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What Is my Personal Loan Number & How Do I Find My Loan Number?

When you apply for a personal loan and it is accepted, you must keep records of your payments. However, it might be hard, especially if you already have more than one current loan. Banks also work to keep a record of each personal loan they make. The LAN, or loan account number, makes things a lot easier for both sides. [B-01] What Is the Account Number for The Loan? When the personal loan is accepted as well as the loan account is formed, your bank gives a special set of numbers to your loan account. Each loan account has its loan account number. If you’ve taken out two or even more loans with the same organization, the personal loan account numbers would be varied. Banks use the loan account number, which is specific to each loan account, to keep a record of all the personal loans you have approved. Loan Features and Advantages Loans are classified into different types depending on a variety of criteria. You may choose the type of loan you want depending on your needs and eligibility. The lender will have the last decision on the personal loan amount they want to provide you based on various criteria such as repayment ability, income, and so on. Every personal loan will have a payback period and an interest rate Each loan may be subject to several charges set by the bank. Many banks provide fast loans that are paid between minutes and hours. The bank sets the interest rate depending on the Reserve Bank of India’s rules. The bank sets the amount of security required. In some situations, a third-party guarantee might be applied place of security. Loan repayments must be paid in equal monthly instalments during the loan’s specified time. Prepayment in whole or in part could or could not be an option. Prepayment fees may be applied by these types of personal loan and banks. Eligibility for Loan The loan qualifying conditions depend on the form of loan you want. In general, you may confirm your eligibility using the basic criteria listed below. A good credit scores Continual income flow At the time of taking a personal loan, you must be between the ages of 23 and 60. Security proof, such as investments, FDs, real estate, and so on. A good working relationship with your bank A track record of regular debt payback Types of Loans According to the security provided by the clients, a personal loan is divided into two parts; Loans with Security These loans demand the client to put up assets as security for the funds borrowed. If the client becomes unable to pay back the loan, the bank may use the offered assets to recover the due amounts. When compared to unsecured loans, the rate of interest on a such personal loan is much less. Loans with No Security No security is required for loan delivery on unsecured loans. To decide whether or not to provide the loan, the bank examines the borrower’s previous connection, credit rating, and other factors. Because there is no means to collect the loan amount if the client fails, the rate of interest on a such personal loan may be high. The Required Documents. Applicants with a Salary Formal application with picture Identity and address verification Bank account report over the last six months The most recent salary slip Form 16 Applicants Who Are Self-Employed Formal application with picture Identity and address verification Bank account report over the last six months Business proof Overview of the business Income tax returns (personal and company) for the past 3 years Last 3 years’ financial gains or loss reports and balance sheets What Is the Benefit of Knowing Your Loan Account Number? To handle your loan, review your loan progress, and submit Instalments, you must remember and understand your personal loan account number. If you return your loan by online banking, online wallets, debit card, or by contacting a bank office, you must provide your loan account number. Your loan account number is also useful if you want any extra help or support related to your loan. Only when you have provided the personal loan account number the bank would be able to help you with your questions. If you would like to edit any personal details on your account, then you will need your loan account number to do so. For example, if you updated your contact details and want to change them, you must provide your loan account number. How Can You Get Your Loan Account Number? There are various methods for getting your personal loan account number. Here are a few examples: Review Your Loan Statement The loan report sent by your bank when your personal loan is approved contains all of your loan data, including your account number. The report will also provide details on the instalments you paid and the unpaid balance. Browse Your Bank’s App or Website. You may also confirm your loan account number by connecting to your current banking account on the internet site or mobile banking app’s client login tab. Dial The Bank’s Toll-Free Customer Service Line. Contact the bank’s toll-free customer service number for guidance and help with your personal loan. Go to any of your bank’s branches. You may take your PAN card and bank account information to the branch where you received the personal loan. Give the information to the bank’s officer. Following verification, the agent will give you your personal loan account number. [B-02] Conclusion The loan account number is an important feature to be aware of. You can monitor your Installments, verify the amount you’ve received, and make smarter investment choices by using your loan account number. Remember your personal loan account number now that you understand what it is and how necessary it would be for your personal loan information. To know more about such types of topics, visit Piramal Finance.
08-11-2023
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Personal Loan

How to Calculate Eligibility for Different Types of Personal Loans?

