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Personal Loan

Get An Instant Personal Loan On Credit Card

Need a quick personal loan on a credit card? Want to the best way of getting personal loans? Do you want quick cash? A credit card is a convenient way to borrow money from your bank and immediately pay for purchases. If you want, you can pay the money back later. Your bills and other expenses will be paid on time. You have access to a personal loan on a credit card, which you can use to make payments whenever necessary. The cardholder is responsible for returning this amount to the bank on the due date agreed upon with the bank. Most people consider obtaining a personal loan against the available credit on their credit card to be a personal loan. When you borrow money with your credit card, you don’t have to complete as much paperwork as you would with a personal loan. [B-01] Everything that you should about a Personal Loan on a Credit Card Personal loans on credit cards are a type of short-term loan that cardholders who meet the requirements can obtain quickly. The portion of a financial instrument’s credit limit has yet to be used as collateral for a loan. More information on credit card loans can be found below: You can obtain a quick loan by utilizing your available credit to cover expenses that exceed your current balance. personal loans on credit cards are convenient because they are simple to obtain and allow cardholders to borrow for up to 90 days without paying interest. Paying off credit card debt in monthly instalments makes managing the process much easier.What distinguishes this from other Loans? There are numerous advantages to using a credit card as loan collateral. Here are a few examples: These personal loans can be funded quickly because there is no paperwork to fill out. A personal loan on a credit card allows you to get money quickly and deposit it directly into your bank account. This allows you to put the loan money to better use. Credit card-secured loans can be used to make money because of the low-interest rates. The loan application process is simple, and the funds can be deposited into your account on the same day. The application process for credit card-secured loans is simple and can be completed online or by phone. This personal loan can be applied for whenever and wherever suits you best. The processing fees for these loans are small and simple to pay. Every month, a set amount will be charged to the borrower’s credit card until the loan is paid in full. The majority of the time, these loans are granted for 24 months (2 years)Who could qualify for a Personal Loan on a Credit Card? First and foremost, if you require cash to cover unexpected or urgent expenses, you can obtain a loan against your credit card. You should still fill out the loan application if this is the case. Before applying for a personal loan on a credit card, make sure you qualify: The bank that issues you your credit card must be one you are familiar with (only a few banks offer loans against credit cards to new customers) A credit card is required for anyone who wishes to borrow money. Borrowers must have good credit and a track record of making on-time payments. Before applying for a credit card-backed personal loan, you should thoroughly check your credit history using internet banking, mobile banking, or your local bank branch. If you borrow more than your withdrawal limit on your credit card, your bank may suspend your use of the card until the balance in your loan account falls below your withdrawal limit. Prerequisites for Obtaining a Personal Loan on a Credit Card When you use a credit card as collateral for a loan, you rarely have to fill out any paperwork. This is because you need a credit card to apply for a personal loan on a credit card, and both a loan and a credit card require the same paperwork. If you’ve been good to your bank, you should have no trouble using your credit card as collateral to get a loan.For credit cards, however, you must present one of the following forms of identification: Verification of the person’s residence address Identification documentation Passport photos should be recent and the appropriate size. Checks from the previous three months (only for salaried employees) A copy of your ID card will suffice as proof of employment (only for salaried employees) As a certified copy of your most recent tax return (only for self-employed applicants) A photograph of the card (only for self-employed applicants) How do I apply for a personal loan on a credit card? It would help if you did the following to use your credit card as collateral for a loan: If you want a personal loan on a credit card, go to the website of your credit card company or another bank that provides such loans. Please complete the form and return it to us, along with all required paperwork. After you submit your paperwork, the bank will review it and verify the information it contains. Once your identity has been verified, the bank will either electronically transfer the loan funds or send you a demand draught for the full amount. If you want to borrow money from a bank offline, you must go to a branch, fill out an application form in person, and hand it over to a loan officer along with all the necessary paperwork. Then you can get a personal loan with your credit card as collateral. [B-02] Conclusion A credit card loan is your best option if you need money quickly to cover unexpected expenses or take care of other pressing matters. If your credit card’s cash withdrawal limit is insufficient to meet your immediate financial needs, you should consider applying for one of these loans instead. As previously stated, a personal loan on a credit card offers some advantages that other types do not. These advantages are not available from any other loan. We do not provide financial advice, but we do provide unbiased research and reviews on trading, investing, and other financial topics. Before committing to a service, users should conduct their research. Please also visit Piramal Finance, which has more detailed and useful articles.
08-11-2023
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Personal Loan

