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Personal Loan

Personal Loan in Pune: Apply online at the best Agency

Be it a financial crunch or an emergency, loans always help you gain leverage and overcome the crisis. They help you cover your financial needs. They also do not put much financial stress on your budget. Out of various loans, the only loan that can be applied for covering several requirements is the personal loan. Most of the personal loans in Pune and other places of India have a low rate of interest, high flexibility, and quick disbursal period. However, in places like Pune, Mumbai, Delhi, etc. due to many economic factors, it gets difficult to apply for a personal loan and get it sanctioned then and there. There is a substantial increase in the number of borrowers. So the competition levels up. This is the reason why it might be tough for you to avail of a personal loan in Pune and other cities in India. But, still, there are good chances of you getting your desired loan amount. You are going to read about this in this article. In this article, you will know about personal loans, their features and benefits, and the best agency where you can get a personal loan in Pune. [B-01] What is a personal loan and what is it applied for? Financial assistance that is taken to meet the personal requirements of an individual is known as a personal loan. These loans are given to you by the lender at a specific rate of interest. This is charged on the principal amount of the loan. You have to repay the loan amount in smaller chunks, known as instalments. You have to repay these within a specified loan tenure. These loans are unsecured. This means you don’t have to pledge your assets to get a loan amount. Banks and NBFCs do not ask borrowers for collateral to disburse the loan. This is an advantage for those borrowers who lack property or shares to use as a guarantee against the loan. What are the benefits of getting a personal loan in Pune? There are several benefits of getting a personal loan in Pune and they are: Loan within 24 hours: You can get a personal loan in Pune in as early as less than a day. Banks and NBFCs prefer to increase the customer’s convenience. They include less paperwork and minimal documentation to carry out that effectively. In addition to that, the verification period is also comparatively less. This is to make sure that you get the loan amount transferred to your account within 24 hours. Flexible Tenure: The tenure of repayment of a personal loan in Pune is highly flexible as well. The tenure to repay the loan amount ranges from 12 months to a period of 84 months. Within this period, you are expected to repay the loan in the form of equated monthly instalments or EMIs. Easy eligibility: The eligibility criteria for a personal loan in Pune are also easy and convenient from the customer’s point of view. You need to belong to a certain age group. You also need to have desired creditworthiness to get qualified for the loan. With that, the documentation requirements are also very less, like your KYC details, income proof, etc. Higher Loan Amount: The loan amount that can be availed of through a personal loan in Pune is also on the higher side. You can claim up to as high as 35 lakhs as your loan amount. If you have a good credit score and the desirable repaying capacity, then you easily get sanctioned with such a high amount. High transparency: The transparency level in a personal loan in Pune is also high. This ensures that everything remains clear to the customer and there are no unexpected charges or penalties involved in the process. What agencies provide personal loans in Pune at the best interest rates? Several agencies provide personal loans in Pune at compelling interest rates. However, the problem lies in choosing the best among so many options. If one lender provides you with a good interest rate, it might not provide you with higher flexibility. If one institution provides you with higher flexibility and tenure, it might add extra charges and penalties. Based on different parameters and comparing all the pros and cons, you have to decide the one that suits you the best. There are several financing companies and banks that provide you with a personal loan in Pune at your convenience. For example, an HDFC Bank personal loan charges you an interest rate of about 10.75% to 21.50% per annum and the loan amount to up to INR 40 lakhs. IndusInd Bank personal loan charges a rate of interest between 11% to 16.75% and a loan amount of up to INR 5 lakhs. Similarly, Fullerton Personal Loan charges you an interest rate of about 11.99% to 25% per annum up to 25 lakhs as the loan amount. If you want a decent platform where you want a concise interest rate and better terms and conditions, you should prefer a personal loan in Pune from Piramal Finance. This corporation charges you an interest rate that starts from 12.99%. They offer this with pocket-friendly EMI options, flexibility, and a loan tenure that ranges from 12 months to 60 months. The loan amount ranges between 1 lakhs to INR 10 lakhs, depending on your credentials. [B-02] Wrapping it up A personal loan can cover all your requirements like buying a house or financing a marriage. But you need to keep some things in mind while applying for it in a place like Pune. For a personal loan in Pune, you need the right plan and the correct strategy to apply for the best option. Pune is a place where there are competitive borrowers. But you can look up to increasing your credit score and improving your creditworthiness to get a loan that suits you the best. While comparing different interest rates and different loans, you can also use a personal loan calculator online.
08-11-2023
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Personal Loan

