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Personal Loan

How to Get a Personal Loan on Aadhar Card & PAN Card?

Personal loans require least of the documentation, but there are documents which can solely get your loan passed. Yes, Aadhar Card & PAN Card are 2 of the documents on which you can get a personal loan hassle-free. The only condition that applies here for these documents to be eligible for the personal loan is if your documents i.e. Aadhar Card and PAN Card, are linked to your bank account or not. You can get an Aadhar Card loan or PAN card loan if these are directly linked to your bank account. Banks or financial institutions giving you loans first check your eligibility criteria through your bank regarding your financial condition and repayment capability. We discuss in this blog the process of getting a personal loan on an Aadhar Card only or PAN Card. [B-01] How to get a loan on Aadhar Card only? The Indian government introduced the Aadhaar card as an all-encompassing identity system in April 2010. It enables every Indian national to apply for and get their own unique 12-digit alphanumerical code. It serves as a personal identity and addresses evidence recognised by all Indian institutions. Each user’s information is stored by Aadhaar, confirming users’ identities and helping prevent fraud. The government of India has been requesting more and more that institutions complete KYC procedures before engaging in transactions to save them from further fraud. The Aadhaar card also fulfils the need for completing the KYC procedures. Whether in person or online KYC, for the proof of every citizen’s identity, address and citizenship. Having an Aadhar Card improves your chances of getting approved for a personal loan on an Aadhar card only, immediately. Process of getting a personal loan on Aadhar Card only: If your Aadhaar card is linked to your bank account, all you need to do to apply for a personal loan is present it. It only requires that you include your Aadhaar number in the web application. You don’t need to upload extra papers if your PAN and bank account are connected to your Aadhaar card. All you need to do is allow the bank to do background checks using your Aadhaar card, along with verifiable verification of your address and income. Suppose you are verified and are eligible by the lender. You will receive the money from your loan in your bank account in the next couple of days or even sooner. Note: Please be aware that an Aadhaar card cannot be used as proof of address for banking statements like deposits or loans as a result of a recent RBI circular. So, when qualifying for a personal loan, you will still need to present valid address proof, such as electricity bills, a rental agreement, a passport, a driver’s licence, etc. How to get a loan on a PAN card? Every Indian is also given a 10-digit alphanumeric number called a PAN or Permanent Account Number. It serves as an identification number which is incredibly beneficial and necessary when engaging in any financial or banking transaction and submitting your tax returns. To approve any instant personal loan and even to conduct most other transactions above certain thresholds. The majority of banks and & other sources need your PAN number. There are some difficulties when both of these documents are not available. And carrying out even basic transactions will become more difficult if you don’t have a PAN or an Aadhaar card. You should sign up for the government’s simple and widely accessible Aadhaar registration programme. Process of getting a personal loan on a PAN Card It will be simple for you to apply for and get authorised for a personal loan if you have a bank account connected to your Aadhaar number and a PAN card. Meanwhile, applying for a personal loan online may be time-consuming if you still need an Aadhaar card connected to your PAN/bank account because you’ll need to upload several papers. The lender’s verification process length will add to the required time. The convenience of applying for a personal loan online allows you to do it from the convenience of your home or workplace, where you have more space and comfort to conduct your analysis or research. It is highly advised to utilise the personal loan eligibility calculator to know the loan amount you are qualified for by putting your earnings and monthly responsibilities and then adjusting the duration and borrowing costs. Similarly, you may use a personal loan EMI calculator to estimate the EMI you could pay by changing the interest rate and loan term. Using this personal loan calculator, you may experiment with different combinations to get the best and most affordable choice. Why should you take a personal loan? A personal loan is quite beneficial due to some unique features, a few of which are mentioned below: You are not required to pledge your assets as collateral because it is an unsecured loan. Once authorised, a personal loan is immediately sent into your bank account, where you may prudently use the money as needed. Thanks to its flexible terms and repayment alternatives, you may choose the personal loan that best fits your repayment plan. Personal loans are available with affordable EMI payment plans and reasonable interest rates. Final Words We can grasp why personal loans have been increasingly popular and in demand in recent years as we consider their many advantages. On their end, banks and other financial institutions have streamlined and accelerated the application. And documentation procedures for personal loans. Visit Piramal Finance (www.piramalfinance.com), which is an Indian financial services company that is making its foray into retail lending, to learn more about personal loans, business loans, housing loans, and other consumer-focused finance products. [B-02] FAQs Can I borrow money with my PAN card? Generally, you may apply for an instant personal loan with little to no paperwork, but a PAN card is a crucial piece of identification. This document provides the lender with information about your financial condition and ability to repay. For whom are personal loans available? You must be an Indian citizen with a current address. You must be between the ages of 21 and 67 and work for a private, public limited business or a multinational corporation. A minimal level CIBIL score of 750 is required.
