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Home Loan

Factors You Should Know That is Affecting Your Eligibility for Loan Against Property

Did you know? There are many ways to get a loan. But getting a loan of any kind is a cumbersome task. Bankers and lenders go through a lot of checklists. Usually, banks have a set of guidelines to follow while releasing a loan amount. And the guidelines and Standard Operating Procedure (SOP) are followed by banks as per Reserve Bank of India (RBI) loan policies. It is to be noted that loans can be of different types. For example housing loans, car loans, business loans and so forth. Hence, a loan is generally given by banks against your property or an asset. A loan against property is one of the most common and easy ways to get a bank loan. Banks consider it as a secured loan. So, banks decide the value of the property at market price. And then avail a certain percentage of the property value as a loan amount. We know a lot of people get confused regarding eligibility for loans against property. We got you covered. Listed below are the factors that have an effect on the eligibility of your loan against property. Let us see the factors that banks and lenders consider for accepting and rejecting a loan against property applications. [B-01] Here are Various Factors Affecting Your Eligibility for a Loan Against Property Employment status of the individual (Income Proof) Generally, there are two categories in this case. A self-employed person and a salaried person. Both are eligible for a loan against property. And both types of individuals need to submit documents as per requirements. A self-employed person will have to give valid business proof. Business-related GST returns, Income Tax Returns (ITR), bank statements, proof of income from the business and a valid business registration certification. A salaried person will need to show employment proof. Company salary slips, bank statements, employment id cards and income tax returns. Income status also shows the repayment credibility of the individual. This helps the bank determine the loan acceptability of the loan applicant. Failing to provide these documents can lead to the rejection of the loan application. Individual Credit Score (Credit History) A credit score shows the creditworthiness of a person. Meaning how well or bad a person is at paying his loans and credit payments. A person who has a good credit score repays his loan on time. He/she has a higher chance of availing of a loan. While a person with a bad credit score has very less chance of availing of a loan against property. There are agencies approved by RBI to analyse individuals’ credit scores. Based on the agency score, banks determine the eligibility of the loan. A good credit score is somewhere between 700 to 800 points. Whereas a credit score below 700 can become problematic to avail of a loan in most cases. Age and value of the property While availing a loan against property, banks see how old is the property for mortgage. Old, shabby property yields low-value amounts. In most cases loan amount offered is very low. If not, then the application is directly rejected. Make sure your property has good value and can yield a high loan amount as required. What kind of property is mortgaged against a loan is an important factor of consideration for banks and lenders. Insurance of the property Generally, it is a good idea to have a property insured for many unforeseen reasons. Having insurance protects you from the burden of your liability to your near and dear ones. Moreover, insured property increases the chance of you getting the loan. A loan against insured property has a higher chance of loan application acceptance. Banks can also offer low-interest rates. Income Tax Returns (ITR) No matter how much you earn or have a stable income source. If you do not file an ITR, there are high chances of your loan application being rejected. Banks actively ask for 3 years ITR to avail a loan against property or of any case. ITR is yet another essential factor in determining the acceptability and rejectability of a loan application. Make sure you file your returns regularly. This could land you a loan with a good interest rate. Any rejection of your previous loan application for whatsoever reason It is a common practice for banks to check the status of your previous loans. Banks can see a record of all the loans you have been granted or rejected. Any rejection of a previous loan can lead to the rejection of your current loan application. The creditworthiness of a person is an essential point considered by banks to release a loan amount. Make sure you don’t have any rejections of previous loan applications, as this may hamper your chances of getting a loan. [B-02] Conclusion It is evident from the above points that availing a loan against property requires a lot of documents. Banks check a host of lists before releasing the loan amount. So, casually applying for a loan against property can lead to the rejection of your application. Make sure to fulfil all the terms and conditions applicable for availing the loan amount. Hence, it is recommended to go through the documents and requirements set up by RBI and banks for smoothly availing of a loan. No doubt loan against property is one of the finest and easiest ways of meeting your financial needs. But you should make sure, the loan eligibility criteria are fulfilled and satisfied. For more content on such topics, you can always visit the Piramal Finance website PersonalLoan (piramalfinance.com) and open up a whole new world of products and services of a similar kind. Piramal Finance can become your one-stop destination for all your financial doubts and needs.
08-11-2023
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Personal Loan

How Convenient Is It To Apply For Personal Loan Online?

