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How Can I Invest in Gold Online in India?

Gold is a highly coveted metal that everyone considers auspicious. This yellow metal has been there as a precious commodity for a very long time. Previously, gold was used as a medium of exchange for various expensive things. Even today, gold has not lost its worth at all. It is still considered one of the most precious metals on Earth. However, investing in gold has become a new trend in recent times. As gold has a high market price, people have started investing in gold stocks and gold ETFs to multiply their money. As the price of gold has always been on the higher side, it is always a wise move to process an investment. As Indians have been increasing investments in the digital form, this also reflects the financial literacy of the country. This article will help you navigate through gold investment, its features and benefits, and the things you need to know while investing in gold online. [B-01] What is a Gold Stock? Buying physical gold is not always possible for everyone, especially for the sake of investment. Hence, they have started investing in gold online. Gold Exchange Traded Funds (ETFs) are simple to invest in. It combines the simplicity of buying gold with the flexibility of stock investment. It has a lot of benefits starting from easy trading facilities to better outcomes. There are a few requisites that you need to invest in gold online, just like any other share. The primary requirement is to have a Demat account. A Demat account is similar to that a bank account but can only be used for online transactions related to trading and investment. Gold investment in India is highly rewarding. It has given an annual interest rate of about 9.6% over 40 years. As a result, more and more investors have started buying gold stocks. What are the Benefits of Investing in Gold Online? Investing in gold online has a number of benefits, especially since it is more prudential than investing in physical gold. Easily tradable: Physical gold has the major drawback of being unable to be traded easily. Most often, during crises, you would have to settle for lower prices for selling physical gold. However, gold in a digital form has higher liquidity and can be easily traded. Purity as a factor: When you buy gold, you buy them as jewellery. As gold has exceptional softness, pure 24 K gold cannot be used in making jewellery and they are mixed with other metals. But in the case of the digitalised form of gold, you get the price of pure 24K gold. No additional costs: While buying jewellery, you have to bear the additional costs like making charges, which account to be 3% to 25% of the total price of the gold. Whereas, for gold stocks, you don’t have to bear any such costs. So, now that we have cleared the purpose of investing in gold online and its benefits. Now, it’s time to focus on where and how to invest in gold. What is the best possible way to invest in gold online in India? There are three options that you should consider while investing in gold online. They are SBG(Sovereign Gold Bonds), ETF(Exchange Traded Funds), and MCX Gold Contracts. SBGs are provided by the Central Banking Authority under the supervision of RBI, where you can invest in as low as 1 gram of gold. ETFs are traded funds where 1 unit of ETF equals 1 gram of gold. You can also use MCX gold contracts for investing in gold under Multi Commodity Exchange. Now, the best ways to invest in gold online are listed below. Make sure that you have an active Demat account before you decide to invest in gold online. After you have opened your Demat account, you can start buying gold products from different recognised stock exchanges. You can also buy gold through mutual funds for gold ETFs and SBGs. Now, if you want to sell these gold stocks, you can sell them in the secondary market. In case you don’t want to sell them, you can hold onto them until the maturity period. There are multiple corporations and organisations that allow you to buy gold digitally, starting from Rs. 1. Before you start investing, your e-KYC must be completed, updated, and verified. In addition, you have a new option called the video KYC for updating your KYC details. You should be well aware of the risks that are involved in buying and selling gold digitally. You should be aware of the negative growth rates, market volatility, hidden charges, cyber thefts, etc. before jumping ship into this venture. Also, you should understand the nature of the market and be sure about your investment goals. If your understanding of the market is decent and your investment goals are clear and practical, you are bound to make a significant profit from investing in gold online. Gold investment has the benefit during unpredictable situations and improves portfolio diversity. [B-02] In conclusion As gold is a high-performing asset, it is important to know how it behaves in the digital form in the market. As it has outperformed most of the assets in 2022, investing in gold online has gained more trust from investors. In a pandemic like COVID, gold overcame the inflationary trends and ensured financial security for investors. So, with proper know-how and estimation of your risk appetite, investing in gold stocks can be proved to be a prudential investment. If you want to know more about SBGs, ETFs, equity investment, inflation, market volatility, etc. you should visit Piramal Finance.
08-11-2023
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Personal Loan