How Can I Apply For Instant Personal Loan Online in Surat

Surat, a major port town of Gujarat, is expected to be the world’s fastest-growing city through 2035. Due to its rapid progress in the last few years, the standard of living in Surat has improved considerably. People want to own the latest gadgets, send children to reputed schools and plan foreign vacations. Are you looking for quick and easy finance to enjoy this lifestyle in Surat? Then, you should consider applying for an instant personal loan online. Here is all you need to know about an instant personal loan online and how to apply for it. [B-01] Meaning of Instant Personal Loan Online Whenever you want a personal loan, you usually visit a bank. You have to fill out a lengthy application form and submit several documents. It can take several weeks or even months to approve the loan. The entire process is very time-consuming and difficult. What if you can skip this process and get a fast loan without trouble? This is where an instant personal loan online can help you. An instant personal loan is a type of loan you can get quickly. These days, several non-bank lenders offer this loan online in Surat. Eligibility for Instant Personal Loan Online The eligibility criteria vary from one lender to another. Usually, salaried individuals residing in Surat are eligible for this loan, provided they meet the following criteria: If you are working with a government institution, private sector, public sector, partnership firm, sole proprietor firm or MNC If your age is between 21 and 60 years If you earn a minimum salary of Rs. 25,000 every month If you have a minimum work experience of 6 months Benefits of Instant Personal Loan Online These loans give several advantages to borrowers: 1. Minimum Documentation You need to submit your PAN card, identity proof, address proof and income proof to avail of this loan. You can upload these documents on the website or mobile app of financial institutions. You can also hand the documents to the loan advisor. You can also submit them to the nearest lender branch in Surat. 2. Fast Processing and Disbursal Since the process of instant personal loans is online, there is less paperwork. This saves the time of both borrowers and lenders. The approvals and disbursals are speedy. You can usually expect the loan amount in your bank account less than a week after sanction. In most cases, instant loans get approved on the same day or within 3-4 days of application. So, an instant loan comes to your rescue when you need money for a financial emergency. 3. Flexibility of Purpose of Use There are no specific terms and conditions for using instant personal loans online. You can use this loan for multiple purposes: Buy a new car Buy a dream gadget Pay for home renovation or expansion Pay for the down payment on the new home Pay for children’s school or higher education fee Pay for dream marriage expenses Fund your travel tickets and hotel stay Meet emergency medical expenses Pay for credit card bills 4. No Collateral Most instant personal loans available online are unsecured loans. You don’t need to put your valuable asset like property, gold or vehicle as collateral. Since this is a collateral-free loan, it means even less paperwork and quick processing. 5. Flexible Loan Amount Usually, banks are hesitant to give low-value personal loans. They also have strict rules for a higher loan amount. You can get instant personal loans online starting from Rs1 lakh and up to 10 lakh. If you want a higher loan amount, then some online lenders even consider clubbing of income of joint applicants. 6. Easy Loan Terms and Conditions Instant personal loans have simple terms and conditions that any commoner can understand. Competitive and affordable interest rate Zero pre-payment and foreclosure charges Flexible repayment tenure between 12 and 60 months Pocket-friendly monthly EMIs Documents You Need to Apply for Instant Personal Loan Online You must ensure the following documents are ready for an instant personal loan. This will make the processing fast. Identity proof such as an Aadhar card, driving license, passport or voter’s identity card Address proof such as an Aadhar card, driving license, voter’s identity card, registered leave and lease agreement or telephone/electricity bill PAN card Income proof such as salary slips and bank statement If there is a co-applicant, s/he will also have to provide the abovementioned documents. Application Process for Instant Personal Loan Online The application process may differ across various online personal loan lenders. Usually, you need to fill out the application form on the official website or mobile of the lender. You will need to fill in the details such as your name, phone number, e-mail address, location, loan amount, etc. You will then receive a phone call from the loan advisor, who will guide you further. The lender verifies your application form and documents for eligibility criteria. Some lenders may also check your CIBIL score: the higher the score, the higher your chances of the fast approval. If you meet the eligibility criteria and the paperwork is complete and in order, loan sanction takes hardly a few hours or 1-2 days. The lender transfers the loan amount to your bank account immediately after that. You can now use the loan for the purpose you have borrowed! [B-02] Final Thoughts Instant personal loan online is an easy and fast financing option. You can apply for this loan when you need immediate or short-term money for any financial reason. Piramal Finance is an excellent financing solution for Surat residents looking for hassle-free personal loans. Visit the Piramal Finance website to apply for a personal loan.
08-11-2023
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Personal Loan

