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Personal Loan

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

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

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

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

Pros and cons of personal loan for dental treatment

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

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

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

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

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

How Professionals Like CA Can Make Use Of Personal Loan Amount

Personal and business loans are used for many different things in the business and finance worlds today. People can no longer move up in their jobs or careers because they don’t have enough money. People who work for themselves, like chartered accountants, doctors, engineers, lawyers, designers, management consultants, and so on, can apply for a professional loan. A personal loan for CA has a long time to pay back, a high approval rate, and quick distribution. A personal loan for CA has a lot of benefits, such as fast loan approval, little paperwork, and quick payment. It is also easier to apply for and get a personal loan for businesses that can usually get business financing. [B-01] Personal Loan For CA Anyone can get a personal loan with a good credit score and a history of paying back debts. Each borrower’s loan is for a different amount. The Chartered Accountant can show a steady income and a history of doing well in business. If this is the case, the loan interest rate may be lower than the rate on many other loans. These loans are easy to get and have long terms for paying them back. They are easy to change to fit professional goals like growth, software integration, skill development, and hiring, as well as personal goals like paying off debt and fixing up the house. When deciding on a personal loan for CA, banks consider this because a CA with a well-established practice usually has a steady or growing income. So, these loans are given out without any collateral. You can get a good loan and use the money for personal or professional goals like home improvements or vacations, as well as business needs like updating your hardware and software programs and training your staff. On a more personal level, a CA could use the loan to pay for their child’s college or reach certain life goals. Benefits of Loan for CA Good interest rates How much the loan costs will depend on how much interest you pay. So, you should always shop around until you find a price you can afford. Get a low-interest loan from a professional. Minimal paperwork Since a professional loan is a loan that isn’t backed by anything, there isn’t as much paperwork that needs to be done. These loans are easy to get for chartered accountants and are paid out quickly. Applying for a loan can be a hassle because there are so many things you have to do to qualify and show proof of. We only need you to meet a few requirements and give us a few papers for you to be approved for a loan. Use-restrictions-free This loan doesn’t have rules, so you can use it to pay for anything you want. It’s a flexible loan that makes it easy to take care of your business needs. Rapid approvals Today, funding needs to come at the right time to be effective. You wouldn’t be able to take advantage of market opportunities or reach your own goals without speed. When you require money, quick loans are available to you. Get quick approval for your applications and quickly hand out the sanction you’ve been given. CA Loan benefits A personal loan for ca has a long time to pay back, a large amount that can be approved, and fast distribution. It can help you reach career goals like hiring, getting more skills, and growing. With the help of a personal loan for CA, you could also reach other personal goals, like paying off debt, making improvements to your home, or paying for your child to study abroad. Check to see if this loan helps personal loans for CA by seeing how it works. Helps you develop your tech skills To run a CA firm in the digital age, you must keep up with the times. This means investing in digital security and GST accounting software. Moving to cloud-based technology is important for running a business efficiently, but doing so could be very bad for an accountant’s practice. Using cybersecurity protections to keep systems up-to-date is also very important. A business owner can get the money they need on fair terms to improve their company’s technology with a personal loan for CA. Scale-up activities One way to grow is to open a new office in a new area, city, place, or hotspot for business. A professional loan could help an accountant’s business grow. Instead of putting all of your savings into this project, you could use easy-to-get Professional Loans to spread out the risk. Provides working capital There are always Professional Loans available to help professionals get the working capital they need. The extra money can then be used to pay salaries, hire more workers, or cover regular costs. When cash flow problems arise, a professional loan can help. Assists in meeting obligations If debts aren’t paid on time, they might get bigger. If a payment isn’t made on time, it can hurt your credit score and lead to the company’s assets being removed. If you get a loan from a chartered accountant, you can pay your debts on time. This helps you keep a good reputation and working relationships with your debtors. [B-02] Conclusion You can use your professional loan well without worrying about money. CAs can negotiate fair terms when they have a personal loan for CA. A Chartered Accountant Loan can be used for many things, such as working capital needs, company growth, etc. One can choose the length of time it takes to pay back the loan based on how much money one makes. Now that you know how to use business advances for Indian Chartered Accountants well, you should use them as much as possible. Undoubtedly, online credit applications require the least amount of paperwork. To make getting a personal loan easier, you only need to send in the bare minimum of paperwork. This Piramal Finance feature is only one of the numerous factors that make this an accessible contribution. It speeds up loan processing and verification, allowing us to accept your application quickly.
08-11-2023
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Personal Loan

Is Foreclosure Charge Applicable on Personal Loan & How it Works?

