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Personal Loan

How to Get a Personal Loan in Lucknow?

Personal loans from a bank or from online lenders are all available options in Lucknow. These loans help you overcome a rough financial patch. Although the application procedure is straightforward, you should still need to know the entire process in detail. In this piece, we’ll explain how to secure a personal loan in Lucknow. [B-01] How to Get a Personal Loan in Lucknow in 7 Easy Steps Determine Whether You Can Afford a Personal Loan If you take out a personal loan and can’t afford to repay it, you’ll be doing no one any favours. The creditor will likely verify your income and assets to ensure you can repay the loan. But, doing your own calculations is still a good idea to ensure success. First, calculate how much money you’ll need. That’s because certain lenders will subtract processing costs from the amount you borrow. Again, check that the amount you borrow will still leave you with enough money to cover your expenses. Inquire About Your Credit Score Most lenders will look at your credit report to assess your repayment reliability. Some online lenders have begun to consider alternative credit data. But, most will still focus on your credit score. To qualify for the best p ersonal loans, your credit score should be at least between 700 and 750. If your credit score is above 750, you can get a loan at a reasonable interest rate. It is possible to receive a loan even if you have a low credit score if there are other reasons for it. Yet, you should work on your credit history. That’s because the interest rates and costs may be prohibitive otherwise. Think About Your Choices The lender will check your creditworthiness to qualify for a personal loan. But, suppose you need a personal loan but have trouble securing one since your lenders don’t accept it. In that case, you may want to look into a secured loan instead. To qualify for better rates and terms, borrowers of secured loans need to put up some collateral. For example, a car, a house, or money in a savings account or CD. If you cannot repay your loan, the lender may take possession of the collateral. The availability and terms of a personal loan are also important considerations. Securing a loan from a conventional bank can be difficult if you have bad credit. Yet, some online lenders focus on negative credit consumers. Some credit unions offer short-term loans that can be cheaper than payday loans. Don’t rush into a sale if you don’t have the means to pay for it immediately. Instead, work on improving your credit history until you do Compare Personal Loan Rates to find the Best Deal Instead of accepting the first offer, search for the lowest interest rate you can get. Explore several loan providers and options to determine your borrowing potential. Personal loans are easily available from financial institutions. Check with your current financial institution/bank first. Especially if you have an established relationship with them. Get prequalified with no damage to your credit score from some online lenders. Find out if the prospective lenders you’re talking to can get you prequalified. Use this choice to learn all you can about the rates now offered. Non-prequalifying lenders will likely conduct rigorous credit checks for the loan application process. Rate shopping within 45 days will count as a single inquiry against your credit score. Which, in turn, will cut the potential negative impact of hard inquiries. Choose a Financial Institution and Submit an Application Once you’ve done your homework and determined which lender best fits your needs, you may apply. You can have the entire application online if you’re working with the right lender. You could also apply at a physical location, such as a bank or credit union. The specifics of what information each lender needs on an application will vary. But, most will need: The borrower’s name Address Phone number Email address Source of income The purpose of borrowing. Also, the lender will want to know how much you’re hoping to borrow. Once it performs a light credit check, it may present you with many possibilities. Also, you can examine all aspects of the loan. For example, interest rates and the length of time until you have to start making payments. Don’t get caught off guard by late penalties or other surprises in your loan agreement if you don’t read it. Submit All the Necessary Paperwork There is no universal list of requirements that applies to all loan providers. Yet, following the application’s submission, the lender may request supplementary materials. The lender can request a recent salary slip, driver’s license, or other documents. This is crucial to verify your identity or residency. If the lender demands extra paperwork, they will notify you and provide instructions. The quicker you share the data, the quicker you can get the loan. Get the Loan and Start Paying the EMIs You’re done when you get a notification of approval from the lender. Once you get this, you’ll get the credit line within a week. Yet, some lenders provide it to you in one or two working days. As soon as you have approval, you should note a few things like when payments are due. Also, several lenders reduce rates for customers who sign up for automatic payments. They do this to encourage on-time payments. Think about including an extra amount in your monthly payment. Personal loans are less expensive than credit cards. But, you can still save money by paying them off quickly. Any increase in your regular payment amount will assist. [B-02] Conclusion Consider your financial situation carefully before applying for a personal loan. Before you apply, you should examine your credit score to see where you stand. If you have a good credit score, you have a better chance of getting a personal loan in Lucknow approved and getting a better interest rate. Then, research your available options and compare rates and fees from several lenders. That’s important to get the most favourable one for your budget. Then, complete your research on which lender best fits your financial situation.