When you have an urgent need for money, using your funds is not the best way forward. You will not only deplete your safety net but also expose yourself to future risks. This is why you must explore the option of applying for a personal loan online. It is an unsecured loan that is given by several banks and NBFCs. These loans can be used for any purpose that you may have. This includes marriage, higher education, holidays, or any other personal need. You can apply for a personal loan of up to Rs 10 lakh in a few simple steps using your laptop or mobile phone. The rate of interest for a personal loan online starts from as low as 12.99% per annum. Moreover, there is no need to make a lump-sum payment. The loan tenure can go up to 60 months, which means that you can get EMIs that you can afford. With rapid progress in modern technology, most NBFCs and banks allow you to apply for a personal loan online in a few simple steps. Read on to learn more about the benefits of applying for a personal loan online. [B-01] How to apply for a personal loan online? Most banks and NBFCs are eager to offer personal loans to customers whose profiles meet their rules. This is why they now support online loans, where you need to give some basic details and upload some documents. Read on to learn more about the process of applying for a personal loan online. Conduct your research and find out about the best personal loan offer. Many lenders offer a variety of personal loans, so you must select the best option for your needs. Open the website or get the mobile app of the lender you prefer. This can be an NBFC or a bank. Here, you need to locate the link “Personal Loans” and click on it. You will now need to select the type of personal loan you want. The options you may select are secured loan, unsecured loan, debt consolidation loan, LAP, etc. Now you must enter the basic details as per the space given on the online form. You may also have to upload scanned copies of the documents. There is no need to pay any fees if you want to apply for a personal loan online. Click on the submit button. Your form is now complete and has been sent to the lender. A team will check your profile. If there is a need, they may ask you to provide some more papers or details. After the process is complete, your loan will either be approved or rejected. You will receive a message through email or SMS. If approved, you just need to sign the loan agreement and provide your bank details. The money will be sent to your bank account. You can use it for any needs that you may have. Why is it convenient to apply for a personal loan online? There are many benefits to enjoy when you apply for a personal loan online. One of the most useful aspects is ease and convenience. Read on to learn more about the perks you can get when you apply for this loan online: Easy process: The entire process is very easy to finish, and you only need a few minutes to complete it. You can apply for this loan via your laptop or mobile phone. You only need to offer a few basic details and upload some documents to apply. There is very little face-to-face interaction, and every step can be completed online. Instant Approval: Most lenders use the latest tech, like AI, to process personal loans. So, when you enter your data and submit the application, the system starts working. They will get your credit score and process the information to analyse your profile. If your profile meets their rules and terms, then you will get instant approval. The money will be sent to your account once you give your consent. Easy to track: When you apply for a personal loan online, you are sent a reference number. You can use this number to track the progress of your applications. On top of that, the lenders will keep sending you regular SMSes or emails about the status of your loan application. If you have any questions or doubts, you can contact their team for updates. Pre-approved Loans: When you apply for a personal loan online, you can avail the benefits of pre-approved loans. These are the loans that the lenders offer to their old customers. Based on your profile, a certain amount would be offered as an instant loan. You can select to avail yourself of this loan in times of urgent need, and the money is sent to your account instantly. You can use it for any purpose that you may have. Round the clock: You need not visit any office or branch to apply for a personal loan online. As per your comfort, you can log on to the website or mobile app of the lender any time you want and complete the process. Most such platforms have chatbots as well. They can help you with any doubts related to the loan process. [B-02] If you are considering getting a personal loan online, then consider Piramal Finance. They are a leading NBFC with expertise in retail lending like personal loans, business loans, etc. Their team of expert advisors would help you with the entire process and ensure fast approvals and quick disbursals. They also have many articles and blogs on different topics related to finance. This will help improve your finance skills.
08-11-2023
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Personal Loan

What are the requirements for getting eligible for a 5 lakh personal loan in Indore?

