More articles for you

Your one stop place for everything related to finance and lending

Personal Loan

How can you apply for an instant personal loan online at Piramal Finance?

What is a personal loan? A customer can borrow a personal loan from a creditor for almost any reason, such as to repay a debt or finance a big purchase. Once you get the funds, you have to keep paying the loan until it’s all paid off. One of their main advantages is that personal loans have a set rate of interest and payback schedule compared to credit cards. However, obtaining personal loans from banks or offline lenders may be time-consuming and risky. Offline lenders often charge increased rates of interest and levy high default charges. Piramal Finance is your one-stop solution to all these problems. We not only sanction quick personal loans but also value our clients’ transparency. The application process, terms and eligibility criteria are simple and explained below. [B-01] Eligibility to apply for a personal loan: We are now offering personal loans to earning individuals. You can apply for a loan whether you work in the government or private sector. People employed in multinational companies or having businesses are also eligible. However, they need to have at least 6 months of work experience in the present firm. The loan amount sanctioned will range from 1 to 10 lakhs. The interest rate starts from 12.99% annually, and all you would need is a basic monthly salary of Rs. 20,000–25,000. The repayment period ranges from 1 to 5 years. The required age to get a personal loan is between 21 and 60 years. Clients do not have to pay a single penny from their pockets to apply for a personal loan. They are not obligated to make any payments throughout the loan application process either. All charges and costs will be subtracted from the total sum of money given. The charges include stamp duty, processing costs, documentation expenses, and the applicable GST. We appreciate our customer’s clarity, and any extra charges applicable will be mentioned in detail. Let’s look at the documents needed! Applying for a personal loan in Piramal Finance is quick and easy. You do not have to go through burdensome paperwork or wait in a queue to borrow money. All that is needed are as follows: Pan card Latest photograph Any identity proof. (Like Adhaar card, Voter ID card, Passport, or driving license.) An Address proof. (Like Adhaar card, Voter card, Passport, driving license, or electricity bill.) Income proof that includes the latest pay slip and the last three months’ bank statements. Apply from anywhere, at any time! All you would need to apply for a personal loan with us is a smartphone or laptop and an internet connection. You do not even need to have net banking for the application. Complete these three steps to obtain a personal loan immediately: 1. Tap on the “Apply Now” box after entering your contact information in the section below. 2. Fill out the application by providing the necessary information as mentioned below. a. The amount of loan required. b. One-time password. c. Your full name. d. Choose the Piramal Finance location that is closest to you. e. Choose your line of work. f. Choose the range of your monthly salary. 3. A consultant from our company will contact you at the earliest to finish your application. Once you finish providing the details, your application will be sent for internal assessment. After that, the approved sum of money is notified to the client. Upon receiving confirmation from the client on the approved amount, we immediately start the disbursal process. It takes about 2–3 days for the loan balance to reflect in the client’s bank account. Would you need collaterals? The answer is No! Piramal Finance offers personal loans that are free of security. This sum is only sanctioned if the client qualifies for it in credit terms. Can you have co-applicants? Yes! To increase the chances of getting a loan, sometimes combining income is needed. Here. a co-application is required. The only person who can apply as a co-applicant is the spouse. The co-applicant also needs to submit the aforementioned documents while applying for the loan. What happens when you miss a repayment? The default charges are as low as 24% annually or 2% monthly on a missed EMI. Let’s look at an example: A quote for an Rs. 5 lakh personal loan. The EMI to be paid monthly on the loan amount of 5 lakh would be Rs. 11,377. This is when the interest rate is fixed at 12.99% annually. We consider the following to assess the level of risk from each borrower: The consumer’s background and market reputation. Their use of internal credit is also noted. If the loan qualifies for bank funding, the kind of facility, and refinancing options. The loan’s fundamental characteristics—loan to asset value— are also important. The duration of the partnership and the client’s past repayment history. Customers’ overall return and possibility for growth. The ability of a client to pay back according to cash flow. The type and value of primary or secondary collateral. Assets that are being funded will be used as collateral for a loan. Interest and a possible failure of the linked business. Regulatory requirements, if any. Any additional variables that might apply in a given situation. The requested loan’s term, amount, and repayment plan. [B-02] Depending on how a number of the mentioned factors are combined, different customers may pay a varying interest rate for a similar period. Applying for a personal loan at Piramal Finance is 100% secure and is trusted by lakhs of customers. The flexible EMI and loan repayment terms are among the company’s best offers. Moreover, the hassle-free application process and quick sanctions attract several clients. Think no more and choose Piramal Finance to get your personal loan approved in no time!
08-11-2023
Read More
Banking