08-11-2023
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Personal Loan

What is FOIR and How is It Calculated On a Personal Loan?

A personal loan is one of the most common loans applied by people. It is an unsecured loan with quick disbursal. The documentation needs are quite basic. The eligibility for a personal loan is simple. It is based on your age, income, and credit score. But there is one thing known as FOIR, which is also considered. Understanding FOIR and the right way to calculate it is important. This guide will share with you complete insights on the same. [B-01] Understanding FOIR FOIR is a fixed obligation-to-income ratio. It is a parameter which is used to check loan eligibility. It determines the creditworthiness of the applicant. In simple terms, it is the debt-to-income ratio. This ratio is always represented in percentages. This display the percentage of the debt you have against your income. It is a true reflection of your credit health and repayment eligibility. It shows your actual repayment capacity at the income you are earning. Mathematically, it is: FOIR = (Sum of all monthly debts/ Net income per month) * 100 For simple understanding, here are the details of each term: Debts are the total of EMIs and other credit bills you must pay. It includes EMI for personal loans, home loans, business loans, education loans, and others. Net income is the total amount you earn from all sources. You can also have multiple sources of income. You just need to back up them with evidence. Every lender has their own accepted FOIR range. But in general, it should be between 40% to 55%. To understand the FOIR calculator, let us take an example: Example of FOIR calculation Suppose you earn a monthly salary of INR 90,000. The following are the EMIs he needs to pay: Home loan = INR 25,000 PM Auto loan = INR 15,000 PM Mortgage loan = INR 20,000 PM Credit card instalment = INR 8,000 PM The total amount you need to pay per month is INR 68,000. Now, the FOIR is = (68,000/90,000)*100 = 75.56%. The ratio can be explained as follows: 75.56% of your income goes into debt. Your surplus is only 24.44% to pay any new debt. Now, this is out of range which will reject the loan application. Significance of Low and High FOIR A low FOIR signifies: You have fewer liabilities. Your disposable income is high. The chances of repaying the debt are high. The chances of loan approval are high. A high FOIR signifies: You have more debts. You do not have a high disposable income. There are chances of delayed payment or non-repayment of debt. The chances of loan rejection are high. Tips to improve your FOIR Improving FOIR is the best way to get approval for your loans. These tips can help you: Go for a joint loan If you have a high need for a loan, try a joint loan. The co-applicant be your spouse or a blood relative. This will reduce the burden of EMI on you. Also, this will improve your FOIR and improve your chances of loan approval. Repay your debts You need to repay your debts on time for a healthy credit score. It will help to improve your credit score and FOIR. As you repay debt, the amount for EMI will reduce over time. Also, this will allow you to get a new loan if needed. Improve credit utilisation ratio It is the ratio of the credit used against the credit available. It is suggested to keep it well below 30%. If your credit utilisation ratio is above 30%, consider paying off some debts. This will increase your disposable income with you. Also, it will improve your FOIR. Avoid multiple loans You should avoid multiple loans. Lenders prefer borrowers who can manage their finances well. Too many loans in your profile can lead to the rejection of your application. Avoid frequent job switches Frequent job switches are also a cause of high FOIR and so can lead to application rejection. You will not have a consistent income due to gaps in between. This will further worsen your disposable income. Increase in loan tenure You can increase the loan tenure for existing loans. In that case, it will reduce your EMIs and increase your disposable income. This will give you a chance to get your loan application approved. Include additional income, if any You should disclose all the sources of income you have. Ensure you have proof of income to support. Additional income will raise your total income and reduce FOIR. Why is FOIR so important for a personal loan? A personal loan is an unsecured loan. There