Look no further if you need a personal loan and help to find where to turn! This blog post will tell you everything you need to know about getting an eligible personal loan of 5 lakhs in Indore. From the eligibility criteria to the necessary documents, we will give you all the information you need to apply for and receive a personal loan to help you out of a challenging financial situation. So read on to learn more! [B-01] What are the benefits of taking out a personal loan in Indore? A personal loan is an ideal solution when you need quick financial assistance. There are many benefits of taking out a personal loan in Indore that can help you meet your financial needs. Personal loans offer quick and easy access to funds. You can use the funds for any purpose you desire. The interest rates on personal loans are generally lower than other types of loans. You can repay the loan over a period that suits your needs. Personal loans can help improve your credit score if you make timely repayments. A personal loan in Indore can help you meet your financial needs quickly and easily. The interest rates on personal loans are generally lower than other types of loans, making them an affordable option for borrowers. You can use the funds for any purpose and repay the loan over a period that suits your needs. Personal loans can also help improve your credit score if you make timely repayments. How to apply for a personal loan in Indore? To apply for a personal loan in Indore, you will need to follow these steps: Collect the required documents. To apply for a personal loan, you must submit certain documents, including your ID proof, income proof, and bank statements. Fill out the application form. Once you have gathered all the necessary documents, you will need to fill out an application form which can be obtained from the lender or their website. Submit the form and documents. After filling out the form, you must submit it along with the required documents to the lender for approval. Wait for approval. Once your application and documents have been submitted, it will take some time for the lender to process everything and decide whether or not they approve your loan request. Sign the loan agreement and get the funds disbursed. If your loan is approved, you must sign a loan agreement before the funds can be paid into your account. What are the requirements for taking out a personal loan in Indore? When it comes to taking out a personal loan in Indore, there are a few requirements that you will need to meet. First and foremost, you will need to have a good credit score. This is because lenders will use your credit score to determine whether or not you are a high-risk borrower. Therefore, if you have a high credit score, you are less likely to default on your loan, and the lender will be more likely to approve your loan. In addition to having a good credit score, you will also need a steady income. This is because lenders want to see that you can repay your loan. If you do not have a steady income, you may still be able to qualify for a personal loan, but the interest rate will likely be higher. Finally, you must provide collateral when applying for a personal loan in Indore. Collateral is something of value that can be used to secure the loan if you default on the repayment. Common types of collateral include property or vehicles. What are the interest rates for personal loans in Indore? Lakh personal loan interest rates in Indore vary from lender to lender. The average interest rate for a personal loan in Indore is 15%. How to repay a personal loan in Indore? If you’re looking to take out a personal loan in Indore, there are a few things you’ll need to know to ensure you’re eligible. The first is what your repayment options are. You can either repay your loan in full or make minimum monthly payments. If you choose to repay your loan in full, you’ll need to do so within the loan’s term, typically between one and five years. Otherwise, you’ll be required to make monthly payments until the loan is paid off. To make minimum monthly payments, you’ll need to budget for your loan payment each month, along with any other debts or expenses you have. In addition, your lender will likely require that you set up automatic withdrawals from your bank account to ensure timely payments. Once you’ve made all your required payments, you’ll be free from your loan debt. If you’re having trouble making ends meet each month or are worried about being able to repay your loan, contact your lender immediately to discuss your options. It’s important to remember that missing even one payment can have serious consequences, so it’s always best to communicate with your lender if you’re having difficulties. Eligibility You must meet specific requirements to get a personal loan of 5 lakhs in Indore. Firstly, you should have a good credit score and a steady income. Secondly, you should be employed for at least two years. Thirdly, you must be between 21 and 60 years of age. Lastly, you should have an active bank account in your name. You should be eligible for the personal loan if you meet all these criteria. [B-02] Conclusion We hope this article on personal loans in Indore has been helpful. If you’re considering a personal loan, be sure to compare rates and terms from multiple lenders before making a decision. And remember, always borrowed responsibly and within your means. For more information on getting Personal Loans in Indore, do visit https://www.piramalfinance.com/personal-loan
08-11-2023
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Personal Loan

How can I Get Instant Approval on a Personal Loan in Ahmedabad?

Personal loans in Ahmedabad are a common way to quickly get the money you need. They are often not tied down to anything. It’s great for weddings, home improvements, trips, and more. This is because you can use it for many different things. And the borrower can use the money for anything they think is right. Personal loans in Ahmedabad may help you build credit faster than other types of credit. This is due to the fact that an unsecured loan comes with a certain amount of risk. To sum up, a personal loan can help with any short-term money problems. [B-01] What are the pros and cons of personal loans? No collateral for personal loans in Ahmedabad One good thing when you apply for a personal loan online is that you don’t have to purchase any collateral. This implies that you don’t have to use anything as collateral to get a loan. This could affect your interest rate. But getting a low-interest personal loan in Ahmedabad should be easy if you meet the requirements. Instantly apply for a personal loan The digital revolution has made it easier to verify and record things. Instant personal loans in Ahmedabad are great for this. This is because they are easy to get. They also don’t require a lot of paperwork. It’s easy to get approved It’s easy and quick to apply for a personal loan and get it. Because of this, it is the safest thing to fall back on when the economy is bad. The process is digital now. So the time it takes to check has also gotten shorter. Ability to do more than one thing You can use a personal loan for anything but legal business. Aside from that, you can use it for any purpose. This is because it is very flexible. Other kinds of credit can only be used for certain things. Personal loans in Ahmedabad can be used to pay for sudden costs. Documents required for personal loans in Ahmedabad Most banks and NBFCs offer personal loans in Ahmedabad. But the terms are very different from bank to bank. On the other hand, banking institutions provide personal loans in Ahmedabad. They must follow the same rules. Both salaried and self-employed people must meet the following requirements to get a personal loan online: Age - 21 years to 58 years Employment Type - Salaried Credit score - Should be 700 or Above Minimum Net Income (Monthly) - ₹15,000 Loan Amount - 25,000 (minimum) and Max ( 12,00,000) Work Experience - Salaried At least 6/12 months employment in current company What do you need to get a personal loan? These are some most common papers needed to get personal loans in Ahmedabad Salaried Professionals Proof of Identity and Age A completed, signed, and photographed application for a personal loan Permanent address Registration Card Documentation of current residency, including but not limited to: a passport, driver’s license, voter identity card, postpaid/landline phone bill, and electric, water, and gas bills. Financial data from the preceding three months (ideally pay account) Paystubs from the past three months Your prior three years’ worth of IRS Form 16s or W-2s Things To Remember Before You Apply For a Personal Loan You should know why you need personal loans in Ahmedabad Personal loans can be used for almost anything, unlike mortgages and more specialized car loans. Use personal loans in Ahmedabad to pay off other debts or meet an unmet financial need, like paying for school or repairing your home. Even though it might not seem like it, getting a Personal Loan to pay off existing debt is a good financial move. Rates for personal loans start at a low of 10.99%. This is a big drop from the average interest rate on credit cards, which is 25% per year. This makes them a much better alternative to credit card debt. You should look around to find the best rate of interest Generally, when you apply for a personal loan, you should describe your financial emergency. This will help you devise and stick to a good plan for paying off your debt. Be sure to shop around and compare interest rates before making a final choice. Even a small drop in interest rates could save you thousands of rupees throughout your loan. Make sure to read all the details of personal loans in Ahmedabad Before deciding on personal loans in Ahmedabad, the most important thing you can do is read the fine print. Please find out how long it will take to hear back from the lender. You must also be aware of how much you can borrow, and how much of your income will be used to repay the loan. Watch out for any processing fees that aren’t obvious. Some loans have very low-interest rates. But the difference is made up by fees to process the loan. Get the most out of any deals When you plan to get a personal loan through an aggregator, you can take advantage of special terms and conditions that the bank doesn’t offer directly. You can compare interest rates from different lenders and agree on an offer you qualify for. This reduces the chance that your loan application will be denied. [B-02] Conclusion When looking for personal loans in Ahmedabad you can contact Piramal Finance. They are the best at seeking out the best loans for you to apply for.
08-11-2023
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Schemes

