offered by several digital lenders, begins as low as Rs. 1000 and may be returned to the lender within a few days to months. This type of personal loan is paid to your account in a matter of hours and needs little to no paperwork. Supplementary Loan This type of personal loan is offered by the same bank from whom you previously got a personal loan. With a top-up loan, you may borrow extra money on your current loan and return it within the same term. However, the lender will only grant you this type of personal loan if you have been on time with your payments. Loan for a Vacation This type of personal loan is handy if you want to go on vacation. You can plan a trip and cover your travel expenses without using up your savings or shooting up your monthly budget. Credit cards might also help. But a holiday debt can make cash quickly accessible at a reasonable interest rate. Overdraft Loan Nobody knows what may happen tomorrow, but you should be prepared for the worst. This loan assures that you will not run out of funds and that you have enough money in your account in case of an emergency. This loan has a higher interest rate, and you only pay interest on the money you utilise. [B-02] Conclusion When you least expect it, financial issues will develop. Consider a personal loan if you need money quickly. Several lenders provide low-interest loans. Select a lender or money lending app that offers the lowest loan rates and no hidden fees. However, if you are still confused, you can visit Piramal Finance for more blogs on types of personal loans. You may take a look at the products and services they offer.

08-11-2023

Personal Loan

Important Aspects of a Personal Loan Calculator You Should Know

If you need an urgent personal loan, you can easily find the best financing options for your financial situation. Urgent personal loans are the best way to instantly get access to funds that will help you with your financial needs. You do not need any collateral for personal loans. Because of this, the time it takes to process the loan is shorter. Payments can also be made almost instantly. These advantages make many people apply for urgent personal loans. But, it is important to plan carefully before you apply for a personal loan. A loan calculator for personal loans can help you with loan planning, which can make the entire process simple and hassle-free. [B-01] Why Use a Personal Loan Calculator? A loan calculator for personal loans will improve your loan planning skills. It provides a secure framework to compare and measure financial liabilities and assets. Listed below are the benefits you can get from using a loan calculator for personal loans. Ensures Affordable EMIs Pay attention to your EMIs because repaying loans is one of the most important aspects of the entire loan process. Repayment depends on the interest rate, the amount owed, and the length of time. These are important for figuring out how much a person spends each month. Using a personal loan calculator to estimate your EMIs based on different factors makes it easier to plan your repayments. By changing the values for the different variables, you can compare different terms until you find an EMI amount that is within your budget. Easily Compare Prices In an ideal situation, the interest costs are manageable and the monthly payments are not too high. Use a personal loan calculator to determine the best parts of a policy and how different it is from competitors’ policies. But remember that credit costs money in the long run. When narrowing down the list of loans based on the interest rate, the personal loan calculator will help include any other necessary fees. Protects Credit Ratings and Potential Bad Loans Bad loans can hurt your credit profile and lower your credit score. This often happens when people do not keep track of their loans or take out more loans than they need. Use