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Personal Loan

Personal loan Eligibility Calculator for Minimum Salary (2022)

Banks across India offer personal loans to self-employed and salaried individuals. These loans are provided easily as the banks earn a hefty interest on them. You only need to meet the eligibility criteria. You can use the personal loan eligibility calculator to know your status to apply. The calculator uses some details and assesses EMIS and interest amounts. You may check the manual given below for a step-by-step process. [B-01] What is a personal loan eligibility calculator? A personal eligibility calculator tests the ability to apply for a personal loan. The calculator is specially designed for eligibility checks. It takes the borrower’s details and shows results in one click. Monthly income, EMIs, mode of work, and work experience are details needed for the calculation. It calculates the maximum amount and EMIs based on your income. The personal loan eligibility calculator is easy to use. It lets you compare and choose from multiple banks’ offers. What are the eligibility criteria for self-employed and salaried individuals? The Reserve Bank of India is a regulator of banks across India. It forms and regulates the eligibility criteria for bank services. The eligibility criteria for self-employed and salaried individuals are not the same. Here are the details requested from the salaried person for the personal loan eligibility calculator. Salary: The minimum salary of an individual must be Rs. 1200. Age: The maximum age is 65 years, and the minimum age is 18 years. Lifetime work experience: More than 1 month. Credit score: More than 650. You may check the eligibility details for self-employed individuals. Gross annual receipt: The annual income for self-employed individuals must be Rs. 12,500. Age: The maximum age is 65 years, and the minimum is 21 years. For a personal loan, you need to have worked for at least 12 months over the course of your life. Credit score: A self-employed individual needs more than a 650 credit score. How to check eligibility for a personal loan? You can check your eligibility using the personal loan eligibility calculator. There is a simple set of steps to test the ability. Test, know, and apply for your loan. Follow the steps one by one for a smooth eligibility check. Step 1: Open the personal loan eligibility calculator. Fill up the personal details like name and income. You may double-check the details for confirmation. Step 2: Enter your mobile number for the OTP request. Now, click on “Check Eligibility.” Step 3: Verify the OTP and move to the next page. Fill in the professional details, like proof of income and work experience. You may have to explain the reason for the loan. Step 4: Check all the details for confirmation and click “Proceed.” Step 5: On the next page, many loan options will appear. The results will be based on your details. Step 6: Compare your options and select the best one. You can appoint an advisor for better insight. You can use an alternative method other than the personal loan eligibility calculator. NBFC will help you assist with personal loans. You can check your eligibility on any bank’s website. You should avoid applying to multiple places at once. It may cause you some issues with the approval of a personal loan. Personal loan documents for salaried individuals? You need very basic documents for a personal loan. Here are the three documents for application: 2 passport-size pictures of the individual. Income proof (ITR statement, salary slip, and bank statement of the last six months). Identity and address proof (Aadhar, PAN, driver’s license, or utility bills). What factors affect the personal loan eligibility calculator? Monthly income Your income is the number one factor in the loan application. Higher income helps you get larger loan amounts quickly. A stable monthly income satisfies the lender for EMI repayment. Work experience Your work experience speaks about your discipline. It increases creditworthiness in the lender’s eyes. Your financial independence makes approval easy. Age Young individuals get loans easily with long tenures. If you’re in your 50s, you’ll have less time for repayment. It results in higher interest rates and EMI amounts. Apply at a young age and enjoy the benefits. Credit score Keep a credit score of more than 650 for a personal loan. The higher the credit score, the lower the interest rate. How to improve personal loan eligibility? You can take smart steps to improve your loan eligibility. It will help you get quick approval. Improve your credit score A credit score must be higher than 650 for personal loan approval. Poor financial activity may affect your credit score. Pay credit card bills and EMIs on time to increase your score. Check your credit score often to keep it high. Mention all sources of income. Your income should be more than Rs 1200/month. You should show all your income sources in the application. Like long- or short-term investments, freelance and rental income. You should try to make passive income to make a good impression on the bank. Clear your debt You should pay off your existing debt and pending bills. Keep your total credit ¼ of your monthly income. A lower debt-to-income ratio reflects your positive image. Authentic Documents You should prepare the needed documents before applying. Please make a list of documents and get them legally checked. This step will help with fast application. Personal loan eligibility calculator by banks in India Bank NameAge limitWork experienceLoan amountHDFC Bank Personal Loan21-60 years1 monthRs. 75 lakh for 60 monthsKotak Bank22-55 years24 monthsRs. 50 lakh for 48 monthsIDFC First Bank Personal Loan23-60 years12 monthsRs. 40 for 60 monthsICICI Bank Personal Loan23-58 years24 monthsRs. 30 lakh for 60 monthsBajaj Finserv25-58 years36 monthsRs. 25 lakh for 60 monthsAxis Bank21-60 years12 monthsRs. 25 lakh for 60 monthsTata Capital21-58 years24 monthsRs. 25 lakh for 72 monthsState Bank of India21-58 years24 monthsRs. 15 lakh for 72 months [B-02] Conclusion The personal loan eligibility calculator is a tool for loan eligibility checks. You may read the eligibility criteria for a personal loan. The calculator will help you see and compare your options. You can enter your details and know your interest rate and EMI amount. A high credit score can help you get low interest rates. Don’t worry if you get rejected. Follow simple steps and get approved. Visit Piramal Finance for similar blogs and look at the products and services they offer.
08-11-2023
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Business Loan

