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Bike Insurance Calculator – Calculate Two Wheeler Insurance Premium Online

The policy’s price is the first consideration when choosing bike or two-wheeler insurance. The insurance premium is included in this cost. In other words, a premium is a price that an insurance company charges for its coverage. A biker insurance calculator could be used to determine the premium that needs to be paid. On their websites, both insurance brokers and insurance companies have links to online resources. [B-01] What Is a Bike Insurance Calculator? With a simple online tool called a “bike insurance calculator,” you can figure out how much it will cost to insure a motorcycle, scooter, or electric bike. The two-wheeler insurance premium calculator looks at the make, model, insured declared value (IDV), year of production, and information from the regional transport office to give you a free quote (RTO). You can use the calculator to see how the premium is calculated and change it to fit your needs. You can change the IDV, add or remove add-ons (if necessary), etc., and see the results in real time; the quote will change based on what you type in. Use the calculator at the top of the page to get a quick idea of how much your two-wheeler insurance will cost. Premium Calculator: How to Use It Using a bike insurance premium calculator is not hard and only takes a few easy steps. Visit the official website chosen by the insurance company. On some websites, a separate tab that says “Premium Calculator” should be chosen. Choose a plan of action. Type in the information asked for. Submit If there isn’t a tab for it, go to the plan you want to check the premium. Choose “Buy Now” from the menu or “Calculate Premium.” Please fill in the information asked for, then send it. You will get a quote for your premium with and without GST when everything is done. How to Use a Calculator for Bike Insurance? Bike insurance calculator online is easy to use Follow the steps below to figure out how much your premium will be with an online bike insurance premium calculator: Visit a website that lets you figure out how much your bike insurance will cost. Choose the brand, model, and version of the two-wheeler. Enter the bike’s ex-showroom price, the city where it was registered, and the year it was bought. If you claimed your bike insurance the year before, click “Calculate.” You will see the Insured Declared Value (IDV) and the estimated premium price for your specific bike model. Each requests a fast estimate from a number of insurance providers. You can choose a plan and pay the premium online with a bank card, a credit card, or UPI. Calculator for Two Wheeler Insurance Premiums for New Bikes Important information about a two-wheeler that is needed to figure out the insurance premium for a new two-wheeler: Name of the maker and the year it was made Type of two-wheeled vehicle that is an alternative to the two-wheeler State and city where the bikes are registered The two-wheeler premium calculator will help you choose the best insurance by letting you figure out how much your premium will be. Calculator for Two-Wheeler Insurance Premiums for Used Bikes Important information about a two-wheeler needed to figure out how much an insurance plan will cost for an old or used two-wheeler: Brand, model, and type of two-wheeler What you know now about two-wheeler insurance coverage by fuel type (if any) State and city of registration for bikes with two wheels Reports and information about old claim files or no-claim bonuses (NCB) (if any) When you put in your information, the two-wheeler premium calculator will estimate how much your insurance plan will cost. After that, you can choose the best option for you. Cost Calculator for Third-party Insurance on a Two-wheeler A third-party bike insurance calculator is an online tool that lets you figure out how much third-party insurance costs. The Motor Vehicles Act of 1988 says that all two-wheeled vehicles must have a “3rd Party Bike Insurance Policy” to protect them financially from third-party liabilities. So, anyone who owns a two-wheeler must have at least third-party insurance. Here are the most important parts of a calculator for third-party insurance: Cover for the liabilities of other people How big is your bike’s engine? The safety of the bike owner Calculator for Benefits of Bike Insurance With a bike insurance calculator, you can figure out how much your two-wheeler insurance will cost. This tool looks at many things about your two-wheeler, like the brand, model, RTO information, and declared insured value, and gives you an instant premium price. You can save time by using a bike insurance calculator, which quickly gives you the cost of a two-wheeler insurance plan. Using the bike insurance calculator tool, you can compare the cost of premiums and the coverage offered by different insurance companies. This lets you choose the plan that best fits your needs. It is a flexible tool that will only force you to pick one thing over another. Since no one from the outside can change your decision, it stays the same. Why Is It Important to Use a Bike Insurance Calculator? Before you buy something, you need to know how much it costs. In the same way, you need to know how much bike insurance costs before you buy it. The following important shows that using the two-wheeler insurance premium calculator can help you make a smart choice. Saves you cash A bike insurance calculator is mostly used to help people buy bike insurance that fits their budget. The calculator tells you how the premium is calculated and how the right combination of factors lets you choose the best bike insurance coverage. Lowers the cost of bike insurance With the bike insurance calculator, you can determine what makes the premium go up or down. With this tool, you can change your coverage and, as a result, the cost of your bike insurance to fit your needs and budget. Helps you make decisions based on facts The bike insurance premium calculator is clear about how it works. Also, it tells you how your two-wheeler insurance rate is set so that you can make an informed decision. No need to use middlemen or agencies With the bike insurance calculator, you don’t have to go through other people or organisations to find out how much bike insurance costs. The online tool lets you choose and change the two-wheeler insurance coverage to fit your needs without relying on a middleman. [B-02] Conclusion A bike insurance calculator is a computer programme that helps policyholders figure out how much their two-wheeler insurance premium should be. Bike insurance, which is like car insurance for bikes, covers them. When you buy two-wheeler insurance online, it usually covers theft, damage, and accidents. You can look at Piramal Finance and their website to find out more.
08-11-2023
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Other