08-11-2023

Personal Loan

All You Need to Know about Pre-approved Personal Loans Interests

A personal loan is a basic short-term loan. It can be used for any purpose. It is an unsecured loan, so no collateral is needed. People can apply for a loan to pay urgent personal costs, such as a medical crisis or a sudden job loss, to support a wedding or higher education. A pre-approved personal loan has many perks, including fairly easy paperwork, the absence of collateral, and no limits on how the money is used. However, it comes with a high rate. So it is best to have a decent credit rating before applying. [B-01] What is a Pre approved personal loan? Banks usually offer pre-approved personal loans to people with a good record of repaying their debts. It is given at cheaper rates. Some lenders may pre-approve a loan for a consumer who has no credit records based on factors such as income and savings records. It is often a limited-time promotion. The pre-approved personal loan has many perks. These loans get sanctioned in a few days. You can check with your lender and know if you are eligible for a pre-approved loan offer. You can also check this by logging into your net banking account. Keep in mind that your ultimate approval depends on your credit record and your lender’s lending standards. Features of Pre-approved Personal Loan Quick loan payment: If you are already a bank client, the pre-approved debt will be sent into your account in a few days. Minimum paperwork needed: Instant loans are simple to obtain. This is because loan approval does not require extensive papers. There is no need for assets: Users with pre-approved personal loans need not provide security or assets to obtain instant loans. Variable loan amounts: Each person’s pre-approved loan amount is unique. The loan amount is determined by factors such as the user’s credit record & repayment record. Fees: Lenders charge users fees before and after the disbursement of pre-approved loans. These can be service charges, secure fees, outstation collection charges, EMI bounce charges, penal interest, foreclosure charges, and so on. The conditions and terms of the relevant fees vary depending on the lender. Benefits of A Pre-Approved Personal Loan Bear in mind that pre-approval is only a sign of your loan eligibility. Despite being “pre-approved,” the loan request may be denied if you do not fulfil all eligibility rules during the checking process. A pre-approved personal loan has several perks, including: Quick or instant funds: Being eligible for pre-approved loans provides a safety net when you require instant funding to fulfil your debt duty. If the checking process is successful, the loan will be approved. It will be disbursed in just a few minutes on the same day. You may apply for the loan for any personal reason. Minimum paper-work required: The existing user qualified for pre-approved loans does not need to provide papers. This is because the bank already has your KYC, lender, and other income details in the system. Certain money firms also provide new users with loans. In such cases, bank details, last three months’ wage slips, PAN Card, and proof of residency (Aadhaar Card, Driving License, Passport, etc.) are required. Flexible loan terms: You can select loan payment terms that work best for you. It is usually between 12 as well as 60 months. Consider your perks when selecting the loan tenure to avoid loan default. Improved money planning: When you look for a personal loan by yourself, you may need to know your loan eligibility. If you are not eligible, your application could be rejected. But in the case of a pre-approved personal loan, it allows you to better plan your finances. This is because you know exactly how much funding you are eligible for. Negotiating power: With pre-approved debts, the bank reaches you with their product rather than you walking with a request. This gives you more power to negotiate with your banker to reduce the rate or boost the tenure at your leisure. This advantage is lost if you apply for a loan online because there is no human factor. Should you take out the pre-approved loan? Accept such offers only if you realise how and where to put the money. Credit for borrowing is not a good idea. You must repay the amount plus interest. If you’ve planned ahead of time and are already looking for a loan, a pre-approved personal loan could be low-hanging fruit. Before taking the loan request, it is vital to check if the loan amount offered is adequate for your needs. Check the borrowing terms, rate, and other applicable fees. A pre-approved personal loan is only available for a limited time. As a result, make your choice as soon as possible. Accept the pre-approved credit offer with low rates and other perks. Do this only if you need the funds and can smoothly repay them. Before knowing the pre-approved loan, choose the suitable repayment term and ensure users get the same deal as you were shown. [B-02] Conclusion A pre-approved personal loan is a short-term loan for a select group of users. No assets or security are required, and no paperwork is required. To be able for an instant loan, you must have a good credit score and a track record of repayment. Although the rewards of pre-approved loans are numerous, taking a line of credit if you do not need it is pointless. Only go into debt if you truly need the money. Besides, there may be better choices than a pre-approved personal loan for your situation. You could choose a credit line instead. Here you’ll get final approval and not pay any interest until you use the money from your allowed limits. If you have to take out a loan, ensure you only borrow what you need, not what the lender is willing to provide you. To apply for a pre-approved personal loan, check out Piramal Finance and explore the products and services.

