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Personal Loan

Best Personal Loan Tips You Must Follow in 2022

Personal loans are one of the most often used types of loans. One key reason for their appeal is because, unlike other loans, banks do not prohibit or limit the end-use of money granted by such debts. This means you may use them for anything you want. The most typical use is to pay costs such as a long-overdue trip and family events such as a marriage or birthday event. These are also frequently used for down payments on a home or a vehicle and for house repairs or interior decor. Asking for a personal loan is rather simple, yet there are some things you should be aware of before doing so. So, here are a few helpful personal loan tips to remember while seeking a personal loan. [B-01] Top 10 Personal Loan Tips You Should Know Do Careful Research Before Applying When you decide to take out debt, you may find data that could be helpful to you. This might be from odd financial websites or blogs. Yet, reading the small print before applying for and receiving funds is a vital personal loan tip. As a result, before taking out a personal loan, you must do your homework so that you understand the procedure, fees, and so on. Rather than getting caught off guard, do extensive research on the lender from whom you want to obtain a personal loan. Compare the conditions and terms of the major lenders. Doing sufficient research is a personal loan tip you must follow diligently. Determine if a Loan is Required It’s simple to apply for a loan. However, before you do, consider why you need a personal loan. Make a checklist to help you assess your reasoning. This is a key personal loan tip to follow. If you need money but are scared to spend your assets, a personal loan may be the solution. Verify Your Credit Score A solid credit score is key to getting a personal loan. A credit score, also known as the CIBIL score, is a 3-digit number given to you following an analysis of your banking records. A credit score is seen as proof of solvency. A vital personal loan tip is always to check your credit score before submitting your loan request. It will help you to get an idea of whether your request will be granted or denied. Remember that your credit rating shows how much debt and money you have borrowed. If, as a potential borrower, you have not taken out a loan from the bank and it is still included in your credit rating, you must notify the bank and credit agency. A CIBIL score of 750 or more is deemed good. If you’re a first-time borrower, make sure your credit report includes NA (Not Applicable) / NH (No History) so your request doesn’t get rejected. Verify Your Qualification Before applying for a personal loan, verify with the lender to see whether you qualify. This is particularly in terms of your salary and work. Income is among the most vital factors lenders consider when accepting a personal loan. It is because income indicates if you can repay the loan. Request Advance Payment Many lenders enable you to pay off your debts early, with certain fees. When choosing a lender for a loan, be sure to inquire about loan repayment options. A loan can save you a lot of money on the high interest rate you would otherwise need to pay. Advance payment of your debts is a personal loan tip you must try to follow. Avoid Taking Out Several Loans Another crucial personal loan tip is to refrain from taking out too many loans. Taking out too many loans gives the lender the idea that you are not able to repay your previous debts and are not a reliable client. Determine The Length of Debt The loan duration is the time during which you repay it. Choose a payback period that does not place an undue financial strain on your budget. You may use a loan EMI calculator to experiment with different variants and combos to discover the right tenure. Inquire About Any Extra Costs When disbursing a personal loan, almost every lender imposes processing costs, paperwork fees, and other expenses. Some banks also demand prepayment fees if you want to pay off your loan before the specified term. Understanding the extra charges that the lender may impose on you is vital. Affordability of Repayment After you get a loan, you must repay the lender. This is done via monthly payments called an EMI. You can figure out how much it will cost by using a personal loan EMI calculator. Once you’ve determined the amount, review your monthly and annual financial plans to see whether you can return the loan on time. If not, it may be a bad idea to take out a loan at that time. 10. Wait Six Months Before Reapplying If the bank refused your loan request, it is advised to wait for a minimum of 6 months before applying for another loan. Always remember this personal loan tip. If your loan request was refused due to a low credit rating, strive to raise it in the next six months by generating late payments. If your loan request is rejected, approaching other lenders becomes pointless. This is because they will also reject your request. Multiple denials might lead to a decline in your credit score, which is never good. [B-02] Conclusion Whether you’ve concluded that a personal loan is the best choice, crunch the figures to see if you can manage to go into debt. Before you register, check your credit rating to see where you stand. The better your score, the greater your chances of acceptance and getting a reduced rate. Furthermore, look into your loan alternatives. Compare rates, terms, and fees from other lenders to get the best offer for your specific financial circumstances. Gather the necessary papers and file a personal loan request online or in person after you’ve chosen the lender that best meets your lending demands. If you want more helpful personal loan tips, visit Piramal Finance for related blogs and explore their products and services.

