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Personal Loan

10 Banks Offering Lowest Personal Loan Rates in India

Personal loans are a popular choice for many people who need quick cash. It can be for anything from medical emergencies to weddings. If you have a good credit history and can prove the need, obtaining a personal loan is quick and easy. Personal loans are given at a very high interest rate. It’s wise to seek out lenders who may provide the lowest personal loan rate. You should note that banks can give you lower interest rates if you have good credit ratings. Read more about personal loans and the banks that offer lower interest rates. [B-01] Types of Personal Loans in India Financial Aid for the Wedding There is a great deal of importance placed on weddings in Indian culture. This is why many financial firms now provide personal wedding loans so that you can make everlasting memories. A loan can be applied for by the couple getting married or any immediate family member. This type of personal loan allows the borrower to choose their loan amount. It is also necessary to pick a bank that provides your pocket with relief and offers the lowest personal loan rate. Home improvement financing Home loans are a common part of purchasing a property. We delay the process or make concessions to keep the price down because it is costly. Therefore, to meet this need, lenders offer personal loans at the lowest rate for home improvements. It is used to pay for repairs, new materials, labour, etc. Because of the improvements we’re making to your home with the help of this personal loan, you’ll be able to sell it for a higher price down the road. Financial aid for college students Given its term, this is among the most typical forms of consumer credit. Most often, parents take out school debts paid by their kids. Loans of this type are often known as “school fee financing.” It is used to pay for college expenses, along with studying abroad, for yourself or a family member. Banks have now found the lowest personal loan rates for the convenience of students. Festival Loan Lenders are financial institutions that grant loans to hold festivals and other celebrations. Compared to other types of unsecured loans, this one is very original. Loan for consumer goods Obtaining a Loan for Long-Lasting Goods Purchased by Consumers Home improvement loans can be used to finance the purchase of major appliances. Loans for electronics Lenders offer PC- and laptop-specific loans for the express purpose of making PC and laptop purchases. Insurance is often bundled with loans by some financial institutions. List of Banks Offering the Lowest Personal Loan Interest Rates Name of the Bank Interest Rate P.A. (%) Loan AmountHSBC>= 9.75Up to ₹30 lakhsSTATE BANK OF INDIA>= 9.60Up to ₹20 lakhsBANK OF MAHARASHTRA >= 9.55Up to ₹20 lakhsUCO BANK>= 8.45Up to ₹10 lakhsCENTRAL BANK OF INDIA >= 8.45Up to ₹20 lakhsUNION BANK OF INDIA>= 8.90Up to ₹15 lakhsPUNJAB NATIONAL BANK>=8.95₹25,000 to ₹15 lakhsINDIAN BANK>= 9.05Depends Upon the Applicant’s Data BANK OF INDIA>= 9.35Up to ₹10 lakhsIDBI BANK>= 9.50₹25,000 to ₹5 lakhs How to qualify for the lowest personal loan rates? If you want to get the lowest personal loan rates possible, keep the following in mind: Personal loan applications supported by a strong credit history have a better chance of being approved. When getting a personal loan, borrowers with excellent credit ratings can get the lowest interest rates from banks and other lending institutions. You should check your credit rating before applying for a personal loan. If it is less than 750, you should start thinking about what steps you can take to raise it. Your credit rating could suffer if you miss payments on loans or credit cards. Lenders commonly use the borrower’s credit history when setting interest rates for personal loans. Those with a history of timely EMI and credit card payments may qualify for lower interest rates. During the holidays, many banks and other financial firms offer exciting interest rates to attract customers. So, if you want the lowest loan rates, you should apply for a personal loan during this period. It is important to compare the interest rates offered. Several NBFCs and banks offer the lowest personal loan rate. Existing customers easily get the lowest personal loan rates. Factors to keep in mind to get the lowest personal loan rate Loan companies will charge a one-time processing fee. The interest rate you’ll be paying is relatively low, but you should still compare the fees of various lenders. Some banks may charge a pre-closure fee if you pay off your loan balance before the loan tenure. So, it’s important to determine if the bank or NBFC you’re applying to requires a pre-closure fee. If you want to know how fast you’ll get a response from the lender’s support team, you should look into their available customer service channels before applying for a loan. To make the most of any low-interest personal loans offered by a bank or other financial institution, you should verify that you meet the requirements set forth by that institution. This is why it’s important to check your income and eligibility based on age. If you need a personal loan because of an unexpected expense, you should consider how long it will take you to repay it. Even though the interest rate may be slightly higher, you should also consider the lender’s processing fee, default charges, prepayment charges, loan cancellation fees, stamp duty fees, duplicate statement fees, and other fees. [B-02] Conclusion It’s possible that, in addition to the institutions mentioned above, others offer the most affordable personal loans. Personal loan offers tailored to women often differ from the norm, even when the loan type is the same. For instance, a man and a woman applying to the same bank for a wedding loan may be offered different rates and terms, but both will receive loans for their weddings. Finally, your specific financial situation will determine the best type of loan for you. Depending on your specific need, choose the lowest personal loan rate from the list that best fits your situation. For further details, visit the Piramal Finance website and get assured assistance.