Flexi Loan Vs Flexi Personal Loan: Difference Between Them You Need to Know

Getting a personal loan might be beneficial when you want money for a medical operation, a wedding, a trip, or other private purposes. Many lenders now provide quick loans with low-interest rates. All you have to do is assess your objectives, choose your loan amount, & pay set EMIs for the duration of the loan. What happens if you don’t repay your loan in full? You will still be required to make sizable EMI payments for the amount borrowed. Some loans come with overdraft protection and flexible repayment alternatives. These loans are known as flexi loans. Let’s examine their distinction from term loans. [B-01] What Exactly is a Personal Loan? A personal loan is a sort of loan for which there is no need for security or collateral. A user with a minimal amount of paperwork may be eligible for this loan. Once the loan has been accepted, the borrower can use it as they see fit. Like with any other loan, the user must return the money following the terms & conditions established with the bank. With easy calculations, the payback may be completed in a few months to a few years. As was before said, flexi loans for personal loans function like most loans. The user must submit the needed paperwork when applying for a loan. The bank will also do a creditworthiness assessment before making a loan offer. What Exactly is Flexi Loan? Loan applicants are permitted to take out a Flexi loan, often referred to as a Flexi Loan for Personal Loan, in the form of an overflow or credit line facility, up to a specified ceiling. Only the amount utilised by the borrowers will be subject to interest assessment by the lender, not the whole amount granted. The initial amount may be paid back to the lender when it is most suitable for the borrower. Yet, they are still responsible for making monthly payments of interest following the terms and conditions. Many individuals pick these financial options over personal loans & use Flexi loans in their place because of how convenient they are. Differences Between Personal Loans and Flexi Loans Flexi LoanTerm LoanLoan amountThe lender determines your credit limit, which you are free to use as required. As a result, when you request a loan, the money you receive is put into your loan facility. You are able to roam it at any time.The lender pays your account in full for the approved loan amount.Interest paymentYou will only be liable for paying interest on the portion of your withdrawal that is below the credit limit set by your lender.Interest fees will be applied to the whole loan amount.PrepaymentPrepayments are allowed with no costs or low fees.Whether you partly or completely prepay your obligation, prepayment costs are still due.EMI structureHow much you pay in EMIs depends on the loan’s terms, duration, prepayment policy, & withdrawal amount.You will be expected to pay a set EMI amount that consists of both principal and interest. You may also determine your EMI in advance by using a personal loan EMI calculator. Advantages of flexible loans Liquidity With a flexi loan, you may take repeated withdrawals from your authorised credit limit, ensuring you always have access to cash. Additionally, you will only be required to pay interest on the amount you withdraw, not the total. Cheap EMIs Thanks to the flexible repayment choices, you only have to pay an EMI on the amount you have withdrawn. Your interest payments will decrease as a consequence. Your EMIs are much lower under this repayment plan than they are under fixed EMI plans. Online applications and prompt payment A flexi loan is simple and fast to apply for. Visit the website of your favourite lender, determine your eligibility for a personal loan, complete an online application, you submit the necessary paperwork. Within a few days, your lender will authorise your loan. Simple to handle Like a savings account, you can always withdraw online from your loan account. The same applies to making several prepayments online. No fees for prepayment Without incurring any fees, you may pay back your loan in whole or in part whenever it’s convenient for you. Benefits of Personal Loans Quick Approval A personal loan takes far less time than a mortgage, although it still takes three to four weeks. The money is often sent to the bank the next day after everything is completed in a single day. They are thus recognised as one of the best financial choices for meeting urgent cash payment needs. No Security is Required Individual loans are unsecured, which means the borrower is not obliged to provide any collateral in exchange for the loan. Personal loans are thus easier to get than cars, housing, and other loans. Creates a credit score If you have a poor credit score or are new to the credit market, taking out personal loans and making on-time payments is a great strategy to boost your credit score. Why is a Flexi loan superior to a regular personal loan? Here are a few explanations as to why a Flexi loan might be preferable to traditional personal loans: Traditional online fast loans release the accepted loan amount in one lump sum. The amount of money you can spend is unrestricted. On the other hand, a Flexi loan has a borrowing cap that cannot be exceeded. You may withdraw money up to this amount. It gives you control over your debt and assures you that you only borrow what you need. A personal loan has a set term. Within that time, you must make EMI payments to the lender. You have access to a personal loan EMI calculator provided by IDFC FIRST Bank so that you may determine your monthly payments. Interest is likewise set and is applied to the total loan amount. Repayment options are more flexible with a Flexi loan. Flexi loans also allow interest-only EMI payments. You may use this tool to reduce your monthly expenditure by up to 50% while freeing up money for other costs. Since the EMIs cover principal and interest payments, they do not apply to quick personal loans. Therefore, flexi loans are highly versatile. [B-02] Conclusion Flexi loans for personal loans offer a wide range of benefits and features. However, Flexi Loan will offer consumers two important benefits that will allow them to lower their EMI payments and give them a chance to make a prepayment without paying extra costs. People use flexi loans for personal loans and to reduce their financial obligations due to the wide variety of flexible options available. If someone wants a Flexi loan, they may look online or at their neighbourhood bank location for the best financial solution. Visit Piramal Finance for more information.
08-11-2023
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Personal Loan