08-11-2023
Personal Loan

Why Piramal Finance Is A Good Choice For Personal Loans

A personal loan is a type of loan which can be used for many different things. For instance, you could use a personal loan to repay your debt, fix up your house, or plan your dream marriage. You have to pay back the loan amount you borrow over time usually with interest. Personal loans may also have fees. A personal loan is similar to most other loans. You apply for a loan, send in the paperwork, check your creditworthiness, and then hope to get a loan. When it’s processed, the money will be paid to your bank account, and you can use it however you want. [B-01] When Should You Take Out a Personal Loan from Piramal Finance? Here are a few of the most common reasons to take out a personal loan from Piramal Finance: Fund a Purchase Funding a buy is determined by whether it is a desire or a necessity. If you’re planning to take out a loan anyhow, acquiring a personal loan and paying the vendor in cash may be a better bargain than financing via the seller. Yet, never decide on funding on the spur of the moment. Ask the vendor for a discount and contrast it to what you might get with a personal loan from Piramal Finance. Then you can pick which is the best option. A Marriage or a Large Ceremony Any major event, like a wedding, counts if you end up placing all related expenses on your bank card and are unable to pay them off in a month. If your loan has a cheaper rate of interest than your credit card, you might save a lot of money on interest. Debt Reduction If you owe cash on credit cards with higher interest rates, you may repay it with a personal loan that has a reduced rate of interest. You can pay off debt quicker since less of each monthly payment goes toward interest rates. Crises There are instances when lending is the only choice. For instance, a personal loan can make sense if you have medical bills or need safe transportation to keep on working. Factors to Consider for a Personal Loan from Piramal Finance Here are some things to think about before getting a personal loan from Piramal Finance: Personal Loan Interest Rates When you take out a personal loan from Piramal Finance, the interest rate is one of the most vital deciding aspects. The interest rate is determined by several aspects, including your age, stable income, the total count of years of work encounter, credit score, established EMIs (if any), ability to repay, as well as loan tenure, among others. The interest expense defines your EMI and has an impact on your budget and long-term fiscal well-being. Loan Duration A personal loan from Piramal Finance typically has a maximum term of 5 years. However, the shorter the duration of a personal loan, the better it is. A longer duration may decrease your EMIs, rendering repayments more affordable, but a shorter tenure (say, 2 to 3 years) raises your EMI. You will pay a greater interest rate on the personal loan. Other Charges Piramal Finance imposes 4% in processing fees and other expenses in addition to interest rates when you take out a personal loan. The process cost is a one-time cost levied as a percentage of the personal loan sum based on a minimum sum. Flexibility in Repayment Apart from the above-explained key factors, check whether Piramal Finance allows you to return your loan sooner and how much this will cost you. This flexibility might help you pay off the debt sooner and give you respite during difficult times. However, it is vital to practise fiscal stability to return the personal loan on time and keep your financial health in the black at all times. Piramal Finance offers 12 to 60 months of flexible repayment terms. Customer Service Pick Piramal Finance as its customer service meets your high standards. Customer service is a key method of ensuring that you are happy with the services provided by Piramal Finance. Piramal Finance has specialised customer care teams that help consumers that contact them. The customer support team’s tasks include connecting with you by phone, fax, email, and mail to give solutions to your problems and react to your inquiries. Terms and Conditions To make an educated decision, read the terms and conditions thoroughly. This will prevent problems later on and provide a trouble-free experience. Piramal Finance’s Personal Loan Benefits No Restrictions on End Usage The first and most vital advantage of a personal loan from Piramal Finance is that it may be utilised for any reason, unlike a house loan. There are no restrictions on how you may use the personal loan. Rapid Payment If you match the qualifying standards and have a strong credit score, you may acquire a personal loan from Piramal Finance in 72 hours. Piramal Finance provides digital approval of personal loans to current clients. No Collateral Needed You are not required to prepare any collateral as the loan is unprotected. As a result, getting it is simple via Piramal Finance. Offers the Ability to Pick the Loan Tenure A personal loan has a maximum term of up to 7 years. Piramal Finance gives you the freedom to pick the term that works best for you. Longer tenure equals lower EMI, and vice versa. As a result, after calculating the EMI, you may decide on tenure. To calculate the EMI, you can use their EMI Calculator. Low Interest Rates Piramal Finance provides inexpensive personal loan rates on a declining basis, making it among the most popular lenders for personal loans. Piramal Finance now offers personal loans at a base rate starting from 12.99% per year. [B-02] Conclusion Getting the right personal loan in India may be a tough and complicated task. On the contrary, Piramal Finance gives a broad choice of loans, such as personal loans, making it much simpler for you to get funds quickly. You may calculate your monthly EMI payments using Piramal Finance’s EMI calculator. If you want to know more about personal loans, visit Piramal Finance for related blogs and explore their products and services.