Brighten Your Financial Future with the Right Financial Instruments

It’s easy to think that uncontrolled factors will impact your financial future. And in a certain way, it does. But you’ll be surprised at how much power you’ll have over your financial future in 10, 20, or 30 years. Fixed deposits and Recurring deposits are the main financial instruments to secure a financial future. Let’s discuss some suitable financial products that might help you improve your financial future. [B-01] What Is a financial instrument? A financial instrument is an asset. It can be exchanged on the financial market. It serves as a valuable repository. The parties to the agreement may create, swap, or modify these contracts as necessary. Equity stocks, bonds, and derivative contracts are the three types of financial products used most often. Types of financial instruments There are mainly three types of financial instruments : Money market instruments Call or notice money, caps and collars, letters of credit, forwards and futures, financial options, financial guarantees, swaps, treasury bills, CDs, term loans, and commercial papers are examples of money market products. Capital market instruments This covers financial assets such as equity instruments, accounts receivable and payable, cash deposits, debentures, bonds, loans, borrowings, preference shares, and bank balances. Integrated instruments It consists of convertible loans, equity-linked notes, debentures, convertible warrants, dual currency bonds, and so on. Five actions you should take to improve your financial situation Consistent savings and reliable returns You might have goals like going on a foreign trip, paying for your children’s college expenses, saving for a down payment on a home, updating your home, etc. Fixed deposit and recurring deposit products provide certain returns. These returns are ideal options for attaining your goals. Daily savings can help you build an emergency fund. You can use this if anything unplanned, such as a medical emergency or job loss happens. You can invest any money left over after paying your EMIs and other monthly expenses, in FDs. You can also invest any extra income you might get, such as gifts from family members or a bonus at work, in FDs. As an option, you might create an RD and start making small monthly instalments. For fixed deposits and RDs, banks provide a range of terms and competitive interest rates. Opening an account is simple. There is little paperwork (account holders who have already gone through the KYC process need not provide any). Another choice is to make your first early withdrawal without incurring fees. This withdrawal may be up to 25% of your original capital. If you wish to get a set sum of money when the investment matures, choose a fixed deposit with a tenure that matches the period needed to attain your goal. To see how much money you need to save and for how long, use the fixed deposit calculator. Make your budget work for you A financial plan will help you keep track of your income and expenses. With this, you can see where your money is going. Include a payment plan. With this, you can keep an eye on your long- and short-term financial status. You can also assess if you are reaching your financial goals. Making and following a budget is one of the best ways to plan for the future. In the end, your budget should be tailored to you and your situation, so make sure it works for you. Learn about money for yourself and your family The finest asset you can make is time. You can use this time to learn about financial planning. Making wise financial choices should be a family focus. Financial literacy begins at a young age. Avoid living above your means Understand the difference between necessities and luxuries. Long-term financial stability is important. You need to be sure your lifestyle is sustainable. Be honest with yourself and acknowledge your financial limitations. A family’s emergency savings account should have enough money to pay for three to six months’ worth of expenditures. Being dependable, trustworthy, and realistic may help your financial condition. Preventing and defending against financial abuse There is a rise in both personal and business use of internet technology. It’s crucial to remember that whether you’re shopping or using online banking, you might be at risk. Make sure you are trying to protect against fraud and scams that might cause you harm. Use a private, secure connection while dealing with sensitive information. Log out when finished. Do not read, click, or reply to links or emails coming from unknown or shady sources. Keep your access codes, PIN, user ID, and password confidential. Report any lost or stolen debit or credit cards right away. How does the FD interest calculator help in financial planning? A fixed deposit offers constant growth without incurring any risks. So savings can be stored there. Before investing in a fixed deposit, it is crucial to know how much one expects to gain at the end of the period. An FD calculator can be used for this. Investors who wish to plan their investments ahead of time can use the fixed deposit interest calculator. This will help them to figure out the maturity amount, interest payments, and maturity date before investing. Investors may plan their investments before investing using the fixed deposit interest rate calculator. To use the calculator, follow these two easy steps: Step 1: Enter your preferred investment amount and term. Step 2: Decide on the investment tenure. The FD maturity amount, interest earned, and payment amount are all presented on the screen with only one click. Monthly or periodic income can also be calculated using the FD Calculator. The FD rate calculator is also useful for people who live abroad and wish to invest in a fixed deposit. [B-02] Conclusion Spread your money across the right financial instruments. With this, you can ensure that it grows in value and is there when you need it. Older people may make the most of their resources and access desirable benefits by setting up a fixed deposit. A long-term FD will provide a steady stream of income for your needs after retirement. This will also ensure earning higher interest rates. You can look at Piramal Finance and their website to find out more.
08-11-2023
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Dream Mobile