Get a Instant Personal Loan in One Day – Quick Approval Process

A loan like a personal loan helps you achieve many financial goals and cover your personal needs without causing any financial burden. A personal loan can help you buy a new house, finance your child’s higher education loan, finance a marriage, or even pay your medical bills. It is a widely applied loan scheme that gives borrowers flexible tenures, low-interest rates, and better terms and conditions. With all that being said, a personal loan takes two to three days to be processed. This disbursal period happens to be one of the shortest disbursal periods as compared to all other types of loans. However, can you even fasten this period and cut it down to one day? Well, this article has an elaborate answer to this question. In this article, you will know about personal loans, their features and benefits, and the best way to have them within a single day. [B-01] Personal loan: meaning, significance, and purpose. As the name suggests, a personal loan is financial assistance that you consider applying for from a bank to meet your financial requirements. You borrow a loan amount from the lender by showing some minimum documents and clearing the eligibility criteria. The lender, in return, charges you a rate of interest which you have to pay within one year to five years. Since a personal loan is an unsecured form of loan, the lender doesn’t ask you to pledge any of your assets like properties or shares while availing of this loan. Likewise, you are not answerable to the lender regarding the reason for which you are applying for the loan. What are the features and benefits of applying for a personal loan? While applying for a personal loan is easy and convenient, you have to make sure that you were all aware of all its features and knowledge about the benefits of going for it. No collateral: As a personal loan is unsecured, you don’t need to show any collateral while applying for it. This is advantageous for those borrowers who don’t have a property or any equity to use as a guarantee to avail of this loan. Flexible tenure: Though the tenure of repayment of a personal loan is not as high as a home loan, you can still expect a tenure of about 12 months to 84 months. This repayment period depends on your credentials and the maximum limit that your bank allows. Low-interest rates: Despite being an unsecured loan, the rate of interest in a personal loan is low as compared to other unsecured forms of loan. In India, most banks charge interest rates somewhere between 8% per annum to 25% per annum. If you have a good credit score and a clear loan history, then there are high chances that you will settle for a lower interest rate. Quick approval: As there is a demand for minimum documentation and easy eligibility, you can get the approval within two to three days. As soon as you are approved by your lender, the loan amount gets disbursed into your loan account shortly. As personal loans are approved and disbursed just within a matter of two days, some borrowers even want to fasten the process and cut it down to one day. Is that possible in the case of a personal loan? How to get a personal loan in just a day? While it may sound astray to some readers, sometimes due to emergency conditions, a borrower might need instant finance. Also, fetching money from friends and relatives doesn’t seem a viable option. In that case, a personal loan instantly helps you out. But, before applying for it and expecting it to get disbursed within a day, you need to focus on the following things. Smart comparison of different offers: Despite being in a rush to manage finance anyway as soon as possible, you should not surpass the benefit of comparing different loan offers available to you. You should go through the flexibility in loan tenure, interest rates, flexibility in availing of the loan type, and the additional charges of the loan before applying for it. Focussing your credit score: If you want to get a personal loan instantly, you should make sure that you have a good credit score to pitch for it. In case you are confused about the ideal number, a credit score of 750 or more is considered ideal to avail of a personal loan. Creditworthiness: Your creditworthiness defines whether you are eligible to repay the loan on time or not. Lenders must be ensured about your creditworthiness to sanction you the loan amount within a day. To ensure creditworthiness, you have to ensure that your credit history is clean and your financial muscle can bear the instalments. Application and negotiation: While applying for a personal loan, you must make sure that you fill in all your details properly and submit all the desired documents, including income status, credit history, etc. In addition to that, you should be good with the negotiation part to convince the lender that there are no risks involved. Terms and Conditions: While it is important to get your loan quickly, it is also important to go through the terms and conditions properly. You should know if there are any extra charges like prepayment fees, foreclosure charges, stamp duty, etc. You should know what options, offers, and benefits you get from the lender side as well. [B-02] In conclusion As a personal loan instantly can be highly rewarding and help you fulfil your emergency needs, you shouldn’t prematurely overcome the benefit of going through all the details regarding the loan. You should improve your credit score, focus on your credit history, and ensure your lender that you are capable enough to repay the loan. In case you want to know more about personal loans, personal finance, government subsidies, and different investment schemes, you should visit Piramal Finance.
08-11-2023
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Personal Loan

How Can One Take A Home Loan And A Personal Loan Together?