How To Take A Rs 50 Lakh Entrepreneurship Loan In India: The Ultimate Guide

If you’re an aspiring entrepreneur with a grand vision and the resolve to make it happen, then you’re in the right place. Whether you’re a budding start-up or have an established business that needs financing, you will need money to take that next step. An entrepreneur loan is what you need. Acquiring capital from financial institutions is usually expensive and time-consuming, which is why so many people look for ways to get loans without paying much money. But before you think of approaching any individual or lending institution, check out some other options first. After all, there are plenty of other businesses out there that don’t need a lot of funding to operate. If you want an entrepreneur loan of Rs 50 lakh to raise capital for your business, this article may be of help. [B-01] How To Take an Entrepreneur Loan In India? If you’re planning to get an external entrepreneur loan, keep a few things in mind. Finding out if your business idea is good enough to be successful is crucial. If it’s not, a loan could be a waste of time and effort. It would help to evaluate whether you have the necessary certifications and documents the lender is looking for. It would be unpleasant to go through the whole process and get denied because you didn’t have the right paperwork. The next thing you need to figure out is the value of the loan you would like to apply for. It’s best to go with a loan amount slightly under what you need so that you can pay it off as soon as possible. You’re taking on unnecessary risk if you have enough money in the business account to cover the full amount. If you don’t have the funds to pay the loan back, you’ll be even more in trouble. How To Get A Loan Of Rs 50 Lakh For Entrepreneurship If you’re taking an entrepreneur loan, you either want to invest in a new business or grow an existing one. In both cases, you need a solid plan to convince the lenders you are approaching. The lender, in most cases, would want to look at the business model. It is done so that they can evaluate the feasibility of your plan and whether it will generate returns. If they are convinced, you will get the loan without much hassle. Your application may get rejected if they feel the plan may not generate enough profit to pay off the loan. They will also depend on your business’ Company Credit Report when deciding on your loan application. When you apply for an entrepreneur loan of Rs 50 lakh, the process would be the same as any other loan. However, you work out the various details to check if it works for you. For example, if you’re planning to get a loan of Rs 50 lakh for five years, your EMIs, assuming the interest to be around 9% would be around Rs 1,03,000. But, if you reduce the repayment tenure of the loan to two years, your EMIs will rise to Rs 2,28,000. Once you’ve worked out these details, you can easily check whether a loan of this size is feasible. Let’s take the case above. If you take a loan of Rs 50 lakh for two years, will you be able to pay Rs 2,28,000 every month to settle it? You’ll have to put up questions like these to yourself as you try to figure out the details of your entrepreneur loan application. Documents You Need For an Entrepreneur Loan Business plan – A business plan is a blueprint of your proposed business. It should include information on how you will make profits and how long you expect your business to run. Audited financials – Your plan should also include information on your finances, including the amount of money spent in the business, how much you have in the account and how much you expect to make. Your financials must be audited, which is why many lenders require you to submit them. It will include your CRR and CIBIL rank. Proof of ownership – To establish ownership you must submit the business license or registration documents. Proof of solvency – The final thing you need is proof of solvency. It is a document that shows that you have enough money in your bank account to repay the loan. Things To Consider Before Applying For A Loan Interest rate – The interest rate is the cost you must pay for a loan and is usually expressed as a percentage. It depends on the lender and the type of loan you’re getting. Repayment period – The repayment period is how long you have to repay the loan. It varies from loan to loan. One lender may be prepared to offer a longer repayment period than another. You must first figure out when you would need to repay Rs 50 lakh and the interest and then approach the lenders accordingly. Loan amount – The loan amount is the amount you need to borrow. It would be best if you didn’t borrow more than you need as you will waste a lot of money paying interest. In this case, you know that you want Rs 50 lakh. It will allow you to work out the repayment period and EMIs, two things every applicant must know before finalizing a loan. Loan purpose – The loan purpose is the reason you borrow the money. When seeking a loan for an investment in a business, the lender wants to see your plan. That’s why you should lay down the purpose of your loan in clear words. Finding The Right Lender Once you’ve determined the type of loan you will be taking and decided on a lender, it’s time to start looking for potential lenders. Many entrepreneur loan providers are online, but you’ll need to be careful when choosing one. You can’t just pick the first one you see. Many lenders may not approve a large loan of Rs 50 lakh. The best way to find the right lender is to devise a list of your expectations. Whichever lender is willing to offer you a plan closest to your expectations is the one you should work with. Once you’ve found a lender you’d like to work with, you should send a loan application. You’ll be asked to provide basic information such as your name, email address, phone number, and bank account details. [B-02] Bottom Line Taking an entrepreneur loan is not a piece of cake, especially if you’re starting a new business. Apart from the fact that it’s a huge risk, it’s also very expensive and difficult to get approved for. The good news is that the entrepreneur loan process can be easier if you find the right lender like Piramal Finance. It is known for its flexible loan programs, which fit the needs of individuals interested in investing in businesses. If you plan to take a loan of Rs 50 lakh, you must check with them for the best possible deals.
08-11-2023
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Personal Loan

Which bank gives loans immediately?