Best Selling Latest Mobile Phones In India – Price & Specs

The smartphone revolution has taken over the world. As a consumer, you probably want a smartphone with the most cutting-edge tech. The best and latest mobile phones in India offer top-notch features with cameras that would put a DSLR to shame. However, you might have gotten confused since there are so many options in the market today. But don’t worry about it. We have you covered on the best mobile phones in the market. Here are the best-selling mobile phones in India: [B-01] Apple iPhone 14 Apple released the much-awaited successor to the iPhone 13 this year. The iPhone 14 like all the other iPhones before it packs a solid punch. The new A15 Bionic Chip does not disappoint and you will not feel a single lag when you are using the phone. Along with unmatched performance, Apple has also clinched the best camera phone tag as expected. The iPhone 14 is one of the best mobile phones out there. However, you might feel that it is on the expensive side of things, but it is worth every penny you pay for it. Here are the specifications for iPhone 14: Display: 6.1-inch Retina Display with 2532 x 1170 pixels Pixels Per Inch: 460 PPI Processor: A15 Bionic Chip Camera: 12MP Main and 12MP Ultra Wide with optical image stabilization Selfie camera: 12MP Other Features: FaceID, iBeacon micro-location, Digital compass. Google Pixel 7 Pro Google has done what it does best with the Google Pixel 7 Pro. It has provided the best mobile phone software experience money can buy with the Google Pixel 7 Pro. It is also the only phone which can compete with the best camera phone tag of the iPhone. The G2 tensor chip provides impeccable performance while saving battery life. This phone will last you all day long easy. Here are some specifications for the Google Pixel 7 Pro which is one of the best mobile phones in India: Display: 6.7 inch AMOLED Display with 3120 x 1440 pixels Pixels Per Inch: 512 Processor: Google Tensor G2 Camera: Triple camera set up with 50MP Wide, 48MP telephoto, and 12MP ultra-wide Selfie Camera: 10.8MP Other Features: NFC, compass, proximity sensor, barometer Samsung Galaxy S22 Ultra Samsung is one of the toughest competitors of the iPhone in the premium smartphone category. Every year, it competes with the iPhone to be the best mobile phone in the world. The Samsung Galaxy S22 Ultra specifications provide a premium smartphone experience. From the camera to the interface, the S22 Ultra is an amazing performer in every department possible. This smartphone has a beautiful AMOLED display that is unlike any other. Here are some specifications of one of the best mobile phones in the world: Display: 6.8 inches Dynamic AMOLED Display with 3088 x 1440 pixels Pixels Per Inch: 500 Processor: Exynos 2200 Camera: Four camera set up with 108MP Wide, 10MP Periscope, 10MP telephoto, and 12MP ultra-wide Selfie Camera: 40MP Other Features: under-display ultrasonic fingerprint, NFC, compass, Samsung DeX (Desktop support) OnePlus 10 Pro OnePlus has grown in popularity ever since the revolutionary OnePlus One which was one of the best mobile phones of its time. However, OnePlus has never been known to be among the best camera phones in the market. The phone manufacturer has turned its image and the OnePlus 10 Pro has one of the best cameras in the market right now. The performance prowess of the OnePlus 10 Pro coupled with an outstanding camera set up has made the 10 Pro one of the best mobile phones in the Indian market. Here are some specifications of the OnePlus 10 Pro: Display: 6.7 inch Fluid AMOLED LPTO2 Display with 3216 x 1440 pixels Pixels Per Inch: 525 Processor: Qualcomm Snapdragon 8 Gen 1 Camera: Triple camera set up with 48MP Wide, 8MP telephoto, and 50MP ultra-wide Selfie Camera: 32MP Other Features: Stereo speakers, NFC, Wi-Fi Direct, under-display optical fingerprint sensor Motorola Edge 30 Fusion In the mid-range premium category, the Motorola Edge 30 Fusion is an outperformer. The Edge 30 Fusion offers a stock Android experience with impeccable all-around performance that you can count on. Not only that, the price point of the Edge 30 Fusion makes it a value-for-money deal that you wouldn’t want to miss out on. The flagship killer from Motorola is made for buyers who want a premium experience but do not shell out a lot of money. Here are some specifications of the Motorola Edge 30 Fusion: Display: 6.55-inch P-OLED Display with 2400 x 1080 pixels Pixels Per Inch: 402 Processor: Qualcomm Snapdragon 888+ 5G Camera: Triple camera set up with 50MP Wide, 13MP ultra-wide, and 2MP depth sensor Selfie Camera: 32MP Other Features: NFC, under-display optical fingerprint, gyro, accelerometer, and compass Asus ROG Phone 6 The ROG Phone 6 is probably the most unique phone on this list. It is a gaming phone that an average user will also love. If you love Call of Duty or Asphalt, you are going to love this phone. The gaming performance of the phone is unmatched. The performance coupled with gaming-specific features like triggers, cooler accessories, etc. makes it an ideal phone for gamers. It is the best mobile phone for gamers right now. However, since the phone provides super performance along with long-lasting battery performance, an average user will love it as well. Here are some specifications of the Asus ROG Phone 6: Display: 6.78-inch P-OLED Display with 2448 x 1080 pixels Pixels Per Inch: 395 Processor: Qualcomm Snapdragon 8+ Gen 1 Camera: Triple camera set up with 50MP Wide, 13MP ultra-wide, and 5MP macro Selfie Camera: 12MP Other Features: NTFS support for external storage, gaming triggers, thermal system, customizable RGB lighting in the back [B-02] Conclusion The smartphone market in India has plenty of options for every price point. You have a lot of options to choose from. We have listed the best mobile phones in India right now but every phone has its own pros and cons. If you want the best camera, you should go for the iPhone or the Google Pixel 7 Pro. If you want a gaming phone, you should go for Asus ROG Phone 6. You should select a phone that meets your requirements. After selecting one that amazes you, take the help of Piramal Finance to buy the phone of your dreams. Visit their website now and see the amazing offerings on display.
08-11-2023
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Business Loan