Loans are the best possible way to meet your requirements without causing much financial distress. A loan helps you in buying a house, financing a wedding, funding higher education, or making a down payment. Different loans serve different purposes a home loan helps you buy a home, whereas a personal loan meets your personal needs. But a dilemma that might hit you is, “Can both of these loans be taken together?” The answer is “yes”, you can take a home loan and a personal loan together. There is no limit on how many loans can be availed simultaneously. You should avail of both these loans only when you need extra funds to meet your housing needs. However, there are certain things that you need to know before going for a double loan. This article will help you navigate through personal loans and home loans and the process of applying for them simultaneously. [B-01] What is a Personal Loan and what are its features? A personal loan, as its name implies, is a loan that you take on the behalf of covering your personal needs like financing a wedding, making a down payment, planning an abroad trip, etc. The lending institution allows you to borrow money with the promise that you have to repay it with an interest rate within a set period. Since a personal loan is an unsecured loan, you don’t have to pledge any of your assets to borrow the loan amount. However, there are certain other credentials like your loan history, and credit score that are taken into consideration. The lender gives you the amount without asking you for the reason for taking the loan. Some of the features of a personal loan are: It is collateral-free. You don’t have to use your assets as a guarantee to repay the loan. It has high flexibility which means you can use it for any purpose like medical emergency, travel, renovation, etc. It has a flexible tenure that ranges between 12 months to 84 months, which prevents you from facing financial stress. The loan amount is quickly disbursed within two days of applying for it. You can ask for a higher loan amount, ranging from 10 lakhs to 40 lakhs. Now that you know about personal loan and their features, it is time to know about home loan and their features. What is a Home Loan and what are its features? A home loan is a financial assistance that you borrow from a lender to buy a new house or a flat. The lender charges you with an interest rate on the principal amount which you have to repay in instalments within a set period. Home loans in India are taken for a variety of reasons like– home construction, home improvement, home extension, etc. There are certain features of a home loan that you need to know before going for it. When you apply for a home loan in a bank, the bank will go through all your property papers thoroughly. This process is known as due diligence of your property to prevent any type of scam. Banks charge a lower rate of interest on home loans compared to other types of loans. You can avail a lot of tax benefits by getting a home loan. Under section 80 C of the Income Tax Act, 1961, you can claim up to INR 1.5 lakhs on the principal amount. Under section 24(b), you can have INR 2 lakhs on interest repayments and several other benefits under sections 80EE, 80EEA, and 80C. How to take Home Loans and Personal Loans together? When a personal loan is mixed with a home loan, you can use it to focus on your interior or process a down payment on your loan amount. However, you have to make sure to the bank that you are capable enough to repay the loan. Here are some things that you need to know while applying for both in tandem. Focussing on your financial muscle: Though taking a home loan and a personal loan together is easy and possible, you have to make sure to the lender that you hold enough financial muscle to tackle the issue. This will build a sense of trust between you and the lender. Improving your credit score: For every loan out there, a good credit score always helps to settle for a fair deal. You need to improve your credit score to get better flexibility options at lower interest rates. According to statistics, 79% of the lenders got a loan with a credit score of about 750 or more. Opt for a joint option: If you borrow the loan with your immediate blood relative, be it your spouse or children, it enhances your ability to repay the loan. A co-borrower increases the eligibility of applying for the loan, and it poses a low risk towards the banks. Look for better terms and conditions: You must look for a personal loan that has better terms and conditions and at the same time, the lender allows you high flexibility. For instance, a “Flexi” option will help you repay the interest on the amount utilised instead of repaying the interest on the total amount. Keep your track record clean: In case you have pending loans, make sure that you clear all the dues and pay the instalments on time. During the time of applying for two loans simultaneously, you can use this as a document to show that you are capable of repaying on time. [B-02] Conclusion Both home loans and personal loans can be taken together to increase the house investment amount. It will help you gain extra leverage as well. Home loans and Personal loans can be obtained from various sources like Private Financiers, Public Banks, Private Banks, Housing Finance Corporations, etc. You will get about 80 percent to 90 percent of the house’s total price as your loan amount and the lender keeps the house until the loan is repaid. However, you must make sure that you have the desired capabilities to repay the loan. If you want to know more about home loans and personal loans, you can visit Piramal Finance.
08-11-2023
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Personal Loan

How can I use my personal loan amount to buy various things this Diwali? 