In India, buying a house is not easy on the pocket. The big house costs a little more sometimes. Many individuals don’t get their dream homes due to money shortages. Are you looking for your dream house? Because you can apply for a home loan and get your house. This guide will help you look and compare. The list contains the top 10 home loans immediately in India. Unlike many financial institutions, banks in the list approve home loans quickly. Simple application and quick processing make it close to your house. These banks are the best and offer facilities in your interests. While comparing, keep interest rate, documents, eligibility and other things in mind. Keep reading to know every detail. [B-01] Top 10 best home loans in India Check the best home loan from the list below for immediate access. S.NOBANK NAMEPROCESSING COST OF LOANINTEREST RATE(IN %)1.Kotak Mahindra BankN/A6.55-7.102.Axis BankMore than -1% on Rs 10000 loan amount.7.0-11.03.Union Bank Of India0.50% on the loan amount.6.40-7.04.ICICI Bank0.50-2% on the loan amount or Rs.15006.70-7.405.LIC Housing FinanceRs.10000 on Rs. 50,00,000 and Rs.15000 on above Rs.50,00,000 loan amount.10.05-10.506.HDFC Bank0.50% on the loan amount or Rs.3000.6.70-7.407.State Bank of India0.35% on the loan amount, maximum – Rs.2000 and minimum – Rs.100007.0-7.558.PNB Housing Finance1% on the loan amount and a minimum of Rs.10000. Banks take Rs.3000 on the property until the home loan approves. 9.Indiabulls Bank2% of the loan amount7.60 Onwards10.Canara BankN/A6.90-9.90 You must keep checking the interest rates regularly. It helps you know the change in rates. You should check the detailed information on each bank. It will let you know the pros and cons. 1. Kotak Mahindra Bank The Uday-Kotak scheme has branched to 100 places in India. It is the number one quick-private loan service. It provides giving lowest interest rates with no processing fees. The bank decides the loan amount. The eligible age is 18-65 years. Aadhar card, Pan Card, original sales deed copy, education certification, NOC, ITR. P& L statement as identity and income proofs. Loan tenure is 20 Years. 2. Axis Bank Axis bank offers instant home loans online and offline. The interest rates are fixed and known for the property verification process. The loan amount is up to 3 Crore. The eligible age is 21-60 years. Aadhar card, Pan Card, original sales deed copy, education certification, NOC, ITR. P& L statement as identity and income proofs. Loan tenure is 30 Years. 3. Union Bank Of India Buying a new house or revamping the old one, SBI approves home loans for all. You can apply for a home loan with the plot papers. You can even apply it to buying big appliances for your home, like solar panels, to save electricity count under the home loan. The loan amount is RS.30 lakh to Rs.20 Crore. The eligible age is 18-65 years. Aadhar card, Pan Card, original sales deed copy, education certification, NOC, ITR. P& L statement as identity and income proofs. Loan tenure is 30 Years. 4. ICICI Bank Fast approval and simple application is the second name of ICICI home loan. The bank allows you to pay particle payments in between to lower the interest amount. You can choose from a wide range of home loans. The loan amount is up to Rs.5 Crore. The eligible age is 21-70 years. Aadhar card, Pan Card, original sales deed copy, education certification, NOC, ITR. P& L statement as identity and income proofs. Loan tenure is 30 Years. 5. LIC Housing Finance LIC offers home loans in exchange for mortgages. You can apply for a loan from various ranges. Bank calculates interest rates in a declining manner every month. The loan amount is Rs.1 Lakh onwards. The eligible age is 21-70 years. Aadhar card, Pan Card, original sales deed copy, education certification, NOC, ITR. P& L statement as identity and income proofs. Loan tenure is 30 Years. 6. HDFC Bank HDFC home loan provides door-to-door service. You can apply online with easy application and get an instant loan. You can use a home loan to buy and build a big house with competitive interest rates. The loan amount is up to Rs.10 Crore. The eligible age is 21-70 years. Aadhar card, Pan Card, original sales deed copy, education certification, NOC, ITR. P& L statement as identity and income proofs. Loan tenure is 30 Years. 7. State Bank of India State bank of India approves home loans fast. It only takes time for property paper verification. SBI is known for property authenticity checks. Once SBI approves your papers, your papers are legally 100% authentic for future loans. The state bank offers construction, top-ups and renovation home loan. You may check the new floating rate and SBI Maxgain. The interest rates are cheaper than others. It helps you recalculate your interest with a declining principal amount. The bank decides the loan amount. The eligible age is 18-70 years. Aadhar card, Pan Card, original sales deed copy, education certification, NOC, ITR. P& L statement as identity and income proofs. Loan tenure is 30 Years. 8. PNB Housing Finance Some popular home loans by Punjab National Bank are home extension, construction, and revamping. You can ask for an appraisal on the home loan if the cost rises. This facility helps in home development. The loan amount is up to Rs.35 Lakhs. The eligible age is 18-60 years. Aadhar card, Pan Card, original copy of sales deed, education certificate, NOC, ITR. P& L statement as identity and income proofs. Loan tenure is 30 Years. 9. Indiabulls Bank The bank covers home loans in a large range. It charges a 2% processing fee interest on the declining principal amount. The loan amount is up to Rs.15 Crore. The eligible age is 21-65 years. Aadhar card, Pan Card, original sales deed copy, education certification, NOC, ITR. P& L statement as identity and income proofs. Loan tenure is 30 Years. 10. Canara Bank The bank has over 10390 branches across India. You can apply for a home loan online or offline. It has a minimum-step application for an instant loan. The loan amount is up to Rs.10 Crore. The eligible age is 21-55 years. Aadhar card, Pan Card, original sales deed copy, education certification, NOC, ITR. P& L statement as identity and income proofs. Loan tenure is 30 Years. [B-02] Conclusion You have learned about the best home loan from top banks. Now you can apply and get a loan immediately. Note your requirements and choose the best home loan. Study the terms and conditions properly for a clear picture of the loan. Prepare your documents and legally authenticate them for a better future. You can check the eligibility online and apply at your ease. Visit Piramal Finance for similar blogs and look at the products and services they Offer.
08-11-2023
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Calculator