Business Loan – Short-Term vs Long-Term Loans

Business loans are often the driving force behind a firm’s success. You may use a loan to outfit your firm with office space, need supplies, tools, and more. Any firm may profit significantly from a loan at some point in time. This is where business loans come into play. These loans may help you survive and develop your firm by allowing you to purchase new goods, modernise tools, and invest extra cash into future initiatives and operations. Loan providers often categorise business loans as either long-term or short-term business loans. Each of these is suited to certain firm requirements. And each has its own set of perks. Are you considering using a business loan to support your new venture? Find out which sort of business loan is best for you here. [B-01] What exactly are Short-Term Business Loans? As the name implies, a short-term business loan is available for a shorter period. This period normally lasts a little more than a year. A short-term firm loan provides fast liquidity for critical demands such as stockpiling vital inventory goods, paying back suppliers, sustaining a seasonal cash flow, and more. Typically, firm loans demand collateral to guarantee that your vendor is adequately reimbursed if monetisation fails. Short-term loans also assist company owners with the right quantity of money. To get a long-term loan, you must often request a large sum of money. The smaller loan amounts make it simpler to repay and repay debt sooner. Yet, since short-term business loans are for such a short time, no collateral is required to get them. These loans also need less paperwork than long-term loans. What Are Long-Term Business Loans? A long-term business loan, as opposed to a short-term business loan, provides larger sums and has a longer period. A long-term firm loan may often be obtained for 5 to 10 years or more. Since these loans are substantially larger and paid over a longer period, these may be used for things like acquiring cutting-edge tools, firm expansion, and renovating the firm’s design. Long-term business loans, in short, have a higher payback amount. As a result, you may be asked to pledge an asset as security to get these loans. Loan disbursement takes a little longer for long-term loans than for short-term business loans. Lenders often want extra evidence, such as a soft copy of your firm’s balance sheet, to validate your loan form. Key differences between Short-Term & Long-Term Business Loans Here are the key differences between long-term and short-term business loans: Basis Long-Term Business LoanShort-Term Business LoanEligibility CriteriaStrict qualifying requirementsA short-term business loan has slightly easy eligibility needs.TenureA long payback period extends from 5 to 10 years. In certain situations, it is even longer.A brief payback period lasts between one and three years.Paperwork Heavy paperworkShort-term business loans need minimal paperwork.Rates The interest rate is lower.The interest rate charged is usually high.Processing TimeThese loans often allow faster access to money, sometimes in as little as 24 hours.These normally have a lengthy form process that might last a week or two. How to choose between Short-Term and Long-Term Business Loans Requirements for cash flow Timing is critical when deciding on the repayment period for your short-term business loan. You must have enough money to pay back the loan if it is due. Yet, a missed deadline might still strain your firm’s finances. Imagine the following scenario: your payment is due, you pay it on time, but you now have very little cash left. You may be unable to pay other bills or be forced to delay other investments. You risk accruing late fines or getting a bad credit score if you make other payments late, further jeopardising your firm’s financial condition. Make precise projections of your firm’s cash flow needs to avoid this. While at it, consider any extra expenses that may affect your cash flow as your loan due date approaches. Consider your future and current financial status If you’re evaluating many options, a short-term loan may make sense to enable you to do the research to decide which is worthwhile. If you are just starting and your short-term cash flow is uncertain, you should give yourself extra time. In this case, a short-term firm loan might make more sense. A long-term business debt over your head is not ideal if your firm collapses. As a result, a short-term firm loan may be a better place to start. Determine your risk tolerance Each entrepreneur must accept the risk of success, although the risk varies depending on various factors. It’s important to remember that there is no “correct” answer to the issue of how much risk you’re willing to accept. The risks are context-dependent when deciding between short-term and long-term financing. When all other factors are equal, a long-term loan is riskier than a short-term firm loan since repayment takes longer. As the debt must be returned sooner, you will often have to pay greater EMIs on a short-term business loan than you would on a long-term firm loan. You may claim that a short-term firm loan is risky if the extra payments are likely to cause financial difficulties. Finally, determine which loan option is most likely to be granted. Newer firms sometimes cannot get long-term capital simply because these firms lack financial experience. In this case, short-term finance may be your only option. [B-02] Conclusion Finally, picking between long- and short-term business loans comes down to your firm’s demands. A short-term business loan is likely better suited for most small firm owners. Yet, long-term finance may be required in certain cases. Regardless of the term of your loan, it’s critical to deal with a lender that knows your firm’s goals and issues. Instead of placing your firm in a one-size-fits-all box, look for a lender that can tailor a loan package to your specific requirements. Still unsure if your firm needs a long-term or short-term loan? Visit Piramal Finance for similar blogs and learn about their products and services.
08-11-2023
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Business Loan