FAQs – Pradhan Mantri Awas Yojana (PMAY)

The Pradhan Mantri Awas Yojana is a government scheme introduced in 2015. The scheme aims to provide housing for everyone by 2022. So far, the scheme has been a success, with over 1 million homes being built under the scheme. However, some people still need to be aware of the scheme and its benefits. This article will look at the top 10 Pradhan Mantri Awas Yojana FAQs and try to answer them in a simple and easy-to-understand manner. [B-01] Top 10 FAQs related to Pradhan Mantri Awas Yojana Here are the top 10 questions about the scheme that remain unanswered related to the Pradhan Mantri Awas Yojana. Q1: What is Pradhan Mantri Awas Yojana? A: The Indian government launched this scheme in 2015 to provide affordable housing to all citizens of India. The scheme is divided into three parts: Pradhan Mantri Awas Yojana – Gramin, Pradhan Mantri Awas Yojana – Urban, and Pradhan Mantri Awas Yojana – Special. The first part, Pradhan Mantri Awas Yojana – Gramin, assists those living in rural areas; the second part, Pradhan Mantri Awas Yojana – Urban, assists those living in urban areas, and the third part, Pradhan Mantri Awas Yojana – Special, assists those with special needs, such as the elderly or people with disabilities. Q2: What are the benefits Pradhan Mantri Awas Yojana offers? A: Here are some benefits of Pradhan Mantri Awas Yojana (PMAY), which is aimed at providing affordable housing to all citizens of India. PMAY helps create employment opportunities, leading to the development of the construction sector. The scheme also encourages the use of modern technology in the construction sector, which helps improve housing quality. PMAY helps in reducing the number of homeless people in India. The scheme also provides financial assistance to the beneficiaries, which helps them in purchasing a home. Q3: Eligibility requirements for the Pradhan Mantri Awas Yojana? A: The Pradhan Mantri Awas Yojana scheme is open to all citizens who meet the eligibility criteria. The following are the eligibility requirements: The applicant must be a Resident of India and must be 18 years or older. The applicant must have a valid ID card and have a monthly income of Rs. 12,000 or less. Applicants must own a house or land that they can use for housing. They must not have any other houses or land in their name and not have any criminal record. Also, they don’t have any outstanding loans or dues on the house or land used for housing. Q4: How to apply for the PMAY scheme? A: You can apply online or through the mail. You must provide your name, address, contact information, and information about the property you are applying for. You will also need documentation proving your eligibility, such as your income tax return or voter ID card. Once your application is approved, you must sign a contract with the government to agree to certain terms and conditions. You will need to agree to live in the property for at least five years, and you will need to pay a monthly rent to the government. The rent will be based on your income, and it will be a fraction of the market rent for the area. Q5: What is the process of the Pradhan Mantri Awas Yojana? A: First, Visit the official PMAY website. Then, in the “citizen assessment” dropdown list, you must select the “for slum Dwellers” option. After that, provide your Aadhaar card number and click on the “submit” option. Remember to enter accurate information such as name, address, and employment details. Q6: What are the documents necessary for Pradhan Mantri Awas Yojana? A: You must submit certain documents to apply for the Pradhan Mantri Awas Yojana. The required documents are as follows: Submit a copy of your ration card, voter ID card, Aadhaar card, your bank passbook. A letter from your employer confirming your employment A self-declaration from the applicant stating that they do not own a pucca house in their name or the name of their spouse Q7: What is the interest rate on the Pradhan Mantri Awas Yojana? A: The interest rate on Pradhan Mantri Awas Yojana is 8%. This is a subsidized interest rate and is available to all applicants. The interest rate may change, so check with your local bank for the most up-to-date information. Q8: What is the tenure of the Pradhan Mantri Awas Yojana scheme? A: The tenure of the Pradhan Mantri Awas Yojana is for 10 years. The initiative aims to provide affordable housing to the poor and the needy. However, this scheme is being implemented in three phases. The first phase was launched in 2016 and is expected to be completed by 2019. The second phase will be launched in 2019 and is expected to be concluded by 2024. The third phase will be launched in 2024 and is expected to be concluded by 2030. Q9: What is the amount of subsidy available under the Pradhan Mantri Awas Yojana? A: The Pradhan Mantri Awas Yojana is a subsidy program to help individuals purchase a home. The subsidy amount available under the program depends on the home’s location and the applicant’s income. In some cases, the subsidy may cover the entire cost of the home. In other cases, the subsidy may only cover a portion of the cost. Q10: Can the beneficiary own another house under Pradhan Mantri Awas Yojana? A: The beneficiary of the Pradhan Mantri Awas Yojana can own another house. The beneficiary can own another house in addition to the one financed under the Pradhan Mantri Awas Yojana. The beneficiary can also own a house in a different city or town. [B-02] Summarize Overall, the Pradhan Mantri Awas Yojana has been a great success and has provided affordable housing to millions of people. However, there are still some questions about the scheme that still need to be answered. This article will clarify the top 10 Pradhan Mantri Awas Yojana FAQs. However, Piramal Finance could be the right choice if you’re looking for a finance option that offers flexibility and attractive rates. Their team of experts can tailor a finance solution to meet your specific needs, whether you’re looking to invest in a property portfolio, buy a new home, or grow your business. Contact them today to learn more about their products and services or to speak to one of their friendly consultants.
08-11-2023
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Know More