It has become easy to apply for a personal loan. You can apply for many different types of personal loans. They can be used for anything, such as vacation or education expenses. You need not apply for a loan with the same bank. You can also apply for a personal loan from other banking and financial institutions. One thing is often ignored: personal loan eligibility. Even if you apply for a loan, there is no guarantee you will be approved. The reason is simple: your application’s approval depends on eligibility criteria. Your application is evaluated against each. If you check most of the boxes, you receive the loan. Your application is rejected if you do not meet all requirements. It sounds simple enough. So, what determines personal loan eligibility? [B-01] General personal loan eligibility criteria Many factors determine if you are eligible for a personal loan or not. The factors include your monthly income, age, and whether you are employed. Different institutions have different criteria. CIBIL score You need a good credit score to avail of a personal loan. It is important to ensure that you do not default on any payments. You can check your CIBIL score by requesting a credit report from your bank. Income Your loan eligibility is heavily dependent upon your income. You can get higher principal amounts if you have a higher income. However, a steady income is a bonus. Location Where you live also plays a role in determining personal loan eligibility. Your salary is evaluated against the cost of living in that city. If you reside in a metropolitan area, you will need to have a higher salary to apply for a loan. Employer Working for a good organization is also something that would be a factor in determining personal loan eligibility. Working at an organization with a good credit history can boost eligibility. While institutions rarely refuse applications simply because of your employer, they may reject the application if they think you cannot make the EMI because of your job. Real estate Your application has a higher chance of being accepted if you own a home. Renting a property means a part of your income is spent there. As a result, you have less money to manage EMI and expenses. It reduces your ability to repay the loan. Many lenders see this as a risk. Age You should be 25 years old if you are self-employed or own a business. If you work for an employer, you are required to be 21 years old at the time of application. Your maximum age at the time of loan maturity should be 65 years. Nationality Most lenders provide loans only to Indian citizens or residents. However, some lenders also provide loans to non-resident Indians (NRIs). NRIs will have to meet another set of criteria. Personal loan eligibility based on employment As mentioned before, personal loan eligibility criteria differ from one lender to another. The general criteria for salaried individuals, self-employed professionals and business owners for personal loans are listed below. Business owners and self-employed professionals You should be in your current profession for at least 2-3 years. Your minimum income per annum should be 1 lakh rupees. You need to submit income tax returns for the last two years. You need to submit proof of business. You need to provide a business registration certificate, license, or GST number. You need to submit a TDS certificate (Form 16A) if you pay your salary. Salaried individuals You should be employed at your current organization for at least six months. Your minimum income per month should be at least INR 25,000. However, some lenders accept INR 15,000 p.m. salary. You should submit your salary slips for the last six months. You have to submit Form 16 or income tax returns. Apart from this, there might be different concessions depending on the lender. Personal loan eligibility changes with each bank. Documents required to prove personal loan eligibility You can provide the following documents. Proof of identity: passport, Aadhaar card, PAN card, etc. Proof of Signature: PAN card, passport, etc. Proof of Address: utility bill, rent agreement, ration card, etc Proof of income: Bank statements from the last six months, TDS returns or Form 16. You cannot use the same document as proof of two or more criteria. Tips to improve the personal loan eligibility Always pay your bills on the due date. If you miss a payment, it can decrease your credit score. This will affect your eligibility. If you have a lot of debt, try to clear it as much as possible before applying for a personal loan. Debt can affect your CIBIL score. A full-time job makes it easier for you to become eligible for a personal loan. The lender is sure that you can pay back the loan. That makes it easier for them to tender a loan. However, if you do not have a job, you should be able to provide proof of income. Maintain a trustworthy relationship with the lender. Your age decides your eligibility. Lenders limit how old you can be when applying for a loan. The logic is simple: the younger you are, the more time you have to earn money. [B-02] Conclusion Read all the terms and conditions before applying for a personal loan. It is equally important to calculate personal loan eligibility before applying. A personal loan can help in many ways. However, having a good understanding of the financial product is necessary before making any purchase. The tips in this article will help you understand the facts and apply for a loan. If you are ready to read more, visit Piramal Finance.
08-11-2023
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Personal Loan