Advantages of Using a SIP Calculator

Some people wrongly think that SIPs, as well as mutual funds, are the same thing. However, SIPs are simply one way of investing in mutual funds, while the other way is a lump sum payment. A SIP calculator is a tool that assists you in figuring out the profits you may get when investing in mutual funds. SIP, or Systematic Investment Plan, is a method of investing a certain sum of funds in mutual funds at frequent cycles. SIPs often enable you to invest monthly, quarterly, or weekly. As a result, a SIP calculator may be of great assistance in making the correct SIP option. The SIP calculator may be a useful tool when starting a SIP investment. [B-01] What Exactly is a SIP Calculator? A SIP Calculator, often known as the Systematic Investment Plan Calculator, gives a numerical summary of your SIP. The SIP is often used to fulfil long-term financial aims, so the SIP calculator has become a vital tool. The SIP calculator assists you in figuring out the profits you can make by putting money in a mutual fund. As you may know, SIPs may be weekly, monthly, or quarterly. But, monthly SIPs are generally the most common since they match your monthly revenue flow. A SIP calculator allows an investor to assess the returns on mutual fund investments using SIP. SIP calculators are meant to give you estimates of your investments. You may predict how much a certain SIP sum would rise over a specific period at an expected rate of return. The Advantages of Using a SIP Calculator SIPs are a great method to maximise your mutual fund investment. They give good profits starting with a small investment. However, before you invest your money, you need to know which SIP would assist you in reaching your goals. Exact Results With a SIP Investment Calculator, you can get accurate results. It is the first element of taking measured risks. You must offer data such as the monthly sum, the term, and the planned return. Will investing in debt, liquid, or equity funds meet your needs? With this data, you’ll be able to determine the full sum invested, the overall maturity sum, and the sum you’ll earn on your mutual funds. Quicker Results The SIP calculator produces results much quicker than manually doing calculations. In addition, you obtain data on your total invested money, maturity sum, and SIP income in a single calculation. You won’t have to run multiple estimates to acquire varied profit amounts this way. The extra benefit is that you may access it at any moment without having to perform arithmetics or find a real calculator. Assists in Making Better Decisions One of the main perks of utilising a SIP calculator is the ability to predict your investment ways and compare various results. You may test with different periods and amounts to see how your SIP is impacted. This, in turn, assists in determining the optimal tenure and quantity to reap the most useful returns. You can invest the money needed to reach your long-term aims. For example, you calculate that after retirement, you would need a monthly stipend of Rs. 25,000. You may now predict the sum you would have to invest in attaining the desired amounts using the SIP calculator. Enables You to Make an Educated Choice You may view the possible returns on multiple SIPs with the same time length and investment sum by entering the interest rate into the SIP calculator. You can grasp how to engage in SIP after comparing the outcomes of different choices. As a result, choose the SIP that will help your mutual funds perform safely and profitably. Simple Availability Online SIP calculators are widely usable. They are also usually free to use on most sites. How Does a SIP Calculator Function? The SIP Calculator computes the exact cost of your investment based on the data you provide. Some vital metrics you must use when utilising it are listed below. Step 1: First, input the sum that you’ll be able to set away regularly. You may start investing in top mutual funds with as little as Rs. 500. In contrast, the minimum investment amount for all other current plans is normally Rs. 1,000. Step 2: After that, you should consider the potential rate of return on your investment. The study includes taking into account the history of the funds you are examining. Step 3: After that, specify the investment’s time frame. This is useful if you want to invest for a certain length of time, whether in short-term or long-term mutual funds. For instance, you may wish to start saving for higher education as soon as your child is born. In this case, the investment term has already been set from your kid’s childhood to the time of his/her education. Step 4: If you own an existing SIP, input the number of instalments you have made. How To Use the SIP Calculator? When you pick to spend in a SIP, you will have a monetary aim or a specific sum in mind. In the first case, the SIP return calculator informs you how much you have to invest each month and how long it will take to reach your objective. Your monthly payment will be smaller if you invest for a longer time, and vice versa. If you have a set sum of money to put in a SIP each month, the SIP calculator will show you how much you may make if you invest it for a set time. [B-02] Conclusion If you want to discover how much your SIP investment will be worth at maturity, consider your monthly amount, the rate of return, and the investment period. Adding all three together makes calculating the return by hand rather hard. In the blink of an eye, a digital SIP return calculator can give you the expected return. It gives a review of your overall investment and future profits. SIP calculators assist you in making the best SIP investment choice. If you want to know more about SIP calculators, visit Piramal Finance for related blogs and explore their products and services.
08-11-2023
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Personal Loan

