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Personal Loan

Can I Use Personal Loan for Business Purposes?

There are different kinds of loans, but this article will mostly focus on business and personal loans. Both loans are unique and can be used for different things, but personal loans are often used for business. Due to this, it is important to know if this is a good idea or not. If it’s a good idea, when is it right to use a personal loan for your business? A bank gives out personal loans to people for a range of purposes. They are often used to make home improvements or pay off debts. A bank or other financial institution can also give you a business loan. These loans are usually for a more specific part of your business. [B-01] About Personal Loan As the name suggests, a personal loan is made to people who need money for various reasons. Personal loans give borrowers the freedom to spend money on anything they want. From buying a new gadget to getting married, you can use it almost everywhere. Most of the time, these loans have short terms and high interest rates. Most personal loans do not require collateral, which is one reason they are so popular. About Business Loan There are many different kinds of business loans. Short-term loans, lines of credit, financing for equipment, and merchant cash advances, to name a few. Business loans have a specific goal and are usually given to help a business grow, run better, or get bigger. The loan’s amount, length of time, and terms and conditions are set based on the borrower’s profile. The reason for the loan is also very crucial. The interest rate is usually competitive, but you usually have to put something up as security. Business vs. Personal Loan: Picking the Best Whether or not to use a personal loan for business depends on several factors and should be carefully examined. If you need money for your business, it’s best to get a business loan, but you can also look into a personal loan in the following situations: Small Requirement A personal loan might be a good option if the quantity of cash needed is small. Apply for a personal loan, and getting the money is usually easy. You don’t need as much paperwork as you would for a business loan. You can get a personal loan if you only need a few lakh rupees. Time frame and payments If you need a loan to cover a short-term cash shortage, it might make sense to get a personal loan. There are business loans for this kind of thing. The fact that a personal loan is easier to get makes it more appealing. One can also get a personal loan for their business if they are sure they can pay back the loan within the time limit. They can even pay it off early. The interest rate on a personal loan will always be high. So, it makes sense to pay it back as soon as possible. The collateral factor Personal loans are unsecured. One of the best things about them is that you usually don’t need collateral to get one. On the other hand, most business loans are secured. It means you have to put up something as collateral. If you don’t have collateral or don’t want to provide it, a personal loan is a great way to get money. The patience factor It takes patience for a business loan to be issued and for money to get to your account. For most business loans, a lot of paperwork must be turned in. The business’s books of accounts and a business plan are some examples. It takes a while to get the paperwork together and then get the loan approved. If you need money right away and can’t wait, you can get a personal loan within a few days. Getting a business or personal loan depends on how quickly you need the money. When no alternatives remain Lastly, if there are no other ways to get a loan, a personal loan could be the only option. On the other hand, a personal loan depends on the borrower’s credit history. If you currently have other loans, you might or might not be allowed to get a personal loan. It depends on how much money you make. Why is a decent CIBIL score important? Most of the time, getting money to start a business is like climbing an impossible hill. In this case, you can use your credit score to your advantage. You can get a personal loan for your business. Your credit score is important because it lets you get a good interest rate. It shows that you’ll be able to pay back your loan. How to Fix the Problem of Having a Low CIBIL Score Do you worry that you won’t be able to pay your bills? Isn’t it true that this makes it difficult for lenders to say yes? Personal loans for people with bad credit are an option in this case. Just give the lender the right reason when you ask for money. Some places offer personal loans for people with bad credit, even with low credit scores. Although your business has no financial history or track record, there are easy ways to borrow money. If you don’t meet the requirements of banks or non-bank financial companies (NBFCs), you can use peer-to-peer lending platforms (PLPs). A few PLPs look at more than just the borrower’s credit score to decide if they should lend them money. [B-02] Conclusion Most of the time, people who want a personal loan can’t prove their business is creditworthy. When this happens, the lenders usually turn them down. If they applied for personal loans instead of business loans, their applications might be approved. When someone wants a personal loan, the creditor looks at their income and credit history. His firm needs to be looked at when deciding whether or not to give him a personal loan. Even though people can apply for a personal loan for any reason, the bank or lending partner must agree.
08-11-2023
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Home Loan