Pros and Cons of Net Banking You Need to Know

Fintech has changed the banking industry completely. It has led to the creation of various tools that have helped people easily access their banking services. One of these tools is net banking. Every major banking institution has invested in this tool. This is because it makes banking simple and easy for you. It exceeds every benefit a traditional brick-and-mortar bank has to offer you. It also saves you the hassle of going to the bank for every little service you want. Banks noticed this issue and introduced net banking to their customers. It makes it easier, simplified and accessible for people. [B-01] What is net banking? People’s use of different banking services has changed as a result of net banking. Making payments and transferring money has become easier because of internet banking. You can easily use financial and non-financial services from net banking. People prefer using Internet banking. It is because it eliminates the need to physically visit a financial institution. You can quickly access different financial services using net banking. These include money transfers, applying for FDs and RDs, transaction history, and more. It offers instant access to all banking services. These include keeping a check on your account balance and transaction history, paying bills, and transferring funds. It is one of the main features of net banking. You possess a unique ID and password to protect your account. So it is safe to use for people. Through net banking, you can update or disable your debit/credit cards. You can also apply for a loan or insurance plan. It has different features that benefit people in their everyday life. Net banking has its pros and cons like every other tool. Benefits of using net banking Easy accessibility of banking services The use of your banking services is made simple and easy to use through Internet Banking. You can use these at any time and from any place. It is a useful tool that can be used anywhere, 24/7. Sending money is simpler. This is because it is secure compared to sending a registered check. You can also easily apply for a personal loan with less paperwork. It is a convenient banking tool to use. A more efficient and simple internet experience It offers a simple yet secure online experience. You can manage all of your accounts at your fingertips as they are constantly in your control. From a single secure website, you can check your transaction history, loans, and account balance. Booking paymentsYou may open a recurring deposit account quickly and easily. According to your comfort and choices, select the deposit type, amount, and investment term. The wide options of add-on servicesA wide range of other services is offered by Net Banking. These include buying or selling mutual funds, getting insurance, and applying for various loans. You can also set up automatic payments for a mix of recurrent costs using your Net banking account. You can receive monthly payments from vendors. It helps you manage your cash flow and account transactions. This is because it is less expensive to run a net banking service than a traditional bank. Cons of using net banking Some security concerns have been raised There were cases where internet banking was criticized because of its lenient security system. For this, the banking institution regularly upgrades its security firewalls and software. This is to ensure that your information is safe and secure. Banks pay a lot to safeguard their users’ information. Takes time to learn If you’re a person who has a deep understanding of the internet, it would be easier for you to use Net banking. But many people have a difficult time using internet banking. This is because they don’t have an understanding of it. The password that you use, or user Id may be difficult to use. To make it easier for you they provide various tutorials. These can guide you through the process and make it easier for you to use. Impulse purchasing When you can use your funds at your fingertips, it becomes easier and quicker to buy anything you want. This leads to impulse purchases that you may regret later. Be aware of your spending habits and track your purchases. No scope for a personal relationship When you visit your bank branch you receive personal attention. This leads to a personal relationship with the bank. The bank can give personalized service and your issues are solved. In net banking instead of face-to-face meetings, various banks offer phone-based or chat-based customer services. Depositing cash can be tough To deposit cash you would have to visit an ATM or your bank’s branch. Sometimes you may need to deposit it into your traditional bank account and then transfer it to your online bank account from there. You can also deposit the money through a money order and deposit it electronically. [B-02] The bottom line After learning the pros and cons of net banking, it is very clear that the benefits outweigh the disadvantages. You can use different additional services through online banking. One of them is applying for loans. Check out the loans offered by Piramal Finance and find your preferred plan. While using net banking, make sure you follow all the security guidelines for an easy, secure and simple experience. Online banking can be used through your computer or mobile. All you need is a bank account, password, a good internet connection and a device to use your internet banking. Have a quick and simple net banking experience with only minimal steps to follow.
08-11-2023
Read More
Home Loan