How to Get a Loan in Five Easy Steps

A loan is a sum of cash taken from a bank or other monetary firm to fund planned or unforeseen events. As a result, you get a debt, which you must repay with interest as well as within a certain time frame. Individuals, businesses, and governments may all be granted loans. The major reason for taking out a loan is to get cash to boost your total cash flow. The lender earns money through fees and interest. Before any cash is sent, you and the bank must consent to the rules of the loan. In some contexts, the lender may demand you to put an asset up as security. This will be stated in the loan contract. [B-01] How Do Loans Work? Loans include four main parts: principal, interest, instalment payment, and duration. Knowing each of them can help you figure out if a loan is right for you and how sensible it is. Principal This is the sum of money you take from a lender. It might be Rs. 50 lakhs for a new home or Rs. 500 for auto service. Interest The rate of interest is the cost of a loan. It is the amount you have to pay back in addition to the principal. Banks set your interest rate based on various factors, like your credit rating, loan type, and the period you have to repay the debt. Interest is distinct from Annual Percentage Rate (APR), which includes extra costs such as upfront fees. Term A loan term is the length of time you need to repay the debt in full. Based on the kind of loan, the period might vary from a couple of weeks to many years. Types of Loans Personal Loan Personal loans are provided by all lenders. These loans provide the advantage of allowing you to spend your money any way you choose. The personal loan sum may be used to go on a trip, buy something for the house, or buy a new phone. Credit Card Loan This is aimed at those who want funds instantly. You may get this form of a loan through your credit card firm or any banking firm. This is a simple credit with extremely high interest rates. Student Loan This is a great way to enhance your college education. The most typical loans in this class have very modest interest costs. As a full-time college student, you are not needed to repay these debts promptly. Yet, after you complete your studies and start working, you must return the debt. Mortgage Loan These are the biggest loans available. This loan is great if you want to purchase your first house or buy any real estate. Mortgage loans are ensured by the firm from whom you are buying. Home Equity Loan Homeowners may utilise these loans to borrow against the equity in their property. The loan sum is the gap between the assessed house value and the sum owed on the loan. Car Loans A car loan is simply the sum of money you, as a customer, borrow to fulfil your desire to buy a vehicle. In exchange, you pay the accepted loan amount plus an interest rate. The bank makes full payment to the auto dealer, and you, as the customer, will pay the bank over time, along with interest and other fees. Motorcycle Loans The two-wheeler loan operates on the same concept as the automobile loan. As two-wheelers are one of the most popular modes of transportation, they have a low down payment and interest rates, allowing millions of people in India to get a two-wheeler loan. A two-wheeler loan may be obtained with as little as a 5% to 20% down payment. 5 Steps to Getting a Loan There are five steps to getting a loan request approved. They are explained here to assist you in knowing how lending banks handle loans: Step 1: Determine Your Borrowing Capacity People who wish to get funds from a bank must determine how much the lender is ready to offer them. This is decided by several criteria, including pre-approval, down payment, debt-to-income ratios, borrowing only what is needed and so on. Step 2: Obtaining the Best Loan Offer Several financial choices will satisfy the majority of your objectives. Whether you want to purchase a house or modify it, there are two fundamental kinds of loans to consider: fixed and adjustable-rate loans. Step 3: Ask for The Loan This basic process needs you to apply for a loan with the lender of your choosing. It will also require submitting a range of papers to finish the application process. The lender may also need extra paperwork. All lenders examine your information to determine the amount you are qualified to borrow. This usually depends on your financial position. Step 4: Begin the Loan Procedure The loan process has distinct stages required by government entities and loan approval standards. Loan sanctions are based on your capacity and desire to repay the loan. The following data is needed to finish the loan process: Employment and income proof Credit score Asset analysis Property valuation Other paperwork dependent on your specific case Step 5: Complete Your Financing When your loan is authorised, a loan-closing date is scheduled. This is when you submit your final loan paperwork. You should study the contract carefully before signing it. Study to confirm that your loan conditions and interest rate are consistent with what you consented to during the loan request and approval procedure. Most loan paperwork is signed and finalised in the presence of a notary. Fees linked with the loan and land ownership change are anticipated to be paid during the loan closing. To conclude the closing, you will also be required to present evidence of closing paperwork, such as evidence of payment. [B-02] Conclusion As you are aware, online loans are quite easy to get and hassle-free. They remove the demand for you to go to the bank and guarantee that your credit is handled as soon as possible. To know more about loans, visit Piramal Finance for related blogs and explore their products and services.
08-11-2023
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Personal Loan