Factors Other Than Salary That Decide Your Personal Loan Amount

A personal loan is the support system in times of emergency and even on your big days. The importance of personal loans is well-known to many of you. A personal loan is not given as per the personal desire of the lender. Apart from the salary, the availing of personal loans depends on many factors. In this article, you will find the factors that decide the amount of your personal loan other than salary. [B-01] What exactly is a personal loan? A personal loan is an amount that you borrow from banks or other Non-Banking Financial Companies (NBFCs). A personal loan needs you to pay an interest rate till the repayment period for the principal amount. Generally speaking, there is no need to provide security or collateral when applying for a personal loan. Unlike an educational loan, you can use this money to finance any of your needs. Factors Other Than Salary That Decide Your Personal Loan Amount Many factors decide your personal loan amount other than your salary. They include your age, credit score, occupation, etc. They are discussed in detail below. Employment status: This is the prime factor in getting a personal loan. Banks and other institutions will hardly provide loans for an unemployed person. This is because of their inability to repay the loan. But you can either be a salaried employee or a self-employed individual. Age: The lenders (banks) will consider your age for fixing the principal amount. It is generally from 21 years to 60 years. The age criteria are different for different lenders. The minimum is your age; the maximum will be the chance for you to get a personal loan. This is because of the number of working years before retirement. Sometimes, if you are more than 60, you will be asked to submit collateral or security. Experience: This is one of the important factors that lenders consider. The number of years of experience working in the same industry will be considered. For instance, person X has a working experience of 3 years and has changed three different fields. But person Y has a work experience of 10 years in the same industry. Without a doubt, the lender will prefer person X to person Y for a personal loan. Credit (CIBIL) score: A credit score is important for a personal loan and other financial activities. CIBIL Score is a three-digit number that shows your credit history. This scale ranges from 300 to 900. It is always advised to have a minimum score of 700 to obtain a personal loan. If you have a low credit score, don’t panic. It is possible to improve your CIBIL score. So it is better to check your credit (CIBIL) score online free of cost before planning for a personal loan. Financial discipline: The lenders will see your past repayment history for a personal loan. This will make your profile low-risk. The timely payment of EMIs and interest will also be considered. A good relationship with the lender: Transactions or any good financial record with the lending institution matters. This will help lenders to have good trust in your repayment. This will sometimes decide the interest rate for the personal loan. Because lenders won’t be stringent in this case. Present market conditions and Government’s steps: The market conditions and the government’s steps directly decide your interest rate. They include inflation, recession, etc. Inflation is the general rise in prices. If there is inflation, you will be charged a high-interest rate. A recession is a period of decline in economical activities. During the recession, the interest rate will be lower. The reputation of your organisation: If you are a salaried individual, the reputation of your organization matters. If you work in a well-known company, the chances for your personal loan will increase. What are the features and benefits of a Personal Loan? Minimum Documentation: When compared to other lenders, we’ll ask you for some basic documents. This will save you time and reduce your documentation burden. The documents are for proof of your identity, address, and your income. Check the required documents in advance to avoid a last-minute rush. Principal Amount: The principal amount from us ranges even from Rs.1 Lakh. Quick Sanction: We not only sanction your loan as soon as we can, but we also disburse funds quickly. Use as you wish: This is the best benefit that you can get from a personal loan. Unlike other loans, you need not restrict the use of the principal amount. You can use the amount to finance almost any need. It may be your dream wedding or your medical emergency. Low EMI: We will never charge high-interest rates for personal loans. It will be decided based on your ability and creditworthiness. This will also help in easy cash management. Flexible Repayment Period: To pay your interests, you can choose any method (fixed type, floating type, or hybrid type). There is an option for pre-closure and pre-payments. It ranges from 12 months to 60 months. Zero Pre-payment and Foreclosure charges: Before the actual tenure, if you have a bulk amount, you can pay off the loan. We’ll never charge extra for preclosing your personal loan. And there will be no pre-payment charges. [B-02] The Bottom Line We hope that you understand the factors that affect your personal loan other than your salary. To learn more about personal loans and related topics, you can visit Piramal Finance. You can get in touch with us anytime. We at Piramal Finance will assist you as a team of experts. We will guide you in all the required processes.
08-11-2023
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Personal Loan

