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Personal Loan

Personal Loan Apply Online with Piramal Finance for Best Rate

Do you often think about your budget when planning a vacation? Do you check your wallet when you buy your favourite gadget? No matter what your financial situation is, you can easily apply online for a personal loan from Piramal Finance Limited and stop worrying about money. Let us learn how to apply online for a personal loan from Piramal Finance. [B-01] Benefits of a Personal loan With Piramal Finance Here are the advantages of applying for a personal loan with Piramal Finance: Rapid Approval Applying online for a personal loan from Piramal Finance takes less time. Due to this, they are the best way to meet your immediate cash and payment needs. If you have a good credit history, it won’t be hard for lenders to say yes to your loan request. Loans are also given out quickly, and the money is transferred to your account faster than other loans. No Need for Collateral Personal loans aren’t backed by anything, so you don’t have to pledge anything to apply online for a personal loan. But as a borrower, you should know that unsecured loans are riskier for lenders, so the interest rates are usually 1.33% or higher each month to make up for this. Increases Credit Score If you have bad credit or no credit history, applying online for personal loans from Piramal Finance is a great way to improve your credit score. Your credit score will increase if you make your EMI payments on time and at the rate you agreed to. Multiple Methods of Payment Lenders from Piramal Finance will let you only pay back the interest on your personal loan for the first few months. This way, you can lower the initial cost of your EMI payments and use the money because you got it in the first place. Remember that the first few months will depend on how long you have to repay your loan and how much principal you borrowed. Flexible Loan Repayment Period With Piramal Finance, you can pay back your personal loan anywhere from 12 to 60 months. But your ability to get a loan will determine how long you take to pay it back. Easy Process for Documentation You won’t need a lot of paperwork to get a personal loan with Piramal Finance. Now, all you need is a PAN card, an Aadhaar card, proof of your current address (if you’re borrowing the money), or proof that you have a steady source of income. High Amount Available You could apply online for a personal loan with Piramal Finance for up to 50 lakhs. Your credit history will determine how much you can borrow, so keep that in mind. No Limits on Final Use You can use the money however you want. You can use the money from the loan to pay for your dream trip, make your house smarter, or even pay for medical bills that came up out of nowhere. Huge Purchases If you need to fix your car’s transmission but don’t have the money on hand, you can easily apply online for a personal loan. If you use your car or electric appliances a lot, you can use a personal loan to pay for expensive repairs or to buy large household appliances and electronics quickly. Who Can Apply For A Personal Loan Online From Piramal? Salaried workers with the following jobs can apply: MNCs or companies like them Partnership Businesses Concerns about ownership Institutions run by the government, Private sector Public sector. The age range for these salaried workers should be between 21 and 60. They have to earn at least Rs. 25,000 per month and have worked for the same company for at least six months. Documents Needed To Get A Personal Loan From Piramal Here are the documents needed to apply online for a personal loan from Piramal Finance: PAN Card: Required for anyone who wants to apply online for a Personal Loan. Aadhaar Card, Voter ID Passport, Driver’s Licence Proof of Address Voter’s Identity Card Utility bills like Telephone Bills/Electricity Bill, etc Registered Leave and Lease Agreement Passport Driving Licence Aadhaar Card/Aadhar Acknowledgement Proof of income Pay stubs from the last month Bank statements from the last three months. Co-applicant You will need a co-applicant if you need to combine incomes to get a loan. The spouse can only send in a joint application. At the time of the loan application, it will also need the documents of the other person who wants the loan. How To Get A Personal Loan From Piramal Finance? It’s easy to apply for a personal loan from the comfort of your own home because the process is so straightforward. You can apply for a Piramal Finance Personal Loan online through their website from anywhere. Follow the steps below to apply for a personal loan from Piramal Finance: Before you fill out the application, go to the website and click on “Personal Loan”. There will be a button that says “Apply Now.” After clicking it, you’ll be taken to the application form, where you’ll need to fill in your details and the amount of the loan you need. After filling out the necessary information, click “Submit”. Your application for a personal loan is now done. After you send in your application, a salesperson will get in touch with you regarding the process. [B-02] Summing Up You should know that the approval process for a personal loan online from Piramal Finance goes a lot faster. A personal loan from Piramal Finance is a quicker and easier way to get the money you need, which will be sent straight to your bank account. For similar blogs like this, you can visit the Piramal Finance website and read more on finance-related topics.

08-11-2023

Personal Loan

On A Rs 50k Salary, What Is The Maximum Amount A Person Can Borrow For A Personal Loan?

