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Cards

Using the Autopay Feature on Your Credit Card to Make Payments

In recent times, we have all transitioned from cash to cashless. Before the advent of digital money, there were cards. As soon as you open a bank account, you are handed certain things. Inside the envelope are your passbook, chequebook and two cards: a debit card and a credit card. Both cards are used for monetary transactions, but as the name suggests, if you use the debit card, money will be deducted from your account. Whereas, if a credit card is used, you can make transactions even if you don’t have enough balance. You just need to pay back the amount at a later date to the credit card company. With the advancement of technology, companies have introduced a new feature known as “credit card autopay.” Nowadays, everything is automatic, even our washing machine. All these automatic concepts are meant to enable us to save time. Similarly, by enabling the autopay credit card online feature, money is debited on its own at a stipulated time without your interference. Cool, isn’t it? You do not have to worry about missing out on your payments and the bank serving you a notice for non-payment. [B-01] Benefits of a Credit Card I still remember, as soon as my salary account was opened, my father prohibited me from using a credit card. He believed that I would indulge myself in a shopping spree or forget to make the payments on time. Well, he was not wrong! Fast forward to the current situation, and I see my husband relying more on credit cards. Sceptical me tried to stop him at first, but then he said something that changed my perspective. Let us see his reasons for convincing me: Credit Card is safer Suppose your wallet gets lost or stolen; if you have cash, say goodbye to your money. If your debit card is used fraudulently, money will be debited from your account instantly. Even if you complain to your bank, recovering the money will take a little time, and your account may go for a toss. On the other hand, if your debit card is misused, you can alert the bank immediately. By doing so, even if purchases have been made using your credit card, you won’t lose any money. Track your spending You can even put a limit on your expenditures. There are certain budgeting apps that import data from your bank account and credit card. The apps help you to keep in check before you overspend. Rewards Lots of additional privileges are provided, like discounts, cashback, gift vouchers, reward points, and many more. Online credit card payments reap better benefits than shopping in a physical store. EMI conversion If you cannot pay by the due date, your purchases will be converted to EMI. However, interest will be charged. Credit score Maintaining a good credit score has many benefits. If you repay your debts on time, it will reflect on your credit history. If you want to apply for loans in the future, many companies check your credit history for eligibility. Impact of a good credit score As discussed earlier, having a good credit score ensures that lenders will readily agree to process your loan application or another credit card. The credit score is known as the CIBIL score. The 3-digit number is the sum of your credit history, report, and rating. In CIBIL, credit scores range from 300 to 900. If you have a score above 750, your loans will get approved faster. You might be approved for a higher loan amount at a reduced interest rate. Not having or using a credit card and not taking loans in the past, will harm the credit score. It will be difficult for the lender to determine whether you are likely to be a defaulter when it comes to your loan application. Closing previous loans has a beneficial impact on the credit score. You will be considered creditworthy if you avoid using your credit card too much and pay your credit bills regularly. Nowadays, we all have fast-paced lives. Under work pressure, we can’t even spend enough time with our family. Keeping track of the expenses and paying them before the due date, can be a tedious process. That’s where the credit card autopay feature comes to your rescue. Advantages of enabling the autopay feature on your Credit Card The autopay feature helps you pay the bills automatically in each billing cycle. You can set up an autopay feature on your credit card through banks or credit card issuers, or enable autopay for your credit card online using internet banking. Once you have linked your bank account, you have to set up your payment amount, date, and schedule. Make sure to set up a monthly minimum so as not to disrupt your budget. It is very important to set the payment date in such a way that you have received your salary or payment, before the due date of the credit card’s statement. Even though it is advisable to pay your outstanding amount in full, it is not possible all the time. By keeping your expenses low and setting up autopay on a good schedule, you can avoid late fees and pay a small amount of interest. Customers will receive pre-debit notification via SMS or email 24 hours before the transaction, according to RBI guidelines effective October 1, 2021. Recurring payments exceeding Rs. 5,000 require customer approval. This safety feature aims at limiting the fraud of unscrupulous, unapproved payments. [B-02] Now that it has been established that having a good CIBIL score, makes you eligible for a higher loan amount, go ahead and apply for a loan. Be sure to check the Piramal Finance website (www.piramalfinance.com). For a personal loan, log in at https://www.piramalfinance.com/personal-loan. Do check out various other products and schemes, including home loans. However, it is advisable to have good knowledge of the risks and features before committing.
08-11-2023
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Business Loan

What is the Best Source for Small Business Loans?