Top X Benefits of Personal Loan You Must Know Today With Piramal Finance

Personal loans have many benefits, including their adaptability, accessibility, and hassle-free application process. A personal loan is a fantastic option to pay for your urgent needs. You could take out a personal loan to pay for unexpected medical bills or a big purchase. [B-01] Pros of a Personal Loan Lack of a Collateral Personal loans aren’t backed by anything, so you don’t have to put up anything to get one. Because of this, it’s easier to get a personal loan than it is to get a loan for a house, a car, etc. But as a borrower, you should know that unsecured loans are riskier for lenders, so the interest rates are usually 1.33 per cent or higher each month to make up for this. Rapid Approval Processing a personal loan takes a lot less time than processing a home loan, which can take 3–4 weeks. Because of this, they are the best way to meet your immediate cash and payment needs. If you have a good credit history, it won’t be hard for lenders to say yes to your loan request. Loans are also given out quickly, and the money is in your account faster than other loans. Increases Credit Score If you have bad credit or no credit history, getting personal loans that you can pay back on time is a great way to improve your credit score. Your credit score will increase if you make your EMI payments on time and at the rate you agreed to. But it’s important only to borrow money that you can pay back. If you do, paying your EMIs could help your credit score. Multiple Methods of Payment Some lenders will even let you only pay back the interest on the personal loan for the first few months. This way, you can lower the initial cost of your EMI payments and use the money because you got it in the first place. Remember that the first few months will depend on how long you have to repay your loan and how much principal you borrowed. Flexible Loan Repayment Period You can pay back the personal loan anywhere from 12 to 60 months. But your ability to get a loan will determine how long you can take to pay it back. Easy Process for Documentation You won’t need a lot of paperwork to get a personal loan. Now, all you need is a PAN card, an Aadhaar card, proof of your current address (if you’re borrowing the money), or proof that you have a steady source of income. High Amount Available You could get a personal loan for up to 50 lakhs. Your credit history will determine how much you can borrow, so keep that in mind. No Limits on Final Use You can use the money however you want. You can use the money from the loan to pay for your dream trip, make your house smarter, or even pay for medical bills that came up out of nowhere. Huge Purchases If you need to fix your car’s transmission and buy a new dryer and washer but don’t have the money on hand, a personal loan can help. If you use your car or those appliances a lot, you can use a personal loan to pay for expensive repairs or to buy large household appliances and electronics quickly. Don’t Worry About Limits Loans are used for many different things. If you bought a house with a mortgage, that would help. With a car loan, you have to buy a car. You should use the money from your student loan for tuition or other approved costs. But people who take out personal loans have more options for spending money. A lender may ask what you plan to do with the money in situations other than personal loans. However, limits are usually written in the fine print. Here are some ways that people could use the money from a personal loan: Unexpected costs, like medical bills, have to be paid for. Adding things to the house Getting money for a family trip or other big purchase Debt consolidation Who Can Apply for a Personal Loan from Piramal? Salary workers with the following jobs can apply: MNCs or companies like them Partnership Businesses Concerns about ownership Institutions run by the government, Private sector, and Public sector. The age range for these salaried workers should be between 21 and 60. They have to make at least Rs. 25,000 per month and have worked for the same company for at least six months. Documents Needed to Get a Personal Loan from Piramal PAN Card: Required for anyone who wants to apply for a Piramal Personal Loan. Proof of identity Aadhaar Card, Voter ID Passport, Driver’s Licence Proof of Address Voter’s Identity Card Utility bills like Telephone Bills/Electricity Bill, etc Registered Leave and Lease Agreement Passport Driving Licence Aadhaar Card/Aadhar Acknowledgement Proof of income Pay stubs from the last month Bank statements from the last three months. Co-applicant You will need a co-applicant if you need to combine incomes to get a loan. The spouse can only send in a joint application. At the time of the loan application, it will also need the documents of the other person who wants the loan. Financing Piramal Personal Loan Risk Gradation Piramal Finance uses the following method and takes the following factors into account when determining a borrower’s risk level for a loan: Profile, the borrower’s standing in the market, the use of internal credit scoring algorithms that use proven methods like Bureau performance and other data sources, How long we’ve known the borrower, how well they’ve paid back loans in the past, and how well our similar clients have done. Characteristics and values of the first and second forms of collateral and security, What kind of asset is being paid for, what is the loan being used for, Interest, the default risk of the linked business segment, Rules, if there are any, and other things that might be important in a certain situation. The loan’s term, amount, schedule for paying it back, and structure (along with any proposed moratorium, if any). Clients may pay different interest rates for the same loan term, depending on how one or more factors are put together. [B-02] Conclusion You should know that the approval process for personal loans goes a lot faster when you use a lender’s mobile app. Avoid the long application processes, crazy collateral requirements, high-interest rates, and hard-to-meet payback schedules that come with other borrowing options. A personal loan is a quicker and easier way to get the money you need, which will be sent straight to your bank account. If you want to learn more about these things, you can go to Piramal Finance. If you want to learn more about these, you can learn more at Piramal Finance.
08-11-2023
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Personal Loan

All you need to know eligibility, interest rates of personal loan for nri

Have you ever thought to postpone your much-awaited holiday or the much-needed home renovation because of the shortage of funds? You need not worry. Things have changed nowadays as you have a personal loan for rescue for all your personal needs. [B-01] What is a personal loan? A personal loan is a type of financing structured as either an instalment or line of credit. It enables the borrower to make purchases for the present and future. This type of loan does not require collateral or security and is offered with minimal documentation, this is the foremost reason that it is preferred by borrowers widely. The funds from this loan can be used for any legitimate financial need. Like any other loan, you must repay it as per the terms agreed with the bank. The first and most important thing is to check your personal loan eligibility. 5 Reasons why you need to get a Personal Loan: Debt Coalition: Do you have too many loans that result in too many EMIs and create confusion. With a personal loan, you can consolidate all your debt in one single loan with a fixed rate of interest and tenure. Medical Emergency: You might have a medical insurance policy with solid returns but a lot of costs are not covered under it. Hospitalization costs are enormous and in terms of instant money for the deposit in a hospital, Personal Loan is there for you. Wedding: Getting your daughter or son married requires a huge amount of money. You might have a surplus kept for the special day, but financial help is still needed for some or other petty expenses. You can opt for a personal loan and pay it back slowly at your convenience. For NRIs: If you are an NRI, you might be having a lot of expenses in settling down Abroad or needed for emergencies. In this case, you can choose a personal loan for NRIs at affordable rates. Moving loans: If you are moving into another state, there are a lot of expenses from hiring packers & movers or settling down at a new place. Personal loans are a good option in that case. Let’s study in detail Personal Loans for NRIs: From education to jobs, people move out of the country for various reasons. If you have moved out for a shorter period, it’s tough for you to take a loan in that country for the immediate shortage of funds. Personal Loans can help you meet such emergencies. Benefits of Personal Loans for NRIs: Convenient: Can be applied online No security/collateral required Quick processing and disbursal Attractive rate of interest Simplified documentation No restriction on usage Flexible tenure Personal Loan Eligibility criteria for NRIs: For Salaried individuals: Minimum 22 years and maximum 58 years of age. Minimum Work Experience should be 2 years and 1 year with the current company. It’s compulsory to have a co-applicant and he/she must be a close relative of the applicant. Lenders also check the credit score, employer’s profile, monthly income, job profile, EMI/NMI ratio, etc., while evaluating eligibility. For Self-employed individuals: Minimum 22 years and maximum 67 years of age. Minimum Total Work Experience should be 2 years in the current business. Co-applicant is necessary and must be a close relative of the applicant. Documents Required: Application form with passport-sized photographs Photocopy of the Passport and Visa Proof of identity for applicant & co-applicant Proof of address for applicant & co-applicant Income Proof: Statements for both Indian and international bank accounts for the last 6 months. Along with it, salary certificates or salary slips for the last 6 months. Proof of Employment: Appointment Letter, Job contract, HR’s email ID or official email ID, Labour/ Identity card/CDC Applicants may be required to submit other documents as well. It depends on the personal loan documentation policies set by the respective lenders. Rate of Interest for NRI Personal Loan: The rate of interest and policies varies from bank to bank. The rate of interest for NRI personal loans ranges from 11% to 15%. You can choose your lender based on various factors such as rate, policies on repayment, tenure, eligibility policies, credibility, etc. Points to consider before putting in an application for an NRI Personal Loan: Even if you have checked your personal loan eligibility, there are a few other points to remember: If you are living in another country, you may ask about the loan directly through phone or email. You can also send your relatives living in India to a branch office to enquire about the loan. The bank can provide the loan in Indian rupees or foreign currency (US dollars) based on their policy. You can choose what fits you best at the time of taking the loan. You can check with the bank about their official policies on the loan amount disbursal. The foremost criteria of almost all lenders who provide loans for NRIs typically require a relative residing in India to sign as a co-applicant. You can check with the bank to understand their policy on co-applicant for personal loans. How to Apply for NRI Personal loan? It’s a simple and quick step. If you have read all the policies & checked your personal loan eligibility, Head on to your finance provider/bank/lender’s website or reach out to them through phone banking. Provide necessary details and documents Give your confirmation and you are good to go. You can also get the same done at the branch. [B-02] Personal loans are getting quite popular for the benefits they provide & they are easily accessible in times of emergency. If you are looking for a personal loan that provides you features such as zero pre-payment & foreclosure charges, quick sanction, flexible tenue & clubbing of income for higher loan eligibility, and that too at the best attractive rates, check out: https://www.piramalfinance.com/personal-loan
08-11-2023
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Personal Loan