Digital Pre-Approved Personal Loan Offer Without Documents

For banks, a pre-approved personal loan instantly is just a personal loan given to qualified customers based on several factors, such as their relationship with the bank, the amount of money they have in savings or checking accounts, fixed deposits, card usage, and so on. Pre-approved personal loans are top-up instant personal loans that non-banking financial institutions offer to their current customers who have paid their bills on time and have a good credit score. The interest rate on a personal loan depends on the borrower, and there is no need to put up collateral. [B-01] Eligibility for a Pre-Approved Personal Loan Instantly It has a special calculator for determining who is eligible to help make the process easier. You can use it to figure out how much of a personal loan you might be able to get by entering your birth date, monthly income, total monthly EMIS (if you have one), interest rate, and loan term. Here are the things you need for an instant personal loan: If you were an Indian citizen, that would help. You have to be hired by either a private or public limited company. You must be at least 21 and no more than 58 years old. Your Credit Score should be above 700 Minmum monthly Salary 15,000 INR Pre-approved Personal Loan Instantly: What You Need to Know Here are some of the features of an instant personal loan that has already been approved: Quick Loan Disbursement If you are already a customer of the bank or NBFC, the pre-approved loan would be moved quickly to your account. Zero Documents Instant loans are easy to get, and the process is seen as easy because it doesn’t take a lot of paperwork to get a loan approved. You need to provide simply digital documents like kyc documents and current income documents No Collateral Are Needed For pre-approved loans, the customer doesn’t have to use any security or collateral to get a loan immediately. Differential Loan Amounts Every person’s pre-approved personal loan instantly is different. The amount of the loan depends on things like the customer’s credit score and payment history. Payment Choice Equated Monthly Instalments (EMIs) are needed to pay back loans that have already been approved. Customers who already have a bank account with the lender (bank) may choose to have their EMIs paid automatically this way. The average time to repay a loan is between 12 and 60 months. Charges Before and after pre-approved loans are given out, lenders charge customers different fees and costs, such as processing fees, security fees, EMI bounce fees, outstation collecting fees, penal interest, foreclosure fees, etc. Different lenders have different service terms and fees that go with them. Benefits of Personal Loans with Pre-Approval Here are some of the pros of personal loans that have already been approved: Quick Funding and Immediate Funds Pre-approved loans could be a safety net when you need cash quickly to take care of your bills. Once the checks are done, the loan will be approved and paid out within a few minutes on the same day. You can use the loan money for anything you want. Low-Cost Interest Rates If you have good credit, you might be able to get a personal loan right away. Your history of making payments on time shows you are good with money. Because you don’t pose a credit or lender risk, the lender will give you a good interest rate. Adaptable Loan Terms You can choose the best way for you to pay back your loan. Most ranges are between 12 and 60 months. When choosing the loan length, you should consider how much money you can pay back. Pre Approved Personal Loan Application Without Documets or Little Documentation Existing clients who qualify for fast loans don’t have to provide documents because the bank already knows your KYC, bank, and income information. Loan Application Procedure Without Paper Most lenders have an online loan option where you can fill out and submit an online form to request a pre-approved loan through their website or mobile app. Soft copies of the important documents can be sent in the right format on the lender’s website or mobile app. Power in Negotiations Instead of you asking for a loan, the bank will come to you with an offer for an already approved loan. This means you can negotiate the loan terms with your bank manager and relationship manager to get a lower interest rate or a longer time to repay the loan. Since you wouldn’t be talking to a person if you sent in your application, this benefit wouldn’t apply. Special Savings To get you to take out a pre-approved personal loan, the bank may offer small perks like no processing fees, lower interest rates than those for regular customers, EMI holidays for 1–3 months, etc. If you need a loan, these benefits will make you less likely to end up with a lot of debt. How to Get Pre-Approved for a Personal Loan? For a pre-approved loan, you need a good credit score, a clean credit history, a history of making payments on time, a steady source of income, and a lot of money saved up. Check with your lender because you may only be able to get this kind of loan quickly. Make sure to talk to your lender about the terms and conditions of these loans, paying close attention to the fees. Do your homework before you apply for a quick loan. Compare the loan’s features and interest rate to other pre-approved loan offers and choose the one that best fits your needs. Disadvantages of Personal Loan Instantly with Pre-Approval Loans that have already been approved might only be available for a few days. So, if you want to take the loan, you must act quickly. A bank is not required by law to give you a loan once it has given you an offer for a pre-approved loan. Your application could be turned down if your credit report or other documents don’t match up with what you said on your application. Even though the interest rate on a loan you get here will probably be 1% to 2% lower than the market rate, some banks can raise their rates for already approved customers. Before you sign the loan agreement with a bank, look at the list of fees. Some banks can charge a higher fee for foreclosures or partial prepayments, charge extra processing fees for loans that have already been approved or add other costs like transaction fees. You don’t have to take the loan the bank gives you just because they offer it. Only borrow money if you need it. If you decide to take the offer, be sure to take the amount you need, not the amount the bank is willing to give you. Make a deal. For example, if the bank is willing to give you Rs. 5 lakh for 5 years, you only need Rs. 3 lakh that you can pay back in 3 years, you can negotiate a deal. [B-02] Conclusion Pre-approved personal loan instantly is disbursed to a limited number of customers. There isn’t much paperwork to fill out, and you don’t have to put up any collateral or security. The fast loan facility only needs a good credit score and a history of paying back loans. In India, many banks and non-banking financial institutions (NBFI) offer this type of loan facility to increase loan sales, meet customers’ urgent financial needs, or drastically cut the time it takes to give out loans.
08-11-2023
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Personal Loan

Loan Against Property Vs. Education Loan: Which One is Better For You?

As individuals, savings accounts typically serve a crucial purpose in our day-to-day lives and may be quite helpful in various situations. These funds are quite adaptable and may be used to satisfy a wide range of requirements, including those that were anticipated and those that came as a complete surprise. Despite this, certain obligations, such as paying for your child’s college education and a property loan, require additional aid regardless of the amount of money you have. One such commitment is paying for a wedding. [B-01] In most cases, this may be easily covered by applying for a student loan. However, there are situations in which getting a student loan is next to impossible. Some instances include: Financial aid for attending a school or programme not approved by official authorities. Over twenty million rupees were borrowed. The anticipated return time frame is more than ten years. Your immediate and future demands cannot be fully met with the funds from an education loan in any of the situations above. A loan against property (LAP) is the best option in this situation. To qualify for this loan, you must provide the bank with a mortgage on your house. The bank will swiftly provide you with a loan against the property of 50 to 90% of the property’s value if it is unoccupied or used by the owner. Generally, a loan-to-value ratio of 40–55% is appropriate for rental properties. You may still receive this loan if you have an existing mortgage on the property by getting a “top-up” Loan Against the Property. The benefits of a home equity loan for college expenses You can get a big enough loan against property to cover all of your expenses without having to worry about falling behind on your regular payments or losing the house you currently live in. This might be possible if you apply for and are approved for a large enough loan against property to cover all of your expenses. If you were to use the equity in your house to make payments toward your child’s education, please kindly outline some of the most important benefits of this course of action. Quick Recognisance Authorization for a loan against property is easy to come by. All you need is the appropriate paperwork for your loan application. Since LAP is a secured loan, the lender’s loss potential is mitigated by the possibility that they may recoup their investment through the sale of the collateral. The rates of interest on these loans are rather reasonable. Because of this, it’s simpler to get than a student loan, which might be denied for reasons like the parent’s income being too low, the school not being authorised by the AICTE or UGC, a low CIBIL score, or a poor credit history. Sum Borrowed Increasing You can acquire a larger loan amount through a loan against property in a shorter time than you would through a traditional educational loan, which has a maximum loan limit of Rs 20 lakh. It will be considerably simpler for your kids to attend a college or a university in the nation of their choosing if you borrow anything from 24 to 39% of your property’s market value, assuming that value is 60 lakhs. Time allotted for further repayment Most financial institutions stipulate that students must repay their college loan within 8–10 years of graduating. There may be other options, given how long it can take to locate good work. In addition, it may take more time than anticipated to get adequate remuneration to meet the conditions for repayment. Given that a loan against property has a longer amortisation term of up to 20 years, it eases the financial strain on your child. Capacity for adjustment and use The funds from a disbursed education loan are sometimes sent straight to the school. In contrast, with a Loan Against Property, you receive the dispersed monies outright and can put them to any purpose you choose. Consequently, if you need extra cash, you may easily subsidise your child’s living costs through LAP. Constraints on What Kind of Schooling You Can Finance With Your Home Equity Loan No tax benefits may be expected. Although there are benefits to taking out a loan against property, you should be aware that you will not qualify for the tax breaks provided by Section 80E of the Internal Revenue Code for student loans. Heightened Interest Obligation Regarding Loan Against Property loans, interest payments start accruing as soon as the money is disbursed. However, for educational loans, you will not have to make any EMI payments for some time between six months and a year after the last day of your program. After reading this, you should better understand how a loan against property may help you afford your child’s college education, and we hope you’ll take advantage of this low-cost financing option. Can we use a student loan for house financing? Don’t fret; the market is rife with several education loan possibilities. To secure a reduced interest rate and a longer repayment time on a student loan, collateral is typically required. To put it simply, a property loan is a loan for which collateral in the form of a piece of real estate is provided. Loan against property, or loans secured by property, are mortgaged bank loans secured by a specific piece of real estate. This real estate might be anything from a residential residence to a plot of undeveloped land to a business building. The property’s market value, serving as collateral for the loan, is used to establish the loan amount approved under the loan against the property arrangement. [B-02] Conclusion The home equity loan can be put toward college expenses. Students in India or anywhere else can apply for this loan to finance their postsecondary education. Bachelor’s and master’s degrees in business, engineering, and hospitality management are just some of the programmes that qualify for Loan Against Property funding. If you are interested in funding loans, visit Piramal Housing Finance for plenty of information.
08-11-2023
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Personal Loan