Who Is Eligible For Loan Against Property

When you need a quick loan for personal purposes, a personal loan is often the first option that comes to mind. However, getting a personal loan approved can be tough due to its strict eligibility criteria. Even if you get it, you’re under the constant stress of quick repayment to avoid a damaged credit score. But what if we told you there is a much easier and safer alternative to personal loans? Loans against property (LAP) are loans you get by keeping any property you own as collateral. Unlike personal loans, you can quickly get a large LAP with a long tenure and low-interest rate against any property! All you need to do is meet some simple loan against property eligibility criteria. Sounds interesting? Keep reading to find all you need to know about loans against property, their advantages, and the loan against property eligibility criteria. Let’s begin! [B-01] What is LAP? A Loan Against Property (LAP) is a loan approved against an asset called security or collateral. The collateral can be entirely constructed, freehold commercial, industrial, or residential properties. Through LAP, you can raise funds for your various requirements at a low-interest rate. Your lender will never ask you how you have spent the money. Some typical applications of LAPs include: Financing your business Revamping your living space Addressing your financial requirements Any other personal needs Notably, you cannot sell the collateral property during the loan tenure. Of course, you can use it during this duration, but the lender will have control over it. Advantages Of A LAP Over A Personal Loan If you own sufficient property and meet the loan against property eligibility criteria, a LAP should be your first choice to raise funds for your personal needs. Here are a few reasons why you should do so- LAPs have lower interest rates than personal loans, as they are less risky. If you default on a LAP, your lender will sell the collateral and recover the amount. You can raise higher loan amounts in LAPs and for a longer tenure. While in a personal loan, the maximum amount you can raise ranges between Rs.15 -20 lakh. Besides, personal loans are short-term ones, so you need to repay them in a shorter period. Many times, it makes repayment painful. LAPs carry lower processing fees compared to personal loans. The processing fee is a one-time expense you must pay the lender along with your loan application. It’s a non-refundable charge that varies from one lender to another. You can raise funds through LAPs even if you have a low credit score as you’re pledging your property. But in the case of personal loans, meeting the loan against property eligibility criteria can be very challenging if your credit score is not so impressive. If you own a property, it’s easier to raise funds through LAPs than through personal loans. In a personal loan, the lender will assess your income level, current liabilities, credit score, etc., before extending the fund. Loans against property eligibility criteria are easier to meet as the lender takes less risk. What Is The Maximum LAP You Can Get? The maximum amount you can raise through a LAP depends upon the value of the collateral. But you won’t get a loan equivalent to the property’s value. Instead, it’ll be a percentage of the property’s value. Usually, this percentage (called the Loan-to-Value ratio) ranges between 40-75% of the property’s value, varying from one lender to another. However, you must fulfil the loan against property eligibility criteria to get any amount of LAP. We will now discuss these eligibility criteria. Who Can Take A Loan Against Property? LAP is a better choice for loan seekers, but lenders extend it to only a few categories. The following categories of people meet the basic loan against property eligibility requirements to get a LAP: Salaried employees- Individuals working in private and public sectors can get a LAP. Self-employed individuals- A self-employed person filing Income Tax Returns (ITR) can get a LAP. Self-employed professionals like CA, doctors, lawyers, etc., also fall under this category. Small and Medium Enterprises- SMEs can pledge their industrial properties to get a LAP. Other LAP Eligibility Criteria Some other loans against property eligibility criteria can also impact your loan against property eligibility and interest rates depending on the lender’s policies. Let’s check them below: Profile of the applicant: The lender decides the interest rate of your LAP depending on your age, profession, and income. For instance, people nearer to retirement may need to pay higher loans against property interest rates. Credit history of the applicant: Credit history plays a vital role in deciding the loan against property interest rates. So, you may find it hard to get a LAP if you have a history of loan defaulting or rejection of your loan applications. Loan tenure: If you apply for a loan with a longer term, chances are high that your lender will approve it. This is because the interest portion of a long-term loan is larger than that of a short-term loan. Loan amount: If you’re applying for a significant amount, opt for a long tenure. It improves your chance of getting approval and reduces the EMI burden. Documents of the property: Before approving your loan request, the lender will verify the collateral records to ensure no legal loopholes. Records of ITR: If you’re self-employed, your ITR records play a crucial role in your loan against property eligibility. Documents Needed For A LAP Along with the loan application, you must submit the following documents to get a LAP- Your identity proof Address proof Date of birth proof Proof of income Signature proof Copy of an audited financial statement (for SMEs and self-employed) Bank statement for the last six months ITR of last three years Form 16 Documents of the pledged property [B-02] Summing Up A LAP is a multipurpose loan to easily address fund requirements. And the benefits of low-interest rates, long tenors, and large sums make it an attractive option. However, to avoid hassles, you must check your eligibility and documentation before going for the loan. You can also contact an experienced agency like Piramal Finance to get a LAP quickly and simply. The experts at Piramal will help you get the best deals, meet the loan against property eligibility criteria, and complete the entire application process from the comfort of your home!
08-11-2023
Read More
Personal Loan

How Can You Apply for a Personal Loan Online in Pune?