08-11-2023
Personal Loan

Essential Things to Consider Before Taking a Personal Loan

A personal loan is one of the best financial aids for most issues. Personal loans are the easier fix to resolve any business or personal expenses. But before applying, you need to learn about the essentials of a personal loan. Consider your credit score and interest rates before taking a personal loan. Many people rush into getting a loan and end up inviting more financial trouble. But most problems usually occur due to a lack of financial planning. Ensure you consider all the vital factors before taking a personal loan. This blog will discuss all the essential points to consider before taking a personal loan. Let’s dive into the details! [B-01] Vital Questions To Ask Yourself Before Taking a Personal Loan Personal loans are a quick solution to any financial emergency. But you must have accurate answers to these questions before making any decisions. What is The Reason Behind Taking a Personal Loan? There are several reasons to take a personal loan. You can select the best possible option as per your reason. For example, suppose you have a medical emergency. In that case, the loan’s repayment tenure might differ compared to that of a planned expense. It is vital to think before taking a personal loan. Determining the reason will ensure you do not add up your debts and repayments. It will also help you save more money for future savings and expenses. Are You Eligible to Qualify For a Personal Loan? Personal loans are one of the most accessible loans to avail. But not everyone can avail of a personal loan. Personal loans have procedures, documents, and paperwork that needs to be verified. So before applying, you must check the essential criteria. Once you know the eligibility criteria, you can check if you qualify for the personal loan. This involves planning your finances to create a worthy profile for a personal loan. Can You Afford The Interest Rate? A crucial question to ask yourself is whether you can afford the interest rate of a personal loan. There are several banks and lenders in the market. Doing enough research will get you the best possible interest rate. It is always better to stick to a budget. Sticking to a fixed budget for the interest rate on a personal loan is vital. Besides, finding a lower interest rate will save a lot of money that can be used better. Key Factors While Taking a Personal Loan Here are some vital aspects to consider while applying for a personal loan. These points are essential to improve your eligibility for a personal loan. Maintain Your Credit Score A good credit score is crucial for the approval of any loan. Every lender checks your credit score when you apply for a personal loan. They do this to determine your credibility and whether you are worth lending to. The average CIBIL score ranges anywhere from 300-900. To ensure your loan application stands out, you must maintain a credit score of at least 850 or above. A good credit score has other perks as well. For example, availing of lower interest rates than the standard market price. It also gives you the benefit of negotiating fees and other charges for the personal loan. To maintain an excellent credit score, you must check your finances. Ensure to make repayments of any debts on time. Check Prepayment Flexibility Choosing a lender that provides prepayment flexibility can be quite beneficial. Prepayment of any loan is when you pay the entire loan amount before your loan tenure ends. It helps avoid extra interest charges. But only some banks or lenders provide prepayment flexibility to borrowers. So, finding a lender that allows you to repay the personal loan before the tenure ends is vital. Sometimes lenders have extra costs for the prepayment of a personal loan. Having terms like these on your loan will only result in unnecessary expenses. Try finding a lender with no such terms that still let you pay off your loan in advance. Saving extra money allows you to keep the surplus to secure your finances. Some lenders even offer zero costs on the prepayment of a personal loan. Try to make the right decision to save as much as possible. Determine All Extra Charges A personal loan’s interest rates and prepayment flexibility are important factors. But you must also check other charges. This includes the expenses like paperwork expenses, administration charges, verification fees, GST, penalties for foreclosure, prepayment and defaults on personal loan EMI payments. Comparing the extra charges of lenders in the market will ensure you choose the best option. Every lender has a diverse price range for the extra costs of a loan. You can save money by paying only the necessary amount in extra fees. Always compare costs to find the best deals. Depending on the credibility of the lender, these charges can change. Hence, a personal loan from a reputable financial firm is advised. Consider Your Repayment Capacity The wise thing to do when borrowing a personal loan is to prepare beforehand. Personal loans do not require any collateral or security in most cases. But you need to ensure that your earnings are enough to repay the entire loan without compromising your assets. The reason why people opt for a personal loan is they get repayment flexibility. You can use the personal loan calculator to evaluate your monthly EMI. Calculating the EMI will give you an estimated amount you need to pay with interest for the loan. Besides, you need to take a look at other financial activities as well. Check all your exit sign repayment and debts to eliminate any financial stress. Adding up your repayment will only create more financial pressure. Checking all the aspects before taking a personal loan is vital. Otherwise, you might just end up creating financial confusion. This can make the personal loan a hassle rather than a solution. [B-02] Conclusion A personal loan can benefit you in desperate times. But it is best to be well informed when it comes to a personal loan. You might end up inviting more trouble. Conduct proper research and consider different borrowing options to solve your financial crisis. Besides, a personal loan requires proper financial planning. Be cautious and take your time. Despite urgent expenses, making a wise and informed decision is vital. Considering all the factors before applying for a personal loan benefits you. This article helped you learn about the basics of a personal loan. For more valuable insights on personal finance, head to the Piramal Finance website today!