08-11-2023

Personal Loan

10 Things to Know About Travel Loans in India

Travelling to new places is never as expected. For one, you cannot plan how much money you will need for a trip. Budget constraints can spoil any vacation plans. In such a case, a travel loan can be the best option. Whether you are planning a domestic or international journey, you should consider applying for a travel loan in India to fund your vacation. [B-01] Ten things to know about travel loans in India 1. A travel loan is an unsecured loan. An unsecured loan is a loan without putting up any security. Therefore, you will require no collateral to secure your travel loan. Your income alone may be sufficient for approval, and the lender will allocate a credit limit based on the vacation plans and your income. 2. There are several loan repayment options. A travel loan in India is simple to pay back. For repayment, you can use either the Electronic Clearance System (ECS) or the National Automated Clearing House (NACHA). You can also issue post-dated checks, use a debit order or instruct your banker to set up a recurring interbank transfer. A loan for your travel expenses can provide you with simple and adaptable payback terms. However, repayment terms are flexible and entirely at the borrower’s discretion. When you take out a travel loan, you can repay the money in EMIs over the loan tenure. You can prepay the loan in a lump sum or part any time before the term is over. 3. A travel loan in India covers more than just the cost of travelling. Travel loans are often misunderstood. Many think you can only use them for transportation costs. All your trip costs, from plane tickets to hotel stays and meals, can be covered under a travel loan in India. You can get the most out of your trip without taking money out of your pocket. 4. A travel loan in India needs minimal processing and documentation. If you apply for a travel loan in India, you do not need much paperwork to get approved. You need only show confirmation of residency, identification, and financial stability. Your travel loan in India will be approved after supporting documents are verified. These documents are: PAN card Aadhaar card Address proof Bank statements Salary slips (for salaried applicants) 5. You can apply for a travel loan in India online. A travel loan in India can be obtained over the internet. To apply, visit the online service of a lender and fill out the application form. Another option is to download the lender’s app and use that instead. The rapid approval time of an online travel loan service is a benefit. You need not go to an office to get a travel loan in India. All documents can be uploaded online. 6. Travel loans in India are a far better option than credit cards. A credit card’s flexible spending options could make them more appealing than a dedicated travel loan at first glance. Unfortunately, that is not the case. A travel loan in India has lower interest rates than a credit card. Also, the limited credit limit on credit cards is lower, making them poor options for financing a trip. Credit cards can also be complex to use internationally. Many credit card providers may not provide this facility if you are not a frequent international flier. Hence, a travel loan in India is superior to credit cards for travelling. 7. You can only borrow a limited amount. There is a limit on how much you can borrow for a vacation loan because travel loans in India are unsecured. The maximum amount you can borrow depends on your monthly income, credit score, and job type. Hence, consider the credit limit before planning the vacation. 8. You should consider after-sale service when applying. Choose an honest lender who is upfront about all the fees and interest that will be taken out of your account. This will allow you to plan EMI payments. Furthermore, consider your financial capacity before applying for a loan. 9. You should try to maintain your credit score. It is easier to secure travel loans in India if you have a high credit score. If you have a high credit score, you may also be able to increase your current credit limit. A travel loan approval is easy with a credit score of 700 or above. If you can make your loan payments on time, your credit score and available credit will improve. Your application for a travel loan will be strong with these considerations in mind. In India, a good credit score will allow you to borrow up to Rs. 25 lakh. In addition, you may effortlessly handle your travel and loan repayment after making the right option regarding a travel loan. 10. You should look for alternatives before making a final call. Before choosing a travel loan, shopping around at other financial organisations is best. You may forego a great deal of discretionary spending this way. Remember that a larger credit limit from one lender may have a higher interest rate. It is prudent to compare the interest rates offered by various financial institutions and consider your desired borrowing cap. Pick the one that will allow you to pay your bills without increasing your interest rate. [B-02] Conclusion Travel loans in India are one of the simplest ways to get credit for a vacation. While travel loans are secure and have affordable EMIs, you should limit your borrowing. Travel loans in India are unsecured loans. However, you may not qualify for them if you have a poor credit score or low income. Did you find this article helpful? Visit Piramal Finance for more valuable content on personal finance, investing, and money.