Calculate Home Loan Affordability with Online Calculator

Before starting the application process, you should figure out your housing loan eligibility. Knowing this will help you keep track of your money. It will also help you make sure that you can pay your instalments on time without breaking your budget. You can quickly decide your housing loan eligibility by using free online house loan EMI calculators. They are available on the websites of leading and reputable banks. Most of these calculators include checkboxes for various factors. These factors influence your housing loan eligibility. Age, gross monthly income, down payment, tenure, EMIs, interest rate and so on are all examples of these categories. [B-01] Advantages of Using a Housing Loan Eligibility Calculator Housing loan eligibility calculators have several benefits. Listed below are some of them: User-friendly The eligibility calculators are made to be easy to use so that as many people as possible can figure out if they can afford a home loan. You don’t need to be a financial expert to use the calculator; you can just go with your gut. You just need to fill in the boxes or move the sliders to give the calculator the information it needs, and it will give you the results. Free This is probably one of the best advantages of an online housing loan eligibility calculator. You don’t need to pay anything to use it. Also, if you need to, you use it as many times as you want. Needs minimum information The calculators don’t ask for much information. They only ask for specific information about your finances that will affect your ability to pay. Saves time Housing loan eligibility calculators help save a lot of time. This is because you don’t have to go to lenders to talk about loan rates and figure out if you can pay the loan and how much you can borrow. Instead, you can use online calculators to find these details from the comfort and privacy of your home. Helps with financial planning The calculator lets you know how much of a loan you will be able to get. It also informs you how much you can spend on a house based on your income and bills. Once you have these numbers, it will be easy to plan your budget and figure out what kind of assets you should try to buy. Offers customized results Each person’s financial situation is different. So, it’s obvious that everyone’s ability to pay will also be different. Each user also expects results that are relevant to them. This is clearly what the calculator does. It asks users for information and then gives them results based on that information. Factors That Affect Your Housing Loan Eligibility There is a reason why housing loan eligibility calculators ask for your financial information. It’s because all of those things affect your ability to pay. These factors are given below: Your monthly income If your monthly income is high, it will be easy for you to pay it. This is because someone with a higher income would be more likely to be able to pay back the loan each month. Down payment As a down payment, a borrower usually has to pay 20% of the property’s cost. The lending institution pays the remaining 80%. But if you can come up with a bigger down payment, you could get a bigger loan. It will also make it easier for you to pay your debts. Existing EMIs If you already have EMIs, it will make it harder for you to pay for things. It’s because your current EMIs make it harder for you to pay off the home loan every month. A person’s ability to pay depends on more than just these factors. The calculator doesn’t take these things into account, but they are important for getting a home loan. In the end, they affect your ability to pay, so it’s important to know about them. Your current age Age plays a big role in how much of a home loan you can get. Younger people have a better chance of getting bigger home loans because they have more time to pay back the loan. For older people, it’s the other way around. Similarly, it also affects who can afford one. If you’re young and financially stable, you’ll be able to afford more than someone older. CIBIL score Before giving you a home loan, every lending institution looks at your CIBIL score. If your score is low, you might not even get the loan you want. Due to this, it can be said that your ability to pay is directly related to your CIBIL score. If your CIBIL score is higher, you will be able to afford more. Availability of security Lenders see collateral as safety for their investment. Hence, it always makes it easier to get a home loan. In fact, your chances of getting a loan may be higher if you have collateral but a low CIBIL score. How to Use An Housing Loan Eligibility Calculator The steps below show how easy it is for people to use an online housing loan eligibility calculator. Step 1 Add your date of birth and where you live in the calculator’s empty fields. Step 2 The next step is to give the home loan eligibility calculator values for some parameters. These things are: Net monthly salary Length of time to pay back a loan Other monthly sources of income EMIs on any existing loans and other bills Step 3 The next step is to look at all of the eligibility requirements set by different lenders. This will help you choose a lender who can give you a good deal on a home loan and spread out your monthly payments over a good length of time. [B-02] Conclusion Your housing loan eligibility decides whether or not you are eligible to borrow a home loan. When you apply for a home loan, your lending institution performs a housing loan eligibility check. They assess your financial situation, creditworthiness, and repayment capacity based on your records, credit score, and financial history. You have a better chance of getting a home loan if you make a good impression on the lender. As a result, before applying for a housing loan, it is vital to know the eligibility criteria. For more blogs like this, you can visit Piramal Finance and explore their products and services.
08-11-2023
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How To?