Get a Personal Loan and Plan Your Dream Wedding

You may use a personal loan for marriage to pay for everything linked to your wedding. You can pay for everything from the venue deposit to the food and decorations with the help of a wedding loan without falling into debt or overspending. [B-01] Advantages Reducing the frequency with which documentation is discardedAllow us to assist you in making your special day even more memorable. Many financial institutes made applying for a Personal Loan for a Wedding simple and nearly paperless so that you can concentrate on the finer elements of your big day. Safe and secureIf you do not want to use your grand wedding without any worry of payment, wedding loans are a wise option. Payment terms that suit youYou have total control over how you repay the personal loan you received to pay for your wedding with wedding loans. Choose the payment option that is most convenient for you.Eligibility of personal loan for marriage The following are the most crucial prerequisites for a wedding loan: You must be between the ages of 21 and 58 to qualify for a wedding loan. Earnings that are received every month: A marriage loan requires a monthly income of at least 20,000 rupees. You must have at least two years of relevant work experience to apply. A personal loan for a wedding is normally only available if you have worked for the same firm for at least six months. What documentation is required to get a wedding loan? The financial institute will review the necessary paperwork to ensure your eligibility for the loan and offer you our approval. To apply for a weeding loan, you will need the following documents: To establish your identity, you may utilise picture IDs such as an Aadhar card or a voter’s ID. A copy of your latest six months’ bank statements will suffice as evidence of income. Paycheck Stubs: Check stubs from the last three months You may prove your address by presenting a copy of your passport, a utility bill, or a ration card. A certificate of employment verifies that you have been with the same firm for a year.How can I acquire a wedding loan? What should I do first? Did you know you might finally have the wedding of your dreams without worrying about the cost? Naturally, with a wedding loan! Here’s how you eat and enjoy your cake at the same time: Make a budget as soon as possible.Planning will be easier if you know how much money you have to spend on your wedding loans. This may be a starting point for other wedding considerations such as theme, venue, and attire. Keep track of your spending and your savings.Even if you’ve been planning your wedding since you were a little girl or boy, it will cost you money. Even if you acquire a loan to cover your wedding expenses, you should keep track of them to ensure you stay within wedding loans. Make every effort to learn all you can.You want things to go as well as possible since this is the most important day of your life. Preparing ahead for your wedding is essential, so check into the firms and specialists you will need, such as a photographer, florist, invites, cake, decorations, musicians, and hair and makeup. If you want to come up with creative solutions that are within your budget for personal loan for marriage, you must conduct extensive research. To help pay for the wedding, you could apply for a personal loan. No matter how big or fancy your wedding is, you will almost certainly require assistance with some of the costs. Apply for a personal loan for marriage to get started on your wedding plans. What are the most important steps to obtaining your Wedding Loan? Wedding loans for a wedding are simple and quick. You’ll need the following information to submit your loan application as soon as possible: Your identity proof includes your PAN number, CIBIL score, and KYC certificates. Bank statements, a