08-11-2023
Personal Loan

How to Get The Lowest Personal Loan Interest Rate

When taking a personal loan, the interest rate is one of the most important factors to consider. A lower interest rate means you pay less money over time, making your loan more affordable. However, lenders decide the rate based on different factors like your credit score, income, and repayment history. By understanding how interest rates work and taking the right steps, you can get the best possible deal. In this guide, we will explore the ways to secure the best personal loan interest rate. When it comes to personal loans, picking the right plan is vital. Piramal Finance provides you with a variety of packages. Employ their online calculator to get the best personal loan with the lowest interest rate for your budget. [B-01] Best Way to Get a Lowest Interest Rate Personal Loan Here are some tips and tricks that will help you get a personal loan at the lowest interest rate possible from Piramal finance. Boost Your Credit Rating. Your credit score shows how credit-worthy you are. With a high credit score, you will receive the best deals on your debts in terms of the interest rate charged, loan fees, etc. So, before asking for a loan from Piramal Finance, you should always monitor your credit score. Prevent Skipping Repayments. Your credit score may suffer if you don’t make a loan or credit card payment on time. Before deciding the interest rate for a loan, Piramal Finance typically considers your history of timely repayments. A personal loan with lower interest rate will likely be offered to those who have a history of making timely EMI and credit card payments. Employer. Many lenders base the interest rates on the employer account of the loan seeker. Salaried people pay lower rates than self-employed people because the income is more predictable. State and PSU workers receive lower rates than salaried people because of their higher job safety. The next group of users for loans are those who work for MNCs and other reputable firms. These groups are thought to have a higher chance of surviving recessions than other listed firms. Keep an Eye Out for Offers. During festivals, Piramal Finance typically provides special borrowing costs. Make the best of this opportunity. While such a promotion is active, you might be given a personal loan with a lower interest rate. Compare Lowest Interest Rates for Personal Loans. Try comparing the borrowing costs charged by Piramal Finance before requesting a personal loan. This will help you get a personal loan easily at a reasonable interest rate. Talk to Piramal Finance About The Loan. If you are an existing client/customer of Piramal Finance or have a good relation with them, you can bargain to get an easy personal loan with the lowest rate. It is advised to send the loan provider a formal, written request when doing this. Interest Rate of a Personal Loan The interest rate on your loan is defined by three factors: the loan sum, the loan term, and the rate of interest. Personal loan rates differ from person to person. The sum you pay monthly will also be decided by the term of the personal loan. The shorter term will result in bigger payouts, whereas a longer one will result in lesser payments. With a shorter loan term, your overall interest payments will be cheaper. A longer-term means larger interest payments. Advantages of Using a Piramal Finance Personal Loan Quick Approval. Get digital approval in minutes with minimum paperwork. Go to the site, input your data, and upload your papers. Borrow in Parts. You may borrow any sum from Rs. 3,000 to your credit limit as and when you want it. You don’t pay interest on funds you don’t utilise. Save Money On Interest. As interest is paid only on the sum utilised and not on the total allowed limits, you may save a lot of money on interest when compared to typical personal loans. Piramal Finance’s interest rates start as low as 12.99% per annum. Adjustable Repayments. You may set your payback plan. Pick flexible EMI choices of 2-36 months and make payments when best for you. Manage Loans, Repayments, & Fund Transfers Through Their Website. Everything you want is at your fingertips. Manage your account from the comfort of your home with Piramal Finance’s website. Factors Influencing Personal Loan Rates Piramal Finance has developed guidelines for a low-interest rate personal loan. They base their interest rate offers on those guidelines. The following factors influence Piramal Finance’s personal loan rates: Loan Amount. The most vital factor Piramal Finance considers is your required loan amount. The loan value given to you is set by your income and the sector in which you work. Repayment Period. The duration of the line of credit directly affects the interest rate. The tried-to-offer rates would then reduce as the tenure lengthened. Borrower’s Earnings. The loan interest is dictated by your income. If you have a great salary and a steady income stream, Piramal Finance will ensure that you can make timely loan payments. You will benefit from lower rates and an easy personal loan if you make this impression. Potential for Repayment. The capacity of the person to repay the loan is key in assessing interest rates. Piramal Finance believes that you will repay the loan on time if you have no other debt obligations. Rating of Credit Your credit score influences how much you can finance and the rate of interest. As a result, if you possess a credit score of least 750 and no defaults, interest rates can be much lower. [B-02] Conclusion Personal loan rates are determined using the declining balance approach. Your monthly interest burden will be decided by the main sum left after prior repayments. With each payment, the amount left reduces, as does your interest load. You may calculate your monthly EMI payments using Piramal Finance’s EMI calculator. If you want to know more about the lowest personal loan interest rates, visit Piramal Finance for related blogs and explore their products and services.

08-11-2023
Personal Loan

5 Tips To Boost Your Chances Of Qualifying For A Personal Loan

Money is needed for both scheduled and unscheduled costs, like a wedding, renovations, college, a holiday, a medical emergency, or paying off debt. If you aren’t ready financially, the cost could wipe out your savings and hurt your finances in a big way. When this happens, personal loans can help. You must meet the eligibility requirements set by the lender to boost your chances for a personal loan. Personal loans don’t require collateral, so lenders impose clear eligibility requirements to make sure only the right people get the loan and to reduce the risk of lending. So, if you want a personal loan quickly and without any problems, check out these 5 ways to boost your chances for personal loan approval. [B-01] What’s Great About Personal Loans? One of the main reasons people choose personal loans is that they don’t have to put up any collateral. Personal loans also require much less paperwork than other types of loans because of no collateral requirement. Another big reason why people choose personal loans is that once they are approved, the borrower can use the money for whatever purpose they want. There are no rules or limits on how money from a personal loan can be used. A personal loan can be used for many things, like paying off old debts, making a down payment on a car or house, or paying off credit card bills. It can also be used to pay for a party or home renovation. 5 Ways to Boost Your Chances for Personal Loan Approval 1. Make sure you meet the lender’s requirements Read the lenders’ rules and regulations carefully to make sure you meet them. This includes things like age, income, job, and more. Use an online eligibility calculator to boost your chance for a personal loan and keep you from getting turned down. For your loan request to be accepted, you need to ask for the perfect amount. The perfect amount means that you should be eligible for it and able to repay it easily. Personal loan eligibility calculators can help you determine how much money you could potentially borrow depending on your income, debts, and other criteria before you even apply for a loan. 2. Maintain a high credit score and apply for one loan The next thing you can do is improve your credit score. When reviewing your loan application, lenders focus heavily on your credit score. Having a high credit score is one of the requirements for getting a personal loan. A score of 750 or higher is generally good. The less credit you have, the less likely it is that you’ll get a good deal on a loan. Reducing your debt-to-income and credit-utilization ratios, as well as making on-time payments on EMIs and credit card bills, are all great methods to build and keep a high credit score. When a borrower needs money quickly, they may apply for loans from more than one lender to raise their chances of being approved. This is not the best strategy, but it may give them optimism that some of the lenders may agree to work with them. Every time you apply for a loan, a hard inquiry is made on your credit report. Over time, this will lower your credit score. Since applying for multiple loans can hurt your credit score, you should wait at least 6 months before applying for another loan. If you don’t need the money immediately, wait until your credit score improves. This will boost your chances of getting a personal loan and also make it easier. 3. Add a co-borrower Most of the time, you can choose to have your partner apply with you. This is helpful especially if your credit history is not good enough. If your co-income applicant’s and credit score are good, adding them to the application will boost your chances of receiving a loan because it will increase your ability to pay back the loan and get you a personal loan at a low rate. 4. Carefully choose your lender Before you choose a lender, you should look into all of your options carefully. Even if you need money badly, don’t settle for the first lender you find. In recent years, there have been a lot of different financial companies entering the market with good loan terms. Check carefully to make sure you don’t miss out on the deals that are out there. When you choose the right lender, you can get longer long terms. With a longer loan term, your EMIs will be spread out over a longer period. This means the EMI amount will be less. It will help you make payments on time and keep you from defaulting. Doing this will help you save money and boost your chances of personal loan approval. 5. Provide the right information Make sure you fill out your loan application with the correct information for a quick and easy process. Incorrect information on your loan application can delay approval, so double-check everything. Also, have the documents you need ready before you apply to boost your chances for personal loan approval. Lenders care the most about your ability to timely repay a loan. So don’t forget to list any other ways you make money, like tenancy, dividend income, interest, and so on. It will boost your chances for personal loans. This will not only make it more likely that you will get a loan, but it could also make you eligible for a bigger loan. [B-02] Conclusion It’s crucial to select the right lender so that the whole process goes smoothly and without stress. This is right from applying for the loan to getting it approved and receiving the money. Following the tips mentioned in the blog will surely boost your chances for personal loan approval. Check out the official website of Piramal Finance to know how you can boost your chances for a personal loan. DO check the range of services and products they offer.