Different Types Of Travel Insurance Plans In India

Travelling is a very important aspect of life. Be it for leisure or work, commuting is a must in our daily lives. Going from one place to another can be costly and comes with a lot of dangers. To protect your loved ones and your belongings, taking travel insurance plans is a must. [B-01] What is travel insurance? Travel insurance is a form of insurance that you can take before your travel. It is designed to cover the costs and losses which you may occur while travelling. Travel insurance plans cover flight cancellations, accidents, or delays among several other factors. The above highlights the importance of having a travel insurance plan. Choosing the best travel insurance suited to your needs is also equally important. This article will break down the travel insurance plans that are present in India. Travel Insurance plans in India Domestic Travel Insurance These types of travel insurance plans typically cover the following: loss of luggage loss of travel tickets flight delay/cancellation theft of valuables Illness Permanent disability Death Legal aid third-party damages incurred while travelling To be eligible, the travel must be within the legal border of India. You should also be between 18-65 years of age to meet the eligibility criteria. Overseas Travel Insurance Overseas Travel insurance forms part of the travel insurance plans available in India. You should opt for this when travelling outside of India. It ensures you are prepared for any problems that come with visiting a new country. Insurance involves: Medical cover Life cover Cover for stolen or lost baggage Hijack risk cover Loss of travel documents Cashless hospitalisation Senior Citizen Travel Insurance Senior Citizens tend to need extra care when it comes to travel. Senior Citizen Travel Insurance plans make it easier for them to be fulfilled. They usually cover: Cashless hospitalisation Medical expenditure for existing illnesses Dental treatment Baggage loss Flight delay or cancellation Single or Multi-trip Insurance Another type of travel insurance you could choose from is single or multi-trip insurance. Both these travel insurance plans cover the stated below mishaps: Medical and non-medical emergencies Theft Delay or cancellation in flight The single-trip option is suitable for you if you only travel occasionally. However, the multi-trip option is more geared toward businessmen and frequent flyers. Opting for this travel insurance plan saves the hassle of applying for travel insurance plans every time. This is provided in exchange for a small premium. Corporate Travel Insurance This type of travel insurance is typically targeted toward businessmen. It covers the following: Baggage loss Dental Expenses Legal expenses Medical Expenses Personal accident Medical Travel Insurance These travel insurance plans are specific to only covering health-related issues. If you opt for this type of insurance, you will only be covered for the following: Cashless hospitalisation Dental treatments Minor exertion Flu and other illnesses Luggage Insurance This insurance is a very specific one. It only covers mishaps that are related to your baggage. So, they only offer insurance on these: Loss of Baggage Luggage theft Damage to belongings in a suitcase due to fire or water Damage to luggage during strikes or riots This insurance allows you to solely take insurance on your baggage. Or you could take this to get ensure complete compensation if something happens to your baggage. Family Travel Insurance Holiday trips with the family are of frequent occurrence nowadays. Hence, you need to choose travel insurance plans which get your whole family insured under one insurance. This would reduce your finances while also saving you time. You don’t have to get a loan for each individual in your family. This type of insurance covers the following: Medical expenses Baggage loss Delay or cancellation of flights Death or permanent disability of one of your family members Pregnancy Travel Insurance If you are planning to travel while pregnant, it may be a good idea to consider pregnancy travel insurance. They provide extra coverage and care when it comes to maternity-related issues. They cover the following: Unforeseen pregnancy complications Medical expenses Cashless hospitalisation Choosing the best Travel Insurance The best travel insurance will be different for everyone. But, there are a few guidelines you can use to help decide which one is better suited for you. Affordability When it comes to picking a travel plan, the price of the insurance has its significance. Smaller premiums are convenient as you pay for them without much financial stress. Destination Another aspect to consider before picking travel insurance plans is the country/place you will be visiting. You need to gauge the medical costs, facilities, and laws of the latter. This makes it easier for you to decide. Purpose The purpose of your travel is also very important. For example, if you are going for leisure activities, a basic plan will be enough. For business, a multi-trip could be an option for you or a corporate travel plan. Age of traveler The age of the traveler also plays a massive role when deciding which plan to opt for. Elderly people can choose the Senior Citizen Travel Insurance. It provides cover for their existing illness if any. The price of coverage also varies depending on age. For example, if you are aged 20, the premium paid will be different compared to someone who is 40. There are several other aspects to consider before choosing the perfect travel insurance plan for you. You could also curate travel insurance to exactly meet your needs. [B-02] Conclusion As seen above, there are a plethora of travel insurance plans made available for you to choose from. Choosing the right one could need much research and time. Therefore, financial advisors such as Piramal Finances are highly sought after. They provide help and advice when it comes to managing your finances.
08-11-2023
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Education