a personal loan calculator before you apply to avoid problems like these. It will help you quickly figure out how much the loan will cost, and you can decide if you can afford it. Remember that a good credit history is vital and can impact your ability to get loans in the future. Simplifies the Loan Planning Experience A personal loan calculator can be used by anyone who knows the loan’s interest rate, term, and length of time. You need to enter these numbers into the digital calculator, and it will do the calculations for you automatically. The best part about the personal loan calculator is that the results are fast and accurate. This makes it easy to plan your loans and make decisions accordingly. You do not have to visit the lender’s branch to find your EMIs if you use a personal loan calculator. Suggestions to Keep in Mind Before Applying for a Personal Loan Before applying for an urgent personal loan, you need to get familiar with every aspect of a personal loan. It makes it more likely that your personal loan will be approved. It may also help you get an urgent personal loan at a lower interest rate. In addition to using a personal loan calculator, here are some important suggestions: Keep Your Credit History High Your credit score shows your trustworthiness based on how well you have repaid loans. The CIBIL score is another name for it. The best score on the CIBIL scale, which is from 300 to 900, is more than 750. A low credit score shows that you do not handle your debts well. This could make your loan application get turned down or make your interest rate go up. To keep a good credit score, all you have to do is pay your bills on time. One good way to make sure of this is to automate your payments. Examine the Market’s Interest Rates You can be sure that you are getting the best interest rate on the market by comparing the rates offered by different lenders. This lets you choose the type and rate of interest for your loan that work best for you. Determine Costs When you get a loan, there may be a lot of costs, such as fees for processing and repaying the loan early or late. Before applying for a loan, consider the different fees the lender wants. This will give you a better idea of how much it will cost, help you keep track of your money, and help you decide if the loan is affordable. Consider Your Financial Needs Prioritize everything you need in terms of money. Personal loans are often used for vehicle purchases, wedding expenses, medical emergencies, or vacation planning. You can choose what to borrow based on its cost and how much it will help you. Determine Your Loan Repayment Capacity Before taking out a loan, think about how you will repay it. You can do this by putting the money you get from investments towards EMI payments. You must ensure that enough money comes in to make loan repayments. This can be done by determining how much the monthly EMI will be in advance using a personal loan calculator. Avoid Falling for Frauds Many lenders offer fake deals, artificially low interest rates on the market, or hidden charges. Most of the time, these loans end up costing more. Sometimes, they use low interest rates that change later on. Carefully read the fine print before applying for an urgent personal loan. [B-02] Conclusion Before you make an application for an urgent personal loan, use a personal loan calculator. Compare the best loan offers and only apply to a lender who offers an affordable loan process. Leading lenders in the industry are getting better at making their personal loan calculators easy to use. Even someone who is not too familiar with this financial tool can use it on a smartphone or other device. If you found this article helpful, you can read similar articles by visiting Piramal Finance, where you can also receive valuable information and guidance on how to apply for an urgent personal loan.