08-11-2023
How To?

How to Calculate Land Area or Plot Area

Across the country, depending on the state, different units are used to describe the size of the property. It is a good idea to know how to calculate land area. Knowledge about land ownership measurement units used in India is very important to do such calculations. In India, people often calculate land area in terms of acres, hectares, square yards (Gaj) and square meters. The unit sizes vary depending on what they’re called in each state. [B-01] How does India calculate land area? Using standard units, the land is measured. Small land or housing plots are typically measured in sq ft or square meters. Large pieces of land, like industrial or agricultural land, are usually measured in acres or hectares. In India, some of the units used locally for land measurement are the Guntha, Bigha, Gaj, Ground, and others. Most of the time, these units are used in hamlets where bidders still desire to evaluate land in old-fashioned ways. What is the distinction between a ground and a plot? A plot is any part of the land, no matter how big it is, while a ground represents an area of land that is 2,400 square feet. Land documents that show how the land is segmented into layouts usually include measurements in the ground or square feet. Here is a list of some of the most common ways to calculate the land area: Area Unit Unit Of Conversion 1 Square Centimetre0.00107639 square feet1 Square Foot (sq ft)144 sq in (1 foot is 12 inches)1 Square Kilometer (sq km)247.1 acres1 Square Inch0.0069444 square feet1 Square Mile640 acres or 259 hectares1 Square Meter (sq m)10.76391042 square feet1 Acre100.04 cents or 4840 square yards (standard land measurement unit)1 Square Yard (sq yd)9 square feet1 Bigha968 square yard1 Hectare2.49 acres or 10000 square meters approximately1 Killa4840 square yard1 Biswa151.25 square yard1 Kanal605 square yards or 5445 square feet. 1 Ghumaon4840 square yard1 Kattha600 square feet1 Chatak180 square feet What’s the distinction between a hectare and a square metre? One sq. m. is an area that fits inside a square having sides that are each 1 metre long. One square metre is 10.76 square feet, but one acre consists of 4,047 square metres. Most residential lots are measured in square feet, while farmland is usually evaluated in acres. On the contrary, a hectare is utilised for selling land, making plans, and farming. A hectare is the same as 10,000 square metres. How to calculate the land area of any property? The land is divided into housing plots when roads, schools, parks, marketplaces, hospitals, and other facilities are created. From the layout drawings, you can figure out how many plots there are and how big they are. The deed of sale for a resold property includes the property’s size. For a housing unit, the size is usually offered in square feet. But when it comes to agricultural land, the size of the property is measured in Hectares or Acres. To figure out how big a piece of land is, you ought to multiply its length by its width. Units used to calculate the land area: Northern India Units UsedConversion ValueName of States1 Bigha968 sq ydParts of Uttarakhand and Himachal Pradesh1 Bigha-Pucca3025 sq yd, 1 Pucca-Bigha=165 feet by 165 feetBihar and parts of Punjab, UP, and Haryana1 Biswa-Pucca151.25 sq ydUpper parts of UP, Haryana, PunjabBigha- Kachha (Kachha Bigha= 1/3 Pucca Bigha.)1008.33 sq ydSome parts of Haryana, Punjab, UP1 Biswa (Kaccha) (1/20 of Bigha Kaccha)50.417 sq ydLower parts of Haryana, Punjab, UP1 Biswa48.4 sq ydIn some parts of Uttarakhand, HP 1 Killa4840 sq yd (An Acre is also known as Killa)Areas of Punjab and Haryana1 Biswansi1/20 of Biswa. 1 Biswa= 20 BiswansisPunjab, Haryana, UP, Himachal Pradesh, and Uttarakhand1 Kanal5445 square feet. 8 Kanals= 1 AcrePunjab, Haryana, J and K and Himachal Pradesh1 Ghumaon4840 sq ydSome parts of Haryana, Himachal Pradesh, and Punjab Units used to calculate the land area: Southern India Units UsedConversion ValueName of States 1 Cent435.6 sq ftKerala, Tamil Nadu and Karnataka1 Ankanam72 square feet, 1 Acre=605 AnkanamsParts of Karnataka and Andhra Pradesh1 Guntha1089 sq ftKarnataka and Andhra Pradesh1 Ground2400 square feetAreas of Tamil Nadu1 Kuncham484 square yards,10 cents= 1 KunchamAndhra Pradesh People in Maharashtra use “Guntha” a lot, just like those in Andhra Pradesh and Karnataka. Units Used to Calculate Land Area: East India Units UsedConversion ValueName of the States 1 Decimal48.4 square yard, 1 Acre=100 decimalsWest Bengal1 Chatak180 sq ftWest Bengal1 Dhur3.6 square feetTripura1 Dhur68.0625 sq ftJharkhand and Bihar1 Kattha720 sqare feet, in Bengal 1 Bigha=20 KatthasBengal1 Kattha2880 sq ft, in Assam 1 Bigha = 5 KatthasAssam1 Lecha144 square feet, 1 Kattha=20 LechasAssam1 Kattha1361.25 sq ft, 1 Bigha (Bihar) has 20 KatthasBihar Units Used to Calculate Land Area: Western India Units UsedConversion ValueStates used in1 Bigha1936 sq ydAreas of Rajasthan and Gujarat1 Biswa96.8 sq ydLower areas of Rajasthan1 BighaPucca 3025 sq ydAreas of Rajasthan and Bihar1 BiswaPucca 151.25 square yardUpper areas of Rajasthan1 Biswansi1/20 Of Biswa, 1 Biswa = 20 BiswansisRajasthan Units Used to Calculate Land Area: Central India Units UsedConversion ValueName of the States 1 Kattha600 square feet, In Mp 1 Bigha= 20 KathasMadhya Pradesh1 Bigha1333.33 sq ydParts of Madhya Pradesh [B-02] Conclusion Before buying a piece of land, it’s important to know how big it is. In India, different states use different sizes of land to measure it. So, it helps to identify a comparable unit for the native term. It is useful for measuring land in the state where you want to buy land. An online tool to calculate land area helps you do this quickly and accurately. Piramal Finance is a great financing option for everyone. Visit their website to learn more about the products and services they offer.