Get An Instant Personal Loan For Diwali 2022

Have you considered what you would do if given a personal loan around the holidays? Is personal loan safe? How to get it? The only question is where to find them. Enter “how many types of loans” into Google to get a list of the various types of loans that are currently available. If you Google “different types of personal loans,” you may get results for both secured and unsecured loans. A variety of lending institutions may provide both types of loans. [B-01] What exactly do people mean when they say they want a “Personal Loan?” A personal loan is a loan that does not require collateral and can be used for anything, such as debt repayment, large purchases, or unexpected expenses. You can use the money from a personal loan for whatever you want. Your credit score will influence instant personal loan terms, such as how much you can borrow, how much interest you pay, and how long you have to repay it. Most people repay personal loans by making a set number of equal monthly payments. What are the various types of personal loans without collateral? Mortgage personal loan It is common in India to take out a loan to pay for a wedding. The lender usually sets the interest rates and payment schedules for a personal loan in this category. If you want to change your current home, you can get a Home Improvement Loan to help pay for the project. Loans for college Students who attend a school approved by the federal government are eligible for an Education instant personal loan. Most of the time, these loans have low-interest rates and simple repayment terms. Travel Loan If you want to take a vacation but don’t have the funds, you can apply for a Travel Loan. This loan will assist you in defraying some of the costs of your upcoming trip. Vehicle personal loan People who work for themselves can also reap the benefits of this instant personal loan. Self-employed individuals can obtain personal loans if they so desire. The interest rate is higher than other Personal Loans, but the time it takes to repay the loan is much shorter. During the Diwali sale, you should buy things and apply festive loan for many reasons Items with Lower Prices As was already said, sales and discounts can be found in almost all stores, offline and online, starting around Ganesh Chaturthi and lasting until Diwali. Most banks also offer discounts on interest rates and transaction fees on festive loan to people who use credit cards. Now is a great time to take advantage of these benefits, so if you’ve been thinking about a big purchase or loan, like a mortgage or car loan, now is the time to go for it. Several of the prices have gone down You can get cash back on purchases made with your festive loan at many stores. Many stores give them cash-back bonuses when people use their co-branded credit cards to shop online. Since interest rates have been going down Many people think that buying big things at this time will bring them luck. Because of this, there are often a lot of loan applications at banks and other financial institutions during these times. During this time of high demand, banks actively try to get new customers by offering attractive festive loans. Fees for processing will go down Due to the high demand for product delivery around holidays like Laxmi Pujan, Dussehra, and Padva, financial institutions work hard to approve festive loans quickly. This makes financial institutions more likely to give approvals quickly. Taking steps to get a better credit score Your credit score will increase if you don’t use credit cards and personal loans too often and always pay on time. You could use it to improve or build your credit score, making it easier for you to get a better loan in the future. How does someone looking for a personal loan in India apply for one with no interest? It’s easy to get a personal loan for the trip. You can submit your application in person at any of the banks or financial institutions that are taking part, or you can do it here on this website. To apply for a personal loan, you’ll need to complete an online form with information about yourself and your finances. Most of the time, it doesn’t take long for a lender to review your loan application and decide whether or not to give you the loan. Now that you can apply for a Personal Loan online, it is time to start. The traditional way to apply for a Personal Loan at a bank or other financial institution is to fill out a paper application and bring it, along with any supporting documents, to the institution. It usually takes little time between asking for a loan and getting the money. What are the requirements of a personal loan? Even though each financial institution has its unique way of approving customers for personal loans, they all have to follow the same basic rules. It’s important to remember that different festive loans in India may have different requirements for who can get them: At the end of the loan term, the borrower must be at least 22 years old and no more than 58 years old. It would be helpful to have a steady source of income and a job, so make sure you have at least one of those. To be eligible, you must have a great credit history. To move forward, you’ll need to show who you are and how much money you make. It would help if you had a checking or savings account to do any financial business. To get an unsecured personal loan, you have to provide supporting documents. Even though the paperwork you need to get a personal loan can be different from one bank to the next, there are some basics you should always have on hand. The application form you filled out and signed yourself as your name. Identifiable supporting documents (passport, PAN card, Voter ID, Driving License, etc.). [B-02] Conclusion Once you know the different types of festive loans, you can choose the one that works best for you. To get a personal loan quickly, you could look up and compare the best lending companies online, choose one to work with after making sure you meet all of their requirements and apply directly with them. Before committing to a service, a customer should do their research. Reading the articles on the Piramal Finance website will also be helpful because they give you more information and background.
08-11-2023
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Business Loan