Are you trying to determine the maximum amount you can borrow with your current salary? If yes, you will be better off knowing that the amount depends on several factors. Your income is not the only determining factor. Moreover, every lender has a different formula and rules to calculate the maximum lending amount for a given salary. Therefore, the amount you can borrow will vary from lender to lender. Continue reading this blog to learn more about calculating your maximum borrowing capacity. The blog will also answer questions related to a personal loan on a 50,000 salary. [B-01] Maximum Personal Loan For 50,000 Salary Most lenders use the multiplier method to calculate the maximum personal loan for a 50,000 salary. It involves working with a predetermined multiple for the salary amount. Depending on the lender, the multiple could be between 10 and 24. The table below will give you a fair idea of the maximum personal loan for a 50,000 salary. Net SalaryLoan AmountRs. 15,000Rs. 2.25 LakhRs. 20,000Rs. 3.00 LakhRs. 25,000Rs. 3.75 LakhRs. 30,000Rs. 4.50 LakhRs. 35,000Rs. 5.25 LakhRs. 40,000Rs. 6.00 LakhRs. 45,000Rs. 6.75 LakhRs. 50,000Rs. 7.50 LakhRs. 60,000Rs. 9.00 LakhRs. 70,000Rs. 10.50 LakhRs. 80,000Rs. 12.00 LakhRs. 90,000Rs. 13.50 LakhRs. 1,00,000Rs. 15.00 Lakh How to Calculate Your Maximum Borrowing Capacity The factors on which the maximum personal loan for a 50,000 salary depends on include how much you make, your credit history, and the type of loan you’re applying for. Income Your income determines your paying capacity. A lender will be willing to loan you an amount that you can comfortably pay back with your income at the time of application. Employment Status Your employment status impacts your borrowing capacity. Lenders are more comfortable clearing applications from those with a regular income. Your borrowing capacity will be significantly lower if you don’t have one. In some cases, lenders may reject applications from those without a regular income. This happens when the risk is deemed to be too high. Credit Score If you have an excellent borrowing history, represented by a credit score above 800, you will be able to borrow more. Age If you are nearing retirement age or your regular income will end or decrease, your borrowing capacity will decrease significantly. If you want to calculate how much money you can get as a personal loan on a 50,000 salary, the simplest way is to use a loan calculator. It is an online tool that can be used to determine how much you can borrow based on your income, assets, and other factors. Tips For a Smooth Personal Loan Application If you already have a lender willing to lend you money, you can apply for a personal loan on a 50,000 salary. There are a few things to note before you start applying for loans. There are two important things to remember here: Make sure you have an itemised list of all your debt and expenses. Your lender may ask for it during the application process. These details are needed to work out your paying capacity. It plays an important role in determining how much money the bank can lend you without creating a substantial risk of default. Having these details compiled will make the application process easier. Make sure you have a detailed plan on how you will pay off any remaining debt. It is one of the questions your loan agent may ask you during the application process. Apart from these, you will need a set of documents. These include: A government-issued photo identity card. You can use your Aadhaar Card, driving licence or Voter ID for this purpose. You will also have to supply proof of your income. Salary slips are ideal for this purpose. However, some lenders may also ask for a copy of your passbook. Additionally, you will have to produce address proof and, in some cases, a cancelled cheque. It is to prove that you have an active bank account. Interest Rates on a Personal Loan One way to compare a personal loan to a 50,000 salary is to look at the interest rate. When looking at interest rates, you must look at the repayment duration of the loan. Short-term loans may have a higher interest rate, while long-term loans may have a lower interest rate. Personal loans are usually offered at higher interest rates compared to other types of loans, like home and education loans. They also have a relatively shorter repayment period. Interest rates for personal loans on a 50,000 salary vary from lender to lender. Therefore, checking with several lenders about their loan offers is vital before you start your application. This way, you can find the best possible deal for yourself. Lenders often advertise lower interest rates for loans during festive seasons. You can take advantage of such opportunities when you are seeking a loan. Repayment Schedule for a Personal Loan When you borrow money from a lender, you must make monthly payments until the loan is repaid. The loan terms offered by most lenders will include the repayment schedule. The repayment schedule for a personal loan will include the monthly payment amount, when the payments start and the moratorium period, if applicable. The length of the repayment schedule will also depend on the type of loan you take. Most large loans will have a term ranging from 10 to 30 years. In the case of a personal loan, the repayment schedule is much shorter. The actual time, as stated, will depend on the amount of money you’re borrowing. But you will have some say in fixing the loan repayment schedule. However, you will have to come up with suggestions within the broad parameters the lender has set. [B-02] Conclusion With increased digitisation in banking, it is possible to apply for personal loans on a 50,000 salary online. All lenders provide the option of online applications. Leading lenders also provide a loan and EMI calculator. You can use these to determine the loan you will get for your net salary. Apart from the obvious benefits, it will help you determine whether or not you can pay off the loan in the stipulated time. To find out how you can benefit by using EMI calculators, try the one developed by Piramal Finance. You can read their blogs for a deeper understanding of how these calculators work.