is no collateral associated with it. When you apply, the lender needs to ensure you have a sufficient amount to pay off the debt. Calculating FOIR will ensure the lender that you have enough surplus to pay off the EMI. This is a sign that your application will be approved. A FOIR is important for both the lender and the borrower. It gives a lender an idea of the credit health of the borrower. On the contrary, it offers the borrower an idea of his monthly expenses. A high FOIR can increase the interest rate, while a low FOIR might attract a lower interest rate. The lender might assess your assets and prefer a secured loan against a personal loan. This will ensure them of the repayment. Reason to consider a personal loan You can use a personal loan for multiple purposes. The application for a personal loan is simple. It is unsecured. The eligibility criteria are straightforward. The documentation needs are quite straightforward. You can apply a personal loan for online. You can visit the lender’s website. Fill in the form and apply. There is no need for any collateral. The processing fees and interest rates are better. [B-02] Conclusion Multiple factors impact a personal loan. Analysing each factor ensures the lender of your credibility. FOIR is one of them. It allows a lender to check the surplus income you have. This will define your actual debt against your total income. A low FOIR is a sign of better credit management. This will increase the chances of approval of your loan. But if you have a high FOIR, your application might be rejected. You must follow the right financial management to reduce your FOIR. You might have some fixed obligations, but you can manage FOIR by managing your credit utilisation ratio. You can visit Piramal Finance to apply for a personal loan and get information about FOIR. The process of application is quite simple and online. Also, you can easily meet all your financial needs with the amount.
08-11-2023
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Personal Loan

Emergency Loans: 6 Easy Ways to Get A Quick Loan

The worst thing that can happen is feeling helpless when you need help. An emergency can happen at any time, and having the help of friends and family can make it easier to handle. But sometimes you need money to help you deal with such situations. Everyone has different needs and wants, and individuals can only support you to a limited level. In these situations, an instant personal loan can be your best friend. Loans for emergencies can help you get through a bad financial situation. They give you money when you need it most. When unexpected expenses arise, it’s better to use an online emergency lending service. The problem is that most people don’t know how to get instant personal loans online. Here are some tips that help you secure an instant personal loan for an emergency. Check out these: [B-01] 6 Tips to Get an Instant Personal Loan Online During Emergency Know Your Actual Need A good thing about an instant personal loan is that your lender won’t ask how you plan to spend the money. The person who gets a personal loan uses the money for a medical emergency or wants to consolidate debt or pay off credit card bills. Use online instant personal loan calculators to determine your actual needs. So you don’t have to waste time deciding how much to borrow. Apply Online You can save time and effort by online applying for an instant personal loan. You can get an instant personal loan from different lensings apps. These apps help in the application process. You apply without any trouble. It will let you know where you are in the process of being checked and approved. Also, many apps for instant personal loans help you keep track of your loan by sending you timely reminders and alerts for EMI. Choose Wisely Don’t go to too many banks and credit unions for an instant personal loan. If you send out too many applications, you might look suspicious and get turned down. Do your research and choose the right lender. You can compare the pros and cons of instant personal loans from different lenders on many websites. If you already have a relationship with a lender, you can get this loan online to get better rates. Anticipate Documentation Needs Try to guess what other paperwork your lender will need from you. For example, your lender may want to see your last three bank statements and pay stubs as proof of income. You need to think about