Different Ways In Which A Business Loan Can Help You Through Holidays

A commercial loan is the best way to ease your financial stress. Since holidays are the time for celebration, people love to meet their loved ones. But more importantly, they love spending on gifts for their friends and family. So, it is the perfect time for business owners to upgrade their inventory and resources. A commercial loan can help you ease your debts and provide you with enough funds to ramp up your business operations. Read on to find ways a business loan can benefit you this holiday season. [B-01] How Can A Commercial Loan Help You This Holiday Season? There are many ways a commercial loan can help your business during the festive season: To Market Your Brand A business needs marketing at all points. If you have a small business, a commercial loan can help you to expand your reach. Since there are so many ways to market your business, you can select multiple options for advertising. With a business loan, you can have competitive benefits and increased sales. Ensure to promote your business online and offline. The marketing strategy might differ from one business owner to the next. But the level of marketing in your business has a lot to do with its success. With a commercial loan, you can easily deal with such issues. Sometimes even large companies face a financial crunch when it comes to the liquidity of funds. A business loan can be a blessing in times of crisis. Equipment Upgrades Every business needs an upgrade from time to time. As you progress in your sales, the demand will increase. To keep up with the increase in sales, you must upgrade your tools and equipment. But affording such new machines and tools might be difficult for you. A business loan is the best way to buy upgrades without disrupting your business savings. As a business owner, you know the importance of emergency funds. In this way, the progress of your business will not stop, and you have enough savings in your business account. Getting a commercial loan to hire more staff will help you get the ROI you aim for. The plus point of the loan is that you can earn profits without multiple debts. But what happens when you lack production or have insufficient manpower? Ensure that your business does not go through such situations. Thus, commercial loans become very important for upgrading your resources. Clear Debts Many people use commercial loans to pay off their debts. This is feasible as the interest rates of commercial loans are lower. It is a great way to plan your business finances and start fresh. You owe much less on a commercial loan by clearing your multiple debts with a higher interest rate. With a business loan, you also get a longer repayment deadline. This will help you pay off your existing debts and help you reduce interest rates. You can also extend your repayment deadlines to avoid any penalties. After you have paid the debt, you are left with some extra funds to invest in a commercial loan. Refinancing helps your business in several ways. You can clear your current debts, invest more in resources, and improve your CIBIL score. A business loan can help you gain more working capital after clearing multiple debts. To Boost Working Capital Working capital is very important for any business. It should be well-planned whether you have a small or large business. When you clear all the funds you owe in debts, taxes, and account returns, the residual funds are your working capital. From this, you also have to pay your staff and invest a certain amount into the business. But with the festive season approaching, you might need more funds than usual. People tend to go all out shopping during holidays. If you have inadequate funds, the investment options for your business are very limited. You might be unable to buy new equipment or hire more staff for the festive season. This might cause poor management and low production for the holidays. As a result, you will have restricted revenue. A commercial loan will help you to boost your capital. You can have enough funds to invest and lay off any debts that cause financial stress. Increased Inventory The holiday season is a rush time for all business owners. With the festivities approaching, most businesses also offer great discounts. So people are generally on the lookout for stocking their yearly essentials. It is also the best time for getting loved ones their favourite things. You don’t want people to enter your store and find empty spaces. With the time crunch and limited funds, a commercial loan is the best option to increase your inventory. It is quick and does not require any collateral. Having a sufficient inventory will also help you secure good working capital to repay the commercial loan. [B-02] The Bottom Line The holidays are the busiest times for business owners. But it also comes with a lot of challenges. To overcome debt repayment, insufficient inventory, and other issues, a commercial loan can be helpful. Getting the best business loan that fits your needs is very important. You can ensure your business flourishes this festive season with the right commercial loan. To read more about business loans, check out the Piramal Finance website.
08-11-2023
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Credit Score

Does Loan Settlement Ruin CIBIL Score?