08-11-2023

Personal Loan

All personal loan documents required for students to get loan

Applying for a personal loan as a student can be time-consuming and complicated. But, if you’re prepared with all the necessary documents for a personal loan, you can speed up the loan application process. By understanding what’s required, you can be better prepared to get the money you need. In this blog post, we will go over all the required documents for a personal loan. Knowing what to bring to the table can help simplify the process and increase your chances of getting approved. So keep reading to know more. [B-01] How do Personal Loans Work for Students? When it comes to taking out a personal loan as a student, there are a few things you need to know. For starters, most personal loans are unsecured, which means they don’t require any collateral-a type of personal loan document. However, this also means that the interest rates on unsecured loans are usually higher than those of secured loans. As for how personal loan works for students, most students will likely need a cosigner to qualify for a personal loan. This is because lenders typically view students as high-risk borrowers due to their lack of credit history. Required Students’ Documents for Personal Loan Before applying for a personal loan, you’ll need to gather some important documents. Your lender will more or less need the following documents for a personal loan: 1. KYC Documents The first and foremost document for personal loan application is your KYC. KYC is also known as the Know Your Customer document. These form the basis of your eligibility assessment and are the first documents to be verified. If you are applying for a personal loan online, you must upload a scanned copy of your latest Photo Identity Proof, Address Proof, and salary slip (or a bank statement). If you’re applying for a personal loan offline, make sure you get these documents verified by the concerned authorities: Photo Identity Proof: Aadhar Card, PAN Card, Passport, Driving License, Voter ID, etc. Address Proof: Aadhar Card, Passport, Driving License, Electricity Bill, etc. 2. Collateral Documents (for secured loans) There are situations when lenders have doubts about your ability to repay the loan on time. In such a situation, they will ask you to put up collateral. Collateral is a physical asset you put up as a guarantee for your loan. If you fail to pay the loan in time and the lender reclaims your collateral, he will use it to pay it off. 3. Security Documents (for secured loans) These are the legal documents that protect the collateral. It is a legal claim on your assets that you put up as a guarantee for your loan. If you fail to pay the loan in time, the lender can reclaim the amount from the security. 4. Credit Rating Report Document Lenders will check your credit rating to assess your ability to repay the loan on time. If your credit rating is low, you might struggle to get a loan. You can also get a credit rating before applying for a loan by getting a Credit Rating Report from a credit bureau. Ensure you get the report from a reliable and authentic credit bureau like CIBIL or Experian. 5. Co-signer Documents A co-signer agrees to be responsible for the loan if the primary borrower cannot repay it. The co-signer may be asked to provide a copy of the driving license or other government-issued ID, income proof, and proof of residence. Tips for Getting your Loan Approved Follow these tips to get your loan application approved quickly. 1. Be clear and precise about the loan’s purpose. Lenders will be curious about how you intend to use the loan money. Prepare a detailed explanation of how you want to spend the money. 2. Research lenders ahead of time. Some lenders may be more likely to approve personal loans for students than others. 3. Review your credit history and score. Lenders will pull your credit report when considering you for a loan, so it’s important to know what they’ll see ahead of time. 4. Have all required documentation ready. Most lenders will require proof of income, identification, and other financial documents when considering you for a personal loan. Having all the documents for personal loans readily available will help speed up the process. How to Repay a Personal Loan? You can make regular monthly or lump sum payments when you have the money available. You can also make interest-only payments, which can help reduce the overall amount of money you owe. When repaying your loan, make sure your payments are on time. If you miss a payment, you may be charged a late fee, which could impact your credit score. If you struggle to repay your loan, reach out to your lender as soon as possible. They may be able to offer you some flexibility, or they may be able to help you consolidate your loans. [B-02] Key Takeaways Student loans are a great way to get the money you need to pay for educational expenses. However, you may need a loan if you need more than what is covered. Personal loans can be used for just about anything – including rent and living expenses. While the process may seem overwhelming, you can be ready to apply in no time with careful planning and getting your documents for a personal loan ready. You’ll have to submit personal information, financial information, and various documents. Take some time after your documents for a personal loan have been verified and approved. Make sure you understand all the terms and conditions associated with the loan before signing on the dotted line. Unsure of where to look for a personal loan? Look no further! Our personal loan service can help you find the best loan. We have a loan for every need, so you can get the money you need when you need it. Our experts will guide you in every step, including preparing your documents for a personal loan. Apply today.