08-11-2023

Personal Loan

Ways to Get the Personal Loan on 550 CIBIL Score

The CIBIL score is a personal credit score that reflects a borrower’s solvency. The scale runs from 300 to 900. The higher the score, the greater the chances of getting a loan approved. A personal loan with a CIBIL score of 550 is tough to get. Banks and NBFCs want a CIBIL score of 750 or above to grant a personal loan. Yet, a few banks may authorise the loan with a credit score of 550 but at a greater rate of interest, taxes, and penalties. [B-01] Ways to Get a Loan with a 550 CIBIL Score Determine Whether Your CIBIL Score Is Truly Low The CIBIL score might not always include the most recent update. You must verify your CIBIL score on a regular basis and get any faults corrected. Request for Joint Credit with a Co-Applicant Getting a co-applicant with a good credit score might improve your chances of getting a loan. Find a Guarantor If a borrower fails, the guarantor is liable for repaying the debt. Lenders value having a guarantor with a strong credit score. Provide Proof of Income Evidence of high-paying employment, a supplementary source of income, or consistent cash flow might boost the odds of loan approval. Apply for a Lower Loan Sum When the loan sum is less, a lender might be less hesitant to authorise it. A larger loan sum is riskier for the lender. What Should You Remember about a CIBIL Score of 550? Your credit score might vary as a result of financial activities such as EMI payments, missed/delayed payments, credit card bill payments, account closures, and more. As a result, your credit score is not a fixed number. It may rise and fall with each of the transactions stated. A CIBIL score of 550 shows that your economic behaviour needs to be improved. You have made a few consistent payments but have defaulted on or missed numerous others. Remember the below points about a CIBIL score of 550: Your CIBIL score shows your credit habits. It is one of the key factors used by lenders to determine your creditworthiness. Lenders often determine whether or not to offer you a loan based on this rating. As a result, obtaining a personal loan with a CIBIL Score of 550 is quite tough. Lenders that give loans with a low credit rating do exist. However, the interest rate will be on the high side. To enhance your CIBIL score, you must regulate your economic behaviour and pay your EMIs/bills on time. Eventually, your credit score will improve. Can You Obtain a Personal Loan with a CIBIL Score of 550? A CIBIL score of 550 is insufficient to qualify for a personal loan from a major bank or NBFC. It indicates that you have done a few blunders while dealing with credit, resulting in a poor score. A poor CIBIL score is a red flag for lenders. It may dissuade the loan company from giving you credit. To consider your loan application, most banks need a minimum credit score of 750. Remember the below points when you ask for a personal loan with a low CIBIL score: If your credit score falls below 750, you might strive to raise it before requesting a new loan. You may persuade the lender to authorise the loan based on your present financial control. A strong income, a recent wage increase, fewer financial duties, and cautious spending may also work in your favour. Seeking a new personal loan before improving your CIBIL score is not wise. It will reduce your credit score further. When you apply for a new credit card or loan, the bank retrieves your credit report. This is referred to as a hard inquiry, and the bigger the amount of recent hard inquiries, the worse your credit score will be. Thus, if you want an emergency loan, contact short-term lenders or microfinance firms which may offer a personal loan with a CIBIL score of 550. Factors Contributing to a Poor Credit Score A strong CIBIL score might assist you in times of financial difficulty. It may provide access to financing in favourable conditions. As a result, if your credit score is as low as 550, you must work hard to increase it. Once you know your score, you may focus on the causes that are causing it to fall. The following are the causes of a poor credit score: A high credit usage ratio (exceeding the limit on a credit card). An increase in the number of hard inquiries on your credit history. Missed or delayed repayments (missed EMIs, delayed EMI, non-payment of other dues). Unhealthy credit combination (there are more unsecured loans than secured loans). How Can You Raise Your CIBIL Score if it is Only 550? Here are some pointers to help you raise your CIBIL score: Examine the Results You may check your CIBIL score before applying for a loan. Check for flaws in the CIBIL report. The errors might be related to your transactional history, facts, and numbers. If you notice any, get them fixed since mistakes might affect your score. Your score may rise if the problem is rectified. Clear Any Outstanding Debts You must make every effort to pay off your loan/credit card debts. Paying these might help improve your credit score. Keep track of the bill and EMI payment dates. You may also clear a couple of these bills before applying for a new loan. Make Timely Payments Set up EMI reminders and pay them on time. Delaying payments increases interest and makes the loans more expensive. Your CIBIL score will also suffer. To prevent these troubles, you must be sure to repay on time. Sound Financial Practice Make a financial payment plan. It would be best if you aimed to repay the higher-interest debts first, then make minimum payments on all other accounts. [B-02] Conclusion A good credit score or CIBIL score is an important factor for the approval of loans. If your CIBIL score is 550, it suggests a high risk for banks and other lenders. Thus, it is a good idea to improve your CIBIL score. However, if you don’t have time to raise your CIBIL score of 550, it is still possible to get a personal loan. Make sure to go through each method carefully and use what is best for your situation. If you want to know more about how to get a loan with a low CIBIL score of 550, visit Piramal Finance. You may also explore their products and services.

08-11-2023

Personal Loan

How Can I Manage My Personal Loan EMI?