08-11-2023

Tips & Advice

Tips to Buy the Best Travel Insurance

Any trip should start with the proper precautions. Travel insurance ensures that you have a safety net. No great travel plan is complete without the appropriate travel insurance policy. When you’re stranded in an unknown location, it can safeguard you from dealing with high emergency costs. At first, it may seem easier to travel without travel insurance. But don’t make that mistake! Keep reading for tips to buy the best travel insurance and keep yourself protected. [B-01] Tips to Find the Best Travel Insurance Policies In addition to accidental death coverage and emergency medical aid, travel insurance offers a financial safety net. This protects the policyholder from any unforeseen travel problems. They can also help during luggage theft and other situations. Choosing the right travel insurance policy comes down to several simple factors. Keeping the following things in mind will help you determine how helpful your plan will be when you get stuck in a problem and if the required coverage is offered. Know Your Needs Before you dive into the specifics of travel policies you should know exactly what you are looking for. This includes confirming where you’re going, who is with you, and how long you’re traveling for. Single-Trip vs. Annual Plans You also need to decide if the coverage duration fits within your travel lifestyle! Think about how often and for how long you go on trips. Does an annual insurance plan make more sense for you? Or is a one-time travel insurance plan the smarter option? Depending on your needs, single-trip vs. annual plans can be considered. Schedule Flexibility Flight cancellations and urgent changes can be a hassle. Unforeseen circumstances can change the duration and flow of your trip too. Your insurance provider must be able to cover changes related to delays and rescheduling. Extent of Coverage Travel insurance policies have specific terms and conditions. So always confirm what your travel insurance covers and what it omits. You can save time and money by researching the full policy in depth. Also, see what expenses are covered during your trip. Check Reviews This is the best way to confirm the promises insurance providers make! Informed people, past customers, and claimants are good sources. You can learn about the helpfulness of travel insurance providers by getting second opinions from them. It will also allow you to compare them to others. You can find links to customer reviews on the websites of most travel insurance companies. You may also look for reviews from other legitimate sources. The Ratio of Claims Paid There’s little benefit in buying a policy with the best coverage if it is difficult to claim the benefits. Knowing how many claims your insurance provider has paid out is crucial. Collecting remuneration should be fair and easy for all policyholders. Only then would a policy be justified. Upon request, travel insurers can provide this claims ratio. Medical Emergencies The best travel insurance coverage should pay for as much medical care as is needed. The costs of emergencies abroad may be higher if your policy does not account for medical assistance. Lost Baggage Agencies can also pay you compensation for luggage in the event of a loss. A luggage insurance claim is typically resolved by an insurance company in 2–4 weeks. This depends on the circumstances. Sometimes, it can take longer than normal if the insurance company requests more paperwork. It may also be delayed if the issue is disputed in court. Additional Riders Request additional riders when purchasing your coverage. Do this, especially if you plan to travel extensively. Including additional riders can help in an emergency. Civil Liability and Accident Coverage If you inadvertently cause someone harm, the costs can quickly mount. This may include paying for the legal process and any resulting damages. A good travel insurance policy will pay for repairs and potential medical expenses. They will also cover any associated court costs in such instances. Miscellaneous Emergencies Natural disasters like floods and earthquakes are difficult to forecast. Robberies, social unrest, or travel restrictions can also be difficult to navigate. Make sure to discuss the terms of these situations in advance. Then you can have even more peace of mind. [B-02] To Wind Up These are the factors that help you find the best travel insurance plans. If you are going to travel soon, then ensure adequate coverage. You are not immune to harm, even if you are in good health. Even if you have never been in an accident, you can become entangled in issues. It is better to be safe than sorry. Choosing a travel insurance provider requires thorough research. Your insurer must be honest and not deal in hidden charges. We at Piramal Finance do our best to provide you with extensive travel coverage. On any trip, we are your familiar friend every step of the way! Without an adequate insurance policy, you will lose out on mental and financial wealth. It will be inconvenient in the event of an emergency. Remember, prevention is the best cure! To read more such articles, visit the Piramal Finance website. And to learn more about our travel insurance plans, contact us.

08-11-2023

Business Loan

Why MSME loan is the best choice for small business owners?