08-11-2023

Personal Loan

The Best Way To Get A Small Personal Loan Online

What is a small personal loan? A small personal loan is also called a short-term loan. A small personal loan is taken to cover short-term financial needs. It is a form of a loan with a maximum amount of 2 lacs. It has a quick refund time. This could last up to two years, but no longer. One can use this small personal loan to pay for anything that needs a lump payment. This includes pricey gadgets, medical expenses, travel, and other expenses. Personal loans are simpler to qualify for. They are also simpler to apply for than home and auto loans. Personal loans are flexible. But they aren’t secure or safe. The terms commonly range from 12 to 60 months. Individual EMI payments will be greater if a reduced timeframe is selected. EMI payments will be lower if a longer duration is selected. You can apply for a small personal loan online. This is a reasonably simple procedure since it doesn’t require security. However, some organisations only make it available to paid employees. Small personal loans are always helpful in times of emergencies. [B-01] Features and Benefits These are the list of features and benefits of a small personal loan: No fees for an early refund A minimum of paperwork Quick approval and fast payments Low-cost monthly EMIs Flexible refund terms available between 12 and 60 months Combining incomes to increase loan eligibility 100% transparency No Security or Collateral Necessary Who can apply? Any salaried employee may apply for a small personal loan. Anyone working in the public sector, private sector, and MNCs or linked businesses is eligible for this. The age needed for the application is 21 Years-60 Years. Depending on the company, the minimum monthly salary needed can range from Rs.10000 to 25000. The present employer requires a work history of at least six months. Anyone who requires a short-term loan to suit their personal or professional needs can get this. Businessmen could use it to cover their needs for working capital. Paid professionals and independent contractors can qualify for small personal loans to support various needs. This includes the purchase of electronics and useful goods like laptops and cell phones. Even though these are only a few instances of short-term loans, anyone who qualifies for a short-term personal loan can apply. Eligibility criteria You need to meet the following eligibility criteria to be applicable for a small personal loan: Indian Citizenship Age: 21 to 60 years old Minimum income needs a range of RS.10000 to Rs. 25000 (depending on the company you apply from) Salaried individuals working in private, government or public sector What are the documents required for small personal loans? The following documents are required for taking a small personal loan: Identification – Identity proof with (anyone) PAN Card Passport Driving License Voter identification card Aadhaar card Address proof (anyone) Agreement for registered Leave and Lease Passport, Driver’s License, Aadhaar Card Voter identification card Utility bills, such as the phone or electric bill, etc. (not more than 3 months old) Income statement Latest pay stubs for one month Three months’ worth of bank statements CO-APPLICANT- A co-applicant is required if income pooling is necessary to increase loan eligibility. Only the spouse may submit a joint application. The applicant’s documentation will also be needed at the time of the loan application. Passport size photos How to apply for a small personal loan? The following process can help apply for a small personal loan: Check the online website Fill in the necessary criteria required in the form: Name Email address Phone number Loan Amount State/ City Submit the form After submitting the form, the lender/ loan company will get in touch with you for further procedures. (The process varies accordingly) The lender starts a verification process as soon as the needs and documentation steps are finished. A Small Personal Loan is disbursed faster to your registered bank account after completion. Key points to keep in mind Compared to private moneylenders, licenced lenders offer cheaper interest rates. Before deciding on the loan amount, lending centres consider your monthly income and ability to repay. As a result, there is a greater likelihood that your loan will be accepted. Your credit score is also raised when you take out a loan from a licenced lending platform. The interest rate on future loans might be negotiated if you have a high credit score. The terms and situations relating to the payment tenure, interest rate, and other factors are clear in a loan obtained from a registered lender. Read and double-check the terms and conditions before using any website. Summary A small personal loan is taken to cover short-term financial needs. We can apply for a small personal loan as long as we meet the eligibility criteria. Technology has made the whole process much simpler. Now all that’s required is to apply without any problems. It can be easily done by choosing a trusted website or lender. Doing your research is very important. One should have valid documentation to prove their claims. A small personal loan has the minimum number of issues with 100% transparency. Terms and conditions should be properly checked before signing any document. It is a smooth process. Be smart and careful to avoid difficulties. [B-02] Takeaway In the right situations, small personal loans can be helpful. For example, many people cannot pay cash for a particular purchase. For them taking a loan is helpful. With this, it’s critical to understand the terms of any personal loan you take out. And you must have a clear plan for paying back the loan by the terms of your deal with the lender. Visit Piramal Finance to know more.