these needs ahead of time and get ready for them. This step will save you time that you might otherwise waste on unwanted follow-ups. Save digital copies of important documents before applying for an instant personal loan, even if you don’t need the money immediately. Avoid Mistakes An instant personal loan application for an emergency is easy. But you must pay close attention to every detail. Stay on task, and don’t make any mistakes when filling out the application form. Read the Frequently Asked Questions (FAQs) about instant personal loans to learn about the most common mistakes that can slow down the approval process. Keep track of your credit score and keep it up to date. If a score is wrong or from the past, it may require more documentation and verification steps, which will delay the approval process. Get Pre-Approved Deals. If you need an instant personal loan quickly, look for pre-approved offers. This will speed up the verification process and ensure you get the loan in a day. Check to see if the bank you already work with can give you a personal loan for an already-approved emergency. These offers cut the processing time by a lot. You must wait until the application is approved and the money is put in your account. Where an instant Personal Loan helps you? Medical emergencies An instant personal loan can save your life when you need money for a medical emergency. If you or someone in your family has a medical emergency that needs surgery or hospitalisation right away, you can get an instant personal loan to pay for the bills or buy medicine. Debt consolidation Sometimes you have to pay back a loan or pay off a bill in just 24 or 48 hours. This can bring you a lot of stress and trouble. So, if you are having trouble with your finances because you owe a lot of money and have to pay it back at different times, you can get an instant personal loan to help. It can also help you pay off what you owe on your credit card. Wedding expenses We all know that Indians spend a lot of money on weddings. But their love of big weddings can cost them a lot of money if the budget gets out of hand. In these situations, instant personal loans can help them pay their bills and save the day. Home Renovation Cracked ceilings, walls, downpipes, paint, etc., are all things that need to be fixed or fixed right away in your home. So, if any of these things are wrong with your house, an instant personal loan might be the best way to fix it. Higher education costs If either you or your child is going to college, you may need more money to pay for travel, food, and other living costs. If you don’t have enough money, you can get an instant personal loan to pay for college. Points to be Note Down Are the above ways the only ways to get a personal loan in an emergency? Nope. Here are some additional rapid approval tips. Behind-on-pay To get an instant personal loan for an emergency, you need to pay off your missed EMIs. This will increase your credit score and make it easier to get a loan. Earnings Financial institutions look at your monthly income. Based on this, they decide whether to give you a loan and how much interest to charge you. Show the lender how much you earn. Tell your lender if you get money from rent, investments, or other sources. Maintain Account Balance and credit score It’s not smart to spend all your money to deal with a financial emergency. Check your bank balance before you apply for an instant personal loan. Your application could be turned down if your account statement shows a lot of payments out and not much money coming in each month. Conversely, You need a good credit score for a seamless process and quick approval. Alternative Options of Instant Personal Loans During Emergency Cash Advances on your Credit Card Popular Types of Emergency Loans in India Payday Loans Loans against your Insurance Policies Home Equity Loans Bank Overdraft Facility Bridge Loans Short-term loans against your bank FDs [B-02] Final Words Life is full of surprises. It’s important to have money saved up. There are people in our lives who support us no matter what. If we ever get into trouble, we can be sure that they will be there to help us. But you can’t rely on them when you need help because you can’t expect them to always be there for you. In these situations, you should get a short-term instant personal loan. If you want more information about instant personal loans, visit Piramal Finance.