Whenever you borrow a loan, it’s important to have a plan to repay it. However, sometimes people are unable to repay the loan on time. This can be due to business failure, high interest rates, sudden tragedies, etc. People may try to resort to loan settlement to solve the problem. However, contacting the lender or bank to settle a loan might be a blunder. It harms your CIBIL (Credit Information Bureau (India) Limited) score and prevents you from obtaining a loan for many years. Many people hurry to make extreme decisions without being aware of the consequences. A CIBIL score is essential to determining your financial status. It is largely dependent on your monetary behavior. This article will explain the drawbacks of loan settlement and why you shouldn’t choose it. [B-01] Meaning of Loan Settlement Also known as “debt relief,” this is a process of financial negotiation. The borrower tries to agree with the lenders to settle on a sum less than the entire amount. Typically, a “One-Time Settlement” offer is provided by the lenders. Eventually, both parties will reach a common ground on the debt owed. The loan’s status will be stated as “settled” in the credit report. The differential sum will be officially dismissed. Now the question arises: how does this harm CIBIL Score? How Does Loan Settlement Affect CIBIL Score? The biggest impact is on the prospects of obtaining loans in the future. The possibility of getting a favorable interest rate is tarnished. This is because loan settlement lowers the CIBIL score. Most borrowers are unaware of how loan settlements diminish their credit score. If you choose to pay off your debt, you should be aware that your CIBIL credit score may suffer as a result. Typically, a loan settlement can lower the CIBIL score by 80–100 points. That’s quite a lot of deduction. Therefore, your profile as a borrower will suffer a lot of damage. A settled debt’s status can be seen for up to 7 years on the CIBIL credit record. This is a long tenure. Therefore, if you apply for a loan during that period, you will probably not get the desired results. It’ll be unfortunate if someone in urgent need of revenue doesn’t avail of it. The banks and money lending companies will assess your CIBIL score. If it appears that you will be unable to repay the original amount, the bank may impose conditions on the loan. These include a higher rate of interest, a shorter tenure, collateral, etc. In the worst case, the bank can reject the loan application. What Are the Solutions Then? By now, you are aware of the drastic results of applying for a loan settlement. It’s natural for you to want a solution to the situation. We will consider two cases for this. Firstly, you’ll learn what can be better substituted for loan settlement. The other case will discuss ways to increase the CIBIL score if you have already applied for a loan settlement. How to Avoid Loan Settlement? Since applying for loan settlement should always be the last resort, here are the ideal substitutes: Try to sell some valuable assets to raise enough money. These can include gold, automobiles, jewelry, etc. Liquidate a sufficient part of your investment or portfolio. Request the bank or lender increase the tenure to meet your needs. Request the bank to reduce the rate of interest. Get an insurance policy on your loan amount before applying for it. If you cannot acquire sufficient cash to pay off the debt, it’ll be handled by the Insurance company. Thus, you can avoid payment defaults and prevent your credit record from reflecting them. Additionally, it will assist you in avoiding accepting the lender’s and bank’s offers to settle the loan. What to do to Increase the CIBIL Score if the Loan is Settled? If the loan settlement is done, you should take immediate steps to improve your financial status. Loan settlement will inevitably lead to a deduction in the CIBIL score. Therefore, a proper plan is needed to increase it again. The following steps will help you improve your credit profile: Make sure that all your previous dues (if any) are cleared. These are the biggest hindrances to maintaining a good CIBIL score. Discard the credit cards that you don’t use frequently. However, remember to keep your first one with you. It is not uncommon for unused credit cards to affect the financial status of an individual. Maintain an ideal Credit Utilisation Rate (CUR). This falls around 30% (0.3) or below. Your CUR is a part of the credit limit used against the amount granted. Make sure not to overuse the credit capability. Doing otherwise ruins your credit profile and decreases your CIBIL score. Seek help from a financial adviser. Piramal Finance will provide you with some of the most reliable ones. Do not apply for a new loan for a few months. [B-02] Conclusion You should always be cautious about borrowing the loan amount, depending on your financial capability. It is this mistake that often leads people into difficult situations. Always analyze the loan schemes offered by different banks and make your choice. If possible, get the required help from a financial advisor. Loan settlement has a negative impact on an individual’s financial situation. You need to realize just how important the CIBIL score is for your monetary requirements. Nearly every bank assesses it before considering granting you a loan. Tarnishing reduces the chances of getting a loan in the future. As a result, in the event of financial difficulties, keep loan settlement as a last resort. For more details, you can visit our website, Piramal Finance. We will be more than pleased to answer your queries.
08-11-2023
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Personal Loan

Difference Between Two-Wheeler Loan and Car Loan

Owning a vehicle is a dream many people nurture. Having your own vehicle means that you can commute at your leisure and convenience. However, the cost of two-wheelers and cars is rising every year. Thanks to several loaning facilities available in the market, you can easily apply for a vehicle loan to realise your dream of buying a car. Once you decide to own a vehicle, you need to decide whether you want a two-wheeler or a four-wheeler. There are loan facilities available for both kinds of choices, but it is imperative to know what both of these choices entail in terms of a loan. Due to recent improvements, loan applications are now processed quickly and easily. You can choose from a variety of plans and options, especially when it comes to automobiles. The majority of applicants end up postponing their application procedure since they are ignorant of the difference between a two-wheeler and a car loan. To choose the one that is best for you, you should understand how they differ from one another. This article attempts to explain and highlight the main differences between a two-wheeler and a car loan. [B-01] Two-Wheeler Loans Versus Car Loans Compared to a car loan, a two-wheeler loan is very different. Even though both two-wheeler loans and car loans are classified as vehicle loans, the lender sees them as two different investments, thus there are some variances between the two. Bike prices are typically lower than car prices. Due to its affordability as a means of transportation and the rise in fuel prices, motorcycle use has increased among the general public. Additionally, COVID-19 and the rise in home delivery jobs have raised the demand for motorcycles and decreased default rates. Because of all these variables, getting a loan for a two-wheeler is easier than getting a loan for a car. How Do Two-Wheeler Loans Differ From Car Loans? Though both are vehicle loans, two-wheeler loans and car loans differ from each other in the following aspects: Compared to a car loan, a bike loan has distinct eligibility requirements. The repayment period of a bike loan is also shorter than that of a car loan. Though the interest rates are not fixed, the bike loan interest rate is different from the vehicle loan interest rate. It varies depending on the lender. Typically, a car loan is sanctioned for a significantly larger loan amount than a two-wheeler loan. These differences are further explained in a detailed manner below: Eligibility Criteria In comparison to a two-wheeler loan, a car loan has more stringent eligibility requirements. Your credit history, past repayment behaviour, history of prior loans, defaults, level of income stability, etc. will all be examined by the lender if you apply for a car loan. Nevertheless, it is simple to obtain a bike loan. You may easily apply for a bike loan because the procedure is straightforward. Repayment Tenure A bike loan has a shorter repayment period than a car loan. When compared to a car loan, which can last up to 5 years, a bike loan typically has a payback period of 2—3 years, though this can vary depending on the lender and be extended. The age of the vehicle at the time of purchase plus the loan’s term shouldn’t be greater than 10 years (in special cases, 12 years). Rate of interest A two-wheeler loan often carries a lower interest rate than a car loan. Despite this, there are several circumstances in which the interest rate for the bike loan may be higher. The same lender may charge varying interest rates for two-wheeler loans to various bike manufacturers. The financing rates on premium motorcycles are lower than those on regular vehicles. Two-wheelers loans have a different interest rate structure than car loans. Similarities Between Two-Wheeler and Bike Loans Loans for a motorcycle and a car are comparable. You can reasonably understand how to apply for a motorcycle loan, provided you have the right information about the various aspects of the loan process. Additionally, knowing the distinctions and parallels between loans for two-wheelers, cars, and even used cars will help you make the best choice. Automobile and bike loans have numerous differences, but they also have many similarities. For the most part, the same documents are needed for loan processing. Salary stubs, evidence of income, bank statements, proof of residency, identity proof, PAN cards, etc. are the primary documents needed. Both automobile and bike loans are secured loans. How to Get a Motorcycle Loan? After comparing the two types of loans—two-wheeler and four-wheeler—we can now look at the motorcycle loan application process. Of course, the loan application process is handled in a somewhat different way by each lender. The fundamental steps that must be taken to obtain a two-wheeler loan are similar. To learn more about how to apply for a motorcycle loan, read the following pointers: Complete the loan application with personal information and bike information. Determine your eligibility and the repayment period. Get your loan approved. Get your loan acceptance letter from the lender next. Go to the store where you want to buy your dream bike and buy it. [B-02] Summing it Up Car and bike loans differ, although they are nonetheless comparable in many ways. If you’re thinking about buying a bike, you should first look into the lenders who are providing the greatest interest rates on the market. Concerning loan tenure, interest rates change. So, make an effort to appropriately adapt the loan term for the bike. Purchasing a car has a similar process. Visit Piramal Finance’s website to know more about vehicle loans and other products and services offered by them.
08-11-2023
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Personal Loan

