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Personal Loan

Is 700 a Good CIBIL Score to Avail Personal Loan?

When you contact a bank or financial firm for a personal loan, they first check your credit score. Your credit score, also known as your CIBIL score, is your credit record that covers the line of debt you have, your capacity to repay, and so on. The CIBIL score for a personal loan is a number that shows how careful you are with debt, such as credit card bills and loans. This score defines your credibility. It assists lenders in determining how much money a lender may give you and at what interest rate. Banks may refuse loan applications if the credit score is poor, or demand a higher interest rate. While having a strong CIBIL score for personal loans is the greatest indicator, you may still get a personal loan if your credit score is between 600 and 700. [B-01] What Role Does The Credit Score Play in Personal Loans? Credit bureaus generate the credit score as part of the overall credit report. The credit score reflects past credit card data, such as loan repayment habits, loans taken, defaults, etc. This assists lenders in evaluating the borrower’s credit and monetary ability to repay future loans, sparing them from dangerous debtors who may default. As a result, the credit rating is a vital piece of the recent budget. A good credit score ensures a lender of your creditworthiness and financial prudence. On the other hand, a low credit score makes a lender concerned about your ability to repay bills on time, placing you in the high-risk category. This might result in your loan being denied. What is The Perfect CIBIL score For a Personal Loan? The CIBIL score for personal loans is a widely accepted sign of your fiscal status. It’s a numerical analysis of your financial status. It provides lenders with specific factors to judge how you handled previous loans and if you can repay the debt if the personal loan is granted to you. A credit score is deemed great if it is between 750 and 900, with 900 being the highest possible number. A good credit score entitles the borrower to a greater loan amount, better interest rates, reduced EMIs, a longer loan period, and so on. A credit score of 550 to 749 is considered good, implying that you still pose a certain degree of risk to the lender. Yet, if other eligibility criteria are fulfilled, you may still be granted a personal loan. A credit score of 300 to 549 is deemed low and will result in the denial of your loan request. CIBIL Score for Personal LoansCredit Worthiness<300Very bad300 – 549Bad550 – 749Good750 – 900Excellent Factors That Affect Your CIBIL Score For a Personal Loan Outstanding Debt Always be sure to pay off any outstanding bills. Unpaid debts hurt your credit score. Even if the sum is modest, paying off any outstanding debts is best. Irresponsible Payment Behavior Every month, paying your credit card bills and loan EMIs on time is critical. A 30-day delay may drop your score by 100 points, according to a CIBIL investigation. If you have many credit cards and loans, it is a good idea to set up reminders to prevent missing or postponing payments. Any missing or late payments reflect adversely on your credit score and indicate that you are inconsistent in repaying your credit. Applying For Multiple Loans & Other Forms of Credit Lenders will want to examine your creditworthiness when you request a loan, and they will do so by retrieving your credit report. This is known as a hard inquiry. If you submit several applications, numerous credit queries will take place at the same time. These are reported and hurt your score, making you seem credit-hungry. If the loan application was recently denied, it is best not to seek credit from another lender right away. It is preferable to enhance your CIBIL score before reapplying. Paying Only The Least Amount Due If you consistently pay just the minimum amount required, you may be in debt. Rolling over debt and merely paying the minimal amount results in interest rising on your amount owed. As a result, it is recommended that you pay the credit card payments in full. It also displays bad repayment habits. High Credit Utilization Ratio This is the amount of credit used for the available credit limit. Experts suggest you should not use more than 30% of the credit limit. If you have spent more than half of your credit limit, it may hurt your credit score. Lenders will raise an eyebrow if you have a large credit exposure since it signals you are more likely to fail to get a personal loan. 5 Things That Can Help Improve Your CIBIL Score for Personal Loan Bank Account A healthy bank account shows a person’s ability to repay a loan. This enhances the likelihood of a loan being granted. A Good Source of Income A steady salary shows your ability to repay the loan. Even if you have a poor CIBIL score, this has a positive impact on your loan request. Guarantor If you have a poor CIBIL score, having a guarantor with a strong CIBIL score can boost your chances of acquiring a personal loan. Reduce The Loan Amount If you do not have the minimum CIBIL score for a personal loan, you may be able to secure a loan for a lower amount and at a higher interest rate. Recurring Payments Paying off pending debts, taxes, and bills on schedule can help improve your CIBIL score for personal loans. It could take some time, but it would still help. [B-02] Conclusion When it comes to maintaining a strong CIBIL score for personal loans, there are no shortcuts. However, if your rating falls between 600 to 700 and you desperately need money, you may still get a personal loan from many lenders. Before applying for a personal loan, carefully review the qualifying terms, interest rate, and other expenses. Read the loan contract thoroughly to make an informed decision. A loan may quickly become a burden. As a result, always pick the proper lender, compare rates, and pay your EMIs on time. People with average credit ratings have many options for personal loans in today’s market, yet, the only way to enhance your score is to repay your EMIs and finish your loan on time regularly. To learn more about the CIBIL score for personal loans, visit Piramal Finance. You may also explore their products and services.
08-11-2023
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Personal Loan