Over the last few years, the ease of doing business in India has significantly increased. Small business owners now have various avenues for securing a business loan. Small business loans are easily available from banks, NBFCs (non-banking financial companies), and the government under various schemes. Several new programmes have been launched by the government to support small business owners in scaling their operations. Apart from traditional sources like bank loans, one can now reach out to relatively newer finance products like crowdfunding or other non-banking lending institutions. Read on to find out the best sources for a business loan. [B-01] Why Business Loans? Small-scale businesses do not necessarily generate a great deal of revenue to earn high profit margins. This makes it difficult for them to plug money back into the operations and make the business sustainable. A business loan can be extremely helpful when starting a new business or at any other stage of the business lifecycle. Now, to secure a business loan, one must consider the merits and demerits of the different types of loans. The person also needs to estimate the approximate size of the loan that will be determined through a budget forecast. In India, the main source of business capital is banks. Other important funding entities are NBFCs, angel investors, and venture capitalists. As a business owner, you would mainly need two types of business loans: equipment and machinery loans and working capital loans. Product-based industries rely more on the first type, while service-based industries need more working capital. The best small business loans in India 1. PSB Loans The government of India has relaxed the process of a business loan application, and one can now apply for one in less than an hour! If someone is looking to expand the scale of their business operations, they can apply for a PSB (private and public sector banks) loan ranging from INR 1 lakh to INR 5 crore. The loan will be sanctioned immediately if it meets all the criteria. 2. Mudra Loans Mudra, or Micro Units Development and Refinance Agency, was formed as a nodal agency to provide small business loans. Businesses that are not covered under secured loans from banks can apply for this loan. 3. NSIC Loans NSIC, or the National Small Industries Corporation, allows small businesses to apply for financial benefits in the form of subsidies. The money from these subsidies could be used to buy materials or pay for marketing costs. 4. CLSS Loans Credit Linked Subsidy Loan, or CLSS, is a government scheme designed to improve the quality of production by small businesses. This allows a small business owner to stay competitive in the market. The CLSS subsidy can be availed as a business loan to upgrade the manufacturing setup. 5. SIDBI Loans The Small Industries Development Bank of India, or SIDBI, has collaborated with banks, accredited consultants, and rating agencies to give out small business loans. This is mainly targeted toward the service-based and manufacturing industries. Under this scheme, one can apply for funding in the form of bank loans. 6. MSME Loans When it comes to the micro, small, and medium enterprise sectors, traditional bank loans are the best option. A person can file a business loan application with any private or nationalised bank in India at affordable interest rates. They can get loans for working capital, term loans, etc. 7. Business Loans from Private Banks Depending on the type of business loan, one can also seek support from private banks in India. Because there is a lot of competition, private banks offer business loans with low interest rates, easy documentation, flexible repayment terms, and quick disbursement times. Small business loan eligibility criteria As a small-scale business owner, funding is always a concern. But with easily available business loans, many of the monetary challenges can be mitigated. If a person fits the below-listed criteria, business loan approval should be easy. Credit history: It is always a good idea to monitor credit reports and keep them up-to-date. This is the first thing lending institutions check while approving or rejecting a business loan request. Feasibility: While curating financial projections for a year, it is important to adhere to industry standards. If, for any reason, a person has not followed the industry standards, then the same must be outlined in the projection. At the time of the loan application, the person will have to give a detailed pro forma statement along with their plans. Business plan: For any lender to invest money in one’s business, they have to be sure that the business plan is financially viable. This includes the business model’s overall structure, estimates of capital, marketing costs, assets, and so on. [B-02] It is thus very clear that securing a business loan for a small business is very simple if the process is followed carefully. Given that there are so many avenues to secure a small business loan, like Piramal Finance, it is easy to make the business sustainable.
08-11-2023
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Business Loan