Personal loans are more vital than ever. You may get a loan to satisfy your long-term or short-term fiscal demands. Personal loans assist you in avoiding bankruptcy. Current trends imply that youth prefer personal loans to fulfil costly aims such as vacations, foreign weddings, etc. After getting a loan, you tend to worry less about returning the loan and spend more than you had thought. So, to prevent skipping, here are a few vital tips to help you handle your loan EMI payments smoothly. [B-01] Ways to Manage Personal Loan EMI Payments To apply and get a loan is relatively easy for many people. The difficulty arises when every month, you need to repay. It is a fixed amount of your loan with interest that forms an EMI on a personal loan. Most people tend to delay the payment of EMI of personal loans. Given below are a few tips for managing personal loan EMI that will assist you: Make a Monthly Plan You must begin applying fiscal control to make specific lifestyle shifts to ensure your monthly budget can cover your loan EMIs. If you are married, you should get together with your wife and prepare a list of your monthly salaries and spending. You ought to decide which costs may be reduced. If needed, you have to look into new income options, such as freelancing. After lowering the prices, you must aim to have enough monthly excess to pay off the personal loan EMI. Restructure/Consolidate Your Loan(s) When seeking a loan, you should check the loan sum and terms. Yet, if you find it hard to pay your EMI sum after signing, you should chat with your bank about altering the loan terms by extending the span. Another choice is to merge your old debts into one personal loan. This will prevent you from recalling various EMI deadlines and allow you to avoid high-cost debts. Assess Different Choices for Loan Prepayment You don’t expect to be forced to repay the loan at the end of its term. If you get cash from any means, such as a gift or a raise at work, you should make a prepayment or, better yet, lock up the loan. You should find the proper fines and do a quick cost-benefit study of the fine and interest payment over the loan term. Another choice is to talk to your bank about raising your monthly personal loan EMI. This will allow you to pay off your loans faster and lower your total interest rate. Set Up Recurring Payment Alert You may skip the EMI time limit owing to your busy life. To avert this risk, you should create an alert and attempt to pay 2-3 days before the due date. It will help you prevent technical or personal crises within the time limit. Setting up recurring personal loan EMI payments from your bank account is even better. As a result, the funds will be regularly deducted from your bank account on the set date without any input. Prepayment of the Loan When applying, you may pick the most extended loan term accessible based on your ability to repay. This will lower your EMIs; you can also use a personal loan EMI calculator. When you have paid them for six months, you may prepay the debt in whole or in part with no extra fees. Even a partial prepayment may reduce the EMI significantly. Any future income inflow, such as a bonus or pay rise, might be used to lower the loan sum. This way will ensure that you handle your debt wisely and stress-free. Keep a Good Credit Record The value of having a high credit score cannot be overstated, as it keeps your line of credit intact in a crisis. Renewing or delaying EMIs hurts the credit record and reduces the chances of getting a debt when you need it in the future. As a result, it’s vital to handle your loans carefully and return them regularly. You can calculate personal loan EMI payments with personal loan EMI calculators online. If Possible, Raise Your EMI Sum Many NBFCs provide flexible pay-out terms that you can use when it is handy. If you get a boost or start working part-time, you can use the extra money to pay off your loans rapidly. You can ask your bank to boost your EMI so that you can pay off the loan faster and become debt-free. If you are having a problem handling your EMIs, you can ask that the bank boost the number of your loan EMIs while reducing your EMIs to render them more doable. Make a Distinct Fund for EMIs Setting up a separate fund for personal loan EMIs enables prompt repayments even in times of financial need. A second savings account should be created. This account should only be used to make EMI payments. Always have this cash on hand since it will help you handle your loan and payments simply and adequately. Make a Reserve Fund You should put funds away for a rainy day or unplanned events as soon as you begin making money. As a general rule, you must never spend all of your money. Before you indulge in yourself, you should make a reserve fund. Take a family tragedy, a medical problem, or the abrupt loss of a career. You will need money to get by while you look for a new job. The personal loan EMI payments, however, will stay. You will be due every month. As a result, saving money every month is vital so you can get through the bad times. [B-02] Conclusion You can take out a personal loan to cover any short-term expenses. It can be used for many different purposes. A personal loan can be a trusted tool to get some money. Interest rates on personal loans are typically higher than those on home or auto loans because you are unsecured. So, you’ll need to be aware of your funds in advance. Also, you should plan your funds in such a way to timely pay personal loan EMIs. To know more about personal loan EMIs, visit Piramal Finance for related blogs and explore their products and services.

08-11-2023

Personal Loan

Here is Why Taking A Personal Loan During Festivals Makes Sense

The festival season is the most awaited time of the year, which brings celebrations to Indian households. There are many festivities which means a chance to spend a lot of money on things like a new house, car, gold jewellery, etc. It’s best to take out a personal loan during the festive time. This makes it easier to stick to your budget and make the most of the holiday season. In addition, the amount appears in your account almost immediately after approval, authorizing you to spend. When you need to complete all the necessary celebratory rituals but don’t have much money, instant personal loans will relieve you of worrying about how you will pay for everything. [B-01] Online personal loans are a great option. This is because they require minimal documentation and formalities for approval. There are many good reasons to get a personal loan for festival. Here are some of the benefits: 1. Flexible usage The festival season is a great time to shop. There are many good deals and discounts. However, unexpected expenses can run into thousands of rupees. These can harm your savings and budget in the future. A personal loan can help you cover these costs for your festive season. This loan can cover all your expenses. So you can easily buy a party dress or a vehicle with private financing. 2. Easy to apply Due to the digitization of the financial sector, you can easily apply for a personal loan from the comfort of your home. Personal loans offer flexible repayment options. In addition, you do not need to go to a bank or other financial institution to have the loan documented or processed. All of this can be done digitally, from the instant loan application to processing in advance using an individual application. 3. Higher loans with low-interest rates You can get up to INR 25 Lakhs with personal loans. This can make the festive season more fun and exciting. In addition, if you apply for a single personal loan, you can cover more expenses that you and your family incur during the festivities. Since you are well informed about your repayment schedules and the EMI amount to be paid regularly, personal loans also help you avoid repayment problems. You can easily get a low-interest personal loan if you have a steady income and a good credit score. 4. Invest in gold or other assets Buying gold or silver during Dhanteras is considered auspicious. In addition, gold and silver investments are excellent assets. However, the rising cost of these precious metals can be overwhelming. It is a great time to buy precious metals as the holiday season marks the start of the wedding season. You can pay for these expensive items with a personal loan without using your savings. 5. Transform your home Have you been putting off home improvement projects for months? Are you interested in modernizing the interior of your home? Or do you need to repaint your home? Diwali is a great time to give your home a makeover, no matter what it needs. A quick personal loan can improve your home without breaking the bank. They don’t require collateral and have flexible repayment options that allow you to repay the loan when it’s most convenient. 6. Pay off debts The festival of lights is also considered an excellent time to start over. So why not pay off all your previous credit card bills and debts? You can take control of your finances and restore your financial health. A personal loan is a great way to pay off debt because it can be used for any purpose you want and requires no collateral. You can also choose a repayment period that suits you and your budget to repay the loan whenever you want. 7. Giving gifts There’s nothing like making someone happy and making them shine. Gifts generally achieve this. It’s customary to give and receive gifts during the holidays, and it’s very satisfying to see someone’s face light up when you give them something. However, instant personal loans are covered if you need to spend a lot of money on gifts. If you want to buy something for someone you care about, applying for a quick personal loan makes sense. When buying gifts for friends and family, you don’t have to limit yourself by what you buy or who gets them. 8. Personal loans don’t need collateral Personal loans don’t need collateral because the start of the festive season means more people want to buy things like home appliances, gold investments, real estate, cars, and holiday clothes. You do not need to provide a guarantee when concluding the contract. It makes it easier for people of all income levels to get a loan and use it to pay for their holiday purchases. Thanks to this, you can enjoy shopping without any stress. [B-02] Conclusion A personal loan with Piramal Finance during the festive season is the best option, as you can join the fun without any cash requirements. Piramal Finance can make your loan application process simple and stress-free. They guarantee no extra costs and only a small processing fee. You can find a full list of fees on our website. You can choose the personal loan EMI amount that suits you best, free yourself from the burden of high repayment costs, and enjoy your festivals. They make it easy to apply online, require little documentation, and offer excellent after-sales service. With a personal loan from Piramal Finance, enjoy the celebrations without worrying about your finances.