Diwali is a festival of lights, colour, joy, and happiness that knows no bounds. There is fun and frolic everywhere as this day is awaited every year. As soon as it nears, so will the list of expenses, including delicious cuisines, renovation, decoration, guests, and expensive gifts. Also, if you have a business, you might want to invest in buying raw materials, equipment, hiring employees, etc. To cover all those expenses without any financial assistance, you might face difficulty, especially if the cash flow is not optimum. And in such a scenario, a personal loan comes into play to help you out. You can apply for a personal loan to cover multiple expenses this Diwali and pay it off at a lower interest rate. You can utilise the money even to invest in your business to grow it and take it to another level. A personal loan in India comes with easy EMI options for a reasonable amount of time so that you can repay it conveniently. But is it worth it to apply for a personal loan this Diwali? Let’s find that out through this article. This article is solely dedicated to personal loans, the pros and cons of having a personal loan this Diwali, and how you should use it to gain maximum leverage. [B-01] Significance of taking a personal loan. A personal loan helps you meet your personal requirements, which can be anything like buying a house, making a down payment, financing a wedding, or even planning a trip with your family. It is an unsecured form of loan, which implies that you don’t have to pledge your assets or shares to get a loan. The lender gives you the loan amount and charges you a rate of interest. You have to pay this amount in smaller instalments within a set period. The best reason to fetch a personal loan is that you don’t have to state the reason to your lender about the loan. So, on a festival like Diwali, you can make the most out of this lump sum and buy various things. How should you use this loan amount? There are two broad reasons why you should go for a personal loan. They are: For business purposes. For personal reasons. For Business purposes: Taking a personal loan is a wise move if you want to take a loan to foster your business and invest in it. In case you need a constant flow of cash to supplement your inventory, or you want to advertise your products, a personal loan will help you out. For personal reasons: If you just want to take out a loan to buy expensive gifts, renovate your house, and celebrate Diwali, then you shouldn’t go for a hefty amount. Because, no matter how less the interest rates are, it is still a debt. You would dislike increasing your financial burden just for the sake of short-term pleasures. In case, you are out of funds and you desperately need money, apply for a low loan amount and choose the best interest rate. How to use a personal loan to buy various things this Diwali? There are some things that you should know before you seek to go for a personal loan this Diwali. Keeping an eye on your credit score. Before you go for a personal loan, keep an eye on your credit score. If you have a good credit score, you can use that as a plus point to get a better interest rate with flexible options. If your credit score is more than 750, you can use that amount to get a better deal from different banks and NBFCs. Use it consciously: After getting the loan sanctioned, try not to burn it out in one go. Save some money to use for the later period. In addition, if you blow all your money, you won’t be able to manage it during any sort of crisis. A simple financial shock might cause havoc. So, it is better to be conscious about your money and spend it wisely. Read all the conditions: Before you stumble upon getting a personal loan, make sure that you read all the terms and conditions associated with it. This includes knowing about the flexibility, the tenure, the interest rates, the prepayment and foreclosure charges, etc. You should ensure that you are well aware of everything regarding the credit system. Look for alternatives: It is always not wise to go for the conventional means to get a personal loan. You might have good ties with your bank, but you should also make sure that you look for other options available to you. There are plenty of online options that you can look for. For example, if your bank charges you an interest rate of 15% per annum, an online platform might give you a loan of 12% per annum. Preferring assets over liabilities: Buying an asset is going to give you returns in the future. Whereas liabilities won’t give you any rewards, but rather will add more financial stress. For instance, buying a car or a mobile phone if you already have one, is a liability. On the contrary, buying shares from the stock market or gold investment is an act towards buying assets. [B-02] Summing it up While a personal loan can cover all your requirements, it is important that you must be conscious about your spending. You must try to improve your credit score and go through the terms and conditions of the loan thoroughly. If you want to get a personal loan only to spend it on Diwali, make sure that the amount is not hefty, but rather is payable. If you want to get a loan for investing in your business, you can use that to gain leverage. In case you liked this article and want to read more on personal loans, you should prefer visiting Piramal Finance.
08-11-2023
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Schemes

How Can Women Avail Pradhan Mantri Awas Yojana Scheme In India?

A wise man once said, “The progress of a nation depends on the progress of its women”. The PMAY (Pradhan Mantri Awas Yojana) is a scheme that helps women fulfil one of their most important dreams of owning a house. With the help of this scheme, becoming a homeowner for women has never been easier. [B-01] What is the PMAY scheme? PMAY is a government scheme that was launched on 25th June 2015. It aims to provide affordable housing to the urban poor. PMAY is part of the “Housing for All” programme, which seeks to decrease the housing shortage among economically weaker sections of low-income and middle-income group categories. It also includes the people living in slums. It is a Credit Linked Subsidiary (CLSS) scheme. In simple words, it provides a credit-based subsidy. It is based on annual income levels and divided into urban and rural categories. Thus, it offers eligible applicants discounts on home loan interest rates. Click here to learn more about the eligibility criteria. Let’s find out how women can enjoy the benefits of this scheme. Benefits offered to women You can lower the cost of owning your first home with the help of this government scheme. In addition, PMAY offers certain privileges and lower interest rates for women. Many banks also provide additional advantages to female borrowers. Some of the benefits are: Low-interest rates: A lot of banks offer low-interest rates to women on housing loans. It is one of the most important benefits for women applying for the PMAY scheme. The rates change depending on the borrowers’ professions and the amount of borrowed money. Benefits of subsidy: The government aims to promote women’s empowerment through this initiative as well. The PMAY requires at least one female family member to be registered as the homeowner. If a woman is listed as the co-owner of the house, a maximum subsidy of Rs. 2.67 lakhs can be availed. Additionally, women who fall under the Economically Weaker Sections (EWS) and Lower Income Group (LIG) are eligible for a 6.5% rebate on loans up to Rs. 6 lakh. Low stamp duty rates: If a house is registered under a woman’s name, it may attract lower stamp duty. Many state governments have partial or complete removal of stamp duty under the PMAY scheme. You can get a 1-2% waiver on stamp duty rates. Tax-Benefits: Women can also avail of a few tax benefits under the PMAY scheme. You can get a deduction of up to Rs. 2 Lakh on home loan interest payments. If you are a married couple, you should list both of your names as co-owners. You can get separate tax deductions if the woman has her source of income. The tax benefit will vary according to each co-ownership owner’s stake. No Prepayment Charges: One of the best things about this scheme is that there are no payments that are supposed to be made in advance for women. It is one of the most encouraging steps to help women enjoy the benefits of the Pradhan Mantri Awas Yojana scheme. The two major categories of PMAY Under the PMAY online application process, you have the choice of applying for one of two PMAY categories: Slum Dwellers: According to PMAY, the slum is a small area of at least 300 inhabitants or around 70 households that have been poorly built. It also includes the factors of an unsanitary environment and inadequate infrastructure. It also mentions the severe lack of sanitary amenities and drinking water. 3 Important components: The advantages of this scheme are also available to people who fall within the Economically Weaker Sections (EWS), Middle-Income Groups (MIG), and Low-Income Groups (LIG). You can apply for the scheme under this category if you meet the requirements.For EWS, the annual earning range is set at under Rs 3 lakh.The annual earning range for LIG applicants is between Rs 3 and Rs 6 lakh.For people in the MIG category, the income range is between Rs 6 and Rs 18 lakh/ annum.You can also apply online for Pradhan Mantri Awas Gramin Yojana if you fit the eligibility criteria perfectly. Click here to know more about it. Process for filling PMAY online application Here is a step-by-step process for you to apply for PMAY online. Visit the official PMAY website and log in to your account. Select the appropriate category under the “citizen assessment” tab. Input the details of the Aadhar card for verification. To avoid cases of fraud and identity theft, the government uses the Aadhaar number of people while applying for the programme. Once verified, you’ll be taken to the home page for the application. You will be asked to submit all the important details on the application page. Fill out all the important information such as total household income, residential and permanent addresses etc. After filling out the necessary information, you can submit the application. [B-02] Conclusion A wide variety of benefits are available to women under the PMAY scheme. The scheme aims to increase female home ownership in rural and urban areas. From tax deductions to low subsidies, PMAY has many provisions for women. To learn more about such governmental schemes, check out the Piramal Finance website. It has plenty of information regarding eligibility, benefits, how to apply and much more. Moreover, Piramal Finance also offers low-interest rates on housing loans that can help you build your own home.
08-11-2023
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Tax Savings