What Are The Average Interest Rates On Commercial Loans In 2022

The average interest rate on commercial loans varies depending on factors like loan purpose, type of business, borrower’s credibility, etc. The standard range of annual percentage rates (APRs) lies between 3 and 7% for traditional bank loans. As for alternative online loans, the APRs may vary between 11% and 44%, and sometimes even higher. Not all lenders, however, use APRs to calculate commercial loan interest rates. So, your finance plan as a business owner will also need to factor in APRs or something called factor rates from lenders. Sometimes, lenders may also charge you an interest rate on a weekly or monthly basis. The latter, however, can be converted into an APR. Sounds confusing? It’s not. If you are aware of the types of commercial loans, calculating the interest rate becomes simple. Read on to find out more. [B-01] Types of Business Loans and Interest Rates Depending on the nature of the business, there can be different types of business loans. The commercial loan interest rates are determined mainly by this. 1. Term loan Loans that have a specific repayment tenure are called “term loans.” These loans come with a fixed or floating interest rate. The commercial loan interest rates on fixed-rate loans range from 10.55% to 18%. Floating interest rates on business loans range from 8.9% to 16.4%. 2. Working capital loan You may also want to include a working capital loan in your business finance plan. This is a credit facility that you can avail of to manage your daily business activities. By nature, they are short-term business loans that can be paid off within a year. Depending on the type of loan, commercial loan interest rates may vary from 1% per month to 26% per annum. 3. MSME loan MSME loans can be offered in the form of cash credits, overdrafts, working capital loans, or term loans. Depending on the type, commercial loan interest rates may range from 1% per month to 26% per annum. 4. Overdrafts Overdraft facilities allow you to withdraw money from your savings or current account even when the account balance is zero. In this context, overdrafts are an extension of the banks’ credit facilities. Commercial loan interest rates on overdrafts vary from lender to lender and are mostly determined by your account balance. 5. Cash Credit Depending on your company’s creditworthiness and financial history, you may qualify for a cash credit or a short-term loan. This type of loan has a maximum repayment period of 12 months. 6. Invoice discounting Invoice discounting, also called bill discounting, is another way to get short-term financing. You can sell unpaid invoices with a payment date in the future and get a commission from the lender. 7. Letter of credit An LC, or Letter of Credit, is a great finance option for those businesses that are involved in international trade. If you are an exporter, you can get an assured guarantee of payment from banks or non-banking financial companies (NBFCs) on your exports. The commercial loan interest rates depend on the tenure. 8. Loan on machinery As the name suggests, you can apply for a machinery loan to acquire new equipment or machines, which will, in turn, increase business output. This is supposed to increase business profits, which will help you repay the loan. 9. POS loans POS, or point of sale, is nothing but the place where customers make an actual purchase and pay for it, like in a retail store. For business owners, this is the retail management system, as it is directly linked to sales, inventory, and customer management. 10. Government loans Various government schemes and policies have been devised to cater to the needs of business owners and facilitate the ease of doing business in India. Some of the most popular loans that you can avail of at great commercial loan interest rates are Mudra loans, National Bank for Agriculture and Rural Development (NABARD), Stand Up India, Small Industries Development Bank of India (SIDBI), and the Prime Minister’s Employment Generation Program (PMEGP). Factors that Affect Commercial Loan Interest Rates Commercial loan interest rates depend on a combination of important factors discussed below: Nature of your business: Loans are classified as priority or non-priority based on the business sector that you are working in. Non-priority sector loans usually have a higher interest rate. Years in business: The longer you have been in business, the better your chances are of securing a commercial loan. You have to be mandatorily in business for at least 2 years in order to apply for a business loan. Turnover: Your monthly business turnover determines what type of loan and commercial loan interest rate you will be able to get. The turnover reflects your profits or losses, which ultimately determine your loan eligibility. Credit score: Your business’ credit score is a reflection of its credit history and creditworthiness. A credit score of 750 or higher is considered good when applying for a loan. Collateral: High-value collateral ensures you get more benefits while availing of a business loan. Lender type: Banks usually charge a lower commercial loan interest rate compared to NBFCs or microfinance institutions. [B-02] Summing up It is thus very important that you keep these factors in mind while applying for a business loan. A high commercial loan interest rate is something you may want to avoid, as it may hurt your business in more ways than one. For more such knowledge-building articles, follow the Piramal Finance blog.
08-11-2023
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Other