Here’s What You Should Know About Commercial Loan In India

Are you anxious about meeting the expenditures of your newly founded venture? Commercial loans might look like the ultimate saviour in such cases. However, there are several kinds of commercial loans; understanding each is vital before you avail of the loan. Remember, commercial and business loans can look similar, but they aren’t. Commercial loans have a more significant market and credit size compared to business loans. [B-01] What is a commercial loan? Before venturing out, you must understand the terms, conditions, interest rates, and other details of commercial loans. A commercial loan is a loan availed of by small business firms. These loans are taken when they cannot raise revenue to meet current expenditures. Banks generally sanction these loans. The loan amount depends on the nature of the business and the credit score of the borrower. Types of Commercial Loans There are several types of commercial loans that have different parameters. They are designed for precise commercial requirements. Explore the various commercial loans to select the best one suitable for your business. Banks overdraft If your company needs immediate cash, there’s nothing more helpful than a bank overdraft facility. Borrowers can avail of this loan, even if they do not have any account balance. However, this does not imply you have no bar on loan. The predetermined amount set under this loan varies from person to person. Most small business owners prefer this type of loan as it does not have a fixed EMI policy. Borrowers can pay off the debt as and when they have the funds without paying any prepayment penalty, as in other cases. Term loans It is possible that your money is stuck owing to some technical glitch or delayed by a few months. A term loan can help you fund your business operations during this period. Of course, availing of a long-term loan might be unnecessary if you are sure to receive the funds arriving in a few months. Term loans are designed for users who need financial assistance for a specific time period, especially short ones. They are divided into short, medium, and long-term goals. The borrower has to pay off the principal amount and interest within a specific period. Commercial mortgage loans Commercial mortgage loans differ from typical mortgage loans, which require collateral. Instead, one can buy a real estate property using this kind of loan where the purchased property serves as the mortgage. Collateral-free commercial loans This is the best commercial loan in India, designed for small-scale businesses. The business owner does not need to mortgage any property to avail of this loan. Instead, they can pay off the debt and its interest within the stipulated period. Interest rates and predetermined loan limits depend on the borrower’s credit score, age, income profile, etc. Eligibility criteria for commercial loans While various financial institutions may have different eligibility criteria for availing specific commercial loans, the most standard ones are as follows- The borrowing individual must be between the age of 21 and 65. Individuals who are self-employed, private and public limited business firms, partnership ventures, and self-proprietors can avail of a commercial loan in India. The borrower must fulfil the income criteria set by the lending bank. The income criteria vary from one institution to another. The borrower’s firm must have enough turnover and a good credit score to be eligible for the loan. How to secure a commercial loan? The process of securing commercial loans may vary from lender to lender. However, while some lenders have more specific requirements, the general process is given below: Pre-approval process Before lending the required sum to borrowers, every bank conducts a pre-approval step. This step involves checking the borrower’s income and the nature of the business. Additionally, the bank will look at previous loans made by the borrower and their turnover. The pre-approval step ensures the borrower can repay the debt within a stipulated time. Loan application process Once you qualify for the pre-approval step, you must apply for a commercial loan. Borrowers are required to fill out and submit all required documents for commercial loans with all banks. These documents may include your identity proof, PAN card, and other documents required for the loan. You must fill up the loan application form cautiously to avoid errors. Remember, wrong details can cause the bank to reject your application. Reviewing of loan application Once you submit the loan application form, the loan officer will review your application. They will also verify your documents and check your credit score. Reviewing your loan application is one of the most significant steps in the process of securing a commercial loan. Handing of term sheet After the loan application and review are complete, the bank finally hands over a term sheet to the borrower. The term sheet is a formal official document that mentions the loan type, interest, tenure, and other details. Benefits of commercial loans Capital Access Commercial loans offer instant financial relief to new startups. By securing a commercial loan, one can buy various equipment, maintain their payroll, and carry out other business operations. Easy access to money Commercial loans help you access and manage your finances seamlessly. While some small-scale business owners might try to secure their finances by investing in stocks, that might be risky. On the other hand, commercial loans can offer a safer and more straightforward way of arranging funds. Disadvantages of commercial loans Rigid terms and conditions Commercial loans, unlike personal loans, have very strict terms and conditions. The owner has to specify the kind of activities they would fund through the loan and how they would pay it back. Thus, one can’t use it for any other purpose unless they specify them in the loan application process. Time-consuming loan application process and paperwork Commercial loan applications can be time-consuming and tedious. The loan application can take several days for acceptance or reviewal. Moreover, borrowers have to submit several documents that can make the loan application process complex. [B-02] Conclusion Running a startup can be financially exhausting, especially if you do not have enough capital. However, that does not mean giving up on your entrepreneurial goals and aspirations. Instead, you can always avail of commercial loans to keep your business activities going. Piramal Finance can help you explore the various kinds of commercial loans, their types, and other features to help you gain greater clarity about them. Read more blogs on the website to get a clearer picture of commercial loans.
08-11-2023
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Personal Loan

How is personal loan interest calculated manually?