08-11-2023

Personal Loan

Features Of Personal Loans Offered To Salaried Employees

NBFCs and Banks usually prefer to lend personal loans to salaried employees. This is because they have a fixed source of income. So they are less likely to falter on loan repayments. Government-salaried employees are preferred even more because of their higher job security. Government employees are followed by private sector employees working at MNCs and top corporations. In addition, many lenders even offer preferential interest rates to those working with PSUs/government and MNCs/top corporations. Now, if you are a salaried employee, you must be curious to know more about personal loans. Thus, here’s an article discussing some of the features of Personal Loans for salaried employees. [B-01] 7 Features of Loan offered to Salaried Employees While offering loans to salaried employees, lenders consider several other factors. These are monthly income, age, job profile, credit score, employer’s profile, etc. Some lenders even provide pre-approved instant personal loans, with the provision of quick loan disbursal to chosen candidates. However, before opting for a personal loan, make sure to know some of the best features of personal loans offered to salaried employees by various banks and NBFCs – No security/collateral required Personal loans are mainly unsecured loans. This means that while opting for a personal loan, you need to provide any security/collateral to the lender in the form of assets such as your car or house. The loan is approved per your creditworthiness. This in turn depends on your monthly income, credit score, employer reputation, repayment history, etc. Thus, your assets remain safe even if you fail to repay the loan within the specified period. However, personal loans are unsecured loans and thus riskier for lenders. Therefore the interest rates on personal loans are generally higher to mitigate the risk. Flexibility of Use A personal loan is highly flexible. This means that you can use a personal loan to meet your different financial requirements. You can use a home loan or a car loan for specific purposes only. But you can use a personal loan for almost any financial necessity without limitations. You can use a personal loan to meet emergency medical expenses, for a house renovation, for debt consolidation, for wedding purposes, etc. Thus, personal loans are an easy way to get anyone out of an immediate cash crunch. Quick disbursal Personal loans are known for their quick disbursal feature. The time for disbursal generally varies from one bank/lender to another. But personal loans are usually disbursed within 24 hours. In some rare cases, the disbursal period might be 72 hours. A loan is disbursed as soon as your loan application is approved. Turnaround times can even be as small as a few minutes if you can avail of a pre-approved loan offer. A home loan is usually disbursed within 3-4 weeks. But a personal loan barely requires a day. As a result, a personal loan is the best financial instrument to meet your immediate financial obligations. Involves minimal paperwork You can quickly disburse personal loans. One of the reasons for this is that the personal loan approval process involves minimal paperwork. You can apply for a personal loan offline or online with minimal documentation. Key documents that the lender asks the applicant to provide involve merely an address proof, an identity proof, and an income proof. Many banks and money-lending organisations offer doorstep documentation services. Here a representative will meet you at a convenient, predetermined time and place to help you with the documentation process. Also, while applying for a personal loan, if you have any queries or face any issues, you can easily call the customer care centre of the lender. A representative will respond to your questions and assist you in completing the loan application procedure. Helps build a credit score Another important feature of personal loans is that it helps you to build or improve your credit score. If you are new to credit or have a poor credit score, then availing of affordable personal loans and repaying them within the agreed-upon period can be a great way to build your credit score. Your credit score will increase as you keep paying your EMIs at the pre-decided interest rate and on time. However, it would be best if you avail of a loan amount well within your repayment ability. This is because it can be detrimental to your credit score if you fail to make the EMI payments on time. Attractive interest rates Another significant feature of a personal loan is that these loans usually come with affordable and attractive interest rates. This makes personal loans widely affordable loan options. Moreover, you can qualify for even better interest rates if you have a good credit history. A loan option having a high-interest rate defeats the purpose of borrowing the money. This is because such a loan worsens your financial condition. Tax benefits Personal loans usually do not offer tax benefits. However, exceptions are there. If you use your loan amount for home renovation, construction, or making a downpayment for your house, you can claim tax deductions of up to Rs. 2 lakhs as per Section 24 B of the Income Tax Act, 1961. However, this tax benefit is subject to specific terms and conditions; thus, only some are eligible for it. [B-02] Conclusion One can thus easily conclude that both salaried and non-salaried people can opt for personal loans. But the loan application of a salaried individual usually gets an upper edge of approval. Today, several banks and NBFCs are more than willing to offer people personal loans for salaried employees. Piramal Finance is one such well-known registered finance company that offers quick, hassle-free, and easy personal loans for salaried employees with zero prepayment and foreclosure charges. They guarantee quick sanction and instant loan disbursal, pocket-friendly monthly EMIs, flexible repayment tenure starting from 12 months to 60 months, and minimum documentation. They offer personal loans with interest rates starting from just 12.99% per annum. Their team of expert financial advisors would also help you through the entire loan application process and would be more than happy to respond to your queries. For further details, visit their official website now!