Step-by-Step Guide to Making Your Home Loan Down Payment Effortlessly

When you buy a home, you do not just invest money; you realize a dream. You will need to take out a home loan to afford your purchase. Many banks and NBFCs offer high-value home loans at affordable rates. A home loan usually runs into lakhs and crores. Thus, there are strict rules that banks and NBFCs must follow when issuing housing loans. One of the key factors concerning a home loan is the down payment. When you apply for a home loan, the lender will only provide a specific amount. You will have to pay the rest upfront, i.e., a down payment. Read on to learn about the best ways to make a down payment for your home loan. [B-01] What is a Down Payment? Most lenders have an upper limit when they issue a home loan. They will give you between 60% and 90% of the amount as a home loan. You will have to pay the remaining balance from your funds. As this amount can go into lakhs or crores, you need to plan your down payments in advance. You can pay the down payment all at once or over time. If you have made any payment to the seller before, it will be considered a down payment. But you must keep the receipts ready with you and submit them to your home loan provider. Else, you can deposit the money with the lender, who will then pay the entire amount to the seller. Tips for Making a Down Payment on Your Home If you are going to buy a house, be ready to make the down payment on your home loan. Here are some vital tips to help you make the down payment easily: Plan Early: If you want to buy a home, it can never be a sudden decision. You must plan for years to be able to pay for the deal. If you know you will buy a home after “x” number of years, you can start saving some money every month. The amount can be invested in a risk-free investment. This way, over a period of time, you will be able to accumulate some money that can be used to make the down payment for your home loan. Pay as Much as Possible: Do not take a high-value home loan just because you can. Borrow only what you need. This will help lower the amount of home loan that you require, thus ensuring that your EMIs are lower. You will also be in a better position to repay the EMIs on time. Create a Corpus: You need to create a corpus to be able to make the down payment. There are many ways to create a corpus for a home loan down payment. This includes investment in shares, mutual funds, fixed deposits, or savings schemes. However, you should take precaution before investing. The scheme should have enough liquidity to allow you to withdraw the money when you need it. Proportionate Release: Many lenders offer this option to home loan customers. Herein, you need not make the down payment in one go. The lender will send the money to the seller based on the percentage of the work done. Hence, you will also need to pay the down payment in that proportion only. Only select lenders offer such a facility. Thus, check with your lender before you opt for a home loan. Maintain Records: If you are buying a house from a private seller, you might need to pay some money at the time of the deal and in the interim. This money will count as a down payment. Make sure you send the amount only through a bank account, cheque, or a demand draft. This will help maintain a record and count towards your down payment. You must also get a receipt from the seller every time you make a payment. Liquidate Investments: Borrowing a home loan when you have enough savings is pointless. There is a reason why you save money, which can be used to buy a house. If you cannot make down payments from your current cash flow, you can opt to liquidate your investments. Alternatively, many lenders offer low-interest personal loans secured by securities such as FDs and gold. Personal Loan: When you buy a house, there are many costs involved. You can apply for a personal loan if you do not want to use your savings for the same purpose. This amount will help you take care of the expenses that come with the down payment on a home loan. [B-02] Final Takeaway Be it a home loan or any other loan, you need to plan your down payments in advance. It would be best if you also looked for a lender that offers the maximum home loan at affordable interest rates. To read more about home loans and other finance-related topics, check out the Piramal Finance website. They have many blogs and articles on finance and home loans. You can also look at the various home loan options available and determine which one suits you best.
08-11-2023
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Other

Tips to Avoid an OTP Fraud

In the last few years, one-time passwords (OTPs) have emerged as a security measure to avoid banking thefts. An OTP is supposed to ensure that one’s money is safely transferred. It has become a time-bound security measure and has become more popular with the rise of digital transactions. But today, OTP has become a way for scammers to siphon money from people through fraud. [B-01] What is an OTP Fraud? People who conduct an OTP fraud do so by impersonating a company. They make several calls through fraudulent and fake numbers. Then, they offer lucrative services or easy money to the people on the other end. They lure people by promising them cash prizes and the prospect of quick deposits into their accounts. Most people fall into this trap and give in to fraud. The scammers then ask them for their card details. It includes the card number, PIN, and OTP. Many people, who are unaware of such frauds, readily offer these details without a second thought. As soon as these scammers get the details they need, money is deducted from the bank accounts of the owners. Such unauthorized bank transfers are what we call fraud. Surprisingly, this is not the only way in which fraudsters carry out OTP theft. Another way for scammers to steal one’s private information is by using malware. They can get a person to install malware on their phone. They usually do so by pretending to address a customer’s grievance. This gives them access to the customer’s phone. They can then read the OTP messages, again compromising the owner’s bank account. Yet another way for scammers to extract non-OTP from customers is to offer fake promises. They also try to startle the customers with the negative consequences of not following their instructions. Often, people feel threatened and give in to the pressure. These are some of the common ways in which scammers extract OTP for fraud. Amid rising incidents of such fraud, one needs to stay vigilant. Tips to Avoid Being a Victim of OTP Fraud Here are some tips that can help you learn how to be safe from OTP fraud: If one receives a text message with an embedded link in it, one must not click on it. Unless they can verify the identity of the sender of that message, clicking on such a link might lead to falling prey to fraud.One must always check the identity of the sender of a text message. Every bank uses only one common number to send informational messages to customers. If one receives a message related to their bank from any other number, there is a high chance that it is a fraud. One must not download any suspicious apps from Google Play or the App Store, even if the caller claims that it is needed for verification of some sort. No genuine bank ever asks one to download any app for solving grievances. One must never disclose their OTP to anyone. This includes their financier and bank. No genuine bank ever asks for one’s OTP. An OTP is only meant to be used by the customer. Anyone else asking for it to solve a query is sure to be a scammer. One must always keep a strict check on their text messages and emails. If any OTP is generated on their number without their knowledge because of a fraudulent transaction, they can detect it early. If one wants to connect with their financial provider, they should always do so through an official channel. They must use only authorized customer care numbers and official email addresses. Even while communicating with their banks, they should never disclose sensitive information such as their card PIN or OTP. One must be cautious of promises of earning easy money or cash prizes, especially when asked to deposit some money for the transaction to proceed. This is a common tactic used by scammers. One must regularly check that they do not have any malicious apps installed on their phone. Such apps can collect sensitive data from your phone. What to Do If One is Scammed? In the unfortunate event that one falls victim to an OTP fraud, one should reach out to their bank right away. One should request that their bank block their card as soon as possible. At the very least, this will ensure that the bank details are not compromised any further. Usually, banks provide dedicated contact numbers and email IDs to reach out to if you suspect fraud. Staying alert and informed is the best way to protect yourself from financial fraud. By observing these and several other tips for fraud prevention, one can steer clear of scammers. In the present, when digital transactions are on the rise, it is important to stay safe. One must remember that the safety of their bank account is in their own hands. Once a phisher steals money from an account, it can hardly ever be recovered. [B-02] Conclusion Lately, OTP thefts and frauds have been on the rise. But by following a few basic steps, one can minimize the chances of being scammed. It is very important to stay updated and informed about the operations of digital devices and banking services. For all such information, reach out to Piramal Finance. It serves as a one-stop shop for all financial information. Also, their blogs help in learning everything about financial services. Piramal Finance blogs might also give insights into any new patterns of phishing scams against which one must be careful.
08-11-2023
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Personal Loan