Personal loan in Delhi NCR : Loan amount upto 50 Lakh

A loan which is taken to fulfil one’s personal needs or purposes is called a personal loan. So, from organizing the wedding to renovating your house or even sponsoring a purchase or any vacation, a personal loan in Delhi lets you do everything and anything. Interestingly, unlike a home loan, you do not need a list of documents to avail of a personal loan. Hence, these are easy to apply for. However, the challenge lies in securing a personal loan in Delhi NCR. Therefore, here is a complete guide to assist you in getting an instant loan in Delhi. [B-01] Reasons for Taking Personal Loans in Delhi There is no fixed list of reasons why you can think of taking a personal loan. So, you need to discuss this with the bank directly to have clarity. However, the following are the most common grounds for opting for a personal loan in Delhi NCR: Sponsoring Higher Education Medical Emergencies Wedding or Vacation Expenses Home Renovation Improving Credit Score or History To finance your upcoming or new venture Buying an expensive product or even a dream vehicle Key Features of a Personal Loan in Delhi A personal loan is different from other types of loans. The benefits and key features of considering a personal loan in Delhi include the following: It is an unsecured loan, which means you need not pledge any of your assets to secure the loan Needs minimum documentation Flexible repayment tenure Budget-friendly and comfortable EMIs Quick sanction The amount of a personal loan can be between 10,000 to 50 lakhs, subjective on the bank offering the personal loan. Eligibility for a Personal Loan in Delhi The eligibility for a personal loan varies from bank to bank, but a few requirements remain the same. Citizenship and Age You must be a citizen of India between the age of 21 and 60 years. Income If you are a salaried person/employee, you must be earning at least 20,000 per month. Here, a salaried person includes the employees from the following: Private sector MNCs or their related companies Public sector Government Institution Proprietorship or Partnership Firms If you are self-employed, then you need to submit your income proof documents. It is important that these documents show that you have a regular, steady income. Credit Score Your payment history with the bank regarding past loans makes your credit score. Ideally, this should be at least range from 600 to 750 for you to be eligible for the instant loan in Delhi. If you have a lower than 600 credit score, you can apply for a personal loan, but it will lower your chances of getting the application approved. Documents to submit for a personal loan in Delhi Apart from the application form, you are expected to submit the following documents when applying for a personal loan in Delhi NCR: For Identity Proof Pan card Voter ID Aadhar Card Passport For Address Proof Passport Aadhar card Utility bills Driving license For Income Proof Bank account statement Salary slips Income tax returns You need not submit all these listed documents. You only have to submit one document from each category. However, if you are self-employed and applying for an instant loan in Delhi, you might also need to submit certified copies of your degrees. How to apply for a personal loan in Delhi? For applying for a personal loan in Delhi, you can either apply online or offline. Apply Online To apply for a personal loan online, you must visit the bank’s website from where you plan or are interested in borrowing a loan. Choose “Personal Loan” under the loan section, or you might see it written separately. Click on it and fill in your required details, like name, age, address, etc. Upload the documents required for verification and click on submit. Your application for a personal loan has been submitted, and now the bank will check your profile and eligibility. The status of your application will be updated to you accordingly. Apply Offline To apply offline, visit the bank branch from where you plan or are interested in borrowing a personal loan. Ask for the personal loan application and fill in the required details Submit the certified copies of the required documents along with the application The bank will check your profile and eligibility. The status of your application will be updated to you accordingly. Things to Keep In Mind A few things to consider and keep in mind before applying for a personal loan are: Tenure The maximum tenure to pay the loan is 5 years, wherein the EMI are shorter and comfortably paid. However, with maximum tenure, the interest rates go high. The minimum tenure is of 12 months with high EMI but low-interest rates. Foreclosure Charges or Processing Fee While lending out the money, the lender often charges a processing fee depending on the personal loan amount. On the other hand, the lender can also charge for repayment of the loan before the fixed tenure, which is called Foreclosure Charges. These charges and fees vary from lender to lender. It is advisable to opt for a bank that does not charge any foreclosure charges or processing fees. Terms and conditions The terms and conditions vary from lender to lender; thus, it is necessary for you to go through them over you have made up your mind regarding where to apply for the personal loan. [B-02] Conclusion Personal loans are easy to apply for but are challenging to get approved. But now that you know how to apply and what to consider, you can easily get along the process of getting a personal loan. However, just ensure that the lender ticks all the boxes of an ideal personal loan deal, just like Piramal Finance. With Zero pre-payment and pocket-friendly monthly EMIs, Piramal Finance assures quick sanction and instant disbursals. So, get your personal loan approved today!
08-11-2023
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Personal Loan