Different ways to get Personal Loan without Income Proof

There are often emergency cases where people require a sizable amount of cash. It’s only natural that borrowers want the money hassle-free. The lender’s lengthy list of terms and conditions can be a bit bothersome. You’d like the loan approval process to be as simple as possible. A personal loan is not secured. You won’t have to go through the hassle of providing collateral to your lender for it. Even if you do not need to submit collateral, you must meet certain requirements to receive the loan. However, it’s not always possible for everyone to submit documents like Income proof. Fortunately, some lenders will grant you a personal loan even if you don’t submit such documents. We will now explain different ways to obtain a personal loan without income proof. [B-01] Various Strategies for the Objective: Set up a Favorable Professional Relationship with the Preferred Bank/Lender A strong link between you and the lender is one of the major aspects of achieving the goal. If you and the bank/lender are well acquainted with each other, it’s likely that the latter will grant your requirements. Here are steps to earn their trust: Remain faithful to that particular bank for all the monetary services. Paying all the dues and bills on time will increase your trustworthiness. Maintain a good credit utilization rate. Prefer a local bank since it’s beneficial for both sides. The bank will be much more inclined to be at your aid. Try to avail as many schemes as possible offered by the bank. Apply for the loan alongside a Guarantor/Co-Applicant An excellent alternative is to seek the aid of a trustworthy acquaintance. You must guarantee that the person acting as guarantor has a reliable credit score. A person with a steady income and a healthy credit history will make an ideal co-applicant. This is the most typical approach for people to apply for a personal loan without income proof. Although, if you fumble with the loan, it’ll be the guarantor’s responsibility to make the repayment. So it’s advisable to be cautious. Set up a Collateral You can put up collateral(such as a valuable asset) for the lender instead of income proof. This tends to be an ideal way to obtain a personal loan without income proof. The most popular form of collateral offered by applicants in India to obtain a fast loan without income proofs and CIBIL scores is Gold. This is largely due to the fluidity and profitability of gold. The number of individuals opting for this kind of quick loan increases every day. The collateral serves as security in the absence of the CIBIL score to reduce the lender’s risk of default. You can pledge any asset, such as real estate, a car that hasn’t already been pledged for another loan, gold, etc., depending on the circumstances. Build up a Good Credit Score Most lenders would consider you a creditworthy borrower if you have a high CIBIL( Credit Information Bureau (India) Limited) score. It proves that you are financially responsible. They will have any issues while granting you a Personal Loan in the absence of Income Proof. The ideal CIBIL score typically falls around 750. Apply for a Personal Loan with a High Rate of Interest If you are not able to supply your income proof or a good CIBIL score, this can be one of your main resorts. Certain banks or lenders will be willing to accept your requirements if you apply for the loan at a high-interest rate. It usually tends to work well for both parties in this case. Proper Ratio between Debt and Income You should always try to keep the debt-to-income ratio around 0.4 or less. This largely uplifts your profile as an able borrower. It shows that you will be able to make repayments timely. It also lowers the risk for banks to lend you a personal loan without income proof. Benefits of Applying for a Personal Loan without Income Proof: You are now aware of the different ways to apply for a personal loan without income proof. Here are some benefits of the above: It allows you to establish a healthier relationship with the bank or lender. It’ll help in the growth of local banks a great deal. Simple reimbursement with an adjustable tenure. You will be able to satisfy your urgent requirements in time. Lucidity and prompt payment. The interest rates offered benefit both parties. Procedure to Apply for Personal Loan We will now guide you through the entire procedure of applying for personal loans without income proof. Browse through the website of your desired bank or lending company. You can also download their applications, if available. Create an account or log in to an already existing one. Finish the KYC(Know Your Customer) procedure by submitting the necessary paperwork. Navigate to the personal loan section. Go through the terms and conditions. Enter the required loan amount. Seek the aid of an online assistant of the bank. Tell them your circumstances. (Depends on your situation) You can offer the collateral, accept the higher interest rates, or request a meeting with an official. You can also mention the reliable co-applicant. After the conditions are met, you will be granted the loan amount. We also advise you to visit the bank physically. For many people, the entire process is convenient offline too. [B-02] Conclusion With changing times, it has become easier to apply for a personal loan without income proof. The key to availing of the loan is to establish a good professional connection with the lenders. Always keep in mind to maintain a reliable profile. Be sure to repay your debts and loans punctually. sure to repay all the loans and debts timely to ensure your credibility. For more details, you can visit our website: Piramal Finance. We will be more than pleased to answer your queries.
08-11-2023
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Personal Loan