A personal loan is a loan taken by you with the minimum amount of paperwork and no collateral. It is taken in times of emergency. It can also be used to buy or invest. Personal loan interest means the rate charged on these loans. It can vary depending on the bank or the loaner. It is easy to apply for it with the least documentation and almost no hassle at all. Personal loan interest can range from 7.90% per annum to 49% per annum. The relationship between interest rate and EMI is linear. The EMI increases as the interest rate rises. Depending on variables, including your income, credit profile, ability to pay back the loan, etc., the lender will choose the lending rate for your line of credit. Check the ways you can calculate personal loan interest. Also, the ways you can get a low rate. Let’s read this article to know more. [B-01] Ways To Get Lower Rates Of Personal Loan Interest Some points to help you get lower rates of personal loan interest: Increase Your Credit Level: You are eligible if your credit level is high. Finance companies offer the least personal rates on loans to borrowers with excellent credit. Hence, you should check your credit rating before requesting a personal loan. You must check for techniques to raise your credit history. Check if it is below 750. When your credit file is above 750, you will have a better shot at getting a personal loan. Examine Lending Rates: Before requesting a bank loan from a specific bank, it is critical to examine the interest rate. It is offered by different banks and non-banking finance companies. One can obtain a personal loan thanks to this at a reasonable interest rate. Discuss with the Lending institution: If you already have an excellent working connection with the loan company or are a former client of the bank, you may work out a deal for the best interest rate. It is advised to send the credit source an official petition during this process. Constantly check for Options: Financial firms frequently provide exceptional borrowing costs for a restricted period during celebratory times. Though such a promotion is active, you can be given a loan with a cheaper interest rate. Resist Skipping Debt payments: Your credit report may suffer if the user fails to make credit card payments. Before setting the borrowing costs on personal loans, lenders consider your millions of transactions. A lower interest rate will probably be given to those who have previously made timely EMI and line of credit payments. How To Calculate Personal Loan Interest Manually The basic formula to calculate your personal loan interest is: EMI= [ PR(1+R)^N] / [(1+R)^N-1] This is generally the calculation you can do to examine your EMI rates or personal loan interest manually. Here, P is the loan amount R is for the interest rate charged per month N is the total number of instalments charged per month. You Can Expect Certain Charges Will Be Applied There will be several charges on your loan interest that you should be ready for. Some of them are given below: Charges- The handling fee is levied by lenders that can raise the overall price of the loan. The interest rate is modest. You should still verify and evaluate the fees. Pre-signing Fees– Some institutions may impose a pre-shutdown charge if you settle off the remaining loan debt before the debt payment term is over. Inspection fees – For checking the history as well as other criteria Federal levies– Like the Gross Service Tax (GST) Service for customers– You should register with a lender that provides excellent customer care if you wish to have a positive financing experience. Other Fees– Even though the creditor could incur a little greater interest rate, if the service charge, standard fee, pre-transaction fee, mortgage termination fee, registration fee, device refund service charge, council tax fee, copy declaration transactions fee, exchange fee, redo loan repayment timeline approval fee, etc. are cheap, you may be able to save on the total expense of the loan. Special offers– You might try to bargain with the company for the cheapest rates despite the banking institution having set a high-interest rate. A good holiday sale– During the holiday season, customers could receive a cheaper rate of interest from some providers. [B-02] Conclusion It’s critical to calculate your interest charges before applying for a loan. This is to comprehend the total price of the loan. Inquire with the lender if payments are made using a payback plan or the simple interest calculation. Then analyse the figures of personal loan interest using proper formulas or an internet tool. Also, take into account the elements that will influence the amount of interest you owe. To maintain your cash in hand, it might be advisable to take a less amount or cut the payment terms quickly. To guarantee you have the finest terms of the loan, you should also research and raise your credit rating while registering. Keeping track of everything may be a little too much. Don’t worry; Piramal Finance has got you covered. It has various blogs and articles related to your day-to-day financial worries. Get in touch with Piramal Finance to know more.
08-11-2023
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Know More

Mutual Fund SIP Calculator Online

A systematic investment plan, also known as a SIP, is a simple way to invest in mutual funds. You must provide an auto-debit mandate with your bank account details at the time of SIP registration. Every month, the amount will be deducted from your bank account on a predetermined date. A systematic investment plan (SIP) calculator is an easy and simple tool that allows you to work out the yields on a SIP loan. You can use it to guess the approximate amount of money to pay each month. Using the mutual fund SIP calculator online is a fast and efficient way to reach your financial goals. By entering a few basic details, you can quickly arrive at the amount that is related to your investments. [B-01] What is a Mutual Fund SIP Calculator Online Calculating the returns on mutual fund investments is simple and convenient with the mutual fund SIP calculator online. To determine the exact returns, you must enter several metrics including the investment amount, duration of the investment, frequency of investment and expected returns. The compound interest formula is used to design the mutual fund SIP calculator online. Compound interest has a significant impact on accumulating and compounding mutual fund returns. The mutual fund SIP calculator online compares mutual fund returns to those of fixed deposits. Mutual Fund SIP Calculator Online Formula The mutual fund SIP calculator online uses the formula that is described below to calculate expected returns on mutual fund investments: FV = P [(1+i) n-1] * (1 + i ) / In this case, FV stands for future value or the amount you will receive when the investment matures. P = the principal amount invested via a SIP I = the compound annual rate of return R = the expected rate of return N = the duration of investment in months Using an example to illustrate this, assume you want to invest Rs. 2,000 a month for the next 24 months and you anticipate a 12% annual rate of return. The calculation will be as follows: I = r / 100 / 12 or 0/01 FV = 2000 [ (1 + 0.01) ^ 24-1] (1+0.01) / 0.01 At maturity, you will receive Rs. 54,486 based on the calculations above. Different Types of Systematic Investment Plans There are different types of systematic investment plans including: Top-Up SIP: A top-up SIP allows you to change the amount of your SIP instalment by a fixed amount at regular intervals. Flexible SIP: SIP refers to investing a set amount in a specific mutual fund in a systematic manner over a set period. You might want to think about investing through a flexible SIP. With this type, you can adjust your monthly investments based on your cash flow. Perpetual SIP: Investors typically prefer to invest in a mutual fund for a set period of time, which can range from 6 months to 5 years depending on their specific financial objectives. You can select a perpetual SIP and can continue to invest in mutual funds via SIP for as long as you prefer. How To Make a SIP Investment in a Mutual Fund These are the instructions to follow if you want to make a SIP investment in a mutual fund: If you want to begin a SIP in any mutual fund scheme, you can do so in four simple steps online. Access the mobile app or website. Install and launch the mobile app or log into the website. Choose your preferred fund. Select the SIP fund you want to invest in by using the feature that allows you to search for different types of funds. You can search for it directly in the top search bar. Select the mode of investment and enter the investment details. Select SIP as the mode of investment and enter the instalment amount, date and duration of the SIP. You can now begin investing. Enter the details related to your bank account to set up standing instructions and automate payments. Following that, the amount of your SIP investment will be deducted automatically from your account on the date of investment. Important Points to Keep in Mind If you cancel your mutual fund SIPs, the funds are no longer deducted from your account. However, if you cancel your SIP, you will not be penalised. Your initial investment will remain in the fund and will continue to generate returns. Also, you can withdraw your invested funds at any time, in part or in full. SIP is a method of investing in mutual funds, not an investment tool in and of itself. So you can start a SIP in any mutual fund scheme that you are willing to fund, and the returns will be determined by the performance of that mutual fund scheme. SIPs encourage regular savings and aid in the development of financial discipline. Long-term SIPs can protect you from day-to-day market fluctuations and you do not have to worry about market timing. [B-02] Conclusion A mutual fund SIP calculator online is a system that helps you in guessing the systematic investment plan or SIP amount. It will also tell you the amount that you are required to pay every month to attain your financial goals. In other words, a mutual fund SIP calculator online is a pathway to reach your financial objectives. The mutual fund SIP calculator online can be an extremely useful online tool to automatically perform complex financial calculations. To use the mutual fund SIP calculator online, you will be required to enter the requested data and the tool will return the result in a matter of seconds. To read more articles about a mutual fund SIP calculator online and receive more information and guidance on investments, visit Piramal Finance!
08-11-2023
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Personal Loan