How to Check Personal Loan Eligibility for Rs. 75,000 Salaried Person

The number of lenders in the financial market has increased. As a result, access to personal loans has also increased. Today, people take personal loans for various purposes, ranging from financing a wedding to renovating a home. But default on personal loans has also increased in recent years. It is a consequence of the high-interest rates in the case of personal loans. Lenders now insist that borrowers meet personal loan eligibility thresholds to get credit. One of these is the borrower’s financial profile, which includes their income. In this blog, you will read about the general eligibility criteria for a personal loan. You will also find the criteria someone with a salary of Rs. 75,000 would have to meet. [B-01] What is a Personal Loan? A personal loan is a type of unsecured loan. Unlike secured loans, such as a mortgage or a car loan. A personal loan does not need the borrower to provide any collateral. Instead, the lender evaluates the borrower’s creditworthiness and income. It is used to determine their ability to repay the loan. Personal loans are used for various purposes. These include consolidating debt or covering unexpected expenses. They are usually issued for a fixed term, with a fixed interest rate and regular monthly payments. But the rate is usually higher than in the case of other loans. Personal loans are a popular financial product. It is so because they are easy to get and can provide funds. But they also come with certain risks and responsibilities. It is important to consider the terms carefully before reaching an agreement. Five Things to Consider When Taking a Personal Loan These are the key factors that you should consider before making a decision: Purpose of the Loan When taking out a personal loan, the first thing to consider is why you need the money. Personal loans can be used for various purposes, including unexpected expenses. By defining the purpose of the loan, you can choose the type of loan that best meets your needs. It will help you avoid taking on more debt than you can handle. Loan Amount & Repayment Period These are two of the most important factors to consider. The loan amount should be based on your need and ability to repay. The repayment period should be long. It will allow you to make your monthly payments easily. It will help ensure you can afford the loan without stretching your budget too thin. Interest Rate & Fees The interest rate and application fees can impact the loan’s total cost. It is important to compare interest rates and fees offered by different lenders. You must choose the one that offers the best value for money. Remember that a lower interest rate may not always be the best option. It may come with higher fees or hidden charges. The Lender The lender you choose to borrow from can also impact the terms and conditions of your loan. It is vital to choose a reputable, trustworthy lender. You must go with those who offer a loan that meets your needs. You can research different lenders. Compare their offers to find the one best suits your requirements. Credit Score & Financial Situation Your credit score and financial situation are also important factors. A good credit score can improve your chances of getting approved for a personal loan. It can also help you secure a lower interest rate. A low credit score or a high debt-to-income ratio may make it difficult. It may also result in a higher interest rate. Check Eligibility for a Personal Loan with Rs. 75,000 Salary If you are earning Rs. 75,000 per year, you need to consider these key factors: Your credit score Your credit score is a three-digit number. It reflects your creditworthiness. It plays a major role in determining your personal loan eligibility. Most lenders need a minimum credit score of 600 to 700 for personal loan eligibility. You may not get approved if your credit score is below this range. Your debt-to-income ratio The debt-to-income (DTI) ratio measures how much your income goes toward paying off your debts. Most lenders consider a DTI ratio of 36% or lower ideal for personal loan eligibility. If your DTI ratio is higher than this, you may have a harder time getting approved for a personal loan. Your employment and income Borrowers need a stable job and a steady income to be eligible. You should have no difficulty meeting this rule with Rs. 75,000 monthly. The amount is enough to pay off a medium-sized loan. Other factors Besides the above factors, some lenders may have extra parameters. These include your age, residence, and existing liabilities. Such parameters are used to determine your personal loan eligibility. You will have to provide proof of address and employment. Most importantly, you will have to give a photo ID. This photo ID must be a government-issued one. To check your personal loan eligibility, you can approach a lender directly. You will have to provide them with information about your credit score. You will also have to tell them about your DTI ratio, employment, and income. Most lenders have online eligibility calculators. You can use them to get a rough idea. It will help determine your chances of getting approved for a personal loan. You can also use the services of a financial advisor or credit counselor. They can help you assess your personal loan eligibility. They can also recommend the best course of action based on your circumstances. [B-02] The Parting Words If you earn Rs 75,000, you can easily get a personal loan. But you must remember to check your existing liabilities and commitments. It must be done before you apply for a new loan. You can speak with different lenders if you are unsure about your eligibility. Some lenders may even be willing to negotiate the terms and conditions. Talking to various lenders will also help you find the best possible offer. You can also read detailed blogs about personal loan eligibility on the Piramal Finance website. It would help you find answers to questions that may not have been answered yet.
08-11-2023
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Personal Loan