Top 5 Benefits of a Personal Loan EMI Calculator

An EMI calculator for personal loans is a tool that calculates the amount of money that you will have to pay to the bank each month to repay a personal loan. You can determine the amount you will have to pay for different banks. You can do this by entering the principal sum, interest rate, and loan period into the EMI calculator. The EMI calculator will then indicate the amount you must repay to the bank in monthly installments. An EMI calculator for personal loans may also assist you in understanding what the loan’s interest is. You can use the EMI calculator to calculate EMIs for all types of loans, such as auto loans, home loans, and personal loans. The personal loan eligibility calculator will assist you in making wise financial decisions. This article explores the advantages of using a personal loan eligibility calculator when planning to take a loan. [B-01] How to Use an EMI Calculator for Personal Loan Calculations You can use an EMI calculator for personal loans by entering the following information: The amount you want to borrow: This is the amount of money that the lender will lend you as a personal loan. The interest rate that the lender is charging: This is the amount that you will pay to the bank, which is a portion of the amount you want to borrow. The loan term: This is the time period within which you have to repay the loan. What Are the Benefits of Using an EMI Calculator for Personal Loans? Simple to Use One of the benefits of the EMI calculator for personal loans is how easy it is to use. It is simple and guides you through each step. Banks ensure that customers can use the EMI calculator for personal loans by making it easily accessible. To use the tool, all you have to do is go to the official website of the bank. Then, enter the amount you want to borrow, the interest rate, and the payback term. A personal loan’s payback term might vary from one to five years. Some providers even offer a personal loan app that makes it easy to use the personal loan eligibility calculator. Some reputable banks also offer on-call or in-person assistance with EMI calculations, which helps customers understand their loan repayments. Time-Saving Another advantage of using the EMI calculator for personal loans is that it saves time by providing quick and precise data. A personal loan eligibility calculator is available online. This helps people save the time and effort of going to the bank, standing in line, and waiting for their loan EMI to be calculated. Furthermore, people do not have to carry out the cumbersome task of preparing and providing multiple documents or calling an agent to figure out the exact repayment details. Instead, you can use a personal loan eligibility calculator from the comfort and convenience of your home, office, or other location where you are applying for a personal loan. Accurate Results Calculating accurate results is one of the most important benefits of using an EMI calculator for personal loans. There is always the chance of error with manual calculations to determine how much interest is due. With the pen-and-paper method, there is the risk of miscalculating the total sum due. Also, you do not have to manually test different interest rate combinations, target loan rates, and loan tenures. When you use the personal loan eligibility calculator, you save time and get precise and instant results for multiple loan options within minutes or even seconds. The tool also allows you to adjust the factors driving your EMI. It helps to test different loan amounts without affecting your credit score. Personal Loan Plan Comparisons Using an EMI calculator for personal loans allows you to check the interest and the total due for different loan sums and tenures without impacting your credit score. Soft checks are simple to conduct with a personal loan eligibility calculator. Also, you do not need to pay an agent or broker to provide these estimates and analyses on your behalf. You can easily try various funding choices using this tool. You can also figure out the most appropriate loan amount based on your monthly financial needs, day-to-day costs, and overall lifestyle. It should be noted that you are not required to select the first personal loan plan that is offered but can make your choice after making multiple plan comparisons with the personal loan eligibility calculator. Makes Loan Planning Easier An EMI calculator for personal loans is intended to assist you in figuring out the interest and the total due on a certain loan sum. Because of how easy it is to use, the EMI calculator for personal loans is the main method of calculating EMIs. A personal loan eligibility calculator does not merely indicate how much is due in EMIs. It also offers you a repayment schedule or table for the life of the personal loan. This repayment table displays the precise percent of the interest rate due each month until the loan is repaid. Using an EMI calculator for personal loans will help you plan your loan instalments ahead of time and avoid late payments. It assists you in evaluating your financial requirements, as well as determining how you will make your EMI payments. Repaying a loan on time is very important, and it can be difficult without proper research and planning. [B-02] Conclusion If you have already decided on a personal loan plan, the EMI calculator for personal loans will give you an exact estimate of what your monthly payments will be. The personal loan eligibility calculator is useful when researching the many loan choices offered. When you enter the loan amounts you are considering, the interest rates, and the tenure options, you will get a summary of your payment plan. This tool offers a simple analysis of loan options and also allows you to make a more timely, hassle-free, and educated choice on which loan plan to select. For more blogs on personal loan eligibility calculators, visit Piramal Finance and explore many other articles like this one!
08-11-2023
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Know More