How to Get a Personal Loan for Low CIBIL Score

Let us first understand what a personal loan is. In simple terms, a personal loan is a form of loan without any security or collateral. It has the minimum amount of documentation involved. It is not a secured form of a loan. Payments have to be made every month. It is generally taken in times of emergencies. It can also be used to buy or invest further. Getting a personal loan for low CIBIL score is tough but possible. In this article, we’ll understand how to get the benefits of a personal loan for low CIBIL score. [B-01] What Is Cibil Score And How Does It Work? CIBIL stands for Credit Information Bureau India Limited. Your 3-digit CIBIL Index is a statistical representation of your personal credit record. The credit record contained in the CIBIL Profile is used to calculate the score. A CIR is a person’s cumulative extended credit activity over time spanning various loan kinds and credit unions. Financial institutions will assess whether financing you is a risky prospect because personal loans are unprotected or without security, but a credit history will assist them in doing that. The functioning of the CIBIL scoring is comparable to that of many other nations’ credit report schemes. A rating, or a figure, in the range of 300-900 is given to you. The data that the companies provide to CIBIL leads to the number that determines the score you receive. This data is a compilation of your bank card, line of credit, home equity loan, and auto debt payments. Factors That Affect Your Low Cibil Score The CIBIL score fluctuates depending on how you manage your debts and credit cards because it is meant to be a reflection of your investment behaviour. These are a few of the elements that could lower the CIBIL score. Small loans – Because personal loans are unprotected, taking out several of them could lower the credit rating. Skipping loan payments – Failing to make a loan payment could be seen as bad financial handling, which could affect your credit score and make it harder for you to get loans down the road. Reaching the limit too frequently – Reaching the credit limit too frequently indicates frequent debt and a lack of sound money management, both of which lower overall credit history. Not making timely payments on bank cards – Much like the EMI on personal loans, not making timely payments on credit card bills can negatively impact credit card bills. Not making a complete payment on bank cards- You could believe that spending just the minimal amount due or a little bit extra will get everything under control, but this is untrue. Ways To Get A Personal Loan For Low Cibil Score There are some measures you can take for a personal loan for low CIBIL score: Verify if the Credit Score Is Less The credit bureaus report occasionally misses the most recent update. This may negatively impact the credit history. People need to frequently examine their credit records and fix any mistakes. Make someone your applicant for a combined loan. A person with a poor credit score may have more success obtaining credit if their co-applicant has a strong credit score. Obtain a Co-signer The guarantee is responsible for the loan’s repayment in the event of any mishap. Loaners, therefore, see getting a guarantee with a decent credit rating favourably. Provide Income Verification The likelihood of a loan being accepted can be raised by providing proof of a high-earning career, an extra income source or steady cash flows. Request for a smaller bank loan So when the loan balance is less, a lender can be more willing to approve it. Investors view larger loans as unsafe because of this. Having an NA or NH in your credit history A credit file’s NA, NH, or negative credit rating indicates an idle credit term of at least 36 months. After hearing them out, people can clarify their inaction to their borrowers, who could approve their justifications and extend loans at a greater interest rate. Improving your credit records Another best way to get a personal loan for low CIBIL score is by improving your credit records. There are different ways of doing it, such as: Refrain from taking out several loans at once To avoid having your credit rating decline, it is wise to pay off the present loan before applying for another one. Taking out several loans at once suggests one may not have enough money to cover them all. To enhance your credit score, taking out and repaying a single loan at a time is preferable. Reduce the amount of credit you use. Avoid using your credit or debit card to the absolute maximum to raise your credit score. It is recommended to make the CUR moderate, ideally under 30%. Pay all the debt It’s essential to establish a tendency to ensure that most payments are completed in regular instalments. Because over time, the power payment systems will impact overall credit rating. Don’t try to lend more Do not keep submitting mortgage or credit card applications to different institutions if you’ve already been turned down for one. Spend a bit of time improving your rating before reapplying. [B-02] Key Takeaway Maintaining a proper range of CIBIL scores is essential to gain any loan. Try applying to take a personal loan for low CIBIL score. Assess your income, debt and credit well. A constant review of these reports will save you from extreme debt traps. Identify your weakness in terms of credit well. To help you with all these, Piramal Finance is always there. Complete guidance will be provided based on your needs. For any query, visit Piramal Finance.
08-11-2023
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Personal Loan