How Can You Apply For Instant Personal Loan In Hyderabad?

Hyderabad is one of the biggest cities in India. It is the capital city of the state of Telangana. Hyderabad enjoys great infrastructure and attracts people from across the country. The business sector in the city is thriving and a lot of people are employed in this sector. The cost of living in Hyderabad is a bit high, just like most big cities. Hence, there might be times when you need a personal loan in Hyderabad to pay for some costs. This loan can be taken for a wedding, education, shopping, or any other task. There are many lenders from where you can apply for an instant personal loan in Hyderabad. These lenders accept online loan applications and process them within a few minutes. If your profile meets their rules, the money will be sent to your account quickly. But you need to remember that this is a loan and must be repaid with interest. Hence, you must select a lender that offers the best deal on a personal loan. Read on to learn how to apply for an instant personal loan in Hyderabad. [B-01] Benefits of an Instant Personal Loan in Hyderabad Applying for an instant personal loan in Hyderabad can be a good decision for your financials. Here are some key benefits that you can expect with this personal loan: Unsecured: This loan does not require you to offer security to the lender. Hence, there is no risk of losing your collateral. High amount: You can get a personal loan of up to Rs. 10 lakhs for your needs. Such high-value loans can be very useful in urgent situations. Quick and easy: You can get an instant personal loan in a few minutes. The application process is online and can be finished in a few minutes. You need not travel anywhere to get this loan. Easy Rules: Most lenders do not have very tough rules to offer this loan. They have simple criteria that you must fulfil to be eligible. Fewer papers: You need not prepare printouts of the papers for loan application. You only need to upload scanned copies of the documents. Low-interest rate: You can get an instant personal loan in Hyderabad at low-interest rates. The interest rates start from as low as 12.99% per annum. How to Apply for Instant Personal Loan in Hyderabad As you want to apply for an instant personal loan in Hyderabad, you must complete the process online. If you apply for this loan offline, then the process can take a few days. Hence you must apply online for this loan. Here are the steps you must follow to apply for a personal loan in Hyderabad. Pre-Approved Offer If you have an account with the lenders, they can give you pre-approved offers for a personal loan. Here are the steps you need to follow: Log in to your internet banking account. You can do this through a website or a mobile app. When you log in to the account, locate a link named ‘Offers for You’. This title can differ across lenders. Here you will be able to check the various personal loan offers. Select the offer that meets your needs. You will then be able to see its rules and terms. If they meet your needs, then click on proceed. You may be asked to verify your details. Proceed as per the instructions on the screen. You must select the loan amount and tenure. The interest rate will also be shared with you. After you complete the process, you will receive a confirmation mail or SMS. The money will be sent to your account in a few minutes. You will also receive the repayment plan. The EMI will be debited directly from your account. New Loan Application Here are the steps that you need to follow for a new instant personal loan in Hyderabad: You must compare multiple lenders and select the one that can meet your needs. Log on to the website or mobile app of the lender. Click on the link for ‘Personal Loans’. Here you will have to click on the link ‘Apply for a Personal Loan’. After you click on this link, you will be able to see a form on your screen. Enter the details as required in the form. You will need to enter your name, address, age, email id, phone number, income, and other details. You may also need to upload scanned copies of some papers. After you have completed this step, click on the submit button. The lender will receive your applications. If the team needs any more details, they will contact you. Provide them with the details or other papers that they need. If your profile meets their rules, they will approve your application. You will need to sign the loan document when the rep will visit your place. After you complete the process, you will receive a confirmation mail or SMS. The money will be sent to your account in a few minutes. You can use the money as per your needs. There are no restrictions on this. You will also receive the repayment plan. The EMI will be debited directly from your account. [B-02] Getting an instant personal loan in Hyderabad is very easy. If you complete the application process and meet the rules of the lender, you can get the money in a few minutes. To get the best personal loan offers, visit Piramal Finance. They offer great deals on instant personal loans. They also have several articles and blogs to help you learn more about personal loans. If you have any doubts, you can contact their experts for guidance as well.
08-11-2023
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Personal Loan

How to Check Personal Loan Eligibility Criteria Online at Piramal Finance?