How Can You Avail Tax Benefits On Personal Loan In India

Personal loans are one easy way to fulfill financial emergencies. For instance, they are helpful if you have a medical emergency. Also, they come in handy when you need to fund your higher education or weddings. These loans are unsecured. So they have a high rate of interest. But personal loans are easy to get. And this is why they are ideal in many scenarios. Currently, there are no tax benefits when you get a personal loan since they aren’t taxable. Also, since they aren’t a part of your income or salary structure, you can’t file returns on them. However, there are some ways you can avail of them. If you or any family member is getting a personal loan, make sure they are aware of this. Let us learn how you can get tax benefits on a personal loan. [B-01] Ways to Enjoy Tax Benefits on Personal Loan If you apply for a personal loan, here is something we would like to share. Individuals planning to get a personal loan often wonder if there are any tax benefits. Well, there is some good news for you. You can get tax deductions in certain scenarios. Not many are aware of this benefit. So let us have a look at them. Below are some cases under which a personal loan will offer tax benefits. You can avail of tax benefits if your personal loan fund is for: Education Costs: In case you apply for personal loan to cover education costs, you can claim tax deductions. This is under Section 80E of the Income Tax Act. But the benefit is not available on the principal amount. It is only applicable to interest payments. Also, there is no fixed upper limit that you can claim. Business Purposes: Startup owners usually prefer getting personal loans. This is because business loans are tough to get. Personal loans are approved faster. If you use the amount for business purposes, the interest on the loan amount is considered a business expense. This amount is cut from the net profit. So the taxable income is low. Asset Purchase: The next way you can enjoy tax benefits on a personal loan is if you use the amount to buy an asset. For example, if you use the loan to buy jewellery, shares, or property, the interest is added to the acquisition amount. If you know, you reduce the acquisition cost from the selling price to calculate the taxable capital gains. So, the tax liability is low. There is amazing news for people who bought properties between April 2014-March 2015. Such individuals can get a tax benefit on registration and stamp duty. This is the amount that they paid during acquiring the property. The deduction has a maximum limit of up to Rs.1,50,000. Home Improvement: Avail tax benefits on personal loans if you use the amount to make down payments for the property. For instance, if the house is under construction and you need to move within 3 years, you can claim deductions. But you can do so only after the construction is complete. You can get refunds for repairs and renovations too. Now that you know how to enjoy tax benefits, you can make the best use of personal loans. You can get the loan processed almost instantly with less paperwork. Besides, they are the best form of emergency funds. You can use them for a variety of purposes. Important Factors To Know Regarding Tax Benefits on Personal Loan When you receive the amount through a personal loan, there is no tax as the fund is a loan and not income. To enjoy tax benefits on a personal loan, you should have all the necessary documents. Make sure you have enough copies of every detail. This includes the loan amount, interest, and other documents. Without these documents, you will not be able to process the tax benefit. You need to show proper proof that the amount came from a personal loan. Also, you should show that the amount is used for any of the above-mentioned points. Only if you use the personal loan for listed points can you claim a tax deduction. As per the latest rules of the government, it allows tax benefits on loans meant for residential properties. You can get the benefits on interest and not the principal loan amount. [B-02] The Bottom Line Tax deductions on personal loans are available. But you need to know under what category can you avail of tax benefits. It is best to do some research online on reputable finance websites. Visit the Piramal Finance website to understand how personal loans and tax benefits work. They have detailed information on the subject. Also, ensure you have the right documents to prove how you will use the loan amount. This is how you can enjoy tax benefits on a personal loan. If you use the amount for other purposes, you will not be able to get tax benefits. Here is how you can take advantage of personal loans and save your money!
08-11-2023
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Home Loan