What Could be a Small Personal Loan Amount, and How to Avail it?

A small personal loan does not require collateral, meaning you do not have to commit assets to your lender. Small personal loans have a short turnaround time and are quick to process, as most approvals are received within 24 hours. These are perfect for situations when you do not need the money for long periods, as the loan can be taken for a term of only 10 days as well. Suppose you require quick cash for 20 days; you can apply for a small personal loan with any available lender. Stick to this blog to learn more about how you can apply for small personal loans. Small personal loans can be availed solely online by going to the site of the lender you wish to take this loan from. The eligibility criteria can be ascertained by filling up a quick form. Once you are eligible, depending on the lender and approval process, you will receive a credit limit which can then be used to take the loan as per your needs. [B-01] Who can Avail of Small Personal Loans? Salaried employees or self-employed individuals can avail of small amounts of personal loans. The amount can be taken to meet your personal and your professional financial requirements. Even businessmen and entrepreneurs can obtain a small number of personal loans to fulfil their working capital requirements. Usually, anybody with a steady income stream can get these loans. The lender will ask for bank statements and salary slips to ascertain whether the customer can pay this loan or not. How to Check if You Are Eligible for a Small Personal Loan? Below are the eligibility criteria you would have to meet to get a small personal loan. Salaried employee or self-employed person Must be over the age of 21 Minimum earning criteria can vary from lender to lender, so you must go through the company policy. Should have Government IDs, i.e. Adhaar card and Pan Card What Would be the Small Personal Loan Amount? In most cases, the loan amount for every user is different due to various reasons like age, credit payment history, creditworthiness, income level, credit score, pending loans, etc. As per the eligibility criteria, every lender will decide a minimum and a maximum limit of loans that can be taken from the lender. Before this, salaried individuals and small business owners who needed funds would have to get them from local lenders who generally charged despicable interest rates. But due to the boom in fintech companies such as Piramal Finance, this gap has been filled, allowing customers to secure loans quickly and, most importantly, hassle-free. The minimum loan amount you can take changes from lender to lender, which is, on average, 10000 – but for a few lenders, loan amounts go as low as 5000. The maximum loan amount that you can get from a small personal loan is 2 lakhs. What is the Tenure of the Loan? The tenure for repayment of the loan can easily be chosen by the applicant; most lenders give from 3 months to 2 years as tenure. However, few lenders offer small personal loans for as low as 15 days. Documentation Required to Process a Small Personal Loan Due to the nature of the loans and the small amount, financial institutions do not require a lot of documentation to process these loans. Such loans are marketed for people who need quick finance. You can complete the entire documentation process within 5—10 minutes before receiving the credit in your bank account. To avail of a small personal loan, the following documents are required: Income proof (ITR of the past year, income declaration statement, or salary slips for the past three months) ID proof (Aadhaar card, PAN card, passport, or voter ID) Age proof (Aadhaar card, Voter ID, passport, or driving licence) Bank statement for the last six months Passport-size photographs Uses of Small Personal Loan A Small Personal Loan can suddenly boost the applicant’s cash flow when he requires quick and easy access to finance. You can use these personal loans for any purpose. When a businessman is looking for cash to pay his credit, he can apply for a small personal Loan. A salaried person can avail of a small personal loan and use it to buy household needs or pay off credits during the month’s end. A student who is looking for funding for his assignments can easily avail of this loan because the payment tenure and the overall amount will suit his cash flow. The uses of small personal loans are totally up to the applicant’s imagination, they can use the loan amount for anything they want to do. Due to this being a personal loan, there is no limit to the use of small personal loans. If a person doesn’t have a credit history, i.e. they have not taken any loans, then they will not be accepted for regular loans. However, small personal loans don’t require an applicant to have a credit history. People with no credit can apply for these loans too; of course, they will not be given a very high limit to exhaust, but they will be able to secure some loans. [B-02] Key Takeaways Anyone with a steady income can easily get a small personal loan. To be eligible to apply for a small personal loan, the person should be a minimum of 21 years of age and must have valid government ID proof. He/she should also match the lender’s earning criteria. Small personal amount ranges from 10,000 to 2 lakh but can be as low as 5000. The tenure for the payment is generally between 3 months and 2 years, but some lenders offer tenure as low as 10 days. Documents required to get the small personal loan are income proof, ID proof, age proof, and bank statements. Hope this blog was informative for you. To apply for a personal loan, you can check out our website.
08-11-2023
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Personal Loan