Phishing – What is Phishing, Types and How to Prevent It

Cybersecurity is a popular topic today. Even though technical security is getting better, cybercrime is getting worse. Cyberattacks have become much more common. Phishing is one of the most popular and simplest ways for hackers to attack. Phishing happens when a network isn’t secure enough or when hackers use complicated methods to get into it. There are also other reasons. Even if your company has strong security measures in place, some phishing emails will still get through and cause problems. Let’s talk about the meaning of phishing, the types of phishing, and how to prevent it. [B-01] What is the Meaning of Phishing? Phishing is a cyberattack that involves contacting one or more targets by text message, email, or phone. Cybercriminals do it by pretending to be authorized people or institutions to get people to give them sensitive or private information. Some examples of such important personal information are bank account numbers or credit cards, passwords, and so on. With this information, cybercriminals have instant access to a secret data storage area or a crucial bank account. This leads to theft, fraud, or the loss of money. Given these scary results, it is important to know how to stop phishing. The first step in stopping this from happening is to know how to spot strange and unknown emails. How to Spot Phishing Emails Look for the following signs to spot suspicious phishing emails: Domain names with misspelled words Public email domains Poor use of grammar and language Links or attachments that look fishy Urgent call to action Types of Phishing Attacks Most of the time, phishing means fraud done through email, but there are other kinds of phishing as well. Phishing Emails Email is the most common way to do phishing. Scammers sign up for fake domains that look like they belong to real companies. They send a lot of requests to the people they are trying to scam. Characters are often switched out in fake domain names, like when “r” and “n” are put next to each other to make “rn” instead of “m.” There are many ways to spot phishing emails, but when a message asks you to install an application or click a link, you should always check the email address. Spear Phishing Spear phishing is like other phishing attacks in that it uses messages from a source that seems trustworthy to trick people. A spear-phishing attack, on the other hand, is aimed at a specific person or group of people rather than trying to send generic messages to many users in the hopes that one of them will fall for the trick. IT managers and HR staff are popular targets because they have more access to the organization as a whole. Smishing and Vishing In smishing (SMS phishing) and vishing (voice phishing), mobile phones are used instead of email. With smishing, hackers send text messages that look like phishing emails but aren’t. Vishing happens over the phone, and the scammer talks to the target directly. In one common vishing scam, the scammer tries to pretend to be a fraud investigator from a credit card company. The scammer tells the victims that their accounts have been hacked and asks them to confirm their identity by giving credit card information. The attacker could also ask the victim to send money to a different account. Pharming Pharming is a type of phishing that is very technical, which makes it harder to spot. It happens when a hacker takes over the domain name server (DNS), which turns URLs into IP addresses. When a user types in the URL of the target website, the DNS sends them to a different IP address, which is usually a devious website that looks like a good one. How to Avoid Phishing Attacks A business or company can only be successful if it is secure. Every business needs to know what phishing is and take strong steps to stop phishing attacks. Your defense is much stronger if you use strong and consistent cybersecurity practices. Don’t put off putting tight and appropriate security measures in place to ensure your business’s security. Here are some things you can do to stop phishing. Create a safe and secure environment Pay attention to social engineering and building trust. Don’t blame or punish the workers who were victimized. If people play “who’s to blame,” no one will be held responsible, and the organization will suffer. Check to see if the emails are real When you find a suspicious or important email, you should always double-check its validity and the address of the sender. Then check what’s inside and let the cybersecurity department know. Stay vigilant Phishing threatens the target and uses people’s psychology against them. These phishing emails use emotion, gratitude, or a false sense of urgency to get your attention and get you to act. Train your employees People who know how to stop phishing will tell you to train your staff through programs that raise awareness. Checking how well this kind of training works is always a good idea. Keep your information private Make sure you don’t give out your information on sites you don’t know or that aren’t safe. Don’t download anything from that website. Updating your browser Your browser should be kept up to date. Updates are meant to do something specific. They might make your security better and defend you from phishing attacks in the future. [B-02] Conclusion Phishing prevention is important because more criminals are using online scams to get your personal information. We know how to avoid spam emails, but phishing emails can look like the real thing. Some of them are even made especially for you. Phishing can be hard to deal with at times, but if you follow the simple tips and advice in this article and use the right tools to stop phishing, you can greatly reduce your chances of getting scammed online. For more details, you can visit Piramal Finance’s website and explore their
08-11-2023
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Personal Loan

What are the Benefits of a Pre-Approved Personal Loan?