Personal loans are becoming very popular among individuals. This help to meet immediate fund requirements. These can be used for several requirements. These could be investments in business, temporary cash flow mismatches, weddings, medical purposes, travel purposes, emergency expenses, etc. There is no restriction on the purpose for which the loan will be used. No questions are asked by any banks. Banks offer personal loans with no security at very attractive interest rates. [B-01] What is a personal loan, and why would one take it? A personal loan is a form of unsecured loan banks offer to individuals. The benefits of availing of a personal loan are detailed below: No Security: Personal loans are collateral free. One does not have to offer any security for availing of a personal loan. Easy application process: Generally, the loan application to disbursement is not a very time taking process. Lenders have now started giving personal loans with minimum documentation. They mostly ask for identity documents and income proofs with a few bank-specific forms to be filled in the lender’s formats. Easy Disbursements: The loan is disbursed in one go once it gets sanctioned. The amount is directly credited to the borrower’s savings account once the documentation process is completed. Ease of repayment: Personal loans usually have to be paid in EMIs. These are fixed payments that are a fixed amount to be repaid every month. This fixed amount includes both principal and interest. Depending on comfort, one can choose the number of EMIs over which one wants to repay the personal loan. No end-user requirements: The lenders never ask for the end use of funds. One is free to put the funds to any use or purpose. The process of availing of a personal loan is very simplified. One can approach any bank/ multiple banks with the requirements for availing a personal loan with all documents such as identity proof, income proof etc. After screening the application, the bank undertakes the credit appraisal process internally. Then the loan is sanctioned. Once this is sanctioned, the lender can share the loan documents for execution. After this, the loan amount is credited to the borrower’s account. Personal loans come with various advantages. But it’s important to note that the borrower should be very careful with the repayments. Never forget to miss any EMI. Doing so would otherwise affect their credit score. Many lenders have now started offering personal loans with low/nil processing fees. In this article, we will discuss if foreclosure charges apply to personal loans and how they work. What are foreclosure charges? A bank sanctions personal loans for a specified period, as per the borrower’s requirements. If one wants to pay off the loan before the expiry of the tenor for which the loan was sanctioned, it is referred to as Prepayment or Foreclosure of a Personal Loan. The prepayment of the loan has to be done in one single payment. The lenders allow their customers to prepay a loan. But the prepayment of a personal loan would generally attract foreclosure charges. Foreclosure charges are like a penalty the lender charges for prepaying the loan. The foreclosure charges vary across lenders as per their internal policy. The average range of foreclosure charges is between 1% to 5% of outstanding principal. The same is further subject to tax. In other words, the foreclosure charge will be levied on the outstanding principal on the date of prepayment. Some lenders have different foreclosure rates for different periods. Foreclosure charge may be stipulated as 1% if the remaining tenor of the personal loan is more than 4 years, 2% if the remaining tenor is 2-4 years and 3% if the tenor is 0-2 years etc. The applicable foreclosure charge on the borrower’s loan will depend on the lender. It will be written on the sanction letter or terms and condition document they receive from the lender. The lenders charge foreclosure charges to compensate for the interest income the customer would otherwise pay. Benefits of foreclosure of personal loans Reduced cash outflows and interest burden The key advantage of paying off the loan is no cash outflows on account of interest payments. As is said, money saved is money earned! Once they foreclose the loan, the borrower would have paid the principal outstanding. The interest burden gets over. It’s important to note that some lenders specify a lock-in period in the sanction letter. The lock-in period refers to a period from the date of disbursement of the loan when the borrower cannot foreclose the loan. It’s essential to read the documents carefully to be aware of all the conditions of the personal loan. However, it is always better to pay off the loan if one has extra cash to save oneself from the interest burden. Low debt levels The borrower can partially or fully foreclose the loan. In both scenarios, one will have to pay foreclosure charges. But it’s important to note that one is freed from the EMI burdens every month. Whenever one has extra earnings or cash, always try to reduce the debt burdens. While this attracts foreclosure charges, one will still save money on the extra interest one would have paid anyway. Improved credit score All lenders maintain a database of Individuals and their credit profiles. The borrower’s credit score is linked to various factors such as outstanding loans, timely payment of EMIs etc. Once they foreclose a loan, their credit score improves. This would improve credibility. The borrower would also have a better chance of taking another loan. It is always advised to opt for a loan with a lower foreclosure charge. One should always compare the foreclosure charges and interest rates, in case one has multiple loan offers. [B-02] Final thoughts In case, the borrower wants to repay the loan, it will help them to save the interest they would otherwise pay for the entire loan tenure. One should compare the applicable foreclosure charges. He should also read the sanction letter or terms and conditions carefully before deciding. Want to learn more about personal loans, or experience a true hassle-free, quick and easy personal loan with zero pre-payment and foreclosure charges? Visit Piramal Finance.
08-11-2023
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Personal Loan