08-11-2023

Personal Loan

5 Reasons Why Personal Loans are Ideal for Self-Employed Individuals

Personal loans are offered to both working and self-employed borrowers. Banks and other financial institutions provide unsecured personal loans that a person might get for a wide range of private purposes. If a person is employed or self-employed and meets all eligibility requirements—which differ depending on which category they fall under—banks will provide the personal loan. The client may obtain a personal loan with little paperwork and a simple application procedure for home improvement, travel, medical emergency, wedding preparation, etc. Depending on your line of work, you could also be required to provide additional evidence to prove that you have a consistent source of income or that your business is active (balance sheet, etc.). Personal Loan for Self Employed borrowers may have to meet stricter needs than salaried lenders when applying for personal loans. [B-01] Personal Loan for Self Employed If you are an entrepreneur, small business owner, practising doctor, lawyer, or chartered accountant, you may apply for a personal loan under the self-employed category. You can often need money as a freelancer to expand your business, make purchases, travel for work, or take holidays. To satisfy your immediate financial needs at this time, you may get personal loans from a variety of lenders. Although banks prefer salaried employees because of their regular monthly income, it is not too difficult for self-employed individuals to get this loan if they can show that they have the means to repay it by presenting proof of their income and the company’s growth. Let’s examine some of the features, perks, and other needs for receiving this loan as a self-employed individual in more detail. Reasons Why Personal Loans are Ideal for Self-Employed Individuals Smooth application Process Its best feature is the convenience of online personal loan requests for contract workers. Owners of small and medium-sized businesses are drawn to personal loans due to their simplicity. The Personal Loan for Self Employed application process is quick and easy, from filling out the online Form on your lender’s website to receiving the funds in your bank account. This makes it quick and easy to get as well. Increased Loan Amount If you’re a freelancer, the instability and unpredictability of your income are the first things that come to mind. You don’t have the same year-round financial safety that comes with a monthly salary as your friends who have jobs. So some months will be ok, some months will be great, and others will be a real challenge. In cases like these, a self-employed emergency personal loan may assist you in covering unforeseen bills. Depends upon your lender. Borrowing limits range from 50,000 to 40 lakhs. Depending on the kind of business and the industry it serves, the same might be said about business owners. Very little documentation Even for self-employed people, the days of bringing a stack of paperwork to the bank are long gone. You no longer need to stand in line for a loan officer to check your paperwork. All you need are the following: Papers that prove your identity (PAN or Aadhaar). Your address (Voter ID, Passport, or Driving license). Your income (Salary Slip). Your lender will determine if you qualify for a personal loan for self-employed when you submit the scanned copies of these papers. Variable Repayment Period It would help if you always chose a payback term that works for you when applying for a personal loan, no of whether you are a paid or self-employed borrower. Choose by analysing your debt-to-income ratio. The normal term of a personal loan for self-employed borrowers is between 12 and 60 months. Quick Loan Payment As soon as your lender confirms your request for a personal loan for self-employed borrowers, the funds will be sent into your bank account. Depending on your lender, you can get your money in as little as 10 minutes or as much as 2 hours. In any case, if your papers are in order, you may often get the loan amount the same day you apply. Personal Loan Eligibility for Self Employed Personal Loan for Self Employed Banks have different minimum ages. Some lenders provide personal loans for salary workers with lower min and max ages. Tax reports, profit and loss statements, six-month bank statements, and IT records are required to prove your income. Proof of a job, such as a registered firm or company. Distinct basic wage requirements for every bank. Your business should have been around for a specific amount of time. The criteria for eligibility vary amongst lenders. While some want a minimum of two years, others could ask for a year or six months. How Can You Get A Personal Loan If You’re Self-employed? A self-employed individual may follow the following procedures to get a personal loan. Verify your credit score to see whether it is good. You’re more likely to get approved for a personal loan if you have excellent credit. Assemble the necessary paperwork and data. A bank statement, your most recent Form C, a 1099-misc form, our Form SE, and statements of profit and loss are required of you. A canvas for lenders of personal loans. So that you won’t be pressured for time to return your loan, find out which ones provide the lowest interest rates and the longest payback periods. Apply in person or online. You may either visit the loan company’s office or apply online, depending on which one you choose. During the application process, you may also need to phone them. Await their endorsement. You must be patient, as the firm may need some time to check your paperwork. Wait for your account to be credited with the money. It may take a day or as little as a few seconds. If you obtain approval over the weekend, you may have to wait until the next business day to retrieve your money. [B-02] Conclusion The five points outlined above show the benefits of applying for a Personal Loan for Self Employed persons. To pick the ideal lender for you in terms of the loan amount offered and the interest rate charged, be sure to do enough research before applying. We advise you to consider your demands and familiarise yourself with the rules and legislation before applying for a loan. For more blogs on Personal Loan for Self Employed, check out Piramal Finance and explore their products and services.