For what reasons you should apply for a wedding loan?

Marriage is the start of your new life. It is a commitment between two individuals who plan to spend their lives together forever. Besides that, it is also an opportunity to form ties between two families. It is a “once in a lifetime” experience and must be the most special experience of one’s life. Marriage season is around the corner and so is the excitement for the festival. With that being said, there will be a huge amount of financial requirements to finance a wedding, whether you want it to be celebrated in a destination or plan for an exotic location nearby. To fulfil all the monetary needs starting from booking a destination and managing dines to buying clothes, jewellery, and gifts, you might need a wedding loan. In case you already have the issue of repaying multiple loans, you can merge them and convert them into a consolidation loan which will help you manage all of them conveniently. In today’s article, you will know about wedding loans, their features and benefits, and the reason why you should go for them. [B-01] What is a wedding loan and for what purpose is it taken? A wedding loan is nothing but a personal loan applied for covering your wedding expenses. As you can avail of a personal loan to cover all your requirements, similarly, you can do the same to meet your wedding requirements. In recent times, many Banks and Non-banking Financing Companies have altered the loan from a personal loan for weddings to “Marriage Loans”. In case you already have multiple debts, you can convert them into a consolidation loan and pay the interest of all these loans altogether through a single instalment. What is the eligibility to get a wedding loan in India? Age : You must have at least covered 21 years of age and must be less than 60 years to apply for a wedding loan. Type of employment: You should either be a salaried individual under select private limited companies and public sector undertakings or a self-employed individual having a minimum income requirement. Work experience: For salaried individuals, the minimum requirement of work experience to avail of a wedding loan is about 2 years and in the case of self-employed individuals, it is about 2 to 4 years. Income: All the applicants must have a monthly income of about INR 25,000 per month to be able to apply for a wedding loan. CIBIL Score: Since it is a subcategory of the personal loan, you need to have a CIBIL score of about 750 or more to avail of a loan for the wedding. What documents are required to apply for a wedding loan? Here is the list of documents you need to show to your lender before applying for a wedding loan. ID proof: You have to submit your Aadhaar Card, Voter ID Card, PAN card, Driving License, Passport, etc. as the source of your income proof. Address Proof: You need to show your Voter ID card, Residential Certificate, Utility bills, etc. as a source of your address proof for being able to apply for a wedding loan. Income Proof: You have to show your salary slips, your bank statements, your credit card bills, your ITR, etc. as proof of your income. Loan Application Form: You, as an applicant, have to fill up your application form with correct details, annex your recent photographs and submit it to your lender along with the list of documents. What are the reasons why you should opt for a wedding loan? There are multiple reasons stating the importance of a wedding loan and they are: Flexible Repayment Plan: Getting a loan for a wedding gives you a flexible repayment plan which is a huge benefit. A flexible repayment plan reduces your financial burden while paying your EMI. For example, if your lending institution gives you the option to go for a “Flexi” loan option, then you only have to pay the interest on the amount that you utilise on your wedding, instead of paying for the whole amount. Competitive interest rates: Since wedding loans are widely applied by many borrowers across the country, the interest rates have significantly come down. The interest rates that most banks charge are between 10 per cent per annum to 25 per cent per annum. These interest rates depend on your credentials, like your loan history and credit history. Higher loan amount: Since weddings are a big event that has a huge financial demand, you might need a higher loan amount to finance and manage everything effectively. In that case, many banks provide up to 40 lakhs as the loan amount to the borrowers. If you already have the tension of managing other debts, you can opt for a consolidation loan to pay all the instalments in one instalment. Upfront Payment: Many times, weddings require you to make upfront payments to different suppliers and retailers for different items and gifts. In that case, a personal loan for a wedding can be very handy to cover different expenses related to venue, decoration, cuisines, etc. Reduces stress during the wedding day: On the special day of your wedding, you have to make sure that everything is right in its place and that every plan is carried out effectively. And for that, you need ample finance to meet all the requirements and have some extra money for emergencies. In that case, a wedding loan is ideal for conducting marriage events, you can apply for them in hours, and get access to the funds within minutes. [B-02] Summing it up You should consider applying for a wedding loan if you are short of funds to finance your marriage. A wedding loan can help you cater to all your marriage-related expenses at a lower interest rate. However, you should not take a huge amount, unless you are eligible to pay that amount with interest as it will add more financial burden. In case you have many debts and it is difficult managing all of them, you can apply for a consolidation loan. It will help you convert everything into a single instalment. You can use a wedding loan calculator to compare different offers and check what interest rate suits you the most. If you want to apply for a personal loan and want a lower interest rate with a pocket-friendly EMI option, you can apply from Piramal Finance.
08-11-2023
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Personal Loan