Part Pre Payment Of Personal Loan Calculator

A personal loan is a one-stop solution for your urgent financial demands. Whether you need it for vacation planning, purchasing desired gadgets, paying off college loans, or organizing your dream wedding. You deserve the best in life, and so does your family. But, maintaining a comfortable lifestyle can be very expensive. People tend to take on too much debt, and this leads to trouble. The good news is that you can lower this burden by making a part pre-payment of your personal loan. [B-01] What Is Pre-Payment Of A Personal Loan? Pre-payment of a personal loan is simply paying off the loan amount earlier than the due date. It is done to either pay off a personal loan faster in case of full pre-payment or to pay lesser EMIs in case of partial pre-payment. You can pay off the principal amount in full or in instalments. If you pay the loan in instalments, you will have to pay more interest over the loan term. If you pay the loan in full, you will have to pay less interest over the term. Part payments on personal loans are made when you have a lump sum of extra cash, but you need more to cover the entire loan’s outstanding balance. Part payments are useful because they ease the outstanding principal, which reduces your EMIs and overall interest costs. However, it is vital to remember that it only helps if you make a significant lump sum as part of the payment. What Is A Pre-payment Calculator? A personal loan pre-payment calculator can help you calculate your EMI, pre-payment interest, and other vital factors. Using a calculator is the easiest and quickest way to estimate your pre-payment amount for the personal loan. A personal loan EMI calculator helps you to figure out how much money you will save on the EMI if you pay more than what is required. How Does a Pre-payment Personal Loan Calculator Work? A personal loan EMI calculator that allows pre-payment aids in revising the loan’s EMI needs. You must enter the loan amount, tenure, and interest rates in the relevant fields of the pre-payment personal loan calculator. The personal loan pre-payment calculator will need some info before calculating the amount. The remaining loan amount, EMIs paid to date, the pre-payment amount, interest rate, and length of your loan if you are already making payments on a personal loan. A personal loan EMI calculator allows you to find out how much money you will save on your monthly payments if you pay more than the minimum amount. Benefits Of Prepayment Personal Loan Calculator Pre-payment is simply the act of paying off a loan before it expires. It may be larger than your regular monthly repayments because you are paying off all remaining instalments at once. Pre-payment of loans is a great way of becoming debt-free easily and quickly. A pre-payment personal loan calculator has many benefits, as mentioned below: Easy and Quick Calculations: A personal loan calculator can help you calculate your EMI, pre-payment interest, and other important factors quickly and easily. All you need to do is enter the correct information in the calculator. Accurate Results: Although you can calculate your pre-payment amount manually, it is prone to human errors. However, a calculator will help you derive fast and precise results. Become debt-free easily: You can save money and deposit it as a pre-payment of the loan’s principal to live a debt-free life without any stress. Personal loan pre-payment also lowers EMI costs because a portion of the principal will be waived. Reduce the burden: Personal loans can be prepaid without making the whole payment all at once. You can also partially prepay your loan balance. Though you will not save any money on interest, your debt will be significantly reduced. The remaining principal balance is also reduced when you prepay an outstanding loan. As a result, the EMIs will be lower than the current interest rate. Reduce Your Interest Costs: You must have sufficient funds to repay the entire loan amount in the early days of your tenure. The majority of banks and financial institutions have a one-year lock-in term. It means you cannot repay your debt in full or for a year. However, once the one-year period is up, you can pay off the outstanding loan and save significant money. How To Use A Pre-payment Personal Loan Calculator? Using a personal loan calculator is very easy as you only have to make a few inputs like loan amount, tenure, interest rate, etc., and it will automatically calculate your EMI amount. You can use the pre-payment personal loan calculator by following the procedures outlined below – Step 1: To set the principal loan amount, move the ” Loan Amount slider.” Step 2: Use the “Tenure” slider to select the loan tenure in months or years. Step 3: Next, set the desired interest rate for your loan using the “Rate of Interest” slider. Step 4: Select the “Part Payment Amount” using the following slider. Step 5: The EMI and the Revised Tenure will automatically be displayed by the pre-payment personal loan calculator. [B-02] Conclusion If you are in need of cash and need to get the money as soon as possible, a personal loan could solve your problems. The best thing about these loans is that they are comparatively quick and easy to get. However, as a borrower, you must try to prepay the personal loan as soon as possible to stay clear of paying high-interest rates and ease the burden off your shoulders.
08-11-2023
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Personal Loan