Build Your Home Gym with a Piramal Finance Personal Loan

Going to the gym is something that everyone may want to do. But it may not be easy to do so. Whether you’ve worked all day and are fatigued, have children at home who you can’t leave alone, or despise working out in front of others, it’s simple to find reasons not to go to the gym. Exercising, on the other hand, provides several physical and mental advantages. If you don’t have time to go to the gym, you may want to consider purchasing gym equipment. This may vary from a few dumbbells in a room to a full-fledged gym setup. If you can’t afford to pay hundreds, if not thousands, of money for the initial setup of your home gym, Piramal Finance offers personal loans with top-notch benefits. [B-01] What Are The Advantages of Having a Home Gym? There are several advantages to having your gym, including the following: Saves Time You are no longer required to drive to and from an outside institution. Customisation You may have the precise equipment you want and use it in the way you want, without limitations. You may accommodate your personal tastes, be it loud music, television, or complete silence. Motivation When the gym is practically down the hall, you no longer have the excuse of “not enough time.” You may customise your room to create the most relaxing, welcoming home gym setting possible. You don’t have to shower at the gym or travel home in dirty workout clothes since your shower is also just down the hall. Free To Go Anytime You Wish There are no busy periods, closed days, or limits when it comes to exercising. You may proceed at your speed without being concerned about other people using your equipment or alternating sets with someone. No More Germs Hundreds of sweaty people touch the same piece of equipment as you in a commercial gym. With a home gym, only you will have access to your equipment. And, you may clean it as often as you like. How to Go About Constructing a Home Gym? Determine The Equipment Required Depending on your training needs, your gym might cost anywhere between a few hundred to a couple of lakhs. Make a list of the equipment you need. This may include a treadmill, dumbbell set, stationary cycle, training bench, rowing machine, and so on. Find The Best Offers If you hunt hard enough in this information-driven age, you can always discover the greatest discounts for any kind of item. Take some time to find and finalise the greatest bargains. You might wind up saving a lot of money. Create a Monthly Budget Making and adhering to a monthly budget is a question of monetary resources and effective personal finance management. When you have a large cost coming up for your home gym, you should tighten your belt and redraw your monthly budget. You will therefore generate some excess to manage your EMI and build your dream gym. Increase The Tenure Before applying for a personal loan for your home gym, it is a good idea to utilise a personal loan EMI calculator. It will determine the best term and EMI for you. Your EMI should be manageable and fit inside your monthly budget. It would be best if you chose the longest term available. After six months of loan servicing, you have the option to foreclose the loan with no prepayment penalty. Avoid Using a Credit Card Use a credit card only for scheduled large-ticket purchases. If you do not pay within the credit term, you will wind up paying more than 2.5% each month in interest. On an annual basis, this may amount to an astounding 36%. When it comes to funding scheduled costs, a personal loan is much superior. This is due to the cheaper interest rates. Request a Personal Loan Once you’ve decided on your gym equipment and the lender you want to work with, all you have to do is apply for a personal loan from Piramal finance. Applying for a personal loan is a breeze if you fulfil the qualifying conditions. You must be an Indian resident or citizen over the age of twenty and have a monthly net salary of at least Rs 30,000 to apply for a personal loan. Getting a Personal Loan From Piramal Finance All you have to do is submit an online application form and the necessary documents to Piramal Finance: PAN Card Proof of Residence: Aadhaar Card/Passport/Driving Licence Salary slips from the previous three months Last six months’ bank statements Piramal Finance will assess the application using certain lending standards. The loan will be authorised and paid within 24-36 hours if everything checks out. You may acquire a loan ranging from Rs 50,000 to Rs. 10,00,000 with terms ranging from six months to five years. The annual interest rate begins at 18%. You may choose your repayment arrangement depending on what works best for you. When applying, you have the option of selecting the longest tenure. After six months of EMI payments, you may prepay the loan in whole or part to minimise your interest payments. No prepayment penalty is charged after six months. You may use whatever you have left over to pay off the debt. A work bonus or raise in salary can also be used. Personal loans are a straightforward method to pay anticipated needs. They are less expensive than credit cards. There is no requirement for collateral, and the procedure is fairly speedy. You may get a personal loan to pay all the costs associated with establishing a home gym. [B-02] Conclusion Taking care of your health and fitness is a must in today’s busy and stressful world. If you believe that having your home gym would allow you to follow an exercise routine at your leisure, you should create one. This gives you the freedom to avoid crowds and work out when you want and at your own pace. If you want to learn more about how to apply for a personal loan online, visit Piramal Finance for related blogs and explore their products and services.
08-11-2023
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