Best Saving Schemes that Give High Returns

Saving money is fundamental to everyone’s survival. Most people in India set money aside for emergencies. While putting away cash is always a good idea, it’s much better when you get rewarded for doing so. For saving money and earning a respectable return, savings plans are the best. Using savings plans can help you control your finances. Read this article to learn about the best saving schemes available. [B-01] Top 5 Best Saving Schemes that Give High Returns National Savings Certificate (NSC) Annual Rate of Interest: 6.8% Minimum investment: Rs. 100 Withdrawal: After maturity Tax benefits: Up to Rs. 1.5 lakh as per Section 80C limit Expiry/when to claim: 5 Years You can start saving with the NSC at any post office in India. The program was created by the Indian government to encourage citizens to save. NSCs offer fixed maturity terms of either five or ten years. Also, there is no highest deposit amount. You have to buy an NSC to participate in this plan. The initial investment should be Rs. 1000. Thereafter, investments can be as low as Rs. 100. After you invest, the interest will depend on the type of certificate purchased. Therefore, NSC is one of the best saving schemes available today. National Pension Scheme (NPS) Withdrawal: After maturity or after three years Minimum investment: Rs. 1000 per year Tax benefits: Up to Rs. 1.5 lakh as per Section 80CDD limit Expiry/when to claim: 5 Years The NPS is a savings plan to provide a regular stream of funds in your old age. It is one of the best saving schemes. Hence your salary is automatically deducted and invested in the plan. The primary goal of this plan is to give you peace of mind that you have some funds saved for retirement. Benefits such as health insurance and provident funds are part of the social safety net. You can also receive interest on your deposits. Senior Citizen Savings Scheme Annual Rate of Interest: 7.6% Minimum investment: Rs. 1000 Withdrawal: Annually Tax benefits: Up to Rs. 1.5 lakh as per Section 80C limit Expiry/when to claim: 5 Years For cautious investors, the SCSS savings plan is a solid choice. Individuals or couples can put up to Rs 15 lakh into the plan through a joint account. Investors must be over the age of 55 to invest in the scheme. Also, they must receive a government pension or take early retirement. A cash deposit or check can get you started. A cheque is acceptable when investing more than Rs 1 lakh The plan lasts for five years, but you can extend the term of this retirement plan by an additional three years. A 1.5% early withdrawal fee on the initial deposit will be deducted from the account balance if you close the account between the first and second year. Between the second and third year, a 1% penalty is deducted from the principal if you close the account. This will go towards a fee for early withdrawal. Individual investors can only have one extension. Fixed Deposits Annual Rate of Interest: Varies from bank to bank Minimum investment: Rs. 5000 Withdrawal: Depends on the bank Tax benefits: Up to Rs. 1.5 lakh as per Section 80C limit Expiry/when to claim: Depends on the period of the FDperiod When you put money into a fixed deposit, you commit to leaving it there for a certain amount of time. You will not be able to access this amount. This makes FDs one of the best saving schemes. Most FDs are tied to your checking account. Hence, you’ll have access to the money you’ve invested. Fixed Deposits vary from one bank to another. But, all have their advantages and potential drawbacks. Before deciding on one, you must know how they function to pick the one best suited to your needs. Fixed deposits are a great way to earn high interest on your savings. If you want your money to grow without incurring any unnecessary risks, a fixed deposit may be your best solution. Recurring Deposits Annual Rate of Interest: 2.5% to 8.50% Minimum investment: Rs. 10 Withdrawal: After maturity Tax benefits: Up to Rs. 1.5 lakh as per Section 80C limit Expiry/when to claim: 6 months to 10 years (depending on the bank) A recurring deposit is a regular payment automatically deducted from your account to an RD account. You can put money down for a longer time by using this method. The primary benefit of recurring deposits is the convenience of investing. A fixed sum of money gets deducted from your account at defined periods. This way, even if you do not have cash, you can still pay for things without worrying about wasting them. The other perk is that it encourages disciplined saving by removing the need to check the account balance or use the funds for anything else. For example, a Recurring Deposit can be opened at a bank with as little as Rs. 500, while at the post office, you can open it with as little as Rs.10. While interest rates on such deposits vary by bank, post offices throughout India offer a consistent 8.4% per annum. [B-02] Conclusion Putting money aside for the future is crucial. Short-term savings, even if only a few rupees each week will mount up to significant sums over time. Investing in some of the best saving schemes mentioned above will help you grow your wealth over time. You can also look at the best ELSS funds to understand how you can save on tax. These are only a few of the options available to you when it comes to planning for the future financially. Do you want to learn more about such investment options? Visit our website and become a master investor!
08-11-2023
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How To?

Calculate & Compare Car Insurance Premium Online to Choose the Best Policy

What do you do if you need to buy a shoe? You go to multiple stores, check out the options, and choose the best one. Again, with new buying platforms, selecting a shoe has become more easy, right? Simply search the many choices, compare them, and make your purchase with a few clicks. Purchasing car insurance online plans cover is no exception. You look for the many choices insurance firms provide, compare auto insurance plans, and choose the one that best meets your needs. [B-01] How To Assess Car Insurance Premiums? It is simple to find car insurance premiums with a calculator. An online car insurance calculator is a simple tool that assists you in locating the best car insurance policy. It is based on the information you provide. This saves you time by promptly presenting correct facts, allowing you to make the right choice with ease. How to Use an Online Car Insurance Premium Calculator You must submit basic data to build up the car insurance online. The following are the methods to get the insurance plan with the car insurance online calculator: Choose your vehicle’s make, model, version, and fuel type. Select the right registration place for your vehicle. Choose the year you got your vehicle. To confirm if you claimed the insurance in the prior year, choose ‘Yes’ or ‘No.’ Following that, you must type your name and phone number. You will receive an OTP on your cell phone, which you must input to find the calculated figures. Type of Car Insurance Policies There are two kinds of car insurance covers: Car insurance for third parties Car insurance that covers all The first is a liability-only plan, which is needed by the Motor Vehicles Act of 1988 for all vehicle owners. This insurance limits your money liability for third-party cars, assets, or other damages caused by your vehicle. In contrast, the other insurance plan offers complete cover and includes all of the perks of third-party cover and money safety for damages to your car. The perks of each insurance change are based on the plan lenders’ consent. That is why comparing insurance plans before purchasing one is vital. It will make sure that you get the most out of your car insurance online coverage. Factors That Affects The Premium Calculation of Car Insurance Type of Vehicle: Your plan is affected by the sort of car you drive. These factors include the car’s brand and model, vehicle repair, and fuel. The capacity of the Engine: The vehicle’s cubic capacity also helps in its damage cover rate. IDV of the Vehicle: A comprehensive car plan’s amount covered is its current market value, also known as the Insured Declared Value (IDV). The IDV of your vehicle gets affected as it ages. Bonus For No Claims: The NCB discount is available at plan renewal for no claims in the preceding year. Other things to keep in mind include installing anti-theft devices and more. Area: The firms also assess plans based on where the covered vehicle will be driven the most. Premium rates in cities are greater than in rural areas. Reasons To Compare Online Car Insurance Policies Here are the factors to think about before comparing car insurance policies: Save Funds As per vehicle insurance, most of us choose the lowest option. Doing so is often negative. It may result in you paying greater copays when filing claims for the perks you get. Thus, comparing auto insurance coverage before purchasing them saves you money. Be Aware of The Many Plans On The Market Comparing insurance products has grown much simpler with the advent of the new age. You may better grasp the many plans available in the market by browsing the websites of auto insurance firms. Saves Time Comparing car insurance online simply takes a few minutes, and there are no hidden fees. If you wish to prevent a time-consuming claim process later, you should spend a few minutes before choosing a plan. Aids in Knowing The Lender’s Credibility You want to avoid being saddled by a fake firm while purchasing an insurance plan. Thus, comparing plans online and checking others’ views regarding the plan lender will assist you in knowing their authenticity and avoiding future errors. When you compare car insurance online prices and coverage, you can protect your funds against rare events related to your vehicle far more efficiently. Tips For Online Car Insurance Policy Comparison Select the Correct Type of Plan You may choose from two types of vehicle insurance plans. Third-party Safety: Protection against Third party liability for asset harm, such as car damage. Third-party car insurance is also required by law. All-Inclusive Cover: Get this cover for fires, third party duty, disasters, animal harm, etc. The cover includes engine safety, gadget cover, and motor safety for cover for best settling claims. Car Accessories & Revisions: Fitting your car with safe fittings, such as an anti-theft system, minimises the likelihood of your car getting stolen. As a result, your insurance company sees this as a serious move and will lower your auto insurance cost. Similarly, making specific changes to your car, such as replacing standard wheels with alloy wheels, might raise your car insurance rate. As a result, how you alter your car will affect the price you spend on the cover. Compare Many Plans Compare as many vehicle insurance plans as you can before buying. This will allow you to make a far better choice and get the most perks. [B-02] Conclusion A car is regarded as a vital asset in your lifestyle. Getting vehicle insurance is a wise choice to make after purchasing a car. An auto insurance plan can protect your money in the event of a sudden or small incident on the road. Online car insurance coverage is needed by law in India, and it will also keep you and your vehicle safe at all times. If you want to read more exciting blogs related to car insurance online, visit Piramal Finance and explore their products and services.
08-11-2023
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Personal Loan