How to Get an Instant Personal Loan Without CIBlL & Income Proof?

When faced with a sudden financial need, both salaried & self-employed workers can apply for a personal loan. Yet, getting an instant personal loan without a CIBIL score may be difficult. The CIBIL is the very first element that lenders consider. While applying for a personal loan without pay evidence or a salary slip, a high CIBIL score may also be utilized to fulfil the qualifying condition. Credit Rating is crucial for anybody asking for financial help. The CIBIL score tells a person’s credit, which is especially vital when applying for a bank loan, a type of unsecured loan. On the other hand, lenders verify the monthly revenue flow and, thus, the sources of income stated. Continue reading to learn how to apply for a bank loan without a CIBIL or evidence of income. [B-01] What Exactly Is a Credit Score? A credit score is a measure of a person’s credit computed based on a study of financial history. Your credit score serves as a statistic for lenders, card issuers, and banks to assess the risk these incur when lending you money. Although the word has been around for a long time, most people who apply for fast unsecured loans hear it for the first time when they are rejected. The issue then becomes, “How can I secure a loan without a credit score?” People who get instant personal loan for the first time may be credit-worthy. Yet, because no previous records of the borrowing history exist, the credit rating would be low or non-existent. As a result, getting immediate personal loans is difficult, but not hard. Ways to Get an Instant Personal Loan Without a CIBIL & Income Proof? Let’s talk about some ways you may use to get instant personal loan without a CIBIL and income proof. Choose loans with collateral If you have a high credit score, personal loans are often based on assets and do not need collateral. You will be required to offer security for a personal loan if you have a bad credit score or none. Any of your priceless possessions might be utilized as loan collateral. You will find it simpler to get a loan from the selected lender. Find a Guarantor for a Loan Your chances of being approved to get instant personal loan rise if you apply with merely a co-applicant or guarantor. However, check to see whether the guarantor has a consistent source of income, and if your co-applicant is a relative, make sure they are aware of your intentions to get an immediate personal loan. To apply successfully, the co-applicant must complete the KYC process. If the co-applicant meets the requirements, the lenders will evaluate your loan application using your bank records and credit history and will likely approve it. Choose The Joint Loan You may apply for a shared loan without providing income documentation or a CIBIL report if the partner has a high CIBIL score. Both applicants’ CIBIL ratings are considered when applying for the joint loan. Borrowing under your husband’s or wife’s name is an additional option for obtaining the loan without a credit score. Seek For a Reduced Loan Amount. Avoid requesting a greater loan if your CIBIL score is low since the lender can refuse your request because they doubt your credibility. Therefore, applying for a smaller personal loan is best because the interest rates will be lower. Your likelihood of getting the loan approved will increase as a result. This serves as a trigger for vastly lowering your lender’s risk. In other words, a lender may feel more at ease granting your loan without a CIBIL score because you are now asking for a lower sum. Find the Best Online Instant Personal Loan Before asking for fast lenders, it is vital to conduct extensive research for personal loan providers who meet your needs. As personal loan interest rates might be quite high, carefully examine your lender’s conditions. Getting an instant personal loan online is simple. Choosing a Lender with Easy Eligibility Criteria If you are fit to get instant personal loan, it should be as simple as possible. As a result, selecting a lender with simple terms and conditions and eligibility factors will make the process easier. How Can You Raise Your Credit Score? Here’s how to raise your credit score in India: The credit usage ratio is low If you pay more than 30% of your line of credit, your credit score will suffer. As a result, keep an eye on your credit usage ratio. Create a solid credit history The longer your credit profile, the higher your credit score, given you have paid all of your bills on time. It is also advised not to terminate old credit card accounts to extend your credit history. Avoid requesting fresh credit Applying for many credit cards and loans in a short amount of time is not a good idea. Only apply for fresh credit if you truly need it. Pay your bills on time Missing a payment deadline will negatively influence your credit score; thus, it is essential to create payment reminders to prevent late payment fines and a decline in your CIBIL score. [B-02] Conclusion In a nutshell, to get instant personal loan without CIBIL is possible. Before accepting a loan, banks analyze the credit rating, but it is not the only reason for accepting or rejecting a loan application. Banks may evaluate a borrower’s creditworthiness based on various factors such as income source and stability. You may also explain to bank officials why you have no credit history. However, you need to keep a good credit score to get hassle-free financial aid from the bank when needed. 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

How to Get a Personal Loan When You Have a Bad CIBIL Score?