Personal loans have become very popular these days, thanks to the easy availability of loan terms at a time when credit is becoming harder to come by. Everyone needs a loan from time to time. A personal loan can be an excellent option for cash-strapped students or those who are looking for relatively small amounts of money. With these loans, you can easily get cash off your hands for things like a vacation or a new piece of furniture. Personal loans are typically unsecured, which means that you don’t put up any collateral and are not providing any security for the loan by giving personal guarantees. If you’re in the market for a personal loan, you may be wondering what the benefits of a pre-approved personal loan are. A pre-approval means that the bank has already determined that they would like to extend a certain amount of money to you. This can be very helpful because it will decrease the amount of time it takes to get your loan approved. [B-01] Here are some benefits of pre-approved loans: 1. Minimum documentation: Pre-approved personal loans usually require very little documentation. This means that you can get your loan faster. The lending institution has already checked your credit and decided to pre-approve you for a loan; therefore, they know that you are a good risk and most likely won’t be putting their money at risk. One thing that makes the loan process easier is that it doesn’t take very long. If there is too much paperwork and it takes months for your loan request to be looked at, this will make things harder for you than they need to be. 2. Lower interest rates: Usually, when you are pre-approved for a loan, the bank or lending institution will know that it is highly likely they will get their money back to them in full because your credit history and income make you a good candidate for repayment. In addition to knowing the likelihood of them getting their money back, they also know that they won’t have to wait very long before their money comes in. This can sometimes lead to lower interest rates because the lender is taking less risk. 3. Quick sanction: If you’re a consumer who is in desperate need of cash, then you are probably going to want a loan that is sanctioned very quickly. When you’re pre-approved personal loan, the sanctioning process can be much faster within days, rather than weeks or months because the lending institution has already put in all of the hard work of reviewing your case and deciding whether or not they would like to lend to you. 4. A lower interest rate: If you are applying for a loan and aren’t pre-approved, then the lender probably won’t give you the best rate. This is because they don’t know your income or credit history very well. However, if you are pre-approved for a loan and have already been thoroughly reviewed by the lending institution, there is a greater likelihood that they will approve your loan at a better rate. Being approved for a loan means that the lender is taking less of a risk when loaning you money; therefore, they might be more willing to give you their best rates to compensate for this. 5. Flexible loan period: Being pre-approved for a loan will give you access to more flexible repayment terms. This is because the lender has already determined that you are worthy of being lent money and has decided to offer you a loan at this time, so they probably won’t mind lending it to you on your terms. They will likely be much more flexible with the repayment period, allowing you to pay off the loan within whatever time frame works best for your needs. This can be extremely helpful because it will allow you to get your loan at a time when you need it, and pay it back without any problems. 6. Access to larger borrowing limit: When you are pre-approved for a loan, the lending institution has already done the work of reviewing your credit history and current income and assets. They know what your budget looks like, which means that they can usually offer you a larger loan amount than if you weren’t pre-approved. If you are looking for a personal loan, then being pre-approved can be one of the best things that could happen to you because it will streamline your loan application and decrease the amount of time it takes to get approved. 7. More negotiating power: When you apply for a loan and aren’t pre-approved by the lender, it is more likely that you will have less negotiating power. This is because the lender doesn’t know how reliable you are or whether or not they will get their money back from you. On the other hand, if you are pre-approved for a loan, you have more power because the lending institution has already decided that they want to give you money. This means that they will likely be more open to your requests and will usually be willing to negotiate their terms. 8. Special discounts: If you are pre-approved for a loan, then you might get pre-approved loan offers that give you special discounts, such as additional perks, because they believe they will be getting their money back from you. There is usually a certain amount of confidence that comes with being pre-approved. If you are going to be applying for a personal loan, then it’s worth it to see what sort of discounts you can get just by being pre-approved. [B-02] Pre-approved personal loans are a great option when it comes to getting cash quickly. If you are looking for an easy way out of a financial bind, then getting a pre-approved personal loan from Piramal Finance can be exactly what you need. They offer flexible repayment terms ranging from 12 months to 60 months, as well as zero prepayment and foreclosure charges on your loan.
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Personal Loan