You can get a personal loan to fund any emergency expenses. There is no need to offer any collateral to get this loan. The tenure of a personal loan can extend up to 60 months, and the interest rate is very competitive. There are no limits on how you can use the money. Additionally, it is convenient because you can apply for personal loans online. But before you apply for this loan, you need to check your personal loan eligibility. Based on the lenders you choose, the eligibility criteria can vary. Piramal Finance is a leading NBFC in India and offers many types of loans for its customers. Personal loans have become quite popular in recent times. These highly customisable loans are unsecured and can be used for any expense, such as vacations or medical emergencies. Read on to learn more about Piramal Finance personal loan eligibility and criteria. [B-01] How to check personal loan eligibility at Piramal Finance? Before you apply for a loan, check personal loan eligibility online. This will help avoid any hassles later on. Furthermore, it can help you decide whether to approach the lender for a loan. Here is how you can check personal loan eligibility online at Piramal Finance: Visit the official site of Piramal Finance at https://www.piramalfinance.com/. When the home page opens, locate the tab for Personal Loan. When you find this tab, click on the link to open the personal loan page. On the next page, you will see crucial details related to personal loans. To check personal loan eligibility, click on Who can Apply? You will be taken to the relevant section when you click on this link. Here, you can check crucial eligibility aspects like the nature of work, salary, work experience, age, and other eligibility criteria. Read these aspects thoroughly to determine personal loan eligibility. You must also click on the link for documents. This will allow you to check the list of documents that you will need to submit to apply for a personal loan. There is also a section on how to apply for a personal loan. Click on this link to learn more about this process. You can click on Apply now once you have checked all the personal loan eligibility criteria. This will take you to the online application page. Here, you can complete the loan application process. You must complete all sections and upload all requested documents. You can upload scanned copies of the documents or digital photographs. You can contact their customer care helpline if you have any doubts or questions. What are the features of Piramal Finance personal loans? Here are some key features of personal loans from Piramal Finance to help you make a decision: High-value loans: You can get a personal loan in the range of Rs. 1 lakh to Rs. 10 lakh for all your urgent needs. Flexible loan tenure: You can opt for a loan tenure between 12 and 60 months. This allows you to get an EMI that you can repay. You can decide your repayment capacity and fix your loan tenure accordingly. Interest rate: The interest rate for personal loans starts at 12.99% per annum. The final interest rate will be based on your credit score and profile. You may be offered a competitive interest rate if you have a high credit score. Simple application process: You can apply for Piramal Finance personal loans online. The process is easy to complete and includes only a few basic steps. You can also check personal loan eligibility and your application status online. Quick process: Piramal Finance offers a quick loan process and disbursals. Disbursals can be made within a few hours to a few days, depending on your profile. Affordable EMIs: Long loan tenures and lower interest rates allow you to get low EMIs. This means you can repay the EMIs without any stress on your finances. Co-applicant: To improve personal loan eligibility, you can also apply with a co-applicant. This will allow you to get higher loan amounts. Piramal Finance Personal Loan Eligibility If you do not want to go through the process of checking personal loan eligibility at Piramal Finance, here are some key aspects that you need to focus on: Employment type: You can apply for this personal loan only if you are an employee with a company. You must receive a salary in your account every month. Credit score: Your CIBIL score must be more than 750 to get this personal loan. A lower CIBIL score may be acceptable in some situations. Income: You must get a salary of Rs. 25,000 or more per month. A lower salary will make you ineligible for a personal loan. Age: You must be over 21 years at the time of loan application. You must be under the age of 60. Work Experience: You must have at least one work experience. Out of this, the last six months must be spent with the current employer. Documents: You should submit the following papers to the lender to process this personal loan.PAN card.Aadhar card.Bank statements (3 months)Salary slips (1-2 months)Address ProofThe same documents should also be submitted for a co-applicant. You may also be asked for additional documents if proof is required. [B-02] Conclusion Personal loans help you meet urgent needs. High-value loans and lower interest rates make them better than credit cards or other loans. Piramal Finance is a leading NBFC and offers personal loans. You can get the best offers if you meet the given personal loan eligibility requirements. You can also visit Piramal Finance to read all the blogs and articles aimed at improving your financial knowledge.
08-11-2023
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