Personal loans can be a lifesaver, literally. They are the best options for a health emergency or a crisis. It is also an excellent choice when you are paying off high-interest debt or simply when you don’t want to risk your assets. But what do you do if you are rejected for a personal loan because of a bad CIBIL score? Worry not, as you can read further to learn how to get a personal loan. But more importantly, what are CIBIL scores? [B-01] Credit Scores Vs CIBIL Scores A credit score is a 3-digit number that lenders consider when approving you for loans. A credit score is a calculation of your ability to pay back debts. Credit scores allow lenders to understand the risk involved in giving you loans. Your credit history is used to calculate your credit scores. Credit Rating Agencies issue credit scores. These agencies are authorised and regulated by SEBI, the Securities and Exchange Board of India. SEBI has authorised several credit rating agencies, such as: TransUnion CIBIL Limited Equifax Experian CRIF High Mark Your CIBIL score is the credit score issued by TransUnion CIBIL. What Determines Your CIBIL Score? CIBIL score is calculated based on the information provided to TransUnion CIBIL. They use information such as your payment history, the number of loans or credit cards in your name, and the percentage of credit you are using at a given time to calculate your CIBIL score. What Is a Bad CIBIL Score? CIBIL score ranges from 300-900. They are rated as follows: Excellent Score Typically, scores above 750 are considered good scores by lenders. A score of 750 and above will give you easier access to loans and credit cards. Good Score Scores ranging from 650-750 are considered good. While it is not ideal, scores in this range can grant you fairly easy access to loans. Average Score Scores ranging from 550-650 are considered average. Even with a score of 550, you are still eligible for personal loans. However, you will be charged a higher interest rate and eligible only for a lower amount. Poor Score Any score below 550 is considered a bad CIBIL score and is generally rejected for personal loans. You can check your score using the Credit Report to determine whether you have a bad CIBIL score. Building a CIBIL Score There is a possibility that you don’t have a CIBIL score. This can happen if the credit bureau doesn’t have enough information about your credit habits or if you have never taken a credit card or a loan. Here are some ways to build a credit history to get a CIBIL score: Apply for a loan or a credit card with your savings account You can use the bank with which you already have an account since they know your credential and history. There is a higher chance of them approving your loans. Apply for a secured loan Making regular payments with such loans will help build a good credit history and give the credit bureaus enough information. Get a credit card against a fixed deposit Most banks offer a credit card when you open a fixed deposit (FD). The bank has a lower risk due to the FD acting as collateral. This limits the amount you can spend using the card depending on the amount in your FD, but it is a great way to build a credit score. How to Get a Personal Loan, Even with a Bad CIBIL Score? The lower your CIBIL scores, the harder it will be to get approval for personal loans. Even when approved, you have to pay a higher interest. Getting loans with a bad CIBIL score is, however, not impossible. Here are a few ways to increase your chance of getting a loan with a bad CIBIL score: Check for errors in the credit report The first step is to check if you truly have a bad CIBIL score. Look for errors in your credit report. If you find any errors, report them to the credit rating bureau to increase your CIBIL score. Ensure you have the relevant information on your report when applying for a personal loan. Try a lower amount As your CIBIL score represents your creditworthiness, a bad CIBIL score indicates to lenders that lending money to you is high risk. Thus, the easiest way to get loan approval is to reduce the risk to banks and lenders. You can do this by applying for a lower amount. You can use an online personal eligibility loan calculator to know if you are eligible for the needed amount. Apply as a co-applicant If your co-applicant has a high CIBIL score, your chances of getting a loan increase drastically. This is because lenders look into the details of both applicants. You may also be eligible for a high-value loan since the responsibility is shared with your co-applicant. Apply with a guarantor Another way to reduce risk to the lenders is for them to have confirmation that they will get their money back. You can do this by getting a guarantor with a good credit score. Present proof of income to support repayment Submit documents showing your income sources. This will act as proof that you are capable of maintaining your repayment schedule. This will assure the lenders that there is a lower risk of non-repayment. Share the details of any income increase with proof to increase the approval probability. Try using another lender Other financial institutions might approve a personal loan for a bad CIBIL score if banks don’t. Try private finances to get your loan. There might be a change in interest rate. But it increases your chance of approval. Explain the zero credit score If your credit report shows an NA, NH, or zero credit score, you have been inactive for 36 months or more. You can explain this period of inactivity to the lenders. They will approve loans if these reasons are valid. But the approved loans will be of a higher interest rate. [B-02] Conclusion A good credit score or CIBIL score is an important factor for the approval of loans. Your bad CIBIL score suggests a high risk of lending to banks and other lenders. Thus, it is always in your best interest to improve your bad CIBIL score. However, if you don’t have time to raise your bad CIBIL score, 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. For quick and easy, hassle-free personal loans, try Piramal Finance. Get personal loans with zero prepayment and foreclosure charges and a group of expert advisors to help you through the entire process.
08-11-2023
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