08-11-2023
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Personal Loan

Digital Personal Loan: Get Instant Loan in 2 Clicks at Home

An urgent need for money might arise at any moment. You might need money for a medical emergency or a credit card bill. There are many reasons why you need a loan right away. You can quickly get the money you need with a digital personal loan. Mobile apps and digital platforms offer instant personal loans online. These instant loans are the best way to pay for unplanned expenses. Personal loans are an easy way to borrow small or large funds. Evaluate interest rates and term lengths before you take an online personal loan. [B-01] Step-by-step Process To Get A Digital Personal Loan Step 1: Open the mobile loan app or the online lending platform’s loan section. Fill out the application. Step 2: Read through the information on the form. Before sending the form, you can look at the saved information and change it if necessary. Step 3: After reviewing the information, click “Submit”. The loan will be credited to your bank account instantly or, at the most, within twenty minutes. In most instances, the borrower must have already registered on the accessible online platform. Since there is KYC information of the borrower, the digital personal loan may be approved immediately. Features Of Immediate Digital Personal Loan Getting a digital personal loan is easier than buying a house or car. The following are its features: This two-click digital personal loan might save you time on loan approval. This process for getting a loan doesn’t need any paperwork or documents. No need to wait for the lender’s verification of the loan Benefits Of Getting a Personal Loan Online And Without Paperwork You can take care of urgent needs With the help of an immediate personal loan, it’s easier to pay for unexpected costs. This loan will help ensure your savings don’t change in any way. Debt consolidation Credit card bills have much higher interest rates. When it comes to personal loans, the interest rates are more reasonable. You may combine high-interest credit and repay easily. With these quick personal loans, you won’t have to worry about disciplinary charges. Get ready for a trip or an event Weddings or vacations don’t come with a fixed expenditure. So it is always handy to keep the amount ready. You can face any situation easily with an instant personal loan. This digital personal loan won’t disrupt your trip or event. How To Streamline The Personal Loan Approval Process? Keep your credit score high If your credit score is 750 or higher, you have good credit. As a result, the lender may be willing to give you a lower interest rate or a larger loan amount. Even if loans don’t require any paperwork or verification, it’s still a good idea to have a good credit score in case something goes wrong. Keep enough money in your bank account A successful financial portfolio needs a strong account balance and a track record. Lenders will have more faith that the borrower can meet their financial obligations on time. If you have a good account history, it may be easier to get a loan, even if the lender doesn’t check it out. Though there is no lender verification for an instant online personal loan, a decent account history helps in hassle-free loan approval. Find out all the sources of your money In addition to your regular pay, you must show proof of any other sources of income you have. Lenders trust an applicant with a higher income, making it more likely that they will give the applicant a loan. Make an account on the online lending platform When financing online, it is important to choose the best platform. If you join the group and become a member, you can get loans from several places. Pre-registration allows you quick access to loans. Compare offers to find the best personal loan Comparing the terms of personal loan offers can help you choose the lowest interest rate and the best payment terms for your situation. You’ll only have to answer a few questions for a comparison tool to find the best deals for you. This comparison won’t cost anything, won’t put you at risk, and won’t change your credit score. Factors Influencing Personal Loans Standard APR The flexibility of loan amounts and the terms No fees or penalties for taking money out early Simplified application process Customer service Fund transfer Autopay savings Limits on the amounts that creditors can lend Sizes of the loans After looking at the above features, choose the best digital personal loan platform for your finances, instant funding, lower interest rates, and flexible conditions. Since banks don’t need security for personal loans, they don’t have to check the information on the loan application. There is also no need to make sure the assets are legal for a digital personal loan. RBI’s Rules for Digital Lending Applications Service outsourcing contracts between a bank or NBFC and a loan app must follow the rules for service outsourcing. All loan payments must go through the borrower’s registered entities and bank accounts. The lending service provider can keep no more pass-through or pool accounts. During credit intermediation, it is up to the registered entities to pay the fees owed to lending service providers. The person who borrowed the money does not have to pay these bills. This is because the lending service provider works closely with the registered entities. [B-02] The Bottom Line In this day and age, when almost all services are accessible online, getting loans online is just as effortless. Before you apply for a personal loan, take the time to learn as much as you can about the terms and conditions. For more information on instant digital personal loans, check Piramal Finance.
08-11-2023
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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
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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
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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
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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
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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
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