How Does Your Salary Affect Your Personal Loan?

Know how your salary affects your personal loans? Based on my salary, how much is a personal loan? Personal loans are a lifesaver for people who get paychecks. They can be used for almost anything. This includes travel, housing, school, and so on. Many people find this choice helpful. especially when an unexpected cost comes up. The amount you can borrow and the interest rate on the loan, on the other hand, depend on several things. The eligibility limit and interest rate will eventually affect how much you make and how much money you have each month. Salary is an important factor that banks look at when deciding whether or not to give out loans. Lenders have to protect themselves from people who might not be able to pay back their loans. They look at more than just your salary when deciding whether to give you a personal loan or how much to give you. [B-01] How Much Of A Personal Loan Based On My Salary Will I Be Accepted? The amount of your personal loan is based on your income, your credit history, and other factors. Personal loans, unlike loans or auto loans, don’t have to be used for just one thing. If you think the interest rate will make up for it in the long run. You could use it as a way to make money or as an emergency fund. Salary Considerations: Factors High income also gives you more options for how long you can keep a personal loan. This means you can borrow more. A higher CIBIL score also makes it more likely that you’ll be able to get a personal loan with a lower interest rate. Your financial profile is made up of these five things that have to do with personal loans. Lenders look at these and other things before approving your online application for a personal loan. A good credit score – Your credit score is really important if you want your personal loan to be approved. It helps lenders see how well you’ve handled your debts in the past and whether you pay them on time. Your credit history is what your credit score is based on. As a general rule, your chances of getting a loan are better if your credit score is higher. Experience at work: Your past jobs and the job you have now show how stable your income is. If you have steady work, you can count on a steady flow of money. Lenders will also look into the business you work for. The main goal is to make sure that your boss has a steady income. This shows them that your money stream can be counted on. The choice depends a lot on your profile. If you have a stable profile, you may be able to get a personal loan with the lowest rate of interest. Age: Your age is a very important factor. It tells you how much money you can make and how safe your finances are. Having work experience shows that you are financially stable. You have to be at least a certain age to get a loan. Lenders usually want you to be 65 or younger when the loan is paid off. Income: The amount of money you make each month is an important part of your financial picture. How well you can pay back the personal loan depends a lot on how much money you make. When you tell your lender about your income, it might be a good idea to tell them about other money you get. These things could be rental properties, money from a spouse’s job, business profits, etc. Lenders will know that you will pay back what you owe on time. Your current monthly debt payments, where they came from, and how long they have been going on are taken into account. The most important thing is your ability to pay back the loan, which brings us to our next point. Restitution: If you want to improve your chances of getting a personal loan with a low-interest rate, you should pay back the money you borrowed. You could also choose to pay it off faster. But the length of time you have to pay back the loan shouldn’t be too long. The monthly payment for the EMI should fit well into your budget. Find the best length of your personal loan by figuring out the monthly payments. How Much Of A Personal Loan Based On My Salary Will I Be Accepted? The amount of your personal loan is based on your income, your credit history, and other factors. If your credit history is better than that of someone else who wants to borrow money, you may be able to get a bigger loan. Similarly, if someone else with the same debt-to-income ratio (DTI) as you did had a higher income, they would probably be approved for a lower loan amount than you were. Personal loans, unlike mortgages or auto loans, don’t have to be used for just one thing. If you think the interest rate will make up for it in the long run, you could use the money as an investment or an emergency fund. Most NBFCs in India offer personal loans of up to Rs. 25 lakh. Most of the time, a person can get a personal loan for up to 30 times their monthly income. So that they don’t take on too much risk, lenders often set the maximum EMI at 45–60% of your monthly income. A salary-based personal loan eligibility calculator can be used to figure out this amount. [B-02] Summing up: Personal loans are getting a lot more popular right now. This is because the needs of the average Indian consumer are growing. People frequently require quick personal loans to cover urgent or unforeseen expenses. Personal loans are a great way to get the money you need for a variety of things. They can be weddings, vacations, paying for college, remodelling projects, unplanned medical bills, etc. They can be processed quickly online. Visit, Piramal Finance has more in-depth educational articles.
08-11-2023
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