If we do not proceed cautiously with our salary, we can be surrounded by unplanned expenses. It can be an expensive meal at a restaurant or a sudden weekend trip you took with your friends. These expenses often dry up your salary and savings. So, what should you do if you need money quickly to cover some unplanned expenses? You cannot always ask your friends and family to help you, right? To tackle these situations, you can apply for a personal loan online. If you have a good credit score or a CIBIL Score of 750 or above, it will be very easy to get an instant loan. But if you are looking for a personal loan online for the first time, you need to learn a thing or two and keep a few things in mind. But first, let us learn how to fill out a loan application online. [B-01] How to Apply for an Online Loan Application If you are looking for an online loan, you can go directly to Piramal Finance’s website, one of the leading NBFCs in India, and fill out the form. After filling out the form carefully, you can expect a phone call from an agent for further processing. You can also apply for a loan application online through our mobile application, available at Google’s Play Store and Apple’s AppStore. After a consultation with our loan agent, you need to submit some essential documents for loan processing. Once you submit the documents, our agency will verify them along with your CIBIL score. If everything checks out, then the loan amount will be transferred to your preferred bank account in a quick nick of time. But are you eligible for an online personal loan? Are you Eligible for a Personal Loan Online? If you want a quick loan, you must fulfil some eligibility criteria and produce some required documents. They are described below: You must be an Indian citizen, above 21 years old, and below 60 years old. You must have a permanent job for at least six months, with a minimum monthly salary of INR 25,000. If you have a business or are self-employed, you must produce your business documents proving that your business is at least three years old. You will also need some essential documents like a PAN, an Aadhar card, etc. Required Essential Documents to Get a Personal Loan Online If you are looking for an online loan, you must furnish some important documents. PAN Card Latest Salary Slip Bank statement for at least the last three months Identity Proof: Any one of the following: Aadhar Card Driving License Voter’s ID Card or EPIC Passport Address Proof: Any one of the following: Water Bill Electricity Bill Aadhar Card Driving License Voter’s ID Card or EPIC Passport If you require a higher loan amount than your permissible limits, you can apply as a co-applicant and take the online loan. In general, you need to check these crucial things: (1) Your Credit Score, (2) Selecting a lender, and (3) Verify Loan Criteria and Charges. What is Credit Score or CIBIL Score? The Credit Score, or CIBIL Score, is a generalised score provided by TransUnion CIBIL Limited (Formerly known as Credit Records Bureau of India Limited) after checking your PAN and financial transaction details. Their score is valid across India and all lending companies, such as Banks and NBFCs like Piramal Finance. The agencies check and verify the score to calculate your permissible loan amount limits over your online loan application. Generally, the lending agencies want your CIBIL score to be 750 or above. You can check your CIBIL score here at the agency’s official website for free. If your credit score is below 750, do not worry. The score is calculated depending on your profession. Suppose you are not a salaried person, are self-employed, or run a business. In that case, you can still get a decent amount of personal loans online from a lending agency. But what if you don’t have a ‘good’ CIBIL score? Or a score below 750? What if Your CIBIL Score is Low? Although your CIBIL score is low, you can still get a personal loan online. But in those cases, you may need to provide collateral or a guarantor. You also may not get the desired amount of loan you asked for at the lending agency. Previous loan repayment delays or existing loans can block you from getting a new personal loan online. The lending agencies often do not want to give loans to those with no fixed or salaried income. Selecting a Lender for Your Online Loan There are several easy ways you can take to improve your current credit score and get your desired loan amount. But whatever you do, you should not fall for fake or fraudulent agencies. They can only give you fake promises of quick loans, even without any proper documents or collateral. So, before doing any business with any lender, check and verify their credentials and ensure they are registered with the RBI; otherwise, you can get scammed. For example, you can always trust Piramal Finance for your loan requirements. We are registered with the RBI and fulfil all the compliances strictly mandated by the Government of India. Verify Loan Criteria and Look for Charges After selecting an RBI-approved lending agency, you should look at their loan criteria, as every agency has different policies and charges. Loan Criteria Interest Rates EMI Duration of loan and whether you will get any extension Applicable penalties if you pay up the loan early Charges You also need to look for charges, especially hidden charges. Loan Application Fee Loan Processing Fee GST on Loan Application and Processing Fee Interest Default Document Verification Charges Repayment Cash Collection Charges But if you want zero hassle with your loan and do not want to get duped by the hidden charges, you can always trust Piramal Finance. With our super-fast and crystal-clear loan processing, we have a ‘zero charge’ policy on advance repayment and foreclosure. [B-02] Conclusion If you are looking for a personal loan online, you must have a good CIBIL score. You also need to produce supporting documents. If you don’t have a job, are self-employed, or run a business, you can still get a loan, but you may have to produce strong supporting documents. If you still have queries, doubts, or specific questions regarding your loan. In that case, you can always get a free consultation with a loan agent from Piramal Finances. Our agents will contact you at your earliest convenience.
08-11-2023
Read More
Personal Loan