5 Ways to Get the Best Personal Loan Interest Rate in India

A personal loan is a kind of credit that can be used for a variety of things. This loan may be useful to you whether you wish to plan a trip, have unpaid bills, or suffer from a fiscal or health emergency. Another perk is that this credit is unsecured. As a result, you may obtain it without putting up any safety. You may contact several financial firms available for an instant personal loan. Yet, before asking for a personal loan, you must examine a few key factors that will help you get the lowest personal loan interest rate. When applying for a bank loan, compare lending rates or other factors. In a hard situation, a low rate will greatly decrease your EMIs. This post will guide you on how to get a low personal loan interest rate easily. [B-01] What Exactly Are Personal Loans? A personal loan is borrowed at a fixed rate and repaid over a certain time. These loans are unsecured. Thus, no security or assets are required. Use the loan proceeds to meet your urgent money needs, whatever these may be. Obtaining a personal loan is a fantastic solution to all your money needs. A personal loan is likely one of the most vital duties. You must alter your budget to repay it on time, even without paying a lump sum. Yet, if you want a loan, make an effort to get one with the lowest personal loan interest rate available. Factors Influencing Personal Loan Interest Rates Many lenders have developed guidelines for personal loan interest rates. Lenders base the interest rate offers on those guidelines. The following factors influence personal loan interest rates: Your Earnings Your income dictates the loan interest. Many lenders will believe you can make timely loan payments if you have a great salary and a steady income stream. You will benefit from lower rates and an easy personal loan if you make this impression. Loan Amount Your required loan amount is the most vital factor for the personal loan interest rate. The loan value given to you is set by your income and the sector in which you work. Repayment Period The duration of the line of credit directly affects the interest rate. The tried-to-offer rates would then reduce as the tenure lengthened. Potential for Repayment The capacity of the person to repay the loan is key in assessing interest rates. Many lenders believe you will repay the loan on time if you have no other debt obligations. Relation with the Lender Existing banks or firms may be granted a lower interest rate when asking for a personal loan if they strongly link with the loan provider. This is the bank’s option, and not all current clients will be given a positive interest rate. Rating of Credit Your credit score influences how much you can finance and your interest rate. As a result, interest rates can be much lower if you possess a credit score of at least 750 and no defaults. How to Get the Lowest Personal Loan Rate? Here are the 5 ways to get the best personal loan interest rate: Have a good credit rating A score of 700 or more is typically regarded to be a good score. A strong credit score helps your capacity to get new credit and allows you to get the loan amount with desired payback term at cost-effective rates. People with better credit scores are more likely to get a reduced personal loan rate on spending. A good credit score reflects groups give conduct and greater credit ratings. You can keep your credit score high by paying bills on time, preserving your credit record under 30%, having a diverse credit mix, avoiding combined loan enquiry with multiple lenders, which tends to increase the number of hard queries on your credit file, and so on. Check the rates given by various lenders If you fulfil many banks’ bank loan eligibility rules, you could always visit an online money market and evaluate the various offers. This might assist you in getting the best bargain. Good existing banking link Solid current contact with a lender may help you acquire a personal loan interest rate and better terms of service. This occurs because the lender is aware of your results add behaviour, and there is less risk in lending to an existing client. Examine the method of calculating the rate It is usually a good idea to check the method a lender uses to compute the rate charged on personal loans. Loans are often given at a lower rate, but you may wind up paying a greater interest sum at the end of the loan term. Lenders provide loans at either a fixed or decreasing rate if a fixed rate is paid on the whole loan principle during the life of the loan. In contrast, the declining balance method calculates personal loan interest rates solely on the existing principle. As a result, taking out a personal loan with a falling rate may cost you less than taking out a loan with a fixed rate, and vice versa. Have a solid job history Having a lengthy and stable job history might improve your loan options and help you receive a cheaper rate on your bank loan. Lenders often demand clients have a two-year total job history, including a year with the company. Employees of reputable public and commercial firms, federal or state authorities, and so on are often given personal loans with more ideal terms and lower rates. This is because these people have steady jobs and incomes, making them less likely to fail on loans. [B-02] Conclusion While taking a personal loan, the rate is a vital factor in assessing whether or not the loan meets your money needs. The rate charged by the financial firm is affected by many factors that have been covered. A low-interest rate raises the loan’s value by making repayment easy. At the same time, choosing which lender is best for a personal loan is vital. Keep in mind the things such as EMI, processing costs, application procedure, and so on when selecting a personal loan for you. Hope the tips discussed above will help you get a personal loan at the lowest rate. To learn more about the lowest personal loan interest rates, visit Piramal Finance for related blogs and explore their products and services.
08-11-2023
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Personal Loan