In the post-covid era, there has been a boom in small businesses. Do you think that anybody can have huge capital to start a new business, however small it may be? The answer is No. You have to take a loan to kick-start your journey. The Government of India launched the MSME loan for the start of a business, expansion of the business or meet other expenditures related to business. The MSME sector is considered to be the backbone of the nation. [B-01] What is an MSME loan? MSME or Micro, Small, and Medium Enterprises loans are collateral-free loans. They have a low rate of interest and a repayment period is desirable. You can also avail of top-up. For applying for MSME loans, you have to register in the Government’s Udyam Registration Portal. No registration fee is required. Once the process is done, you will be assigned an “Udyam Registration Number”. You will receive an e-certificate at the end of your registration. For Government approved loans, log into the Jan Samarth portal. There are different types of schemes under Business Activity Loans. There is also a scheme for Livelihood loans. You can easily start a new business or expand your extending business. There are two types of schemes which work best for a small business owner. MUDRA and CGTMSE. If your requirement is below Rs 10 lakhs, MUDRA (Micro Units Development and Refinance Agency) loan can be obtained. The main aim of the MUDRA loan is to support the MSME. The MUDRA loans can be obtained from Small Finance Bank, Commercial Bank, RRBs (Regional Rural Banks), NBFCs (Non-Banking Financial Companies) and MFIs (Microfinance Institutions). It is also known as PMMY (Pradhan Mantri MUDRA Yojana). MUDRA loans are further classified into 3 types: Shishu – Loan amount up to Rs 50,00. Kishore – Loan amount above Rs 50,000 and up to Rs 5 lakhs Tarun – Loan amount is above Rs 5 lakhs but below Rs 10 lakhs. If you want a loan of an even bigger amount, up to Rs 2 Crore, opt for CGTMSE (Credit Guarantee Trust Fund for Micro and Small Enterprises). This government-funded scheme was launched under the Ministry of MSME and SIDBI (Small Industries Development Bank of India). There are also Mahila Udyami Scheme and Credit Link Capital Subsidy Scheme (CLCSS). Classification of MSME Size of Enterprise Investment Annual Turnover Micro Less than Rs 1 crore Less than Rs 5 crore Small Less than Rs 10 crore Less than Rs 50 croreMedium Less than Rs 20 crore Less than Rs 100 crore Benefits of MSME loan Collateral free loan The main aim of the Indian Government is to uplift the economic development of the nation. The scheme of MSME loans has motivated small business owners to start new businesses or help the existing ones in times of cash crunch. The fact that the MSME loan doesn’t need a security deposit, asset and guarantor appeals to all. Accessibility Getting funds for your business using an MSME loan is very easy. On submitting the minimal documents, loans will get quickly disbursed to you without any hassle. You can focus entirely on your business. You can also apply online for MSME loans Reduced interest rates The interest rate on MSME loans is considerably low. They also can be reduced further depending on where you have initiated the loan from. There are various risk gradations which let you negotiate accordingly. The payment of interest is also tax deductible. Flexibility Usually, Small business owners take a loan for a short duration of time. Since the commitment is not long-term, it enables the handling of cash and allocation of resources better. Other advantages of MSME registration include: Subsidy on Patent In case your business has a unique product, you can easily apply for a patent. A subsidy of 50% can be availed if your business is MSME registered. You need to apply to the respective ministry. Protection against Delayed Payments There is a separate portal called MSME SAMADHAAN, related to the delayed payment. If the buyer is not able to pay the supplier within 45 days, the supplier can complain. In Conclusion If you are running a business for 4 years, you can check out the webpage of Piramal Finance (https://www.piramalfinance.com/business-loan) for your business loans. Piramal Finance offers you a non-collateral loan commencing from 3 lakhs to 10 lakhs. You can pay for the loan at an interest rate starting from 17% per annum and repay it in 36 months. You are entitled to a hassle-free loan by applying for it online. The expert team of Piramal Finance will be arriving at your doorstep. You can avail of maximum benefits as the eligibility for the loan is very simple. However, it is better if you have a property registered in your name. [B-02] You have to submit the necessary documents like PAN Card, Proof of Identity and Proof of Residence (Aadhar, Driving License, Passport, Voter ID card or Utility Bills like monthly electricity and telephone bills). For the proof of income, 6 months bank statement of your primary account and the latest ITR (Income Tax Return) are essential. Your recent passport-size photo should accompany your application form. You can be the sole owner of your business. In case you have partners or shareholders, you can file under the co-applicant scheme. Your spouse or adult first-blood relatives can be co-applicants too. The business loan fee and other charges are minimal. The rate of interest is different for different customers depending on the risk gradation. Repayment of the loan can be done in the form of a Post Dated Cheque, Electronic Clearing Service or Direct Debt Methods. Apart from the MSME loan, please feel free to check out the other products and services. You can also apply for a Personal Loan (https://www.piramalfinance.com/personal-loan).

08-11-2023

Calculator

What Is the Simplest Method of Calculating EMI?