How to pay personal loan EMI online – Complete guide at Piramal Finance

EMI is the monthly payment you need to make to fully settle your loans. It is a fixed amount that is paid each month during the tenure of your personal loan. In a sense, it is the best way to repay your personal loan without putting any stress on your finances. The amount you have to pay is based on the loan amount, interest rate and loan tenure. The tenure of a loan is the period of time between when you get your loan amount and the date on which you close the loan. You can easily calculate your personal loan EMI through Piramal Finance’s Online EMI calculator. [B-01] Benefits of Personal Loan EMI The benefits of EMIs to repay your personal loan are as follows: Monthly payments mean it is very convenient to repay the loan. It contributes to both principle and interest. It makes calculations easy. EMIs mean that only a fixed amount will have to be paid. It makes money management easy. It gives a sense of how much of the loan you have paid off. HOW TO PAY PERSONAL LOAN EMIs? Since EMIs should be paid monthly you might be thinking if there is any way to easily pay your personal loan EMIs. Well do not worry, you can easily pay your monthly personal loan EMIs. Through Piramal Finance you can easily pay your personal EMIs online through their website or their app! Do not worry it is very easy and anyone can do it. Let’s see how you can do this! ONLINE PAYMENT THROUGH THE WEBSITE The Piramal Finance website is your one-stop destination for all your personal loan EMI needs. Through the website, it is very easy to both calculate your EMIs and pay them online securely and easily. Here are the steps that you must follow to repay your loan EMIs online: – Go to the official Piramal Finance website. Go to the Customer Services tab. Click on the Pay Online button and select the suitable category. You will then be taken to the Piramal Finance Customer Portal login. Here you can log in through your registered mobile phone number. Your registered phone number is the phone number that you had given when you started your account. Then it is as easy as just following the steps as displayed, entering the relevant information and then proceeding to payment! It is that simple! You can skip these steps by going directly to this link. Online payment through multiple ways is supported through the Piramal Finance website. Credit/Debit cards. mobile wallets, online banking, etc are all supported through the website. This ensures that you don’t have to limit your payment options toward your personal loan EMIs! Now if there is any doubt about how to calculate your personal loan EMIs. Piramal Finance has a solution for that too. Try using the online EMI calculator available on the website and you can easily figure out what your monthly instalments are. ONLINE PAYMENT THROUGH THE APP Piramal Finance now also has a dedicated app for all your finance needs! The app is available both on Google Play Store and the Apple App Store. Through the app, you can get a simple and safe login which means your loan account will be secured on your device at times. It can also be accessed very easily without compromising safety and security. The app can also bring you, your monthly loan statements making it very easy to track all of your accounts. Online payments of personal loan EMIs are also very easy through the app. You can link your bank accounts to your loan accounts. This ensures that your monthly personal loan EMIs can be automatically deducted from your account. This makes sure that you will never be late on paying your monthly personal loan EMIs. HELP AND SUPPORT If at any time you face any difficulties while using our various online services you can contact customer care representatives who will easily solve your problems as far as possible. They can be reached via email: customercare@piramal.com. There is also a special toll-free number that you dial which is available from 9:30 AM to 6:00 PM every day except Sundays. The number is 1800 266 6444. The customer care team works round the clock to answer all your queries as soon as possible. If you are not happy, then you can raise the problem further with a manager. If for any reason your personal loan EMIs has been returned or bounced, the same will be returned to your repayment bank account within three working days. For any associated charges with that, you can refer to MITC. [B-02] Conclusion Personal loans EMIs represent an easier way of making payments on your personal loan. Piramal Finance offers various ways through which you can pay that personal loan EMIs online. This means that you now do not need to come to any of the physical Piramal Finance locations to repay your loans. You can do it from the comfort of your home. Online payment also means that you have access to a variety of other features. By downloading the app you can track various other accounts to your satisfaction. Thus online payments give you peace of mind while at the same time not compromising on security. Piramal Finance offers unmatched features and services for all personal loans. You can read more about online payments of personal loan EMIs and all the other features that Primal Finance offers. There are many blogs and articles on the website that will offer you a chance to learn more
08-11-2023
Read More
Personal Loan

How can you use your loan amount for gifting this Christmas?

Christmas has arrived. It is just a matter of time before you get frantic with shopping and decorations for the 25th. Undoubtedly, Christmas brings together friends, distant families, and members staying at different places. Plus, the event marks the end of the year and the beginning of a new phase in life. So, everyone has the right to celebrate it in a blasting and grand manner. But sometimes, you need help to do what you want to. For instance, if you plan to throw a large Christmas party on the lawn, you might face a financial crunch. Similarly, when you have to buy an array of gifts for the occasion, you can have a shortage of funds. There should be no compromise with the Christmas gifts and celebrations. So, the best option you have is a personal loan. Although it might sound a bit weird to have a loan to buy Christmas gifts, it’s of no harm. Keeping this in mind, we have shed light on a personal loan for Christmas gifting. This will help you understand certain aspects of credit quickly. Furthermore, you can also know the ways to utilize the funds for buying gifts. [B-01] Can you get a personal loan to buy Christmas gifts? To begin with, everyone must know if they can get a personal loan to buy Christmas gifts. Although there is no hard and fast rule on the price tags, you probably want to buy something special. For this, you need a lot of savings. Additionally, if you have to get more than a couple of gifts, your savings might not permit you. Therefore, taking out a personal loan sounds more feasible. You won’t have to explain the reasons for taking the credit. Since it is a personal loan, you will have the freedom to use it anyway. So, not only can you buy expensive gifts for your loved ones, but you can also get the decorations started. You won’t get a personal loan classified under Christmas, as you can get one for medical emergencies or weddings. Therefore, you need to apply for regular credit. How can you use the personal loan for Christmas gifting? You can use the personal loan for the following Christmas gifting option: Buying a car for yourself or your loved one Giving gold or diamond jewelry to your mother, sister, or partner Purchasing a new house or renting a new residence Giving gifts to your employees for the small business you started Buying electronics for your new home Getting the best pieces of furniture for the house What are the different loan options for gifting this Christmas? You can find different types of personal loans for Christmas gifting purposes. You must know all these types to avoid being in a difficult position later. Therefore, we have discussed a few classes in the below section. From here, you will get a brief idea about the personal loan types suitable for gifting this Christmas. Unsecured loan: You can quickly get an unsecured personal loan from any creditor. You won’t have to give anything for the collateral. So, your precious assets will be safe from the risks of forfeit. Furthermore, you can ask for a lower principal amount to avoid the dangers and higher interest rates. Secured loan: Another type of personal loan is the secured loan. Here, you have to give something as collateral. However, the asset valuation should be equal to the loan amount. If you fail to pay the debt, the creditor can leverage the collateral to get back the money you borrowed. Payday personal loan: This is an excellent option for having enough funds to buy Christmas gifts. The loan approval depends on your income statement. You must repay the amount and the interest before the next paycheck. Since the tenure is short, you won’t be able to get a higher amount for the loan. Instant personal loan: One of the best options is instant credit. True to its name, you will receive the funds in your account instantly. Creditors take 24 hours to process the funds. But the interest charged is relatively high. So, you should be very specific if you want to get a personal loan. How to get the personal loan for Christmas gifting approved? Since you know the personal loan types, you must know the factors influencing the approval. With an initial idea, you might get the support fast. In addition, the chances of loan application rejection will also increase. So, here are some of the factors to consider before applying for a loan. Your credit score needs to be high, more than 700. If you want the best Christmas gift for your loved ones, maintain a high score. If not, creditors can reject your loan application. Since it is a personal loan, you have to present income proof. It can be your salary statement for the last six months. If you own a business, show the ITR reports to the creditor. You must also choose the best creditor offering personal loans for Christmas gifting. For secured and unsecured loans, private and public lenders will be best. But you can use online or private lenders for payday and instant loans. Ensure to keep all the documents in place. If the papers are improper, the creditor can reject the personal loan application. Compare the interest rates for different creditors. This will help you to understand which loan option will be more feasible. After all, there is no point in paying more than you can afford. Also, it would be best to take a loan with no commission and processing fees. You can discuss the same with the creditor before accepting the loan. [B-02] Conclusion In this article, we have walked you through the best ways of utilizing a personal loan for Christmas gifting. We have also discussed the loan types and factors influencing loan approval. To learn more about personal loans, you can check the details at Piramal Finance website.
08-11-2023
Read More
Personal Loan