What Are the Features and Benefits of an Instant Personal Loan

It’s highly likely that despite your best efforts, you will fall short in terms of cash to cover unforeseen expenses. At such times, you require some extra cash to cover those expenses, which can be almost anything. Instant personal loans are a common way to quickly receive the money you need. Applying for a personal loan online is quick and easy, and if you need more than Rs. 20 lakh, you may acquire it quickly with adjustable EMIs that span from 5 to 7 years. [B-01] What is an Instant Loan? These days, banks work more efficiently than they did a couple of years ago. Banking processes are becoming increasingly paperless and quick. Further, there is a rising need for rapid loans online to cover unforeseen costs such as medical crises, the acquisition of a major asset, wedding or trip expenses, automobile or house maintenance costs, and more. Increasing numbers of people are opting for instant personal loans because of how quickly they can be disbursed post-application. What Are the Different Types of Instant Loans? Here are some examples of widespread forms of quick loans: Short-Term Personal Loans (STPLs): STPLs are gaining traction in India, where borrowers can acquire a loan for as little as Rs. 1,000. Many NBFCs and online lenders now provide these services. It’s the best option for solving money problems at the end of the month. You may apply for an STPL Loan online or through the mobile app, and once approved, the funds will be sent to your account in a matter of minutes. Personal Loans: Most people turn to this type of loan when faced with a financial emergency since it is the most widely available unsecured lending option. Numerous financial institutions (FIs) and Non-Banking Financial Companies (NBFCs) provide this loan with amounts ranging from 30,000 to 40,000,000. This loan often has a higher interest rate than a secured loan, but you can return it whenever you choose over a longer period. Top-Up Loan: A top-up loan is a loan taken out in addition to another loan, usually a mortgage or personal loan, and used to pay for unexpected expenses or make necessary improvements to one’s house. This loan may be processed quickly with no effort on your part because the bank already has the necessary information on file. Loan Against Credit Card: Depending on your payment history and credit limit, your credit card issuer may extend you this form of loan if you have a credit card. Loans that have already been authorized can be processed promptly and disbursed to the borrower. You may also apply for this loan by contacting your credit card company. Insurance and Savings Loans: A variety of financial institutions (both banks and NBFCs) will provide you with a loan if you have a small amount of money in things like insurance policies, bank deposits, or NSCCs (NSCs). The term “demand loan” can also be used to describe this type of borrowing. However, the sum you can borrow is determined by the cash value of your policy or NSCs at the time of maturity. Borrow up to 90% of your savings value if you have a good repayment history. What Are the Top Features and Benefits of Instant Personal Loans? Paperless Approval: Certain documentation may be required by the lender in order for your loan application to be approved. However, when applying for a personal loan online, all paperwork is handled digitally. In addition, if you are a client who has already been pre-approved, you will need to submit very little paperwork. No Collateral: Quick personal loans are unsecured loans. Therefore, you won’t have to worry about providing security or collateral for this. Instant Disbursal: If you need money quickly, a fast personal loan is a good option because of the speed with which approved funds are deposited into your account once the loan has been finalized. Almost No Waiting Time: Instant personal loans have a far quicker turnaround time compared to traditional loans. Flexible Loan Terms: A borrower of an instant personal loan has several repayment options. This means that you can select a repayment term that best suits your needs within the confines of the lender’s maximum loan payback period. Variable Loan Amounts: People who want immediate personal loans can ask for any amount between the minimum the lender requires and the most the lender will give. Competitive rates: A low-interest loan is more likely to be provided to someone with a high credit score. As a result, you’ll be able to reduce the cost of the loan. What Are the Eligibility Criteria for Instant Loans? The following are the prerequisites for applying for a payday loan online: One’s credit score is essential for obtaining a low-interest, no-hassle personal loan in a short amount of time. Keeping your credit score above 750 is highly recommended. Prospective borrowers applying for a quick personal loan must be of the minimum age required by the lender. The minimum and maximum ages may change depending on whether you’re an employee or a business owner. Before applying for a quick personal loan, it is important to find out how old you have to be to meet the minimum age requirement of any financial institution you are interested in. Employment status: Most lending companies will give instant personal loans to both people who work for a company and those who work for themselves. There are several sources to turn to when you need a fast personal loan. Unfortunately, even these types of lenders require at least four or five business days. However, an instant personal loan is the best and fastest option if you need a loan quickly. [B-02] Conclusion Instant Loan is the fastest disbursing loan. The funds will be sent into your bank account within minutes of approval. A personal loan application can also be obtained online with a few mobile clicks. No collateral is needed, and you can apply for a personal loan at any time and from anywhere. Several banks and NBFCs provide Instant Personal Loans. Consult a professional financial firm, such as Piramal Finance, if you have any doubts. Their specialists may be able to assist you in determining how much money you need to borrow and where you can make purchases.
08-11-2023
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