08-11-2023

Personal Loan

Which App Gives Personal Loan Without A Salary Slip?

What are your options when you have a financial emergency and need money immediately? Your best course of action is to apply for a personal loan. Personal loans are virtually always available from banks and other financial organizations, although the application procedure might be lengthy. The documentation process could be difficult. Additionally, you need a spotless credit history. Due to its inherent benefits, such as the finest apps in India for personal loans without a salary slip, it should be an appropriate substitute in these instances, such as: Swift approvals and payments Flexible qualifying requirements and high levels of flexibility No need for collateral Practical documentation Convenient features [B-01] Apps that provide personal loans without requiring pay slips A personal loan is like emergency money that someone can use when they don’t have enough money. There are no limits on how these loans can be used, so the money can be used for anything, like weddings, trips, or medical bills. It’s like the most comfortable financial cushion for people who want to borrow money. Personal loans are easier to get and get paid off now that technology has improved. Not only do banking institutions and non-bank financial companies (NBFCs) offer loans these days, but so do several mobile apps. Therefore, the next time you’re short on cash, consider using one of the instant personal loan application options available on your smartphone app store. In the rest of this article, we’ll give you a long list of the best personal loan applications in India, as well as important facts and features you need to know before applying for any of them. PaySense Loan PaySense works with well-known banks and other financial institutions to offer personal loans online right away. You can use these personal loans, which range from Rs 5,000 to Rs 5 lakh, for almost any emergency. But the most interesting thing about it is that it lets people get personal loans even if they have no credit history. The application procedure, supporting materials, confirmation, and disbursement are all completed quickly. The rates of interest range from 16% to 36% per year. There is a maximum of 60 months to pay back the loan. PaySense lets people who work for a company or themselves get personal loans. PaySense and LazyPay are now one company. Kissht Kissht is an app you can get from the Google Play Store and the Apple App Store. It’s a good choice for people who don’t get paid, like students, freelancers, and small business owners. Kissht has a 5-minute credit line based on QR codes. Kissht only needs your Aadhar card to figure out if you’re eligible for a loan, approve it, and put the money in your bank account. Interest rates range from 14% to 30% per year on loans of up to Rs 2 lakh. 100% digital makes it appealing. MoneyTapLoan First, get MoneyTap from either the Google Play Store or the Apple App Store. Next, enter your age, city, PAN, and income to find out if you are eligible for a MoneyTap Credit Line. After KYC is done, you can start using the money. MoneyTap provides personal loans of up to Rs 5 lakh at a monthly interest rate of 1.08–2.3%. Payback terms for borrowers are 36 months. The best thing about MoneyTap is that you can get approved in 4 to 5 minutes. It is India’s best app for an instant personal loan without salary slip because its API and design are safe. 4. Nira Nira is one of the best fast loan applications in India for a personal loan without salary slips because it gives loans right away and is easy to sign up for. Nira looks at what’s on the internet to figure out your credit score. Personal loans from Nira range from 3,000 to 5 lakhs at a rate of 1.5–2.5% per month. If you need to, this software can extend your credit period. The app lets you set up automatic withdrawals and deposits. mPokket The mPokket app is a fast, short-term personal loan service for students and people with steady jobs. For loans between Rs 500 and Rs 30,000, interest rates start at 3.5% per month. Applicants who get paid have to show pay stubs, but students can apply online with an ID. Loans can be approved online and paid out within 24 hours. People who want to borrow money don’t need a bank account because they can use digital wallets like Paytm. Dhani Card Dhani Card is a great app for students, people with jobs, and people who work for themselves and need a quick personal loan. Loans of up to Rs 5 lakhs are available at 1-3.17% per month, depending on who is eligible, how much they want to borrow, and how long they want to pay it back. The Dhani Card lets you borrow up to Rs 5 lakh with no interest. For a small monthly fee, you can see any doctor you want. This loan has three payments that don’t have any interest. Home Credit Home Credit is one of the best apps for personal loans without salary slips because it lets people borrow up to Rs 2 lakh with just a PAN card and another form of ID/address verification. Loan amounts are based on credit scores. This software lets people with bad credit get personal loans. The interest rate on this 26-month loan is between 2.4% and 3.3% per month. It’s one of the easiest ways for people aged 19 to 65 to get a personal loan without salary slips online. CASHe CASHe is easy to work with. Before setting credit limits, the user must upload documents and go through a verification process. This software could let many loans go through at once. Personal loans from CASHe start at 1.75% and can go up to 5 lakhs. This app lets you make a deposit right away. Auto-debit from a bank account can be set up to make payments quickly and on time. With its Buy Now, Pay Later options, CASHe works with Amazon, Big Basket, Flipkart, and other companies. Final words Personal loans have grown in popularity because they may be obtained quickly and with little paperwork. Additionally, this option enables customers to use the loan in any way they see fit to address their immediate financial needs. Also, these quick loan applications are popular right away because they don’t require collateral and have flexible terms for paying back the loan. Piramal Finance (www.piramalfinance.com), is an Indian financial services company that is making its foray into retail lending, which includes personal loans, business loans, housing loans, and other consumer-focused finance products. [B-02] FAQs What happens if the insurance runs out or is used during the time it takes to pay back the loan? If the insurance runs out or a claim is made during the time the debt is being paid back, the interest amount must be paid until the maturity date. What is the procedure for getting an instant loan? If you are approved, the lender will usually respond within minutes and put funds into your bank account. However, even if you are authorized, it may take a business day or two, or even longer, to get the funds. What are the criteria for a personal loan? Instant loans are often not subject to a credit check. You must, however, give personal details, be at least 18 years old with proof Of identity, provide evidence of income (e.g., a pay slip), and have a bank account.