Boost Your Financial Freedom This Diwali With A Quick Personal Loan

Diwali is coming soon, and it’s been a hard year, so now is a great time to celebrate and make the most of your money. To make the event special and ring in the new year, you could paint your house, buy new furniture, have a dinner party with friends and family, plan an international trip, a wedding, etc. You can keep your money safe by getting a quick personal loan to pay for small and big Christmas gifts. If you meet the lender’s requirements, you could get a personal loan quickly and at a low-interest rate. Personal loan offers from the top lenders that have already been approved could help you get cash quickly. [B-01] What is a Personal Loan? With a personal loan, you can get money for many different things. For example, you could use a personal loan to pay for your wedding, pay off debt, or fix your house. You can get a personal loan from a bank, a credit union, or the internet. When you borrow money, you must pay it back over time, often with interest. For certain lenders, personal loans include costs. What is Financial Freedom? To be independent, you need enough money and assets to do whatever you want. You should do whatever makes you happy, whether quitting your job to travel the world full-time, focusing on a passion, or staying home to watch Netflix and bake bread. When you’re financially independent, you’re in charge of your money and don’t let it tell you how to live. Most of the time, you feel less stressed and have more time to do things you enjoy. If you want to be financially independent, knowing how it works and how much money you’ll need to get there is a good idea. How can a Personal Loan help you celebrate your Financial Independence this Diwali? Use a sizable fine to handle significant bills Banks often offer unsecured personal loans of up to Rs. 25 lakh. You can use this money to buy all of your big Diwali gifts. With this personal loan, you can plan a trip abroad, buy gadgets for yourself and your family, give your father a car as a gift, and do more. Fill out a form online to get the money you need to celebrate Diwali. Get approval The best lenders will give you credit right away if you apply online. You can plan your purchases if you can get rid of things quickly. You can ensure you meet the personal loan requirements by reading the lender’s terms and conditions. After that, you can turn in the papers you need to. You can apply for this unsecured personal loan because you don’t have to complete much paperwork. Compare offers to find the best personal loan, and ensure you understand how to pay it back. Features for rapid loan approval and disbursement for urgent costs As the events start, many stores have sales and other specials. The savings are huge, but many last only a short time. Offers on expensive home items like TVs, coolers, washing machines, and other gadgets like cell phones are a good example. With an online personal loan, you can use some of your money to get these savings. Some reputable lenders offer unique loan features that could make it easy to get money quickly. Depending on the lender and your money, you might get a personal loan right away. You can apply online and get approved as long as you have the right paperwork. In addition, lenders also offer quick disbursals, which means that the whole loan can be sent to your bank account within a couple of hours after it has been approved. With the right loan, you can get cash for any important need. No limitations on use, ideal for holiday spending Unlike other ways to get money, personal loan approval can be used for anything the customer wants. You don’t have to pay anything to use it. Since you may have a wide range of costs during Diwali, it’s important to have this kind of financial flexibility: Two weeks of vacation time in a tropical area A unique family get-together at home Home enhancements College fees Any bigger expenses Seasonal deals for personal loan interest rates During Diwali, just like retailers, companies, and service providers, lenders often offer special deals. Now is the best time to ask for a personal loan online because rates are much lower, and borrowing is cheaper. Personal loans with lower interest rates during certain times are some of the best deals you’ll find all year. You might save money and reach your financial goals if you plan well. Use an interest calculator for personal loans to determine how much you will save. To get the most out of your loan, use the online tools that reputable lenders offer on their websites. Repay with assurance and take pleasure in your financial independence For a worry-free Diwali, it’s important to keep your financial independence. Low-interest rates and flexible terms make it easy to pay back these short-term personal loans each month. You can use a loan calculator to determine your IME and choose the amount and length that work best for you. Use this step to help you plan the loan from the beginning. You can pay for your Diwali costs with a personal loan that you can get immediately without going over budget. A personal loan is a type of loan with all these things. Online applications are now being taken for up to Rs. 25 lakh. Follow the rules and write a few papers to get the money released. If you choose the Flexi option for this loan, you could cut your monthly payments by up to 45%* in the first year of your repayment term. [B-02] Conclusion This option for a festival loan can be used for a wide range of things without any proof. It makes it easy to pay medical bills, take a much-needed family trip, or fix your house. With the help of a quick personal loan, you can control your money better and learn more about Piramal Finance.
08-11-2023
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Personal Loan