How Can You Avail the Benefits of a Home Loan with Piramal Finance

Living in your own home is one thing most people dream of. If you are one of them, here is a way for you to realize your dream. Apply for a home loan with Piramal Finance. Piramal Finance offers multiple options for housing loans that include: Home construction loans Home renovation loans Home extension loans Home loan balance transfers Pradhan Mantri Awas Yojna And other home loans such as money savers, super loans, advantage loans, and Gruh Setu. You can explore these housing loans and then apply for the one that perfectly suits your requirements. Here are a few benefits you can avail yourself by applying for a home loan with Piramal Finance: [B-01] Option to Own Home Without Paying a Large Chunk of Cash Piramal Finance offers financial assistance up to 90 per cent of the purchase price of the home. This means you won’t have to set aside too much of your savings to purchase your home. You may even be able to afford a bigger home if the EMIs seem convenient to you. Easy Application The best part about Piramal Finance is the easy and hassle-free application procedure. All that you would need to do is fill up the application and submit the necessary documentation. A dedicated relationship manager will then contact you and start the loan procedure at your convenience. Ability to Obtain Home Loan from the Comfort of Your Space By offering the online option, Piramal Finance has made it very easy for anyone to obtain a housing loan, from the comfort of their own space. The application can be submitted online by uploading the necessary documentation. The entire procedure can be completed within a few minutes. Minimum Documentation With basic documents such as identity proof, address proof, income proof, property-related documents, and passport-size photographs, you should be able to avail of a housing loan from Piramal Finance. Flexible Repayment Schedules We at Piramal Finance understand what difficulties you may face to repay your home loan. Hence, we offer flexible options concerning loan tenure, prepayment, and even foreclosure. Affordable EMIs for your Home Loan To make your loan repayment even more convenient, Piramal Finance offers the option of choosing between a fixed or floating interest rate. Longer loan tenure can also reduce your EMI. Loans for Everyone Whether you are a self-employed individual or a salaried person, you can get the best deals on home loans via Piramal Finance. Tax Benefits A home loan from Piramal finance not only helps you realize your home ownership dream; it will also help you enjoy some tax benefits. Section 80C of the IT Act lets you claim a tax deduction of up to INR 1.5 Lakhs on the amount that you pay towards: your principal amount stamp duty charges and registration cost of the housing loan. In the case of a joint home loan, each borrower gets to claim a tax deduction of up to INR 1.5 Lakhs. The house loan interest rate offered by Piramal Finance starts from 11 per cent per annum. There will also be a few processing fees and additional charges that need to be paid while applying for the loan. While anyone can apply for a home loan with Piramal Finance, certain criteria establish your eligibility to get approved. The various factors taken into consideration include your monthly salary, the loan repayment tenure chosen, existing obligations, and other sources of monthly income if any. Piramal Finance website includes a home loan eligibility calculator that helps you assess your chances of obtaining a housing loan. You can use this before submitting your application. Here are a few details you may have to mention, to assess your eligibility: Type of Job – Where you are working matters a lot when it comes to getting approved for a housing loan. If you are working in an MNC or a government institution, you may have better chances of obtaining a home loan. Monthly Earnings – This refers to your monthly gross income before making any deductions. This will include various components such as your Basic Salary, HRA (House Rent Allowance), Conveyance Allowance, Medical Allowance, Educational Allowance, Special Allowance if any, and Leave Travel Allowance. Loan Tenure– This refers to the number of years within which you have to repay your housing loan. Choose a longer tenure if you want to increase your chances of getting a home loan. House Loan Interest Rate – Here you will have to enter the current interest rate at which you can obtain a housing loan from Piramal Finance. Existing EMIs – If you are paying any other EMIs to clear other debts you may have, this is where you enter the information. The other factors considered to establish housing loan eligibility are the age of the borrower, credit score, and credit history. After entering all the details, the Home Loan Eligibility Calculator will calculate the amount of loan you are eligible to obtain. Based on this you can start looking for a suitable home. There is also an EMI calculator that you can use, to calculate your EMIs. Realizing your dream of owning your home depends a lot on your eligibility to obtain a home loan. You can improve your chances of obtaining one by: applying jointly choosing a well-structured repayment schedule mentioning other sources of income paying down any existing debts and by correcting any inaccuracies in your credit score report. [B-02] The Conclusion With websites like Piramal Finance offering multiple options, a home loan should not be too tough to obtain. However, it is always better to verify your eligibility before applying for one. Explore different types of housing loans and choose the best as per your requirement. Make sure you check the current house loan interest rate.
08-11-2023
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Personal Loan

How Can You Calculate EMIs On Personal Loans In Easy Steps?