08-11-2023

Personal Loan

Taking Out A Personal Loan This Christmas Will Make Gift-Giving Easier

Christmas is just around the corner! The season of festivities and gifting is fast approaching. But are you facing a year-end financial crunch? You’re not alone if the thought of holiday spending makes you feel more anxious than joyful. Why ruin the holiday spirit when a personal loan is so simple to obtain for all your gift-giving requirements? Certainly, a personal loan can help you with your initial financial stress. However, it can also enable you to purchase the most anticipated gifts without burning a hole in your wallet. If you’re planning on going on a gift-giving binge for Christmas, consider getting a personal loan. [B-01] What exactly are holiday loans? When researching your holiday options, you may come across lenders offering “Christmas loans.” In reality, they’re offering a personal loan to those who need a little extra cash during the Christmas or other winter holiday season. A holiday loan or Christmas loan may be secured or unsecured, much like other personal loans. Your credit score and income are just two of the many variables that affect your terms and eligibility and differ depending on the lender. You must have good credit to be eligible for the most enticing terms and the lowest interest rates. What are the benefits of getting a loan for Christmas? Access to Instant Funds Eligible candidates may be offered personal loans up to Rs. 25 lakh at reasonable interest rates with flexible 12- to 60-month payback terms. As a result, you may select an amount for a personal loan for Christmas that meets your financial requirements. To prevent rejection, you should make sure that your current EMIs include credit card debt. You should not be spending more than 50–60% of your monthly salary. This method of budgeting is critical because it accurately assesses your ability to repay the loan and allows for quick loan approval. How to Responsibly Avoid Lending More Than You Should Utilizing Christmas loans is a cost-effective approach to satisfying your urgent financial wants. Personal loans also do not require you to present any collateral to borrow money. This also ensures that you can pay off your loan in 12 to 60 months by keeping your monthly instalment amounts well within your means of payment. Take Advantage of the Finest Offers, Coupons, and Promos December is the time of year when a variety of digital sites and offline retail establishments offer amazing discounts and bargains. You may shop till you drop without having to pay full price for the same things. Therefore, to complete your Christmas shopping at a lower cost, it can be a wise decision to take out a personal loan. If you’re worried about monthly payments, you can use our personal loan EMI calculator to find out exactly how much you have to pay back. Downsides of personal loans for Christmas Most types of credit carry risks for both the lender and the borrower. Here are a few drawbacks to consider before applying. Fees: A prepayment penalty or an origination fee may be assessed by some lenders. These extra costs might pile up. Affects credit ratings: Defaulting on a loan or making late payments can hurt your credit ratings. Pay close attention to the expected payment amount to make sure you can afford the payments. Your financial situation could get worse: If you can’t pay back your Christmas loan because of high interest rates or short repayment terms, you could make things worse. Always make sure to check the costs, rate of interest ranges, loan balances, monthly bills, and borrower criteria for various lenders while searching for a Christmas loan or holiday loan. You can uncover the best loan alternatives for you by comparing loan providers and loan types. What should you take care of when looking for a personal loan on Christmas? Here are a few things to think about if you continue to believe that a Christmas loan is your best choice. Prequalification: You can prequalify with some lenders by obtaining a soft credit check, which will not affect your credit scores. By submitting any prequalification applications. You can reduce the number of lenders on your list and compare offers. Instalments and repayment terms: Christmas loans are instalment loans with predetermined repayment terms and monthly payments. This implies that they will be required to make monthly payments over a set period. Make sure you can afford the payments and factor them into your budget. Rates of interest: Depending on the terms of the loan and the state of your credit, personal loans often offer lower interest rates than credit card interest rates. Look closely at the terms and numbers to see if a personal loan will save you more money than a credit card. If accepted, the cash is available immediately: When you choose an online lender. The application and funding processes are frequently quick and easy. You may even receive your loan the same business day if you are accepted, giving you extra time to get ready for the holidays. Final Words The holiday season is the perfect time to unwind and celebrate. However, this pervasive perspective on the holiday suggests excessive spending on gifts, lights, celebrations, and other things. It could potentially cost a lot of money. Lack of financial preparation before this month of festivities may result in many sleepless nights and anxiety. For effective financial planning and budgeting, visit Piramal Finance (www.piramalfinance.com). It is an Indian financial services company that is making its foray into retail lending, which includes personal loans, business loans, housing loans, and other consumer-focused finance products. [B-02] FAQs Why do you need a personal loan for Christmas? A personal loan requires no security. In light of this, choosing a personal loan for Christmas shopping and other seasonal needs may be beneficial in many ways. What are the criteria for a personal loan? Instant loans are often not subject to a credit check. You must, however, give personal details, be at least 18 years old with proof of identity, provide evidence of income (e.g., a pay slip), and have a bank account.

08-11-2023