To get a loan, you must ensure that the EMI is not too high. EMI stands for Equated Monthly Installment, which is how the loan is paid back. Once the loan is approved, the bank charges the EMI monthly over the loan’s repayment period. Each EMI is made up of both the principal and the interest on the loan. Calculating the personal loan greatly impacts the ability to repay the loan. It is the first thing you should do if you plan to take out a personal loan. Traditionally, a mathematical formula has been used to decide the EMI rate. The formula is based on the kind of loan interest that is assessed. But now, there is no need to remember the mathematical formula and go through the hassle process. There are EMI calculators available, which make it very simple to decide the loan EMI. Read this article to learn how to calculate EMI by using EMI calculators and their benefits. [B-01] What Is an EMI Calculator? You may use the EMI calculator to calculate the personal loan EMI. Loan factors such as the principal amount, term, and rate must be added, and the EMI is easily calculated. You can calculate the personal loan EMI of many types of loans. For example, a personal loan calculator can be used to calculate the personal loan EMI of a loan. Many personal loan calculators are free. They can be used 24 hours a day, seven days a week. You may compare or calculate multiple personal loan EMIs as often as you want. Benefits of Using an Online Personal Loan EMI Calculator Aids in the choosing of offers in terms of cost Choosing offers is one of the reasons to calculate personal loan EMI. And given how simple it is to use an EMI calculator, people can compare offers or loan terms. You may review the repayment details for many loan term options here until you find choices that fit your needs. This idea also applies when comparing many loan offers. If you know the lending rate provided, all users have to do is calculate personal loan EMI & interest cost and then narrow down the choices based on pricing. After finishing this stage and choosing the best offer for a bank loan, apply with confidence, knowing that you have chosen a tool that will work in your favour. Simple to use One of the main perks of using the EMI calculator to calculate personal loan EMI is its simplicity. It is simple to use and guides you through each step. Suppose the lender appreciates the comfort and clarity of the clients. In that case, lenders will go out of their way to ensure that the borrower knows how to use the EMI calculator. All you have to do is go to the lender’s website. Then, input the loan balance you want, the chosen rate, and the payback time you choose. A loan’s payback time might vary from one to five years. Saves time One of the main benefits of using the EMI calculator to calculate personal loan EMI is that it saves time by providing quick and precise answers. EMI calculator is available online, saving you the time and effort of going to the bank, standing in lines, and waiting for your loan EMI to be computed. The remainder of the loan process is then completed. Also, the time taking process of submitting a slew of difficult paperwork or phoning an agent to compute the loan balance and borrowing costs is removed. You may use the system on the road, during a break at work, or even on holiday at the other end of the world since it is available online. All you need is a good network. Exact outcomes The quality of the findings is one of the major benefits of using the EMI calculator. There is always the chance of wrong data when using a manual system to determine how much rate is due. You do not need to use a pencil and paper and risk miscalculating the rate due. Also, you do not need to sit down and manually test many rate pairings, desired loan rates, & loan tenures. When using the EMI calculator, users save time and obtain fast results for many loan alternatives within seconds or minutes. Also, the algorithm allows you to adjust the elements causing your EMI and try out many loans without negatively impacting your credit score. What is the Use of the EMI Calculator? With an EMI calculator, you can learn the details given below: The amount of the EMI The total amount of interest taken on the loan The total cost of the loan You can modify the loan term or balance to get an EMI that you can afford. The Process to Use an Online EMI Calculator There are many steps to calculate the personal loan EMI. These are as follows: Step 1: Visit any reliable website. Step 2: Click on the calculator tab to access the EMI calculator page. Step 3: Decide the type of loan needed. This may be a house loan, a personal loan, a vehicle loan, and so on. Step 4: You must now provide the proper details. This includes the loan amount, principle, rate, and loan time. Step 5: The EMI calculator will show the payable EMI amount after entering the details. Step 6: You may try other combinations to find the best fit EMI amount. [B-02] Conclusion Loans are now a vital part of many people’s lives. They help in reaching certain life goals. EMI is the most important term to keep in mind when it comes to loans. There are many EMI calculators that you can use to calculate personal loan EMI. This includes personal loan calculators, home loan calculators, and business loan calculators. They may be used to calculate the personal loan EMI of various types of loans. When you enter the needed data into an EMI calculator, it makes calculations based on the EMI calculation formula. Then, it provides the EMI you must pay monthly in seconds. You can visit the Piramal Finance website to calculate loan EMIs and explore their different products and services.