Five Tips to Make the Most of Your Personal Loan

A loan is the best way to get leverage on your financial side. You can use this loan amount to cover your wide range of needs, be it personal or business-related purposes. The best part about taking a loan is that it provides you with a lump sum, charges you a nominal interest rate, and gives you a reasonable amount of time to plan your finances. Out of many lucrative loan options, one of the most popular options is going for a personal loan in India. You can meet your personal requirements like financing a wedding, buying a house, or making a down payment using a personal loan online. But, a personal loan has its pros and cons, which you need to keep an eye on before applying for it. Do you want to know what are the things you should keep in mind while going for a personal loan? Well, then adhere to this article because this article is all about personal loans in India, their benefits, and the steps you need to keep in mind to get the most out of it. [B-01] What is a personal loan and what purpose does it solve? As said earlier, a personal loan is financial aid you apply for to cover your personal needs from a lender. The lender in return charges you with a specific rate of interest on the borrowed amount for a set period of time until the loan is repaid. Since it is an unsecured form of loan, you don’t need to pledge any of your assets to get a personal loan online. You can use this amount for any purpose as the lender doesn’t ask you for the reason for taking the loan. A personal loan is the best option to look for as it can be substituted with other loans for any purpose, be it business, marriage, education, home, etc. A personal loan online is a faster method that requires no paperwork and is sanctioned within a day or two. Banks have come with this feature to help you save time and increase your convenience at the same time. What are the features and benefits of applying for a personal loan? A personal loan, like every other loan, comes with a bunch of benefits like: Approval and Disbursal Period: The approval period of a personal loan is significantly lower as compared to the types of loans available in the market. Banks often prefer shorter approval periods to cut inconvenience, rigorous paperwork, and delays. The period of approval for a personal loan in India is about two days which can even be shortened depending on your credentials. Similarly, as soon as your documents are verified and the loan is approved by the bank, the loan amount is disbursed into your account within some hours. Rate of interest: The rate of interest on personal loans online is comparatively low than other forms of unsecured loans. The rate of interest for a personal loan in India starts from 8% per annum and goes up to 25% per annum. These rates vary according to one’s credit history, credit score, etc. No collateral: As it is an unsecured form of loan, you as a borrower don’t need to pledge any of your assets to get a loan. Banks mostly don’t ask you for collateral to prevent unnecessary delays. Five steps you need to follow to make the most of your personal loan: Before applying for a personal loan online, you need to figure out these five things to give it a fair shot. Ample self-research: Before you decide to get a loan, make sure that you do a lot of self-researching regarding all the offers available to you. In the chase for getting the best offer, you should also see the terms and conditions that are being provided to you. You can use a personal loan online calculator to calculate and compare different interest rates available to you. Make sure you contact the bank executives and your financial advisor before going for it. Increasing your credit score: The more the credit score is, the better will be the offer. A good credit score not only increases your chance of getting a better offer but also helps you get the best interest rates and flexible repayment options. Remember, a credit score of 750 is the benchmark to get a good offer. You can start paying your bills on time and clearing your dues to level up your credit numbers. Checking your eligibility: Before applying for a personal loan online, you should make sure that you precisely go through the eligibility criteria of the lender. Some of the important points to consider are your income and credit history. Make sure that you are on the plus side in these matters before you go for a loan. Checking additional charges: Before you decide to settle for a loan with a lender, you should be aware of any type of additional charges. These charges include prepayment penalties, stamp duty, processing fees, etc. The necessity for applying for the loan: Before you consider taking a personal loan online, you must thoroughly assess the reasons behind going for it. If the purpose of taking the loan is to finance your short-term needs like financing family trips or festivals, try to settle for as little as possible as it will cause a sudden financial burden. If you have to utilise the amount for making a downpayment, paying medical bills, or investing in the business, then taking a personal loan is justified. [B-02] Wrapping it up A personal loan in India can be taken for a variety of reasons to cover multiple needs, however, certain things need to be executed to the most out of it. Proper financial planning, comparison of different interest rates, improving the credit score, etc. are imperative to get the best offer and make the most out of it. If you liked this article, and you want to read more on personal loans, personal finance, different investment options, and several government subsidies, you should visit Piramal Finance.
08-11-2023
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