Can Students Apply for Bike Loans in India

You may find two-wheelers in nearly every middle-class family’s house in India. Bikes are a major mode of travel for students in both urban and rural India. You must be aware that the majority of kids do not have the financial means to get a new bike and must rely on their parents’ income to do so. However, banks take a wide range of things into account before granting a two-wheeler loan to students. [B-01] Can Students Get a Bike Loan? If you’re a student who can buy a two-wheeler, you may now get a two-wheeler loan by meeting certain criteria. Banks have found an ideal way for students with enough finances to complete the buy. A bike loan will allow you to quickly gather cash to buy a two-wheeler. Having a two-wheeler is seen as a viable form of travel, notably among the youth. Students’ Qualifications For A Two-Wheeler Loan Age You must be an Indian citizen. Most banks require a minimum age of 21 years to get a bike loan, although other banks and NBFCs require a minimum age of 18. So, if you are above 18, you may apply for a two-wheeler loan to get a bike. Part-Time Work If you’re a student with a part-time job, you may use your payslips as evidence of money to get a lender to accept a two-wheeler loan. Most lenders want income proof to assess your repayment capacity, and consistent income might serve as proof of payback capacity. Guarantor A guarantor is a user who agrees to pay for your debt if you cannot return it. If you apply with a guarantor, you may easily acquire a two-wheeler loan. Your guarantor should have solid, steady work and give proof of salary and a good credit rating. This may make it easier to get a bike loan. A co-applicant or guarantor with a strong credit score and a steady job must apply for a bike loan. A decent credit score is usually 700 or above. Having a guarantor will protect you in the event of non-payment. The guarantor must be either self-employed or employed. Payment in Advance If you put a big down payment on your bike, your loan sum will be cheaper for the rest of the cost. As a result, lenders will be ready to offer a student a relatively small sum as a two-wheeler loan. As a result, the bigger your down payment on your bike, the more likely your loan will be accepted. Documents Required for a Student Bike Loan You must offer a few basic papers when asking for a student bike loan. The papers needed for a two-wheeler loan are noted below: Identity Verification You may give your Aadhaar Card, driver’s licence, passport, or Voter ID as identity proof. Address Verification You must also show address evidence, which you may do using your Aadhaar Card, Voter ID, passport, utility bills, or bank passbook. Proof of Income The co-applicant or guarantor must give proof of income. Salaried People If they are salaried, students may supply pay stubs for the last six months and bank records for the same period. Self-Employed People If the co-applicant or guarantor is self-employed, you must provide the ITR for the past two years. They must also produce their bank statement from the preceding year. Finally, they need to provide evidence of business. Features of a Bike Loan for Students Two-wheeler loans for students aren’t the same as those for working persons. As a result, their features differ and make it very simple for students to file for bike credit. Period of Repayment Unlike regular bike debt, which has a one-year minimum payback duration, bike debts for students have a three-year minimum repayment period. As a result, you won’t have to worry about high EMIs disrupting your monthly spending while asking for a student bike loan. Guarantor or Co-Applicant You will need a guarantor when applying for a bike loan as a student. Since students are unable to work or have a stable source of income, it is necessary to apply with a co-applicant or with a guarantor. No Need For a Minimum Monthly Income Unlike typical two-wheeler loans, the co-applicant has no minimum income criterion. The loan request will be handled even if the co-applicant generates a consistent, modest income. Short Processing Times Lenders typically handle loan applications within three days. Thus, whether you contact a bank or an NBFC for a student two-wheeler loan, it will require around 72 hours to review and approve your loan application. Loans With Collateral These loans are secured. This means that the lender will need security or collateral before authorising student bike loans. Increased Liberty Whether you want to buy a scooter, an entry-level motorbike, or a high-end sports bike, you may choose the bike you need. Banks and NBFCs have no limits on the sort of bike you may buy. So, you may take your pick from the variety of bikes available. Student Advantages of a Two-Wheeler Loan Young students in India are increasingly requesting bike loans to purchase superbikes and cruiser bikes. You may buy the bike you want by taking out a bike loan and paying manageable monthly payments. A loan designed specifically for students to make their lives easier. The loan process will need little paperwork, as well as rapid and paperless approvals. Loan amounts may be adapted to your unique needs. Loan repayment plans that are adaptable. Payment is straightforward. Expert tips on how to expedite and simplify the loan application process. A two-wheeler loan provides the handiest choice for students due to the accessibility of cheap monthly instalments. [B-02] Conclusion In India, student bike loans are quite prevalent. The bike represents the most efficient mode of transportation. Bikes are particularly cost-effective since they get excellent mileage and may avoid traffic bottlenecks. Student two-wheeler loans are available from a number of banks and financial institutions. If you want to learn more about bike loans, visit Piramal Finance for related blogs and explore their products and services.
08-11-2023
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Business Loan