08-11-2023

Know More

Get The Top 5 Best Strategies for Successful Intraday Trading

Money is ever-changing its position and its sheer liquidity. Thus, you will need to know a few facts to help you invest better. With the depression in the recent economic climate, you will undoubtedly need to see the trending ways to set your hard-earned money to a particular place which will surely be your asset. Intraday trading is one such thing that will allow you to understand the stock market better before you decide on your money. Well, be that as it may, if you are known about trading, you will certainly do well to learn about intraday trading tips. [B-01] A brief keynote on intraday trading tips Before you acquire trading tips, it will be beneficial for you to know about intraday trading. Well, intraday trading is about buying and selling on the same day. Hence this kind of trading is also known as Day trading. It is a fact that share prices are ever fluctuating, and that movement is non-predictable, and thus, intraday traders tend to draw profit out of that by selling on the same day. You need to know that if you, as a trader, fail to sell the share on the day itself, you will either be squared off your position or converted to delivery trading. Trying the best intraday trading strategies can be a great help and this read will help your reach that goal. The basics of intraday trading The first thing you will need to know about intraday trading strategies is that the swap is done on the same day. Usually, these types of trading are done on online trading platforms. An example will help you to understand the mechanism better. Consider that you got a share worth Rs.500 in the morning. Within an hour, you will see it climbs to 550, and if you purchase stocks of 1000, you will make a profit of Rs 50,000. As a stock market trader, you must be quite cautious during intraday trading. Also, there are a few things, more like a tip, that you need to know, which will enhance your understanding. These intraday trading strategies will help you to deal with the stock brokers well. Thus, the below-discussed five strategies will help you in the long run. Let’s have a look! 1. Learn the techniques well. It is suggested to know the techniques well before trading. Trading is perhaps the most fluid thing you will ever see, and hence, you must be very cautious. As a beginner, it will be imperative for you to invest the exact amount that you think you can afford. Effective intraday trading tips involve selling the stock on the same day, and thus, investing a nominal amount is wise. It will also be an excellent idea to select liquid stocks. Well, this is the most effective intraday trading strategy you will ever learn, and as per the view of qualified individuals, the best intraday trading tips are those with liquidity that hardly create an issue. 2. Make use of intraday trading time analysis The second most effective intraday trading tip would be to use the trading time analysis. As soon as the market opens, you will see the daily charts. In the case of intraday trading, you will get your allocated time and have to be ready to use your time well. 3. Need to follow the sound intraday trading The ORB’s Opening Range Breakout is when the stock first appears in the stock market. You will follow the intraday trading tips well if you pay attention to the first 30 minutes to 3 hours. At the time when you use the ORB intraday trading, you must remember that when the stock moves upward from the breaking range, it will be likely that the price will be bullish. You will also have to use the Relative Strength Index and the Average Directional Index and that is also one of the best intraday trading tips you need to know. You need to understand that the Relative stock Indicator is used to identify the stocks that are over-purchased or oversold. 4. The momentum trading strategy The momentum trading strategy is one of the essential intraday trading tips. Knowing about the stocks that moved in the last few years is what momentum trading is all about. 5. Moving average strategy Another beneficial intraday trading tip for beginners is the moving average strategy. The moving average strategy depends on the straightforward moving average prices. You need to know that the moving average is the logging-off indicator and the crossover strategy will never capture the very top. [B-02] The final thoughts: These are the few intraday trading tips that you will need to follow. Knowing these will help you to understand the market better. However, it will be beneficial if you rely on a trusted financial partner while considering learning about trading. You can take guidance from Piramal Finance, which is the one-stop destination for all your finance-related queries.

08-11-2023

Other

Top 10 Investment Options in India You Must Know of in 2022

The financial market is highly unstable at this stage. If one doesn’t start investing, it will become a huge problem, especially when one faces a financial crunch. Therefore, you can learn more about the top ten investment options available in India in 2022 and start investing in one of them. It might not be feasible for you to start investing in multiple options simultaneously from the beginning. So, you can weigh the options, learn more about their pros and cons, and then decide which investment option will suit you. [B-01] What are the Top Investment Options in India in 2022? Here are the 10 best investment options in India you should look at: Public Provident Fund or PPF Backed by the Indian government, this investment scheme is usually under the supervision of national and public sector banks. It is a risk-free investment option with a high lock-in period of a minimum of 10 to 12 years. It means you will be able to liquify the investment after the lock-in period gets over. You can open only one account after turning 18 years old, with a minimum monthly payment of INR 500 or an annual payment of INR 500. You can deposit a maximum of INR 1.5 lakhs per month. Usually, the current interest rate is 7.10% per annum, without a grace value of 0.25% to 0.75%. Post Office Monthly Income Scheme As the name suggests, the post office’s monthly income scheme is under the regulation and governance of Indian post offices. It’s almost like a fixed deposit where you give a lump sum of a minimum of INR 1000. Every month, you will get a fixed interest rate calculated on your deposited principal amount of 6.60% per annum. The maximum amount you can deposit for a single-holder account is INR 4.5 lakhs, and for a joint account, it is INR 9,00,000. The interest earned is taxable, and you might be exposed to deductions if you foreclose the deposit. National Savings Certificate The National Savings Certificate, or NSC, is one of the best investment options in India in 2022. Being a risk-free investment, it is under the governance of the Indian government, and the certificates are available at several Indian public and private banks. A person has to make a minimum investment of INR 1000 with 12 installments in a financial year in multiples of 100 only. There is no upper limit on the investment amount. The interest rate is compounded annually and paid at maturity. With a five-year lock-in period, your investment will be in safe hands since you won’t be able to prematurely sell it. One of the main benefits of a National Savings Certificate is getting tax exemption under Section 80C of the Income Tax Act. Government Bonds You can purchase bonds directly from the Indian government as an individual investor and use the same for several other investments. To store all of these items, you must have a valid bank account or a Demat account. There is no fixed bond price because the government itself announces it. You can buy it through different kinds of stock exchanges or get listed in commercial bank listings. Sovereign Gold Bonds or SGB Sovereign gold bonds are under the management and governance of the Reserve Bank of India and are usually denominated in terms of grants of gold. It would help if you had a minimum investment of 1 gram of gold. The bonds can be issued multiple times in a financial year, provided you have a valid PAN card. The maximum amount of gold you can purchase through SGB is 4 kg for individuals and 20 kg for trusts. Also, RBI offers an INR 50 discount on purchasing 1 gram of gold online. The investment return is approximately 2.5%, paid half-yearly, with a maturity term of eight years. National Pension Scheme or NPS The National Pension Scheme is ideal for people looking forward to building up a wonderful life for retirement. The investment will go into pension funds monitored under the supervision of government authorities and further invested in various stock market portfolios associated with the least amount of risk. Based on your convenience, you can deposit either in a Tier 1 or Tier 2 NPS account. Equity Mutual Funds You all know what this type of investment option is. As the name suggests, you can invest in equity mutual funds through the stock market and buy some shares in any company or the brokerage itself. Although there are risks associated with equity mutual funds, the returns are quite high, and that’s why it’s one of the best and most convenient investment options. Gold Exchange-Traded Funds or ETF Gold ETFs are electronic transactions through which you buy gold virtually instead of physically. You will have a Demat account where all the details of the asset holdings will be stored in terms of the grams of gold you have under your name. There is no upper or lower limit to ETF investment, which is why it is one of the best investment options for people who want to buy gold in physical form but cannot do so due to the increasing price. It depends on the gold market, where the returns will increase if the market price goes up and vice versa. Unit-Linked Insurance Plans or ULIP Unit-linked insurance plans are almost like policies, where you must buy a certain number of units at the bid or ask price. Each fund will have a certain number of units, and you can either deposit in one fund scheme or multiples at the same time. Real Estate Investment Trust or REIT REITs are almost equivalent to mutual funds. However, you will buy certain sections of the real estate market instead of shares or stocks. It is also volatile because the real estate market’s actions are constantly changing, and the prices are also increasing. However, the chances of suffering a loss are low because the real estate market usually witnesses an appreciation in property values. [B-02] Wrap Up Since we have already discussed the basics of India’s top ten investment options in 2022, your job is to decide which one you want to go with for maximum returns and several other perks. You can read related articles on the Piramal Finance website and learn more about the different investment options.