Pros and cons of personal loan for dental treatment

Are you looking for dental treatment but worried about the huge expenses? Often we think that dental treatment doesn’t require too much money. But the cost can skyrocket if it comes to necessary procedures like implantation, surgery, and more. Often you might need more funds to meet the ends. Delaying the treatment just because you need the funds is not a good idea. Because the more you delay, the worse the condition gets. So, you should arrange the funds from somewhere and get the treatment. A personal loan sounds like a great option for meeting medical emergencies. You can apply for a standard or small loan according to your needs. Many creditors are there who offer personal loans for medical emergencies. So you don’t have to face any problems in getting credit. But before you do so, learning about the loan sounds better. The following article discusses the advantages and disadvantages of a personal loan for dental treatment. [B-01] Why is dental treatment cost in India? Before learning about a personal loan for dental treatment, let’s learn the reasons for higher costs. You won’t have to pay much if you get tooth removal or polish. But the cost will be high if it is a root canal surgery, implantation, or porcelain veneer. Therefore, learning more about the reasons for such high costs is crucial. Not all dentists can offer the best treatment. To get the best-in-class treatment, you should visit a top-notch hospital. This automatically increases the treatment costs. Usually, the machine and equipment units used in dental treatment come at a high price. As a result, doctors charge more for the procedures. So, you might need a personal loan for dental treatment. Furthermore, there are many types of dental treatments. People often require a simple tooth uprooting procedure to eliminate the pain. But when it comes to complicated procedures, the treatment cost increases. People tend to ignore the initial symptoms of a dental problem. With delays, the condition worsens. As a result, they have to bear more costs later on. Lack of awareness about dentistry is another cause of higher dental treatment costs. They need to get the right treatment and settle for the regular ones. Therefore, they need to suffer further. The treatment required to solve the issue completely will be costlier. What types of dental treatment might require a personal loan? There are certain cases where you need a personal loan for dental treatment. Here is a small list of the procedures for which you may need help with the funds. Dental implant Full-range teeth whitening Porcelain veneer Metal-free crowning Wisdom tooth removal Gingivitis surgery Root canal treatment Do creditors lend personal loans for dental treatment? Yes, many creditors offer personal loans for dental treatment. To find the best creditor, the following are some factors to remember. Choose a creditor offering a personal loan for dental treatment with a flexible principal amount. You only need a regular loan with a higher principal amount than you require. This way, you won’t have to pay more as monthly EMIs. You should compare the interest rates for the personal loan before proceeding further. Since the rates depend on myriad factors, you must go for the lower rates. Choosing a creditor who will negotiate the repayment terms for the personal loan for dental treatment is better. So, you can easily extend the repayment term to avoid penalties. Check if the creditor requires any credit score report. If not, you might have to go for a secured loan. However, remember that the creditor can forfeit the collateral if you fail to pay the debt. Advantages of taking a personal loan for dental treatment Following are some benefits of taking a personal loan for dental treatment. Immediate funding: One of the major benefits of personal loans is immediate funding. You won’t have to wait for a long time for credit approval. Furthermore, sometimes, you can get approval on the same day for medical emergencies. Less documentation: You won’t have to submit too many documents for a personal loan for dental treatment. All you require are a credit score card, credit report, income proof, and medical bills. Furthermore, you don’t have to submit ITR files as it is for medical treatment. The abundance of creditors: Out of every 10 creditors, at least 9 will offer a personal loan for dental treatment. This is one of the prime reasons you must apply for this credit type. You can opt for a public bank or private lender for the loan. Lower interest rate: You won’t have to pay too much due to the higher interest rate. Usually, personal loans for medical treatment do not come with high rates. Rather, you can lower the interest rate by lowering the risks. For instance, you can pay more debt within a short time. You can also ask for a lower principal amount for the loan. Flexible repayment term: One of the major benefits of a personal loan for dental treatment is a flexible repayment term. You can consult with the creditor if you fail to meet the ends and pay EMIs on time. With valid points, they might negotiate to extend the payment terms. Things to be aware of before taking a personal loan for dental treatment You should know certain factors before taking a personal loan for dental treatment. These are: Personal loans have higher risks. So, you may have to rely on your credit score to lower the risks. If you have to give collateral, the creditor can forfeit it to get the amount in debt. [B-02] Conclusion Since you know about dental treatment costs, you can decide when to take credit from the lender. Based on the advantages and disadvantages discussed, you have to make the call for a personal loan for dental treatment. To learn more about personal loans, visit Piramal Finance and read their materials. You can learn about unsecured and secured loans, interest rates, and hidden charges.
08-11-2023
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Personal Loan