08-11-2023
Personal Loan

What Is An Acceptable Interest Rate For A Personal Loan?

Personal loans are highly helpful during financial emergencies. It is indeed one of the most common loans. The interest rate for personal loans ranges from 8-30% or sometimes even above. So, it is important to know the acceptable rate before applying. The interest rate on personal loans relies on several factors. Since the loan is unsecured, the interest rate is usually higher. Credit score, income, amount, repayment time, and tenure are the basis for interest rate calculation. This guide will help you to learn about the acceptable interest rate. This will help you to get a personal loan at a competitive rate. [B-01] Acceptable personal loan interest rate India’s average interest rate for personal loans is around 10.49% per annum. You will get a lower interest rate with the public sector banks. The rate offered by the private banks is usually high. But based on the credit score and financial status, the interest rate for personal loans will change. The acceptable interest rate on a personal loan ranges from 8-15% per annum. If you are offered a rate above this, you need to know the factors that might have impacted your interest rate. Types of interest rates for personal loans There are broadly two types of the interest rate applied by financial institutions: 1. Fixed or Flat Rate Of Interest Under this, the interest rate on personal loan is fixed and will be constant during the entire loan tenure. It is relatively higher than the variable rate of interest. The EMI is constant in this case. The entire tenure will remain the same. 2. Floating Interest Rate This is an interest rate that can change during the loan tenure. Any change in a bank’s lending rate or market volatility can change the interest rate. If the rate falls, it will reduce your EMI. The EMI will be high if the rate increases. Factors affecting interest rate on personal loan Various factors affect the interest rate on a personal loan. The top factors are as follows: Credit Score Your credit score is the most important factor in determining the interest rate. It defines your creditworthiness and repayment ability. A credit score above 750 is considered to be the best. It will help you get a low-interest rate for a personal loan. A low credit rate can lead to the rejection of your loan application. Your Income Your income plays an important role in deciding the interest rate for a personal loan. It decides the amount you can get. The higher the income is, the lower would be the interest rate. Higher income is a sign of timely and prompt repayment of the loan amount. Repayment History Apart from checking your credit score, lenders also check your repayment history. The check is usually conducted for the EMIs paid during the last 12 months. It is to check whether your repayment was timely or not. If repayment is on time, you could always ask for a lower interest rate on personal loan. Number Of Defaults Financial institutions also check your default rate before sanctioning a personal loan. The application is rejected in most cases if your default rate is high. Defaults are a sign of a financial issue, which makes repayment of the loan difficult. This makes you a risky candidate for loan disbursal. Debt-to-income (DTI) Ratio The DTI is the overall depictor of your repayment capability. It calculates the total amount of debt you have against your income. The higher the ratio, the lower your ability to repay the debt. A lower DTI ratio ensures that you have a surplus to pay off your existing debt. It increases your possibility of getting a new loan at a lower rate of interest. Relationship With Bank Applying for a personal loan becomes easier if you have a long relationship with the bank. Your financial history and creditworthiness are easily available with the bank. Also, there is a trust factor in the relationship. Based on this, you might get a lower rate of interest too. Your Employment Type The company for which you are working also plays a crucial role in your interest rate for the personal loan. The rate of interest will vary for permanent and contractual employees. Also, organisations with high stability will help lower the interest rate for employees working with them. Tips to get an Acceptable Interest Rate for a Personal Loan If you are looking for an acceptable interest rate for personal loan, here are some tips that can help you. Ensure to maintain a high credit score, preferably above 600. Compare personal loans offered by different lenders to find the best interest rate you can get. There are some seasonal offers where lenders offer you a lucrative interest rate for personal loans. Look for those offers. Discuss the fees or interest rate with your lender if you maintain a high credit score and long-term relationship. Look if you have a pre-approved offer on a personal loan. In that case, the interest rate on personal loans will be lower. Check the method of interest calculation used by the lender. Always confirm the additional charges, fees, and nominal annual percentage rate. This will be charged to your loan and added to the cost. If you still do not find an acceptable interest rate for personal loan, look for the red flags in your borrower profile. You should work on the red flags to remove them. This will increase your chances of getting a better interest rate for loans. [B-02] Conclusion A personal loan is an unsecured loan offered based on your documents and credit history. This loan is disbursed fastest and can support your financial needs. When comparing the interest rate on personal loans, look at all the factors to get the right estimation. There is no doubt that the acceptable interest rate for a personal loan ranges from 8-15% per annum. But this rate is based on numerous factors. If you have a good borrower profile but need a better interest rate, you should connect with other lenders to get a fair comparison. To learn more about the acceptable interest rate for personal loans, you can check Piramal Finance.