08-11-2023

Personal Loan

The basics of personal loans and how they work for beginners

Personal loans from banks, credit unions, and online lenders are available for a wide range of uses. With personal loans, you can pay a certain amount back over a specified time while earning interest. Your credit score, income, and other factors will affect your interest rate. Obtaining beginner business loans may be challenging for many small business owners. To apply, you and your small business must meet many requirements. But don’t worry – you may still use a personal loan if you can’t now get a business loan. [B-01] What Are Personal Loans for Beginners? A personal loan is an unsecured loan. You may use a personal loan to pay for medical, school, career, and personal costs. Personal loans differ from other forms of loans due to their unsecured nature. This suggests that clients often lack personal security when applying for a loan. As a result, personal loans are risky for lenders since they cannot be reimbursed if you default. After doing a full background check and credit check, lenders will view this as another factor when assessing your credit risk. This credit check is a credit inquiry and will appear on your credit report. The more credit inquiries you make, the lower your credit score. What Are the Benefits of a Personal Loan? While many users utilise personal loans to pay off or reduce existing debt, there are many other ways they may help you. Here, we’ve covered some such benefits for your use. Benefits of Personal Loans: Quick approval procedures may not always need a bank Set interest rates and payments Several different monetary quantities Less expensive than credit card interest rates Things to Keep In Mind Prior To Applying for a Loan We also want the best for you. To assist you in making selections, the following loan information is provided: Credit score: Before applying for a loan, try to obtain a credit score of at least 700. Lenders and banks will want to review your credit history, which records your payment patterns and past-due balances. Interest rates: Research the interest rates for any loans you consider applying for. In contrast to unsecured loans, secured loans often offer lower interest rates but also demand collateral. The interest rate you pay may also vary depending on the bank you choose and your qualifying profile. Payment due dates: Select loans with payback terms that fit your budget. If you don’t make your payments on time, your bank may impose processing fees and penalties. Compare loans: Compare loans to ensure that the EMI, interest rate, and term you choose are in your favour. How to get Beginner business loans Verify if a personal loan is appropriate for your company An option for a beginner business loan is a personal loan. It doesn’t follow that doing so is always the best option. So it is clear why business owners need business loans. Compared to personal loans, business loans often feature longer loan terms, cheaper interest rates, and more significant loan amounts. Company loans also are ideal for a range of business needs, such as purchasing equipment, hiring staff, and other requirements for working cash. Personal loans are meant for, well, personal needs. Think about smaller needs, house renovations, and debt reduction. Personal loans often have smaller loan amounts and shorter terms because of these criteria and the typical client’s needs. They often also have a higher APR (annual percentage rate). Check your borrower eligibility Finding out whether you qualify for a personal loan comes after you decide you want one. For that, you’ll need some numbers. All personal and beginner business loan lenders assess applications based on client criteria. A personal lender will likely consider the following factors: Credit rating Credit report Income Collateral A personal loan provider A personal lender has to possess a few traits. The first step is to find a personal lender that is OK with you using a loan for your business. Many lenders claim that you may sometimes use a personal loan for business expenses. Since you want to go by their terms of usage, make sure your lender is OK with you funding your business. If you’re looking for a reliable place to start, we suggest Piramal Finance. You should be able to use the loan for your business – so make sure you check for details when you apply. Request a personal loan Since most lenders want to make the formation process as simple as possible, you can often start a loan application online. A few supporting documents must be sent with your loan application. Once again, your lender will choose the precise requirements. But don’t be surprised if you’re asked to show tax returns, proof of income, or other papers. Once you submit it, the lender will check your loan request. You should likely get a loan offer. Create a strategy for future funding As mentioned in step one, personal loans are a better source of finance for most businesses. As a result, creating a plan to be qualified for better financing options in the future. Find measures to enhance your company’s credit needs as well. Again, some factors will be simple: the more skill your firm has, the more likely it is to be approved for a beginner business loan. Yet, certain issues will be more challenging: Sales growth will raise your business’s financing eligibility. It would help if you also focused on organising your budget, so you have a lot of cash flow. You may also take steps to raise your company’s credit rating (by taking out a business credit card). [B-02] Conclusion A personal loan is a kind of instalment loan, which means you borrow money and then pay it back over a certain time while accruing interest. Unlike personal beginner business loans, true business loans often have longer terms, smaller loan amounts, and higher rates. Yet, some business owners may find it easier to get personal loans since personal lenders are more concerned with your qualifications than your firm’s. To know more about personal loans and beginner business loans follow Piramal Finance.

08-11-2023

Personal Loan

Top 10 Reasons to Avail a Personal Loan This Year

Personal loans are a great way to get instant money. You may need this money for a major purchase or to pay off urgent expenses like medical bills. Here are the top 10 reasons that make personal loans stand out from all types of loans. [B-01] Top 10 Reasons to Avail a Personal Loan This Year 1. Hassle-Free Documentation One of the major benefits of personal loans is the less amount of paperwork. All required documentation is done in a digital format if you submit your application online. You can attach the necessary files to your application form and submit them simultaneously. The process does not include any paper at any point. Also, some financers offer a service to collect your documents right from your doorstep. As part of the application process, banks and other lenders will ask you to provide documents like your ID proof, address proof, bank account details, pay stubs, and tax returns. 2. Quick Disbursement The funding of a house loan takes roughly three to four weeks to complete. On the other hand, a personal loan is processed within 24-72 hours. So, the best way to meet pressing demands for cash or payments is by taking out personal loans. To get your loan promptly disbursed, you will need to have a strong credit score and be able to prove that you match the eligibility criteria. 3. No Need for Collateral Personal loans are unsecured loans, so you do not need to use any asset as collateral. In the case of default or nonpayment of obligations, you will not lose an asset. Because of this, anyone with a stable income and credit history can qualify for a personal loan. 4. Versatility Personal loans are your best option whenever you need to borrow money for whatever reason. There are no restrictions placed on the end-use of the loan amount by the lenders. That is, without a doubt, one of the most useful aspects of availing of a personal loan. You can put the money you borrow toward arranging your ideal trip, paying off other types of debt, buying high-end gadgets and accessories, or throwing a flamboyant wedding. You can also use personal loans to pay your bills in a medical emergency. 5. Help with Debt Consolidation Paying off debt is another major use to which you can put your personal loan amount. You can use this amount to pay off other debts, such as secured loans or high interest credit cards. In addition, personal loans have lower interest rates than credit cards. So, you can repay the high-interest debt with a low-interest financial product. 6. Credit Building If you are just starting to build your credit or your credit score is poor, getting a personal loan might be a great way to help with both. Since personal loans are available at feasible interest rates, you can take as much or as little time as you need to repay them. When you make your EMI payments on time, it shows on your credit report as stable payment history. A loan may be a good option, but only if you know that you can afford to make the monthly payments. If the loan’s monthly instalment is too much for you to bear and you fail to make even one EMI, you will end up decreasing your credit score. 7. Flexible Tenure The borrower-friendly repayment options of a personal loan are a major selling point. The loan tenure ranges from 12 months to 7 years. This way, you can select a term that suits your budget and needs. Generally speaking, the EMI will be less if the loan term is longer. So, you can tailor your monthly expenses to your precise needs by selecting the right loan term. 8. Attractive Interest Rates The interest rates for personal loans are more reasonable than most other types of loans. So, you may get manageable monthly instalments. In most cases, the interest rate remains constant. As a result, you will not have to worry about your monthly payments fluctuating with the interest rate throughout the loan tenure. 9. Tax Reduction Personal loans may qualify for tax breaks under Section 24B of the Income Tax Act of 1961. For instance, if the money is used for residential purposes like repairs, rebuilding, or down payments, you can claim a return of up to ₹2 lacs for the interest paid on the loan during that fiscal year. More terms and conditions may apply depending on your specific situation. 10. Better Alternative to Payday Loans Instead of taking out a payday loan when you need money, consider applying for a personal loan. The interest on payday loans is higher than that on a personal loan. Also, payday loans often have short repayment periods of two weeks or less. The repayment is due on the borrower’s next payday. Often, borrowers struggle to meet the repayment deadline because of the speed with which the loan gets processed. Instead of paying the loan, borrowers refinance them, adding more interest. Thus, the resulting sum of interest is even higher. [B-02] Conclusion A personal loan can be used for anything. But you must repay the loan at some point, so keep that in mind. Borrowing money for personal reasons comes with the extra cost of paying interest. Want a quick personal loan of up to ₹10 lacs? Apply for a personal loan with Piramal Finance now! Or need some financial advice and assistance to plan your finances well? Check out their other financial articles, products, and services.