Personal Loan Eligibility: How to get approved for a personal loan

Planning a family vacation? Buying your dream home? A personal loan can help you borrow money for various expenses. It requires very little paperwork. Plus, lenders do not require collateral for the loan. You receive the loan amount quickly. However, before applying for a loan, you need to check your personal loan eligibility. The criteria for loan approval differs from lender to lender. But do not worry. In this article, you will learn how to check your personal loan eligibility and improve your chances of loan approval. [B-01] Which are the main factors that affect personal loan eligibility? Most banks and lending institutions will evaluate your profile based on the following factors. Go through each of the personal loan eligibility requirements to better understand them. Age You must be between 18 and 65 years of age to get a personal loan in India. However, the upper and lower age limits for applying for a loan vary from lender to lender. For example, some lenders offer loans to individuals between the ages of 21 – 60. Many others provide loans to individuals over the age of 65 based on their pension income. Income Income is one of the most important factors in determining your personal loan eligibility. The higher your income, the higher your repayment capacity. Hence, the risk for the lenders is lower. You can apply for a personal loan with an income of Rs 15,000 per month. However, most lenders prefer people with a minimum monthly income of Rs 25,000. If you are self-employed, your annual income should be at least Rs 2 lakhs. However, many lenders do not specify the minimum income requirements for self-employed individuals applying for loans. Type of employment Lenders offer lower interest rates on personal loans to salaried applicants. They have more income security than self-employed applicants. If you are a government employee, lenders prefer you the most. They also prefer private sector employees who are employed with reputed companies. In the self-employed/non-salaried category, professionals such as doctors, lawyers, CAs, or architects are likely to receive loans at lower interest rates than business owners. Work experience If you are a salaried individual, you need at least 6 months of work experience in your current company. If you are self-employed, you should have been in your current profession or business for at least 2 years. Credit score Lenders review your credit report to determine your ability to repay. The report provides complete details about your credit payment history over a period of time. It captures your credit card transactions, existing loans, and outstanding debt. It also summarises your credit history in a 3-digit CIBIL score, which ranges between 300 to 900. The higher your CIBIL score, the higher your creditworthiness and the better your chances of getting a personal loan. Thus, your credit score is a determining factor in obtaining a personal loan. In addition, lenders calculate the ratio between EMI and NMI to determine your loan amount. The EMI/NMI ratio should not exceed 50%. This means that your total loan obligations, including the repayment instalments of the proposed loan, should not exceed 50% of your net income. How can you better your personal loan eligibility? The demand for personal loans has increased. But, annual default rates are also on the rise. Therefore, lenders are cautious in granting loans. Thus, we have listed here some tips that you can use to improve your personal loan eligibility. Maintain a CIBIL score of 700+. Make sure you always have a healthy credit score of 700+. If your score is above 750, it’s easier to get loans at lower interest rates. Also, you can get pre-approved loan offers from lenders where you already have accounts, credit cards, or deposits. Paying your credit card bills and existing loan obligations on time will improve your CIBIL score. A mix of secured and unsecured debt helps avoid defaults. Before applying for new credit, settle your outstanding debts. Check that your CIBIL report is accurate and correct any errors. Do not apply for loans with multiple lenders at the same time. Whenever you apply for a loan, the lender initiates a hard inquiry to assess your creditworthiness. This means the lender will request your CIBIL report from the credit reporting agency. With each hard inquiry, your CIBIL score goes down. So do not make multiple credit inquiries. You should not look like a credit-hungry person. Make sure you meet the basic eligibility criteria and include all required documentation. The terms and conditions of a personal loan vary from lender to lender. Lenders will not process your application if the basic criteria are not met. So, check the basic requirements of the lender. Also, attach all the required documents, such as identity proofs, salary slips, etc. If documents are missing, you cannot obtain a personal loan. Do not borrow too much money. Choose your loan amount wisely. Never take out more money than you can repay. Make sure your debt-to-income ratio does not exceed 40%. Simply put, your financial obligations should not exceed 40% of your gross income. Add a co-applicant. Your personal loan eligibility improves when you add a co-applicant. Your spouse, child, or a close family member could be a co-applicant. Lenders take into account the CIBIL score of both applicants. This makes it easier for your loan application to be approved. Do not change jobs frequently. Lenders take into account the stability of the job. If you change jobs frequently, your chances of being approved for a loan decrease. Work in one company for at least 2 years. [B-02] Final thoughts! We believe we have given you valuable insights into personal loan eligibility to speed up your loan approval process. You can apply for personal loans online and enjoy additional benefits such as instant disbursement, no early repayment or foreclosure fees, etc. Also, if you need expert advice, access to ready-made EMI calculators, or flexible repayment plans ranging from 12 to 60 months, check out lenders like Piramal Finance.
08-11-2023
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Personal Loan