08-11-2023
Personal Loan

Calculate Personal Loan Prepayment or Foreclosure Amount with Piramal Finance

Calculator for Personal Loan Repayment If you don’t pay interest, you can enjoy your life without stress. Paying off the principal amount before the loan term ends is all it takes to calculate a personal loan. You can pay the principal off all at once or in parts. You can also use the Piramal Finance personal loan prepayment calculator to figure out the Installment, the prepayment rate of interest, and other important details. [B-01] Why using a personal loan prepayment calculator is a good idea? Using a personal loan prepayment calculator has the following benefits: Easy Ways to Pay Off Debt To live a worry-free life without debt, you could save some money and put it toward your loan’s principal. Calculating Personal Loan prepayment also helps keep EMI costs low because the principal amount goes down by a certain percentage. Pay less in interest You must have enough money to repay the loan within the first few months of your stay. Most banks and other financial institutions want a commitment of at least one year. It means you can’t pay back your debt in full or for a year. But after the year is up, you can pay off the remaining debt and save a lot of money. How do you use a calculator to pay off a personal loan early? A Calculate Personal Loan needs of EMI can be changed with the help of prepayment. The prepayment personal loan calculator needs to know the loan amount, how long the loan will be, and the interest rate. If you already have a personal loan, the personal loan prepayment calculator will ask you for the remaining loan amount, the number of payments you’ve made so far, the amount you want to pay off early, the interest rate, and the length of your loan. Using a personal loan EMI calculator that lets you pay off the loan early, you can figure out how much money you would save on monthly payments. What Does Loan Foreclosure Mean? With a loan, you can buy whatever you want – whether a car, a house, or just some consumer goods. Loans break up big expenses into smaller monthly payments, but the interest they charge makes the product more expensive than it would be otherwise. But your average income goes up when you get a raise or a promotion at work. With the extra money, you could get out of debt by foreclosing on your loan and saving the extra interest you would have had to pay if you paid it off in instalments. Debt foreclosure is when you pay off your loan in full and for good all at once instead of making smaller payments with interest every month. However, how do you Calculate Personal Loan amount you need to pay to foreclose your loan? In this case, a loan foreclosure calculator can be helpful. If the loans were not foreclosed, the banks would lose the interest they had already paid. Because of this, some banks charge you a certain interest rate (around 4%) if you pay off your loan early to avoid foreclosure. But if you want to avoid paying huge monthly interest, this is a small price. Based on a few facts about your loan, you can quickly Calculate Personal Loan Foreclosure Costs and get an idea of how much you’ll need to pay to get rid of it. Loan foreclosure calculators can help you figure out how much you’ll have to pay today to pay off your loan and how much interest you’ll save. How do you figure out how much the foreclosure will cost? You need to put the following into your: The loan term, in months or years, is how much money is still owed. The interest rate in question (per year) How many monthly payments have you made so far Several calculators may ask how many payments you made to determine the month of foreclosure. Any fees your bank charges for the foreclosure of the loan. It might be in the paperwork for your loan. Here are some things you can do to avoid losing your loan: These tips will help you prepare for and start the loan foreclosure process. You should call your bank: Contact your bank’s customer service. They will help you solve any problems and enter the right information into the Personal loan foreclosure calculators and other loan foreclosure calculators. Keep your KYC up to date and apply: After you use the foreclosure loan calculator to figure out how much you need to pay to get rid of the loan, go to your bank and fill out an application to start the process. Keep your PAN Card, Aadhaar Card, and loan paperwork handy if you need to send them with your application. Bring all of your papers: Don’t forget to bring the following papers with you as proof that you’ve paid off your loan: Letter from the bank saying that you have paid the loan in full. No dues certificate from the bank says you don’t have to pay anymore. Receipt for the last payment before closing. The end of a bank loan and the “no objection” certificate Don’t forget to cancel any standing orders or EMI repayment reminders that are already in place. Credit Scores: You can get lower interest rates, better card offers and perks, faster loan approval, and many other benefits if you have a good credit score. As you pay off the debt, your credit score will go up. If it doesn’t get updated, you should let the credit rating companies know so you can get the benefits of having a good credit score. Costs and calculations for a loan foreclosure: The paperwork for your loan is the key to making accurate calculations. Your loan paperwork, whether for a person or a house loan, has all the information you need to figure out home loan foreclosure costs or other penalties for foreclosure. Some financial companies only charge loan foreclosure fees if the loan is not paid back within the first few years. For example, some house loans don’t have pre-closure costs if the loan is paid off after five years of EMI payments. [B-02] Conclusion You won’t have to pay penalties for paying off your loan early or going into foreclosure until you’ve made at least one month’s payment. If you want to close your loan account, you need to pay 4% of the amount you still owe plus any taxes due as of the deadline for full prepayment. Calculate Personal Loan prepayment or Foreclosure Amount calculator from Piramal Finance gives you some benefits you can use in your monthly payments.