Instant Personal Loan Online In India Upto 5 Lakh

A personal loan is a convenient financing option. Many lenders are willing to offer instant personal loans online. These loans do not carry any restriction on the use of the funds. Thus, they are very attractive for all those times when you need instant funds to meet your standing financial needs. A lender will check your eligibility to grant an instant personal loan. Accordingly, you can get loans for varying amounts. The multiple features of an instant personal loan make them very feasible for your financial needs. [B-01] Features And Benefits Of Instant Personal Loans There are many benefits of getting an instant personal loan online. Take a look at some of them here. Easy Sanction Most lenders provide hassle-free sanction of an instant personal loan. With this money, you can meet all your financial needs. There is no restriction on how you would like to spend the money. Instant Approval Lenders will assess you based on a few simple steps. Also, you will need to submit a few basic documents. This will help you get approved for a loan in a few simple steps. It takes only a few minutes to get approval for the loan. Collateral-Free Funds You will not need to pledge any securities or assets. Your funds will be disbursed in no time. Online Availability Of Facilities You will get access to an online loan account. Here, you can check your statements and manage all payments. Thus, you can use one account to manage all actions. These online facilities bring all information to your fingertips. Easy Repayment Period Most lenders let you choose the time frame within which you would repay the debt. It can be anywhere between 6 months to 84 months. So, you can match your capabilities and select a repayment period that does not put a financial strain on you. Personalised Loan Deals You can easily get a pre-approved loan from Piramal Finance. The quick processing and disbursal of loans are just one benefit. You can also avail of exciting deals that will make your loan more fruitful. At Piramal Finance, you can get the best loan options. So, it is easy to get a loan for INR 5 Lakh and meet your financial needs with it. How Much EMI Will I Pay? Your EMI on an instant personal loan online depends on the repayment period and rate of interest. So, for example, if you had to repay a loan of INR 5 Lakh, and the applicable rate of interest is 13%, then you could end up paying the following EMI. TENUREAPPROXIMATE EMI 2 years23,771 3 years16,8465 years11,378 Eligibility Criteria To Get A Personal Loan You need to satisfy a few basic criteria to get an instant personal loan online. You should be an Indian national. Your age should be between 21 to 67 years. You should have a CIBIL score of 750 and above. You can use an EMI calculator at Piramal Finance. It is a free online tool that helps to get accurate results in no time. It will help you plan your loan efficiently and decide on various factors. How To Apply For A Personal Loan Online At Piramal Finance? Getting an instant personal loan online at Piramal Finance is very easy. All it takes are a few simple steps to process the loan. Here is a quick guide to help you understand how to apply for a personal loan online at Piramal Finance. Visit the official website of Piramal Finance. Under the loans section, click on the option to apply online. You will be shown an application form. Fill out all your details in this form. You will need to verify your details. Enter the OTP that you receive on your phone. Proceed by filling in your basic KYC details. You will also need to provide details of your employment and income to the lender. Upload the requisite documents online. Make sure that the form is filled out completely. After completing all these formalities, a representative will contact you. They will guide you with the further steps for availing of the loan. Generally, the process for loan approval will take less than a day. Sometimes, it can take up to 72 hours if any discrepancy is found and needs correction. After this, the amount of INR 5 Lakh will be transferred to your account. Usually, it takes less than 24 hours for the transfer to take place. You can check your registered bank account for the funds. What Is The Fee And Charges For The Loan? Piramal Finance offers the most competitive charges for their instant personal loan. They have no hidden charges at all. Here is a breakdown of the type of charges that you will have to pay on the borrowed loan amount. Interest Charges Loan processing charges Interest in an overdue EMI Charges for cheque bouncing Charges for loan cancellation Getting your loan approved at Piramal Finance is as simple as reciting the alphabet! Use our professional loan calculator and check your eligibility. Select your loan tenure and upload documents to find out the amount disbursed. [B-02] Conclusion It is easy to get your loan of INR 5 Lakh. With Piramal Finance by your side, you should not worry about funding your needs anymore. You can get a versatile personal loan at your comfort. Use the funds for a variety of purposes, without any restrictions. The documentary requirement is minimal and the application process is quick. If you want to gain more insights into the world of finances, you can read more blogs at Piramal Finance. Get equipped with the financial knowledge that will keep you one step ahead of your peers.
08-11-2023
Read More
Guide