Emergency Loan: Get a Personal Loan for Urgent Needs

Quickly and easily pay unexpected costs like auto repairs or medical bills with an emergency loan, a short-term, low-cost unsecured loan. There are several emergency loans, including personal loans, credit card cash advances, and payday loans. A short-term loan could be an option if you do not have the necessary funds. But before you apply, you should educate yourself on emergency loans and eligibility criteria and carefully consider your options. This article highlights everything you need to know about emergency loans. [B-01] What are the types of emergency loans? A short-term loan used only for sudden expenses is known as an emergency loan. Here are a few types of loans that could be considered emergency loans: 1. Personal loans A personal loan is an unsecured loan that provides you with a lump sum. You do not need to provide any security against the loan. Over the length of the repayment term, you will pay EMIs. Personal loans, in contrast to many other sorts of emergency loans, have tenure starting from 6 months to many years. A personal loan can be helpful in many different situations. You can use the money for any expense. 2. Credit cards Credit cards are widely used for instant, direct payments. These are used to make purchases at stores. Credit cards are used to provide cash advances. That is, you pay with cash you do not have. Instead, you pay this borrowed amount at the end of a certain period (usually 30-45 days). You will receive a statement at the end of 30-45 days that highlights all your expenses. 3. Cash advance loans Cash advance emergency loans are short-term loans with a short payback period. The lenders of these loans are ready to work with people with low credit scores. In exchange, you have to provide security until you return the borrowed amount. Payday lenders provide quick cash advances. However, these have higher interest rates. How do you get an emergency loan? Before getting an emergency loan, decide what type of loan you need. You might want an emergency loan depending on your current expenses. Many lenders provide loans to borrowers with good and bad credit scores Your credit history and the amount of money you want will determine the interest rates and other costs. Many times these loans are approved swiftly. Here’s how to get an emergency loan from a personal loan lender: 1. Submit the proper paperwork. Submit the right paperwork with your application. You have to submit ID proof, bank statements, salary slips, and other documents. Keep the document in a file to make them easy to search. 2. Conduct a proper market study. Before selecting a lender, check the lender’s credibility. Here are the things you should look at: Find out how the lender is perceived by reading testimonials from current and former borrowers. Understand their market position. Compare the interest rate given by this lender and that in the market. Understand whether they provide a flexible payback period. 3. Submit your application. For an emergency loan, the application is approved quickly. It can be given within 24-48 hours. Lenders quickly disburse money into your accounts. Points to note before applying for an emergency loan There is no single standard for payday and other emergency loans. It is necessary to make a choice only after analysing markets and lenders. Below are a few points to consider before opting for an emergency loan. 1. Your credibility will be checked. Most lenders will look at your credit report. It will help them decide whether or not to offer you a short-term loan. Obtaining a loan will not be difficult if you have a high credit score. Do not worry too much if your credit score is poor. There are some lenders prepared to work with customers who have low scores. You can also offer collateral. 2. The payback period should be the focus. The payback period is the time you get to repay an emergency loan. It could be a few months to 7 years. When the repayment period is more, EMIs will be lower, but the interest will be greater. Therefore, consider all options before selecting the payback period. 3. Select a feasible rate of interest. When calculating the cost of your loan, the interest rate is the most crucial factor to consider. Most people want a low-interest-rate loan. You may be offered a high-interest-rate loan if your credit score is low. However, you can lower the interest rate by selecting a shorter tenure and smaller loan amount. 4. Consider the affordability of the loan. Check whether you can afford the EMIs for the loan before signing the agreement. Evaluate your total income and expenses to see whether you can afford the EMI. If you think the EMI is too high, you can opt for a loan with a longer tenure. You might also opt for a loan of a lower amount that has smaller EMIs. 5. Consider the charges beforehand. Emergency loans are also subject to charges. For example, you may be charged processing fees, prepayment charges, loan foreclosure fees and other charges. These may vary from 1% to 5% of the loan amount (or higher). Therefore, look through the additional charges section before signing the contract. [B-02] Conclusion The term emergency loan refers to any loan that can cover sudden expenses. Emergency loans have flexible repayment periods, interest rates and charges. Therefore, you should always consider all terms of the emergency loan before agreeing. Emergency loans are a type of personal loan with quick disbursal. You can reach out to an expert to understand more about emergency loans. For further details on emergency personal loans, visit Piramal Finance now.
08-11-2023
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Cards