08-11-2023

GST

Guide On: How Do I Calculate GST Online?

When goods and services are sold, the federal government and individual states impose a goods and services tax (GST) tax. In India, GST can be easily calculated online using several available calculators. Calculators for GST can be found online and are useful for determining the correct tax amount and making the payment electronically. Keep reading about India’s GST and how to compute it online. [B-01] Steps to Compute GST Online To calculate GST online, go to a website that offers such a tool and then do the following: Choose the quantity from the drop-down menu to see the total tax due if all the items were purchased at once from the same vendor. Choose the services for which you want to calculate taxes if you want to calculate taxes on both goods and services. As long as they are purchased together, additional quantities are not limited. Choose ‘None’ if you don’t want any of those things counted. Click the “Calculate” button once you’ve made your selections before proceeding to the next step. Goods and Services Tax for Services Only To access a free value-added tax calculator, click the button below and enter the service you’re interested in calculating the tax for.Specifically, you can use this calculator to determine the Goods and Services Tax (GST) due on this service, which can then be paid via official government websites. When you’re ready to provide your information from the fields listed above and click the ‘Calculate’ button, a new page will open with all the items and services you’ve selected. Click ‘Review.’ For an explanation of the numbers used in the various graphs, click on the “View details” link. GST on Notes and Gold: This is where the calculator can assist you in determining the value-added tax on notes and gold. Inputs: This is an important input portion of the online GST calculator; if you want to calculate the value-added tax at numerous places when purchasing items, Payment information for each site can be entered here (i.e., each state or each location). What is a GST Calculator? The GST calculator is an easy-to-use web tool for calculating monthly or quarterly GST obligations. This calculator’s features can benefit multiple user categories, including retailers, manufacturers, and wholesalers. When you plug in the prices of your goods and services into a GST calculator online, you’ll get an accurate estimate of how much everything will cost once GST is applied. Therefore, the calculation can be done quickly during a return, provided the taxpayer is aware of the necessary expenses. The online GST calculator will come in handy for this purpose. Using a GST payment calculator, you can easily determine whether the final amount you pay will be higher or lower than the original purchase price because of GST. As opposed to human calculation, it takes no time and guarantees accuracy. GST (Goods and Services Tax) calculations can be made using a free GST calculator online in India. Why should you use a GST Calculator Online? Using the simplified GST calculator, you can easily calculate the gross or net price of a product based on the percentage-based GST rates. It’s useful for determining the IGST rate after separating the CGST and SGST rates. The GST calculator makes it easy to figure out the total cost of goods and services quickly, saving time and reducing the chance of making a mistake. Using GST Calculator allows you to reap several advantages: Determine Taxes Precisely: With this tool, you can determine the total amount of tax you’ll owe if you and your friend make a joint purchase. Effective Tax Management: With this resource, you can easily determine your tax liability without wasting time. With this tool, estimating the total cost of an item subject to India’s high sales tax is now possible. Simple to use: The online GST calculator doesn’t require high technical expertise. Because the interface is easy to use, just about anyone can put it to good use. No Cost: There is no cost associated with using this calculator. No Expertise Needed: No special knowledge of computers or finances is required to use the GST calculator. It’s a simple tool used by anyone from various walks of life. Smart Work: Using this calculator, you can determine the total amount of taxes that would be due on an item before buying it, giving you more information to make an informed decision. How do I use the GST calculator? Follow these instructions to use the GST calculator online: First, fill in the required information. The GST rate applied could be 5%, 12%, 18%, or 28% of the net price of the service or commodity. Hit the “calculate” button. While inputting the final/gross price of the products or services to be billed, the GST calculator will also display the tax amounts for each tax head, whether CGST, SGST, or IGST. [B-02] Conclusion We’ve also broken down the process of using them. You can save time and money by using the calculator to determine your total tax obligation before purchasing several items. Use our Piramal GST Calculator to compute GST Online. Read more such blogs on Piramal Finance to know more.