What is Interest? Types and Examples Explained

Have you ever wondered what “interest” is? And what are the different types of interests? In this blog post, we’ll explain how interest works, the different types of interest, and give some examples of each. So whether you’re a seasoned pro or a complete novice when it comes to interest rates, read on for enlightenment! [B-01] What is Interest? Interest is the charge paid for the use of money. It is typically expressed as a percentage of the sum borrowed. It is also the price paid for borrowing money, usually over some time. When you take out a loan, you agree to pay back the principal plus interest. The amount of interest you pay depends on the terms of your loan agreement and the type of loan you have. For example, if you have a fixed-rate mortgage, your interest rate will remain constant throughout the life of your loan. With an adjustable-rate mortgage, your interest rate may change periodically. These depend on market conditions. In either case, interest is an important factor to consider when taking out a loan. In addition to loans, interest can also refer to the return on investment (ROI) earned on an account or security. When you invest money in a savings account or mutual fund, you earn interest on your investment. The amount of interest earned depends on the type of investment and the current market conditions. For example, if you invest in a high-yield savings account, you will earn more interest than if you invest in a low-yield account. Similarly, if you invest in a bond that pays a higher interest rate than other bonds, you will earn more money from your investment. So, when choosing an investment, it is important to think about both the current interest rate and the expected return in the future. Types of Interest Whether you’re taking out a loan or investing your savings, understanding how simple and compound interest work can help you make choices that are in your best interests. Nevertheless, it’s important to know how different types of interest are calculated. This will enable you to make informed decisions about borrowing and lending money. Simple Interest Simple interest is a quick and easy way to calculate the interest charged on a loan. It is simply the amount of money borrowed, multiplied by the interest rate, and divided by the number of days in the loan period. Simple interest is easy to calculate. But it does not take into account the time value of money. This means that the borrower pays less interest overall than they would if they were charged compound interest. However, simple interest can be a useful way to compare different loans. When considering a loan, it is important to look at the total cost of the loan. This includes both the principal and the interest charges. By understanding simple interest, you can make informed choices about borrowing money. All in all, with simple interest, the interest charged is a percentage of the principal amount borrowed (the amount of money you lend). Example of Simple Interest When it comes to deciphering your finances, there are a lot of different formulas and terms to know. However, one of the most basic concepts is simple interest. Essentially, simple interest is calculated by taking the principal, or initial amount, and multiplying it by the interest rate and the number of periods. S.I = PRT In this formula, P equals the principal investment amount. R equals the annual rate of interest. T equals the number of years the money is invested for. So, if you had a loan with a principal of ₹10,000 and an interest rate of 5% for two years, your simple interest would be 10,0005/1002 = ₹1000. Of course, lenders typically compound interest. This means that they add interest payments to the principal balance. So it’s important to know how that affects your overall repayment amount. Nevertheless, understanding simple interest is a helpful first step in managing your money. Compound Interest Compound interest is the interest that accrues on an initial principal sum and any accumulated interest from previous periods. The effect of compounding depends on the frequency of compounding, or how often interest is added to the principal. The more frequently compounding occurs, the greater the effects of compounding will be. Compound interest can have a significant impact on long-term growth. This is why it’s important to understand how it works. Example of Compound Interest At its simplest, compound interest is calculated by multiplying the principal amount by one plus the annual interest rate raised to the nth power of time in years. The formula looks like this: CI = P(1+ r/100)^n-P In this formula, A equals the final accumulated value of the investment P equals the principal investment amount r equals the annual rate of interest n equals the number of times per year that interest is compounded t equals the number of years the money is invested for For example, let’s say you invest ₹10,000 at a 5% annual rate of return with annual compounding. After 2 years, your compound interest would be ₹1,025. If you left that same investment untouched for 20 years, CI would be worth ₹16,532.97. As you can see, compound interest can have a significant impact on long-term growth. That’s why it’s important to understand how it works and factor it into your investment plans. [B-02] Conclusion At the end of the day, loan interest is a way for lenders to make money. So borrowers need to be aware of what they’re getting themselves into. By understanding how interest rates work and being mindful of associated fees, you can take out a loan with confidence and avoid any surprises down the line. We hope that now you are all clear about interest rates and their different types. But if you still need help with any of your financial doubts and concerns related to interest rates, you can contact finance experts at Piramal Finance!
08-11-2023
Read More
Guide