08-11-2023

Top 10

Top 10 Benefits of a Long-Term Car Insurance Policy

According to the Motor Vehicle Act of 1988, every vehicle owner must purchase third-party insurance. It is needed for the protection of individuals, in the event of a road accident. A long-term car insurance policy comes with a longer validity period. According to the Supreme Court of India, every new vehicle owner needs to purchase such long-term insurance. These policies have a validity period of three to five years. Let us check the benefits of such a long-term car insurance policy. [B-01] Benefits of a Long Term Car Insurance Policy Long-term car insurance online is a multi-year car insurance policy. Due to this policy, the holder will benefit from extended coverage. Usually, it is for more than one year. You do not need to worry about renewing or claiming your policy every year. There are many more benefits to a policy such as this one. They are as follows: 1. Prevents Price Hiking The cost of most car insurance policies undergoes a hike each year. With time, every policy tends to get more expensive. Buying a long-term car insurance policy helps to overcome this price hike. By avoiding annual renewals, you can save a considerable amount. This saves you a lot of money. So, it is always better to opt for a long-term policy. 2. Availing Discounts Most policy providers will be willing to offer you a discount. It is applicable if you purchase a long-term car insurance policy from them. This also happens because such policies tend to be more expensive. But if you think that you can get a similar discount benefit with an annual policy, then you may be wrong. 3. Immensely Convenient Renewing a car insurance policy each year is a difficult task. If you miss the date of renewal, you could end up losing all the benefits and coverage of your insurance plan. If your policy ends up lapping, your insurance provider can end up denying any claims on the policy. A long-term policy ensures that you do not need to undergo the hassle of renewing every year. A policy such as this one helps you, especially if you tend to stay busy. Another point of convenience with a long-term policy is a vehicle inspection. Each year, before renewing your policy, the insurer will demand to inspect your vehicle. In the case of a long-term plan, it will not be a hassle. You will not have to get your vehicle inspected. 4. Avoid Risks Associated With Non-Renewal Did you know that failing to renew your policy can expose you to various risks? Claim rejection is one such risk with serious results. In the event of an accident, you might have to suffer serious financial risks. Such risks are eliminated when you take a long-term car insurance policy. 5. Transferring a No-Claim Bonus In a long-term car insurance policy, it is possible to transfer a no-claim bonus. You can transfer it to the next year of your policy. This can be done if no claims were made on the policy during the previous year. You can browse various policies and find one where you get a higher no-claim bonus. In most cases, you can get it for long-term policies, but not annually. 6. Avoid Policy Expiration In India, it is an offense to drive an uninsured vehicle. Buying a long-term car insurance policy means that you can avoid the risk of your policy lapsing. Drive worry-free and avoid the expiration of the policy for at least three years. After a policy lapse, you need to undergo lengthy paperwork and an inspection of your vehicle once again. 7. Optimum Safety for Your Vehicle If you drive an uninsured vehicle, it will attract heavy fines. Your car stands exposed to risks without insurance. In the absence of a valid insurance policy, you are at risk. You could end up paying large amounts for the repair of your vehicle. By taking out a car insurance policy, you can avoid such risks. 8. Save Time and Effort You do not need to spend time getting your car inspected again when renewing an annual policy. A long-term policy ensures that you preserve your efforts and time and stay free of the hassle of checking your policy status. 9. No Need To Assess Insurers By taking out a long-term car insurance policy, you commit to using the services of one insurance provider. There will be no subsequent need for you to recheck the available options in this case. With an annual policy, you need to check whether your insurance provider is providing the same benefits or not. This can be avoided with a long-term policy. You will get the benefit of the same features and advantages every year for the duration of the long-term policy. 10. No Change in Policy Features and Benefits If you take out an annual policy, you will need to go through the fine print each time. Over time, many policies change. It could result in you having to bear irrational costs. A long-term insurance policy means that you are assured of the same features and benefits. You will not need to go through the changes to the policy. [B-02] To Conclude Buying a long-term car insurance policy has many benefits. Listed above are some of the most useful benefits of taking one such policy. The best items in the basket are discounts and higher no-claim bonuses. So, give yourself the benefit of the best coverage with a long-term insurance plan. It is best to check the details of any policy before signing up for it. Visit Piramal Finance to understand the features of your policy. Compare the policies and select the one that best suits your needs. Read the website for more information on various policies. This will help you make an informed decision about picking a suitable insurance policy.