08-11-2023

Home Loan

Want To Calculate Home Loan Eligibility In A Few Seconds?: Here Is A Guide

Many people dream of owning their own homes at some point in their lives. It is an accomplishment for them to purchase a home. It also represents a new beginning when you move into a new home. Although, this dream is still out of reach due to the high costs associated with home ownership. Additional costs such as registration, stamp duty, taxes, and other expenses make home ownership out of reach. Hence, purchasing a home in metro cities is nearly impossible for working-class citizens. This distant dream is now possible because home loans from financial institutions have made it possible. How do you know if you are eligible for a home loan, and what are the criteria? We will guide you on home loans and how to use the home loan eligibility calculator to determine the amount you can borrow. [B-01] What are home loans? Home loans are loans that you take out from a lender (bank or NBFC) to finance the purchase of a new home. This loan is limited to purchasing a home and not any other commercial real estate or property. Financial institutions provide only 80-90% of the property value as funding. When you take a home loan, you repay this amount through EMIs. EMIs include both the principal amount and interest over a period. The house you buy will remain as collateral with the respective lender until the loan amount is fully repaid. How to calculate Home Loan Eligibility Creditworthiness and eligibility are key factors in determining if you qualify for a home loan. The factors that determine your home loan eligibility include the following. Gross income Income determines your loan eligibility since it shows your ability to pay EMIs on time. Your eligibility for a loan increases with your income. Credit score This three-digit score determines your financial position and whether you have successfully repaid all your past debts. It is a significant factor in deciding whether you are eligible for a loan. Loan tenure If you opt for a longer loan tenure, the interest rate will be lower. However, the loan amount you repay at the end of the term will be higher. Furthermore, a shorter tenure increases the loan interest rate, thereby increasing your EMI amount but reducing the overall amount you pay. Existing loans Financial institutions suggest keeping the EMI-to-income ratio below 50%. However, if there are existing loans or any other debt you are currently repaying, it can affect the amount you are eligible to receive. Profession You must be a salaried or self-employed professional to be eligible for a home loan. The documents can also be used to verify your employability and determine how much loan you are eligible for. Property value The cost of the property you want to purchase plays a role in the eligible home loan amount. Lenders may offer you a higher loan if the property’s market value is higher. These details establish whether you can repay the loan. However, performing this calculation manually can lead to many errors. With the advent of technology in finance, many loan providers have a loan eligibility calculator on their official websites. This calculator helps you estimate your loan amount based on these determining factors. How to use the home loan eligibility calculator A home loan eligibility calculator is the best way to verify the amount you can get to finance your housing dreams. It works on a mathematical formula that considers your income, age, credit score, employment status, the amount you need and other factors to evaluate your eligible loan amount. The calculator requires you to enter this information. While these criteria and the information you provide vary from one financial institution to another, here are the steps to follow to enter your information into a home loan eligibility calculator. Visit the lender’s Housing Loan Eligibility page. Choose your profession from the dropdown box. Use the slider to select your gross monthly income. Select and move the next slider to enter the total amount of your existing EMIs. Move the slider to enter the interest rate at which you would prefer your home loan. Use the final slider to enter your ideal loan tenure. Alongside the calculator, you will get the results of the home loan amount you are eligible for and decide whether the terms are ideal for you. Other eligibility and documentation requirements With the above factors, the documents you submit play a major role in confirming your home loan eligibility. The list of documents to provide includes the following. For salaried applicants: Address proof (Aadhar Card, Rent Agreement, Voter ID, etc.) Identity Proof (Passport, PAN Card, etc.) Proof of Age (Birth Certificate, 10th Marksheet, Driving License, etc.) Form 16 Employer’s certified letter Two months’ salary slips Three years’ IT returns (increment or promotion letter) Passport-size photos Property documents include a letter of authorisation from the society/builder, a construction estimate, an occupancy certificate, etc. For self-employed applicants: Address proof (Aadhar Card, Voter ID, Rent Agreement, etc.) ID Proof (PAN Card, Passport, etc.) Proof of Age (Birth Certificate, 10th Marksheet, Driving License, etc.) Three years IT returns Business License (or any other equivalent document)Company Balance Sheet and Profit & Loss Account Statement (duly attested by a C.A.) Professional Practice License (For Doctors, Consultants, etc.) Certificate of Establishment Registration (For Shops, Factories & Other Establishments) Business Address Proof (letter of authorisation from the society/builder, a construction estimate, an occupancy certificate, etc.) [B-02] Conclusion If you have found your dream home, it is time to make it yours and apply for a housing loan. Many lenders provide these loans, and it can be hard to decide on the right one for you. With Piramal Finance, you can secure your housing loan with easy procedures, minimal documentation and flexible repayments. Apply for your preferred home loan now from Piramal Finance.

08-11-2023

Personal Loan

What could be the Maximum Personal Loan Amount?