It is important to calculate personal loan EMIs when taking out a personal loan. EMIs are equated monthly instalments, and it is the amount of money you pay each month to repay a loan. Knowing your monthly EMIs can help you plan your budget and make sure you can afford your loan repayments. Your personal loan EMIs are determined by the amount of your loan, the interest rate and the repayment period of your personal loan. If you are considering taking out a personal loan and want to know how to calculate the loan’s monthly payments or EMIs, you must understand and learn the basics of EMI calculation, including what factors are used in the calculation and how to use an EMI calculator to find out the exact amount of your loan repayments. With this information, you will be able to make an informed decision about your personal loan and your financial capability for repayments. [B-01] What Is a Personal Loan A personal loan is a type of loan that is given to an individual for personal use. It can be utilised for many purposes, such as consolidating debt, financing a major purchase, medical emergencies or meeting unexpected expenses. Personal loans are usually unsecured, meaning the borrower does not have to provide collateral to receive a personal loan. The personal loan amount and interest rate will depend on the borrower’s creditworthiness and other factors. Personal loans are typically repaid in monthly instalments over a set period of time. Eligibility Criteria For a Personal Loan The eligibility criteria for getting a personal loan vary from lender to lender, but typically include the following: Minimum age of 18 or 21 (depending on the lender) Steady income (either salaried or self-employed) A good credit score No recent bankruptcies or defaults A valid form of identification (such as a driver’s license or passport) A bank account in your name How To Calculate Personal Loan EMIs Here are some factors that will help you calculate personal loan EMIs: Loan Amount: The loan amount has a direct impact on the EMI amount. A higher loan amount will result in higher EMIs and a lower loan amount will result in lower EMIs. Interest Rate: The interest rate applicable on the personal loan will determine the amount of interest the borrower will pay in their EMIs. Loan Tenure: The tenure of a personal loan also determines the amount to be paid in EMIs. For instance, longer loan tenures will result in a lower EMI amount to be paid. These are some other charges that personal loan borrowers may have to take into consideration: Processing Fee: A processing fee is charged by the lender to process the loan application. This fee may be included in the EMI amount. Prepayment Penalty: Some lenders may levy a prepayment penalty if the borrower prepays the loan amount before the end of the loan tenure. Additional Charges: Some lenders may charge additional fees like administrative fees, documentation fees, etc. and these fees may be included in the EMI amount. How To Calculate Personal Loan EMIs Using an Online Personal Loan EMI Calculator and Other Methods Here are three easy ways to calculate personal loan EMIs in simple steps: Calculate EMIs on MS Excel Open a blank MS Excel workbook. Enter the following labels in the first row of the worksheet: loan amount, interest rate, number of payments and payment amount. Enter the loan amount, interest rate and the number of payments in the cells below the labels. Click on the cell where you want the payment amount to appear. Go to the ‘Formulas’ tab and select the ‘Financial’ category. Click on the PMT function. Enter the values for the loan amount, interest rate and the number of payments in the dialogue box. Click OK. The payment amount will be displayed in the cell you have selected. Calculate EMIs using a Mathematical Formula Determine the principal loan amount borrowed (p). Determine the annual interest rate (r). Determine the number of payments or instalments (n). Calculate the periodic interest rate (i) by dividing the annual interest rate by the number of payments per year: i = r/n. Calculate the monthly payment (M) using the following formula: M = Pi(1+i)^n / [(1+i)^n – 1]. Calculate the total amount paid (T) by multiplying the monthly payment (M) by the number of payments (n): T = n*M. Calculate the total interest paid (I) by subtracting the principal amount (P) from the total amount paid (T): I = T-P. Calculate EMIs Using an Online Personal Loan EMI Calculator Go to an online personal loan EMI calculator website. Enter the amount of the loan, the interest rate and the tenure for repayment. Click the ‘Calculate’ button to get the EMI amount. Review the details of the EMI such as the monthly payment, total interest payable, total amount payable and the amortization schedule. Be sure to review the fees and other charges associated with the personal loan. [B-02] Conclusion There are different methods to calculate personal loan EMIs. To get started, it is important to understand the three important components that determine what your personal loan EMIs will be: the loan amount, the interest rate and the tenure or repayment period. Once you have this information, you can use the methods described above to determine how much you will be required to repay each month. One of the easiest methods is to use an online personal loan EMI calculator which is free, available online and produces accurate results. Once these calculations are made and understood, you will be able to determine whether you are financially able to repay a personal loan and can adjust the loan amount if required. By understanding the calculations and other terms and conditions of a personal loan, you can make an informed decision on taking a personal loan or not. For more information on how to calculate personal loan EMIs, visit the Piramal Finance website where you can find more helpful and informative articles like this one!
08-11-2023
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Personal Loan