08-11-2023

Personal Loan

What Is a Flexible Loan and What Are Its Benefits?

A flexible loan is a type of personal loan with a set credit limit. Depending on your credit history, the lender will give you a credit line or an overdraft facility as a pre-approved cash limit. The interest rate on a flexible loan is charged only on the amount that you have borrowed or used, not on the total approved amount. You can pay back the loan amount whenever you want. But you have to pay off the interest each month. You can also pay off the loan early if you have extra cash. Anyone with a job or a stable source of income can take out a flexible loan to use the money for any financial need. [B-01] Benefits of Flexible Loan A flexible loan is better than a personal loan or any other type of loan in several ways. All-Time Availability of FundsYou can get a flexible loan to help you get out of any financial emergency that needs urgent cash. Once you have established a flexible loan limit, you can withdraw funds in as many instalments as possible. Option to Pay AheadIf you have additional funds, you can repay this loan early. The standard payout process is also easy because you only borrow what you require and can pay it back quickly. Use a flexible loan calculator to figure out how much your loan will cost you with interest. Moderate Interest RateFlexible loans have low interest rates. Also, the rate only applies to the amount you take out, not the total loan limit your lender gives you. Many Chances to WithdrawUnlike a regular loan where you get the whole amount at once, a flexible loan allows many chances to make withdrawals. You can take out more money once you pay back the previous withdrawal amount. Eligibility Criteria: Salaried Applicants Nationality: Indian citizen or residing in an Indian city Age: Approximately 21-67 years CIBIL Score: 750+ Employment: Private, public, or MNC employee Minimum Salary: Depends on where you live Eligibility Criteria: Self-Employed Applicants Nationality: Indian Age: Approximately 24-70 years CIBIL Score: 685+ Business Continuation: Minimum 3 years These are the standard criteria for a flexible loan application. The specifics might change according to the lender. So, you must check your eligibility against your lender’s criteria before applying. Documents Required If you want to get a flexible loan for the first time, you must keep some documents ready. Because it is an unsecured loan, you do not need to turn in many documents. You can look at the lender’s website or ask a representative for the documents you will need. Here is what most lenders ask for: Income ProofSalaried workers must show their pay stubs from the last 3-6 months. Identity ProofEither a PAN card, Aadhaar card, or passport. Business ProofGST registration and document filing, Certificate of Practice, Shop Act license, Memorandum of Agreement and Articles of Agreement, Partnership Deed. Address ProofEither a voter’s card, Aadhaar card, driving license, electricity bill, or passport. Bank Account StatementSelf-employed people must show a bank account statement from the last 6 months or income tax returns. Process Of Application Step 1: Go to the bank or the lender’s website. Step 2: Click on the link ‘Flexible Personal Loan’. Most likely, this option will be under the ‘Products’ tab on your lender’s website. Step 3: Click on the ‘Apply Now’ button. Step 4: Fill out the application form with all the necessary details. Step 5: Upload all of the required documents. To get a flexible loan, you can also go to the nearest branch of your bank or lender and submit an offline application. Difference Between a Flexible Loan And a Regular Personal Loan A flexible loan might be a smarter choice over a traditional personal loan because of the following reasons: Financial Planning In conventional loans, the loan amount is paid out all at once. You can spend as much money as you wish to right away. On the other hand, with a flexible loan, you cannot borrow more than a certain amount. It guarantees that you borrow only the amount you need, hence not spending away a sum greater than your need. This helps you practice financial discipline. Flexible Repayment A personal loan has a set length of time, with a fixed number and amount of EMIs. For a flexible loan, the payout is more flexible. You only pay back the amount that you borrow. For some installations, you can also choose to only pay the interest, not the principal. You can lower the interest by making prepayments. In the end, flexible loans save money. Feasible Interest Rates Personal loans do have some benefits, but flexible personal loans are easier to use. A lot of lenders offer flexible loans at reasonable interest rates. With a personal loan, there is a fixed interest, and it is added to the whole loan amount. With a flexible loan, you only pay interest on the borrowed sum, not the whole approved amount. Unique Offers Your lender will make your flexible loan offer unique by considering your credit score, salary, and other criteria. The interest rates are reasonably low for people with good credit and high or steady salaries. [B-02] Conclusion When money is tight, flexible loans can come to your rescue. With the benefits and easy terms of such loans, you can plan your finances well and keep yourself debt-free. Make sure you look at the interest rates charged by different lenders and compare them. If you want to get a loan approved quickly without much hassle and paperwork, visit Piramal Finance. It is a great financing option for everyone. Read their articles on other such financial topics and check out their products and services.