Complete Guide On How To Apply For Loan Against Commercial Shop In India

India is the world’s second-fastest-growing economy. The demand for commercial property has risen quickly during the past few years. But owning commercial property is a difficult task for the majority of businesses. Commercial property is more expensive and highly valued than residential property. Whether it is an office, retail store, or warehouse, all units need space to start or expand their businesses. You can use a Loan against property to fund all such expenses. Read on to learn about a loan against a commercial shop in detail and how you can avail of one. [B-01] What is a Loan Against Property (Commercial Shop)? A loan against property is a line of credit that banks and financial institutions offer. These loans need collateral like non-residential or commercial property. A loan against a commercial shop is a secured loan against a commercial shop. Most banks prefer lending loans against property that is ready to occupy rather than which is under construction. But, it varies from lender to lender. What is the Use of a Loan Against a Commercial Shop? You can use a loan against a commercial shop to Renovate your shop. Rent new office space. Expand your existing store. Restock inventory. Benefits of Getting a Loan Against Property The following are the benefits of getting a property loan: Loans against a commercial shop that is both under construction and ready to occupy. A balance transfer option is available to reduce interest rates and EMIs. Avail a loan for more than 60% of the collateral’s cost. A loan with attractive interest rates. Simple and little documentation Up to 15 years of the flexible repayment period. Eligibility for a Loan against Property A loan against property or property loan is available to all Indians. The condition is they must own residential or commercial property. The eligibility for getting a loan against a commercial shop is The business must be two years old. Should be profitable in those two years. A CA must audit the finances of a firm. Should have a good CIBIL score above 700. Should have good income generation and loan repayment capacity. Documents Required for a Loan Against Property The following documents are required to get a loan against property in India KYC documents for identity proof. Identity proof such as an Aadhar card, PAN card, Driving Licence, or Passport. Bank statement for the last six months and salary slips. Audited financial results of the property. Income tax returns for the past two years. Documents related to property offered as collateral against the loan. 3 Simple Steps to Apply For a Loan Against Property Apply for a loan against a commercial shop hassle-free through the following steps: Fill out the basic application form. Enter personal as well as property details. Whether you are a salaried or self-employed individual, share income details. A bank agent or a relationship manager will contact you. And walk you through the further loan application procedure. Key Features of Loan Against Property From Piramal Finance The following reasons best explain why you should apply with Piramal Finance for a loan against property Loan available for different properties and collateral. Property loans are available for various properties and collaterals. Properties such as residential, commercial, and industrial. Quick sanctions and easy procedures. You manage your business, and we handle the paperwork. The Higher eligibility, the more the loan amount. Thanks to our thorough evaluation, we can offer you the biggest property loan for your highest eligibility. Huge Funds with easy repayment terms: You can get a loan up to Rs. 3 crores based on the value of our property. Plus, affordable interest rates and simple repayment terms. Eligibility Criteria Salaried Individual Age Minimum Age: 21 years. Maximum Age: Govt employee – 70 years (if pension considered). Non-govt employee- 62 years (or restricted to retirement age). Employment Type:Working in: Govt. institution. Public Sector Undertaking. Private Sector Companies. MNC. Partnership firm / LLP. Proprietorship concern (Individual / HUF). Institutions run by Trust / NGO / Society/ others. Self-Employed Age. Minimum Age- 23 years. Maximum Age- 70 years. Employment Type.Self-Employed Professionals.Architect.CA.Qualified doctors (MBBS/MD/MS).Self-Employed Non-Professionals. Proprietorships. Business owners. Partners in partnership firms. Promoters and directors of closely held private and public limited corporations. Documents Required For both Salaried and Self-Employed Income Tax Returns for the most recent two years. KYC Documents. Identity Proof such as an Aadhar card, PAN card, etc. Address Proof. Form 16. Income Proof including the last six months’ bank statement and salary slips. Documents relating to the asset pledged as collateral. Property Loan Interest Rates, Fees, and Charges Interest RatesFor both salaried and self-employed, Interest Rates start from 11.5%* p.a.FeesFees and other charges that may apply at the time of application or during the loan term are listed here. These are subject to changes from time to time. [B-02] Bottomline Property loans or loans against property are easy to get but with a good credit score. Many banks offer a loan against a commercial shop that is ready to occupy or is under construction. The interest rates and repayment terms vary from lender to lender. To get a hassle-free loan, apply online at Piramal Finance.
08-11-2023
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Gold Loan