08-11-2023

Business Loan

Hidden Things You Should Know About Working Capital Loans

Importance of working capital loans Working capital is the amount of money a business uses for its day-to-day activities. Without free cash flow from the business, industry prosperity could be at risk. A working capital loan is a type of business loan that can cover a company’s short-term financial obligations and business. It is not intended to fund business investment or equity goals. Simple obligations may include daily expenses, purchases of goods, and monthly administrative payments through inventory management. These are just a few of the company’s short-term operational needs. Your immediate needs can be met with the help of working capital loans, giving you more time to prepare and focus on your long-term goals. [B-01] When should I apply for a working capital loan? Working capital loans are primarily targeted at small and medium-sized businesses, as loan terms typically range from 6 to 48 months. This period currently varies by bank. Financial institutions calculate interest on working capital loans in the same way. According to Reserve Bank of India (RBI) standards, the loan balance granted varies from bank to bank. Business turnover is a parameter in determining loan size. Characteristics of Working Capital Loans in India Loan amount Working capital loan amounts vary according to the company’s needs, expertise, and duration and are tailored to the company’s specific payment obligations. The interest rate Working capital loan interest rates vary from account to account and depend on the needs of the lender. Collateral It is not guaranteed that working capital loans will be guaranteed. This means that you may have to fill out a deposit slip to receive your loan. Land, stocks, metals, commodities, and even companies can be used as collateral. Banks tailor working capital loans to the collateral availability of borrowers. For unsecured working capital loans, the creditor will look at your credit history. Refund The mortgage payment process aligns with the cash flow statement. The age factor Another point to consider is the age criteria for applying for a mortgage. Debtors must be between the ages of 21 and 65. Hidden Fees Banks charge a service fee when you apply for a working capital loan, and different banks charge different fees. What types of working capital loans are there? Banks often deal directly with working capital loan types. These are all: Overdraft or cash advance facility Loans for a specific period Bank Guarantee Package credit Letter of credit Mortgage of receivables Mailing finance [B-02] Important Standard Requirements for Working Capital Loans Documents Required- 1. A PAN card owned by a single partnership company.2. Identification document: voter ID, passport, driver’s license, or Aadhaar card.3. Proof of personal address: passport, utility bill, phone bill, and Aadhaar account number. 4. Proof of residential and business ownership.5. Proof of Ownership: financial records, tax returns, and tax disputes for the last three years.6. Registration confirmation: Partnership Agreements, Articles of Incorporation, and Registration of Business Places.7. A loan planning letter for existing loans.8. Photos of the candidateThere are some things many people don’t know about working capital loans and how beneficial they can be during difficult times. No full credit is required: Unlike personal loans, creditworthiness is irrelevant when applying for a work loan. Many lenders know that business can drop more slowly than usual. For this reason, they encourage entrepreneurs to apply for working capital loans. Even with imperfect credit, you may be able to obtain the funds you need to continue your business. Working capital loans can be approved faster: Applying for a loan is a little different than applying for a traditional line of credit. Business loans have fewer approval limits, so lenders may approve them in just a few hours. This means your loan is approved and your funds are available in just one business day. Your lender may be able to deposit your working capital directly into your account. Applying for a working capital loan is not that complicated: Working capital loans have fewer requirements than other types of loans. When applying for a business loan, you may only need to show six to nine months of active business history. This is beneficial for new businesses that may feel ineligible for financing because they are new to the business. A solid business history is important, but certain lenders require a much shorter period of documentation. Other payment options: Lenders that offer working capital loans usually offer multiple repayment options. Instead of making large monthly payments, you can choose small amounts that are deducted directly from your daily sales total. Lenders can also make payments automatically. This means no late fees, and in some cases, a fee or two can be waived. If you can make additional monthly payments, you may be able to pay off your loan early. However, be aware that not all lenders are the same. You may not be able to repay or settle your loan before the final scheduled payment. No collateral required: Not all small business loans require collateral to be provided to cover the loan amount. If you don’t need collateral, it’s important to read the entire loan agreement before signing. If you don’t understand something, now is the time to ask. If you own a small business and are short on cash, look for readily available lenders. Understanding how working capital loans work can help you find the right loan for your needs from the right lender. Even if you think you might not qualify, remember that it’s easier to get a working capital loan if you’ve only been in business for a short time. Visit Piramal Finance today to learn more!