What Is A Decent Interest Rate On A Personal Loan In Festival Season

The festivals are special days of the year that signify fresh beginnings and moments of joy for everyone. Many people wait all year and plan their major purchases for festivals, like Diwali, Christmas, or Eid, which are regarded as India’s biggest and most celebrated festivals. Due to this, the majority of banks, and other financial institutions come up with exciting deals to attract customers. The festive season is expensive and can exhaust your savings, but are not these the moments that you will cherish for eternity? It is unfair to compromise on little things that matter to you and your family. You can get the money you need from a personal loan to cover any financial needs you may have. Let us see what personal loan interest rate is advisable to go for! [B-01] What is a Personal loan? A personal loan is an easy way to satisfy your financial needs, such as paying off existing debt or covering long-term money needs. Personal loans can solve all of your financial needs. You are free to plan a trip, buy your ideal car, cover children’s expenses, or get ready for the wedding of your dreams. Personal loans are the easiest way to fulfil all of your needs, without exhausting your savings. With many options available online, you can choose from many easy ways to apply for a loan. These online and offline platforms can meet your various needs. You can get a loan starting from Rs. 1 lakh to Rs. 10 lakhs to meet the financial needs of your and your family. Many personal loans have zero foreclosure charges. This means that when you have funds and wish to close your loan on time, you will not be charged any extra fee on it and save the interest that you were liable to pay. Do not forget to read the terms and conditions applied for loan foreclosure. Benefits of taking loan during festivals Personal loans benefit you by offering various features which will make it easy for you to take a loan: Helps Meeting expenses: Opting for a personal loan will enable you to meet the expenses of purchases you might make during the festive period. Flexibility in usage: The personal loan opted is flexible with usage to meet a variety of needs of the borrower, like jewellery, clothes, a car, and so on. Discounted Prices: On average, lenders aim towards increasing sales and attracting more customers during the festive season. They offer loans at discounted rates and benefits in terms of repayment. Easy Process and Approval: Applying for a personal loan is simpler and involves a quicker approval process. No Collateral Required: Since personal loans are unsecured they are not backed by any kind of assets against them as collateral. Disadvantages of taking loan during festivals Every coin has two sides, and so does taking credit. The following are a few of the disadvantages that you might face. Expenditure: When you are granted the loan, you tend to spend on things that might not be very much essential and might be avoided. Heavy EMI Instalments: When a loan is taken, a borrower is obligated to pay hefty instalments as repayment. Credit Score: Taking a loan is a financial decision, which like any other credit decision affects your credit score. Affordable Personal Loan Interest Rates India is a country with diverse culture and ample festivals are celebrated here around the year. These festivals bring with them their need to buy and celebrate and millions of people take loans to meet the festive expenses. The most vital thing that one considers while borrowing a loan is the rate of interest that they have to pay along with the principal amount. No one wants to borrow money at rates of interest that would just increase your liability towards the loan. The lower the personal loan interest rate, the easier it becomes for the borrower to repay the loan, thus, also lowering his or her loan liability. A personal loan can help you to enjoy your festive moments by fulfilling your essential needs. Many financial institutions offer loans at an Interest rate starting from 12.99%* per annum along with zero prepayment charges. This means that you do not have to compromise on things that matter, not in moments of joy. Why Take a Personal Loan During Festive Season? Personal loans have been trusted by several customers, who have chosen to take a loan as per their needs and were able to fulfil their urgent and vital financing needs. 100% Safe process: Taking a loan from a reputed bank of NBFC is a safe process with minimal documentation just to ease the process and make it easy for our customers. Flexible EMI and Tenure: If you wish to mend the EMI or make a change in the loan tenure, you can do so just by giving a call to the concerned authority in no time. A low rate of interest: Most banks offer a low rate of interest on personal loans starting from 12.99%. [B-02] Conclusion As long as you take a loan as per your needs and the ability to return it on time and you can afford the interest rate, it is not necessarily a “bad thing.” It’s critical to know the precise amount you are saving and look for any additional fees. Instead of buying something because you are getting it at a discount or a good EMI plan is not the right way to opt for a personal loan. It is vital to consider your needs and wants before taking the perks of the festive offers on various items and loans. Instead of overspending, take a sound decision keeping in mind your liabilities. Visit Piramal Finance to know more about personal loans. Do check the various products and services they offer.
08-11-2023
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