If you want to apply for a loan, the personal loan maximum amount is Rs. 50,00,000. Personal loans are based on income, credit score, and ability to pay back. Personal loans offer many benefits, such as instant money with no security and quick approval. They have become a great way to get instant money. Medical needs, studies, repaying other debts, etc., can be covered by personal loans. Personal loans are a great cushion to fall back on, especially in financial crises. This article will discuss how much you can borrow when you get a personal loan. It talks about the personal loan maximum amount and a personal loan balance transfer. [B-01] What is a Personal Loan? Personal loans are given to self-employed or salary-based people. These loans don’t need any security. The personal loan maximum amount has a yearly interest rate between 11% and 28%. The money lender and credit score are important points. These loans have different lending terms ranging from 1 year to 5 years. There are no limitations on how a person can use the money they borrow till it is put to good use. You can get a personal loan balance transfer immediately when you apply. 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. It makes it easier for anyone to pay back their debt. In the end, it becomes a win-win situation. What is the maximum amount personal loans can cover? If you are salaried, you may be eligible for a personal loan balance transfer of up to Rs. 20 lakhs. The exact amount will vary by lender. If you’re self-employed, the maximum limit is up to Rs. 30 lakhs. You can use the maximum personal loan amount for any purpose. It can be higher studies, travel plans, etc. You can pay in EMIs within 15 years. If the loan amount is for the building of a home, then the personal loan maximum amount will cover 90% of the entire expenses. You can get a loan of up to Rs. 25 lakhs for medical emergencies. Up to Rs. 30 lakhs is available for consultants and practising doctors who work in public or private hospitals or clinics. The loan term could be anywhere from 24 to 60 months. Balance transfers of personal loans of up to Rs. 20 lakhs are available and can be used for anything from debt consolidation to purchasing a new car or funding a child’s college education. You should look into the other available options as well. An elite customer would be someone who routinely spends more than Rs. 75,000 per month. The smallest personal loan balance transfer they can get is for eight lakhs, and the most are for 20 lakhs. A big fat wedding is well within your financial means. For your lavish wedding, you can now afford a loan of up to Rs. 25 Lakhs. How Does a Personal Loan Help Pay Multi-Debt? Multi-debt payment means that a borrower has multiple debts to be paid. For this payment, you will apply for an instant personal loan and use that amount to pay all your dues. All the debts and paybacks as equal monthly payments. This way, the amount of EMIs is reduced. It decreases the burden. Today, one out of a hundred people is trapped in bad debt. In such urgent times, a personal loan bank transfer is helpful. What is the Purpose of Applying for Personal Loans? In recent years, Indians have opted for unsecured loans more than secured ones. Due to no collateral being required, borrowers opt for a bank transfer of the personal loan to cover many of their expenses. They also increase their discretionary expenditure on new cars, electronics, home decor, etc. How to Get a Personal Loan Bank Transfer? You can get a personal loan bank transfer in two ways. One way is to apply online, and the other is by visiting banks/NBFC. Every bank/NBFC has a loan manager. They will assist you in applying for the loan and other details. Fill out the form as required. If the criteria are met, your loan will be approved. But, if you are looking to apply for a loan online, then the standard process is as follows: Do a complete study of different loans and their interest rates. Fill in all the details and register for a new login. Submit details of your bank, PAN details, and other documents to verify your identity and eligibility. Once your account is created, you can log in. From the home page, search for the plans. This will help you to choose the one as per your needs. Lastly, apply for a loan. To avoid a bad credit score, repay the loan timely. Paperwork Required to Get the Maximum Personal Loan Amount Usually, the below-given list of documents is submitted. These need to be given while applying for a loan. Proof of Identity Passport, Voter’s ID, Driving License, or PAN Card Proof of Residence Passport or utility bill Proof of Income Bank statement of the salary account for the past two years Audited financial statements for the past two years [B-02] Conclusion Personal loans are a great choice for many people. It offers instant relief to your financial crunch and helps you save time, money, and effort. You can even combine multiple loans into one loan with lower interest rates. The best part is that you can use the maximum personal loan amount for any purpose, whether home improvement or buying a new car. Personal loans are not always the only way to get out of a need. If the amount is not too big, you can ask family and friends for a loan. It eliminates the need to pay interest rates. You should know that personal credit or loan is not insured. It means that there is no need to place any security. Proper documents and a good credit score are vital. For more details on personal loan bank transfers, visit Piramal Finance and look at their products and services.