08-11-2023

Gold Loan

How to Take A Gold Loan Against Your Ornaments

How to Use Your Jewellery to Secure a Gold Loan? Are there any benefits of taking out a gold loan against jewellery? Loan against gold: What is it? People frequently find themselves in precarious situations when they require money to cover an unexpected expense or to pay for a long-awaited need, such as a home renovation. A gold loan could be quite beneficial in these circumstances. A gold loan is essentially a secured loan. In this borrowers use their gold jewellery or even gold coins as collateral to borrow money from a bank or non-banking financial institution (NBFC). The gold pledged as security may be obtained back by the borrower following full loan repayment. The borrower’s credit history is not a major worry for lenders because gold loans are only offered in exchange for a piece of collateral. Gold loan’s biggest advantage is how straightforward it is to apply for one. A reputable lender’s website will allow prospective borrowers to complete the entire process online. [B-01] Loan Amount: The loan amount is determined by the weight and purity of the gold that is pledged. The amount is inversely related to the gold market price at the time of pledging. The majority of lenders often do not accept ornaments with a purity of fewer than 18 carats for a gold loan. The loan-to-value (LTV) ratio is essential in gold loans. This ratio is the maximum amount that the lender will advance as a percentage of the value of the gold that the borrower has pledged, after assessing and verifying the purity of the gold loan against gold ornaments. Therefore, if a person pledges gold jewellery worth Rs. 10 lakh and the lender offers a loan-to-value ratio of up to 60%, after which a maximum loan of Rs. 6 lakh is imposed. The maximum amount of a gold loan would increase to Rs 8 lakh, however, if another lender offered a loan-to-value ratio of 80%. The Technique: An application must first be completed, either online or at a lender branch. The majority of trustworthy lenders enable consumers to apply for gold loans online. Aadhaar cards, bank account numbers, and basic know-your-customer (KYC) credentials like Permanent Account Numbers are required of applicants. For application reasons, anything can be uploaded online, even photos. Officials from the lender get in touch with the applicant once the application is submitted to evaluate the gold that is being promised. Although this evaluation is physical, the majority of lenders will provide the borrower with the option of having it done at home. Otherwise, the applicant may go to the lender’s closest branch office. This assessment is a brief procedure that frequently just takes a few minutes. The executives of the lender will assess the quality of the gold, its weight, and its current market value before determining how much can be loaned. The money is sent into the borrower’s bank account, typically within a day, while the promised gold is maintained with the lender. What Kind of Gold can be Accepted as Collateral? Gold coins, gold bars, and jewellery made of 18-to24-karat gold digital (but digital gold must be exchanged for physical gold against which a loan can be availed). A few things to think about before taking out a gold loan include the following: The convenience of gold loans is undeniable, but before applying for a loan, it’s crucial to evaluate gold loans and loan providers. Before you take out a loan, be sure to negotiate the best conditions and interest rates. Assess interest rates for gold loans against gold ornaments. Do your research to identify the best loan options. Determine which lender will provide the largest loan amount for the value of your gold. Consider the lender’s reputation. Examine the security precautions the lender has taken for the gold you have pledged. Evaluate how quickly various lenders disburse loans. Pick a lender with a solid customer support system and respect for the interests of its clients. What Are Some Common Options for Gold Loan Repayment? As a secured loan, gold loans are straightforward to apply for. The lender is confident that the loan won’t go south because the quality of the gold has been confirmed in advance. To make it convenient for the customer, they typically offer a variety of repayment choices. 1. Pay Interest as EMI and Principal Later: This option allows you to pay back the interest by the gold loan’s EMI schedule, but the borrowed principal must be completely repaid when the loan matures. Make Partial Payments: As necessary, make partial principal and interest payments. No matter the predetermined EMI plan, partial or full payment of both the interest and principal components is allowed. Your total interest payout will be lower if you pay off your principal first. Interest is typically calculated daily based on the amount of the loan that is still outstanding. By doing this, you can save a lot of serviceable interest. 3. Bullet Repayment: When the loan’s term is up, you must pay back the total principal plus interest using the bullet repayment method. With this repayment plan, interest is computed each month, but payment, along with principal repayment, is only required when the period is complete. 4. Regular EMI option: The regular EMI gold loan against jewellery is intended for those with steady monthly incomes in their bank accounts and is targeted at the salaried class. The EMI in this instance consists of principal and interest payments. It is also a quick process because this loan is only available to salaried individuals. [B-02] Summing-up: The purpose of this article is to give comprehensive information on gold loans against gold ornaments. You don’t even need to visit a branch to apply for a gold loan secured by gold jewellery. To take a loan, go to its website, register, and fill in your key details, such as address and bank account details, and a company representative will come to your home to complete the process. Competitive interest rates are offered on gold loans to assist you in getting money right away. The gold loan application and repayment procedures are also tailored to provide special features to accommodate all of your capital needs. Also visit, Piramal Finance has more in-depth, educational-related articles.

08-11-2023