Top 5 Factors That Affect Your Personal Loan Eligibility In 2022

Despite your best efforts, do you lack the funds to fulfil your obligations? Are you wondering what factors affect your loan eligibility? In case the above questions resonate with you, learn how you can check personal loan eligibility, the documents required for a personal loan, and updated information regarding personal loans. Let’s get started! A personal loan is the best way to meet financial liabilities. These are unsecured loans and are sanctioned quickly. [B-01] Significant reasons for which you can avail personal loan are Medical bills Home Renovation Wedding expenses Personal durable goods Travel expenses Unpaid loans 5 Factors That Affect Your Personal Loan Eligibility In 2022 You can increase your chances of getting the best interest rates, higher loan amounts, and low processing fees. Various factors govern the eligibility for personal loans. The top 5 factors are: Credit Score: It shows your previous repayment track record. Your credit score should be good, 700 or above. Work Experience: Stability, organization, and designation contribute toward low-interest rates. Salaried- Must employ in current company for at least 6/12 months. Self-Employed- Business tenure of at least continuous 3 years, ITR of last 3 years. Age: Minimum age is 21 years, and the maximum is 60 years. At the time of maturity, the age should not exceed 65 years. Income: Earnings define your ability to repay. Minimum monthly payment – Rs 15000- Rs 20,000. Repayment: With the help of a calculator, the repayment period will be reflected depending on other factors. Documents Required for Personal Loan The procedure for applying personal loan is very simple. Nowadays, you can apply offline as well as online. Basic documents which are required for both salaried and self-employed are mentioned below: Salaried Identity proof (Passport / Voter ID / Driving license / Aadhaar) Address proof (Passport / Voter ID / Driving license / Aadhaar) Bank account statement of last 3 months (Passbook of last 6 months) Two latest salary slips/current with the latest Form 16. Self Employed Balance sheet and P&L account, last 2 years’ income computation Business proof (License, GST number, registration certificate) Last two years IT returns Clearance Certificate or IT Assessment Income Tax Challans or TDS Certificate How you can check Personal Loan Eligibility? You can check personal loan eligibility with the help of an eligibility calculator. There is no need to visit any branch or office, simply you can check it online. A few details are required to be filled in the calculator: Date of birth City of residence Monthly income Employer Monthly expenses After filling in all the required details, the calculator will show the amount for which you are eligible. Why Personal loan is the best choice? A personal loan has many advantages and features. Here is the list: Quick and convenient Minimum documentation Minimal charges Online account management Fast approval Flexibility in tenure 100% transparency Loan amount credited in 24 hours The facility of Flexi loan Maximum loan up to 35 lakhs No collateral required Repayment schedule predictable Interest Rate & Charges The interest rate is the cost a lender charges the borrower for borrowing money. An interest rate determines the amount, which is a percentage of the principal. Personal loans are subject to the following charges: Interest Rate- For Salaried, the range is 11% to 21% Processing Fees- Up to Rs. 4999/- Stamp Duty and other Statutory Charges- As per State There are many factors based on which interest rate is calculated. These factors are: History of repayment Principal amount CIBIL score If you want to reduce the interest rate, there are various ways that you can take note of. You can also avail of the option of a Balance transfer. In balance transfer, you can transfer your running loan to any other lender. They will provide you with a less rate as compared to the running interest rate of your personal loan. There are two types of Interest rates: Flat Interest Rate- In a flat Personal Loan Interest Rate, the interest rate is calculated based on the total amount of the loan. Reducing Interest Rate- A reduced interest rate is a monthly interest rate calculated using the outstanding loan amount. How Do You Get the Lowest Interest Rate on a Personal Loan? The interest rate on a personal loan is higher than other loans as this is an unsecured loan. In a personal loan, you need not give any mortgage to a lending institution. As compared to other loans, its sanctioning process is also fast. There are a few tricks that you can keep in mind that will help you in availing of low-interest rates. Do not miss any EMI- Always try to pay EMIs on time. This directly affects your CIBIL score and track record. And whenever you apply for any fresh loan, the lender will always look for your record. Compare Interest Rate- Try to compare the best lending institutions in terms of rates, processing fees, etc. Negotiation with the lender- Ask for any discount in interest rates. You can even ask for any approvals required from their higher authority for low-interest rates. Better Credit score- Those who have higher credit scores will get a low-interest rate. The Credit score should be more than 750. If it is less, then you should improve it. Check Offers- Look for offers like festival offers, and annual offers for low-interest rates. [B-02] Wrapping Up The purpose of this article is to provide you with a comprehensive understanding of the Top 5 Factors That Affects Your Personal Loan Eligibility In 2022. Among all other loans, a personal loan is the easiest and most flexible loan. With the help of this, you can clear your previous debts, manage expenses and fulfil your liabilities. To get more such information, do visit Piramal Finance. Furthermore, feel free to reach out to our team, and we would love to resolve all your doubts.
08-11-2023
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