Complete Guide To Gold Loan Renewal Process 

Many people are struggling to fulfil their daily requirements. That’s because the global economy is showing a downturn due to the pandemic. In these circumstances, a gold loan is the only way to help you meet your financial obligations. A gold loan is an unsecured personal loan for people who want to borrow money for personal use. It is taken by people looking to buy physical gold or silver and then sell these precious metals to get back the investment amount with some profits. So, if you currently have a gold loan, you can request a renewal process rather than taking a new loan. A “gold loan renewal” procedure will enable you to extend your agreement with a gold lender. The renewal process can be a little complicated for some people, but this article will simplify it for you! [B-01] What Is A Gold Loan? In exchange for gold jewellery, you can obtain a secured loan known as a “gold loan” from the lender. It is also a source of financing that you may obtain from the lender in exchange for 18 to 24 carats of gold as security. With this, you receive high loan-to-value payments. Gold loan interest rates range from 9.24% to 17%. However, it may vary depending on the lender. These rates are generally lower than those for unsecured loans because the lender has security or collateral against them. Furthermore, you always have the option to cancel this loan at any time. The good news is that most lenders do not charge fees for gold loans that go into foreclosure. But a few charge between 2-4% of the unpaid principal amount. However, there are benefits of gold loans. Let’s now discover some of them here. Uses of the Best Gold Loan Gold loans are a popular form of financing in India. They can finance anything – be it gold, silver, real estate, stock markets, or any other asset that has value. The best part is that the bank won’t track how it’s utilised. Hence, you can use it for whatever personal financial requirements. Some of its uses are listed here: Family vacations Wedding-related costs Covering unplanned medical costs Children’s education Buying the home equipment House renovations Benefits Of Gold Loan You have the option of repaying your loan over time with cheaper EMIs. You immediately have access to money with this loan. It has a variable tenure, but you can repay over six or twelve months. You can apply for gold loans when you need financial help in any emergency. Eligibility Criteria For The Best Gold Loans You must be at least 18 years old to qualify for the eligibility criteria for a gold loan. Your source of income must be stable. How do I Apply for a Gold Loan? Simple methods to apply for this loan are as follows: Check out the Piramal Finance website. Look for “gold loans” and tap on its button. Type your personal details and the desired loan amount. Verify your mobile number with OTP sent to your cell phone. Fill out and submit the loan application. What are the Documents Required For Taking A Gold Loan? For your convenience, here’s a compiled list of the important documents you’ll need to take a gold loan. An Adhaar card for identity proof Passport Latest photo Agri Occupation Documentation if you are an agriculture customer Voter card Driving license How Should You Start Gold Loan Renewal Process? Taking the new gold loan has become hassle-free. It guarantees that the borrower receives money immediately. That’s because the banks are already aware of the eligibility requirements. They perform background checks on the applicants. In case of default, they don’t allow you to renew your gold loan. What does the renewal of gold loans mean? Let’s get into it right away! Renewal of a gold loan refers to extending the current loan agreement with the lender. Depending on your history of on-time payments, the lender, such as banks, may decide to renew your loan at a reduced gold loan interest rate. Various lenders have different procedures for renewing gold loans. However, here are the common steps you should follow to make this daunting task easier. The steps involved in renewing a gold loan are as follows: Check with your lender to find out if there are more document requirements than what was set when you first got your loan. This could happen if prices or policies have changed over time. Once you know the necessary documents, ensure all your paperwork is up to date. Lenders often require copies of your income tax returns and any other documents they may need to verify eligibility. Open the website of the lender and search for gold loans. Create an account and verify your phone number with OTP. To confirm the OTP on the lender’s website, enter all your details, including birthdate, email address, username, etc. Remember to enter the amount you need as a loan. The lender will require your identification documents. So, you should provide these documents to finish your KYC. The lender will check and approve your application once you’ve submitted it and filled out your customer information. After your application for a gold loan renewal is accepted, you will receive the approved loan amount in your bank account. [B-02] Conclusion A gold loan is a type of loan in which you borrow money against the security of your jewellery. The companies lend you money based on the current market price of gold and charge a gold loan interest rate for the same. However, if you have already taken this loan and wish to apply for another one, you can choose the renewal option. A few things to keep in mind before starting the renewal process are mentioned in this post. Today, customers have a variety of gold loans with low-interest rates. However, it might occasionally take work to choose the best gold loan and the lender. No worries. To help you, Piramal Finance offers loans with the lowest interest rates. So, check the options on the website and stay worried free when you are short on money.
08-11-2023
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