08-11-2023
Personal Loan

What Are The Factors That Can Affect The Terms Of Your Loan?

While there are many things business owners can consider when looking into loans for their companies, it’s important to understand the risks and pitfalls ahead of you. Many different types of loans are available to businesses, but lending amount under various types of loans is different. Understanding your loan options and how they could affect the terms is key to making the right decision for your company and its future growth. Read on to learn more about the eight major factors that can influence the terms of your loan. [B-01] The Amount You Need As Loan This factor has the most significant effect on the terms of your loan. You will likely default if your loan request isn’t backed by enough income to make payments. In some cases, this can lead to costly consequences. If you need more clarification on how much you need, your first step should be to see a loan officer. A loan officer can help determine the loan you’ll need for your business. When going to a loan officer, you’ll need a detailed understanding of your business and its projected growth. You’ll also want to have a solid plan of how to use the money you’re requesting and, more importantly, how you plan to pay off the equated monthly payments or EMIs after the end of the moratorium if any. Your Credit Score This is one of the most important factors to take into consideration when looking into loans for your company. Lenders use your credit score between 300 and 850 to determine your ability to repay a loan. Although it’s not likely your credit score will be 800, it’s still important to try to keep it as high as possible. A low credit score can significantly affect your ability to get a loan. One way to do this is to pay your bills on time and to keep your credit utilization as low as possible. There are various ways of doing this. For example, you must make it a point to be punctual with paying your existing EMIs. How Long Do You Need the Loan For The tenure of your loan will significantly affect the terms of your loan. A longer loan term means smaller EMIs while a shorter loan term means higher EMIs. You must check your paying capacity. If you’re taking a large loan and have low paying capacity, your EMIs will have to be stretched over a longer time. However, you will end up paying more interest on a longer loan term while if you cut short the repayment duration, you will substantially save on the interest. The Interest Rate The interest rate on the loan you take out will have the biggest impact on the terms of your loan. If the lender considers you a repayment risk, they will charge you a high rate of interest. Also, a lot will depend on whether you are choosing a fixed interest rate or a floating one. In a fixed interest rate loan, your rate of interest will remain constant regardless of whether they rise or decrease in future. However, a floating interest rate changes according to the changes in the market. The Lender’s Risk Concerns The lender’s risk concerns will significantly impact the terms of your loan. Many loans, including most business loans, come with collateral. Your lender may insist you use some of your assets as collateral to back the loan. If yours is a high-risk case, the bank you are seeking a loan from may impose tougher terms on you than on another person who has, for example, a better credit score or a good financial history with the bank. The Size of Your Business The size of your business will affect the terms of your loan. If you have a small business, you can get a business loan with a lower down payment or a longer repayment period. If you have a large business, the risk factor may force the bank to introduce tougher conditions for the loan. The Type of Loan You’re Looking For This factor will have the biggest impact on the terms of your loan. Loans will be categorized as commercial, SBA, bridge or other types of loans. Many types of commercial loans are available, but some may have better terms than others. For instance, a personal loan may have a completely different set of terms and conditions than a home loan. Understanding which loan type best suits your or your business needs is important. Co-signers and Collateral This is one of the factors that will have a significant impact on the terms of your loan. Co-signing a loan is when one person (the co-signer) is responsible for paying the loan if the borrower doesn’t make the payments. The introduction of a co-signer introduces an added guarantee of repayment. In such cases, lenders may offer relaxed terms and conditions. [B-02] Wrapping Up The factors that can affect the terms of your loan are endless and varied. It’s important to understand what these factors could mean for the terms of your loan before you even apply for one. By understanding these factors, you’ll be better equipped to make the best decision for your company. If you wish to take a loan at the most favourable terms, you must check out the flexible options provided by financial institutions like Piramal Finance.

08-11-2023