Compound Annual Growth Rate (CAGR): Formula, Calculation

‍‍The Compound Annual Growth Rate (CAGR) is a metric used to measure the growth of a specific investment or financial asset over a period of time. It shows how fast an investment or financial asset grows year after year. In this article, we will explore what the Compound Annual Growth Rate is and how you can calculate it. We will also look at examples of how you might use the CAGR calculator in your daily investing pursuits. [B-01] What is the Compound Annual Growth Rate? The Compound Annual Growth Rate, also known as CAGR, is a metric used to measure the growth of an investment or financial asset over the years. In other words, it shows the rate of change in an investment or financial asset from one year to the next. The CAGR can be calculated by taking the annual change in an investment or financial asset and dividing it by the annual change in a reference period. CAGR Formula and How to Use It Here’s the CAGR formula in its mathematical form: CAGR = (FV / PV) 1 / n – 1 When using this CAGR formula, you will have to enter the future value of the investment in question in the place of “FV” and the present value of the investment in the place of “PV.” Then, in place of “n,” enter the number of years since the investment was made. Lastly, perform the function ‘n-1’ and enter the value in the formula. It will return the CAGR on the said investment. Let’s look at an example to better understand how it works. Consider, for example, that you invested Rs. 40000 in a fund in 2010. Now, assume that the investment that you have made will be worth Rs 80000 in 2025. You can now use the CAGR formula above to calculate the growth that you have earned annually with his fund. CAGR = (80000/40000) 15/15-1 CAGR = 7.18% A CAGR of 7.18% means that you earned a return of a little over 7% annually on your investment in the said fund for ten years. If you’re working with a large set of data, you should not perform calculations for each set. Instead, use the dedicated CAGR formula for Excel. CAGR formula in Excel: ‘=POWER (Ending Value/Beginning Value, 1/9)-1’. Terms to Understand Before Using the CAGR Formula To calculate growth using the CAGR formula, you need the following information: Annual change in the investment or financial asset: This is the total increase from one year to the next. For example, if an investment increases by 10% in one year and then increases by another 10% in the following year, that is also a 10% increase. Annual change in a reference period: This is the increase from one year to the next that you are comparing the investment or financial asset. For example, if an investment increases by 10% in one year and then increases by another 10% in the following year, the reference period is the following year. Annual compound interest rate: This is the interest rate the investment earns on your initial investment. For example, if an investment earns 10% annual compound interest, you can use this rate to calculate the growth using the CAGR formula. Uses of Compound Annual Growth Rate These are the two common uses of CAGR: Looking at Investment Returns Over Time When evaluating the returns of an investment or financial asset, the CAGR metric can help investors and financial advisors see how the return has grown over time. It can help determine whether the current return is satisfactory or whether it is time to switch investments. Track the Sustainability of a Business Model CAGR can also help determine the sustainability of a business model. For example, if you are evaluating a company’s growth over a certain period of time, you can then compare this growth to the overall growth of a particular industry. If a company is growing faster than the overall industry, it might indicate that it is having success. Common CAGR Applications Investment Returns When investors are trying to decide whether to keep investing in a certain financial product or asset, CAGR can help them determine whether they have made the right decision. In other words, if they have kept the same amount invested over time, they may have made the right decision. Business Model Valuation When investors look at how long a business model is likely to last, CAGR can help them decide if it’s worth continuing to hold on to their investment. Asset Valuation When investors are trying to determine the value of their assets, such as investment property or businesses, CAGR can help determine the growth of the asset over time. CAGR Calculator and Its Benefits A CAGR calculator is an online tool. It is designed to allow the user to enter the variables involved in calculating CAGR. Once the variables have been entered, the calculator returns a value, which is the CAGR. There are many benefits to using an online CAGR calculator. It eliminates the chances of any errors in calculation. CAGR is often used to make vital business and financial decisions. An incorrect CAGR can prove disastrous for an investor. Therefore, ensuring that the calculation is error-free is critical. A CAGR calculator makes the calculation easy. A user must enter the data, and the calculator returns the CAGR in numbers. The entire process takes less than a minute. You can use a CAGR tool to test various scenarios before investing. It would give you an idea of the end result in each scenario before you invest. It can help you avoid investing in the wrong stock, property, etc. [B-02] Conclusion Calculating CAGR can help investors, financial advisors, and business owners determine the sustainability of their investments in terms of growth and sustainability. It allows them to make informed decisions about their investments and the prospect of growth. When calculating CAGR, it is vital to ensure that all the entered values are free of errors. To be 100 percent sure of the calculation, you can use an online CAGR calculator. Whenever performing financial calculations, remember to use calculators built by reputed financial institutions like Piramal Finance. Reading their detailed blogs will give you an idea of how to use CAGR in day-to-day decision-making.
08-11-2023
Read More