How to Make Credit Card Bill Payments Offline

The credit card is one of the most helpful financial instruments in today’s environment. While banks provide a broad range of credit cards to meet your demands, they also offer many credit card bill payment methods so that you can easily pay your credit card bill. With the growth of the internet and digital banking, various methods for paying credit card bills online exist. But what if you wish to make your payment offline? This blog will discuss how you can pay your credit card bill offline. [B-01] Offline Options for Credit Card Bill Payment The following are some of the offline options for paying credit card bills: Customer Support Service Various credit card issuers/banks enable their users to pay their credit card bills by calling customer service. Users must, however, have a savings or current account at the bank that issued their credit card. If so, proceed as follows: Call your bank’s customer service hotline (available on the bank’s official website). The IVR would walk you through the credit card bill payment procedure while protecting your credit card information. It is good to note that not all lenders provide this service to users. So it’s best to check this before going with the payment. ATM You may pay your credit card bill from an ATM if you have a savings account and a debit card with the same bank. The steps are as follows: Go to the ATM or the bank with your credit card. Put in your credit card. After entering the PIN, select ‘Services’, ‘Bill Payment’, and ‘Credit Card Bill Payment’. Enter your credit card’s 16-digit number. You may now see the whole bill and the minimum amount owed. Choose the amount you want to pay. Your credit card bill will be paid when you hit the confirm button. Over-the-Counter You may pay your credit card bill by walking to the local branch of the credit card provider. All you have to do is contact a bank official and follow the instructions below: Fill out the cash deposit sheet with the credit card information and bill amount. Submit the slip and cash to the counter, and your payment will be completed. Cheque or Demand Draft (DD) Settling your credit card balance with a cheque is the most simple offline payment option. The steps are as follows: Make your cheque payable to the firm that issued your credit card, then include your 16-digit card number. You may use any bank’s cheque or the bank to which your credit card is linked. The bank name does not need to be specified if you use the same cheque. You can pay later by writing a post-dated check. It is suggested that you put your phone number on the back of the cheque. Drop the cheque at any of the bank’s cheque drop sites or mail it to the bank whose credit card you have. A different bank’s cheque may take up to three working days to clear. As a result, it is critical to drop it off long before the due date to ensure the payment is made on time. Note that the cheque may be refused if inaccurate data is entered or the sign does not match. This failure to make the payment on the due date leads to late fines. Certain banks may levy a fee for cheque payments if the credit card amount is minor. Things to Keep in Mind When Making Credit Card Bill Payments Monitor your billing cycle Paying your bills on time is the most important component of avoiding financial difficulty. Missing the credit card bill payment deadline might result in hefty interest charges of up to 30%. Furthermore, your credit score will be affected. Whether you’re a new credit card user or not, check your billing cycle frequently to keep up with any changes. Most banks and non-banking financial firms allow you 28 days to pay your debts. Pay off the minimum debt amount Pay the minimum on your credit card account if you cannot pay the whole amount. This will help safeguard your interests. You will also have a few additional days to arrange the necessary funds. If you have many credit cards, start with paying the one with the highest interest rate. The greater your debt is, the higher your interest rate will be. Don’t be concerned if you have paid more than what is needed Mistakes happen, but financial mistakes may sting the hardest. Don’t be concerned if you misunderstood the bill amount or paid more than what was required. The extra amount will be deducted from your future invoices. It won’t go to waste, but make note of it and keep track of the difference in the next bill. You may contact the credit card issuer’s customer service if there are any issues. Make reading your bill statements a habit Even while transactions with credit cards are automated, they are not error-free. You must review your credit card account statements before making payments. It will also assist you in determining if a retailer has reimbursed you after retracting a transaction. [B-02] Conclusion Many individuals depend on credit cards to purchase items because using credit cards has become popular in recent years. Credit cards also give financial protection and many features and incentives that tempt customers. Having credit cards, however, is only advantageous if you pay your credit card payments on a timely basis. The sum spent in a billing period should be paid well before the due date, or a lower amount must be paid. If you don’t, you may end up in debt due to extra charges. While there are various choices for paying your credit card online, banks also provide options for paying your credit card account offline. This is helpful for folks who are new to internet banking. One method of paying your credit card bill offline is cash at the closest bank branch of your credit card issuer, for which you must pay a processing charge. Yet, there are other options that this piece just covered. To learn more about credit card bill payments, visit Piramal Finance and explore the products and services.
08-11-2023
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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. 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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.
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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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