08-11-2023

Home Loan

Want to Take a Joint Home Loan with a spouse?

Buying a home is a significant milestone. One should be aware of many things. Many banks and NBFCs provide home loans. The interest rates are low and attractive. A partner can join in a home loan. You should pick the right home loan wisely. The right choice can save money and reduce debt. Everything you need to know about a joint home loan. A joint home loan is a collaborative loan designed for purchasing a house together. Both people share the payment responsibilities equally. The co-borrower can be a spouse, a family member, a sibling, or any close relative. Lenders tend to approve joint home loans more frequently than solo ones. You can take a joint loan in joint names. These joint loans will provide a higher amount of money. Also, customers should go for a joint loan if they want to save taxes. The tax savings are much higher in the case of joint loans than in the case of an individual name loan. Benefits of a joint home loan Applying for a joint home loan with a close relative, such as a mother, sister, daughter, or spouse, has great benefits. The registration fee for these joint loans tends to be quite affordable. In some States, property registration fees go down when two people own the property together. People find it easier to use legal procedures, and they have made them simpler. Succession and other issues happen less often when a husband and wife apply for a home loan together. Banks and NBFCs offer loans that combine the income of both parties when applying for a joint home loan. The loan amount sanctioned by the bank or NBFC will be much higher in standard loans than in individual cases. Home loan amounts tend to be larger since the combined repayment ability of both parties is greater. With multiple individuals available to repay the loan, the loan amount rises according to the co-applicant's earnings. Additionally, the reputation of the organization where they work significantly influences the loan terms. The EMI repayment in the case of a joint home loan is also more manageable. Both parties must use the joint account to make it. This keeps track of the repayment and equal contribution made for the loan. If the applicant fails to make the payment, there's no need for concern. The co-applicant shares equal responsibility for covering the EMI. If one applicant cannot pay, the price goes to the other. Then, the other person must pay the rest of the monthly installments. Why Take A Joint Home Loan With Spouse? A home loan is a major financial commitment. It is one of the biggest loans one may take in one's lifetime. With new developments on the rise, housing costs have also surged. Real estate prices are at an all-time high. The better the city, the higher the price of homes. That's why a joint home loan with a spouse is a smart way to arrange funds for buying a house. Whether it's a joint home loan with a wife or a joint home loan with a husband, it can offer many benefits. A regular home loan provides the required amount to purchase a house. These loans offer a substantial sum. When both partners take the repayment jointly, they can share it. This helps reduce the burden on a single individual. Sometimes, a regular loan may not be sufficient. The lender may reject the loan if the applicant's income is too low. In these cases, choosing a joint home loan with your wife or husband is the best way to get approval and buy a home. Conditions and eligibility criteria for a joint home loan A joint home loan can only be taken with close relatives. A friend or a business partner will not work. Both parties should have close relationships like siblings, spouses, children, or parents. A joint home loan cannot be taken with a random person. The co-applicant needs to be an earner, too. The loan amount and the tax savings will be higher. The joint applicant can be a salaried, self-employed businessman, or any other professional worker. A maximum of 6 people can jointly apply for a joint home loan, and a minimum of 2. You can access tax incentives only once you finish the construction. If the builders still construct the property, the tax benefits will commence after occupancy. Even if only one party is at fault, a disagreement or unsuccessful loan repayment will affect both parties. The combined mortgage can be settled using the shared account of both parties. Alternatively, the EMI can be split proportionally between them for repayment. [B-02] Conclusion To sum up, a joint home loan is the easiest way to get a lot of money if you want to buy a home. The interest will be less, and the repayment process will be accessible for a joint loan. It will give higher eligibility for the finance scheme and provide tax breaks.

08-11-2023