08-11-2023

Personal Loan

Know The Personal Loan Interest Rates For You

Knowing the rate of interest for a personal loan will help you make smarter decisions in life. Personal loans are often used to pay for necessities, such as appliances, furniture, and car repairs. However, personal loans can also be used to enhance one’s lifestyle or save for a special occasion. Personal loan interest rates may vary depending on your credit score, age, and other factors. If you’re planning to get a personal loan then it’s important to learn the rate of interest for personal loans that are available in the market. It’s an essential part of being financially stable. [B-01] How Do Rates of Interest For Personal Loans Work? The rate of interest for a personal loan is based on the principal amount that you have borrowed and is expressed by the lender as a percentage. The rate applied to your loan includes any fees like processing fees and other costs and is known as the nominal annual percentage rate or APR. Personal loans are usually unsecured loans and hence, charge a higher interest rate compared to secured loans. An unsecured loan simply means a personal loan scheme that is not backed by a collateral or recoverable asset. Factors That Affect Personal Loan Interest Rate and Charges The advertised interest rate isn’t always the actual rate for the loan. Many aspects of your credit and financial situation are considered to determine the most suitable rate of interest for a personal loan. Based on your financial strength along with your credit history and income level it is possible to get approval for a lower rate. Job Status and Income: The lender may take into consideration the borrower’s job status and income, as these can influence the probability of repayment. The borrower with a low income or a history of late payments typically pays the highest interest rates since there’s no guarantee they’ll be able to make the full payment. Credit score: Credit score plays a crucial role in loan approvals. People with a strong credit rating are more likely to receive better rates because they are at a lower chance of default. In general, a score of 750 or more is considered a good CIBIL score. The CIBIL Score For SBI Personal Loan is 650 and above. Credit history: Having a sound credit history is as much important as any other factor. If you have a history of defaults in repayment, the lender may charge you a high rate of interest or may even reject your loan application. Make sure all credits are repaid on time to ensure a good credit history. Existing debt: Whether the borrower has existing debt or not is another factor that is taken into consideration by the lender for estimating the rate of interest for a personal loan. If you’re in the middle of major debt, your profile will appear unfavourable to lenders. This can affect your chances of securing a competitive interest rate. However, If you’re able to manage your obligations, you can get a decent rate of interest. Relationship with the lender: Your relationship with your lender may aid in the process of approval. If you’ve been involved in a previous deal with a lender they could offer you an attractive rate for personal loans. This is because the lenders will likely trust those borrowers whose financial information they keep on record. Rate of Interest on Personal Loans for Different Banks Bank NameInterest Rate (p.a.)State Bank of India10.55% – 15.05% p.a.HDFC Bank11.00% p.a. onwardsPunjab National Bank9.80% – 16.35% p.a.ICICI Bank10.75% onwardsBank of Baroda10.20% – 17.55%Union Bank of India10.80% – 14.90%Axis Bank10.49% onwardsBank of India9.75% – 14.25%Indian Bank10.30% – 14.40%Kotak Mahindra Bank10.99% onwardsCentral Bank of India10.35% – 11.95%IndusInd Bank10.49% onwardsIDBI Bank11.00% – 15.50%Indian Overseas Bank11.90% – 12.90%Yes Bank10.99% onwardsUCO Bank11.95%-12.35%Federal Bank10.49% – 17.99%Bank of Maharashtra8.90% – 14.70%IDFC FIRST Bank10.49% onwardsRBL Bank17.50% – 26.00%Citibank10.50% onwardsStandard Chartered Bank11.49% onwards How much is the typical rate of interest for personal loans? The majority of banks offer personal loan interest rates ranging from 10.50% and 24 per cent p.a. The interest amount you pay will depend on several aspects like your credit rating, earnings, the organization you work for and your age when you apply for loans, and so on. Therefore, ensure that you look at the interest rates of various lenders before applying for personal loans. How to Avail a Personal Loan at Low-Interest Rate? Below are a few crucial factors you should consider before getting a personal loan at a low-interest rate: Your credit score should be maintained at 750 or above. Many banks offer pre-approved, immediate personal loans. Keep an eye out for those. If you have already taken a loan from a bank or NBFC, or have a savings account in one, ask them about a personal loan at a low-interest rate. Many lenders give special loan interest rates during the festive or holiday season. Look out for these. Always compare personal loan offers, interest rates, etc provided by different lenders on the online financial markets. Fixed Rate Vs Floating Rate for Personal Loan In the case of loans with fixed interest rates, the rate is constant for the duration of the personal loan. With floating-rate loans, the rate may occasionally change as a result of variations in market interest rates. Since personal loans typically have a short term of up to 5 years, the majority of them are now available at fixed rates. [B-02] The Bottom Line As you read above, it is important to know the rate of interest for a personal loan to make the right financial decision. When planning to get a loan, always compare interest rates of different financial institutions, build and maintain a sound credit rating, and maintain a good credit history. If you planning to avail of a personal loan at reasonable interest rates, reach out to Piramal Finance.

08-11-2023