document proving your current address, and a copy of your most recent pay stub are all examples of this proof. Making the Most of Your Wedding Loan Before you look for financing, you should have a good idea of how much money you’ll need. This will prevent you from borrowing more than you need, saving you money on interest. If you want to pay back your wedding loans quickly and easily, you should keep your wedding costs reasonable and try to save money. When deciding whether to take out a personal loan to pay for a wedding, consider the costs of the various events and other financial goals, such as going on a honeymoon, purchasing a new house, or moving up to a larger home. [B-02] Conclusion You can spend as much money as possible on the venue, food, photos, decorations, and attire. If you meet the requirements for a personal loan for marriage and fill out the paperwork, wedding loans can help you get cash quickly. You’ll have plenty of time to prepare for the wedding. You will be able to pay for the ceremony, the price, the rental fee, the various payment options, and anything else that may arise with the funds from this loan. We do not provide personalised investment advice, but we provide objective analysis and commentary on various trading, investing, and financial topics. Before committing to a service, users should conduct their research. Piramal Finance is a good place to go if you want more in-depth and useful information.
08-11-2023
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Home Loan

Features & Benefits Of Piramal Finance Loan Against Property

The biggest asset you can own is your home. You can utilise this asset to pay your debts with the aid of a loan against property. If you want a loan, you can look for the features of the loan against the property. Make sure you use your property’s potential to satisfy your financial needs at a reasonable rate with a long payback period. Let’s learn more about mortgage loans in this blog. [B-01] What Is A Loan Against Property? A real estate-backed loan is a great and simple way to raise money. As the name indicates, financial firms approve loans against the property by pledging the asset as security. The lender will sell or hold an auction to repay the loan amount if the borrower does not pay back the loan within the specified time frame. The market value of the property is calculated in such loans. Eligibility Criteria To Get A Loan Against Property Here are the requirements to apply for a loan against property: 1] Age of Employed Professionals The minimum age should be 21 years The maximum age for government employees must be 70 years Type of Employment Proprietorship concern Private limited companies Private sector companies Public sector Partnership firm Govt. institution NGO or Trust MNCs Documents Required for Getting a LAP Income Tax Returns Address proof like electricity bills, credit card statements, passport, etc. KYC Documents Bank statements and salary slips Documentation of the property Identity proof like Voter ID, etc. 2] Age of Self-Employed Professionals The minimum age should be 23 years The maximum age should be 70 years Employment Type Business owners, Proprietorship, and Directors of public or private companies. Self-Employed Professionals Documents Required Documentation about the property offered as collateral Bank statements for the last 6 months. Proof of office address location. Proof of business profile Address Proof like electricity bill, passport, credit card statements, etc. Identity proof such as license, voter ID, passport, and ID card of the company. Last 2 Years ITR Audited Financials. Income tax return copy Purpose Of Getting A Property Loan Let’s learn the purpose of borrowing a loan against property: The loans are simple to obtain, making them useful for urgent financial needs. It can help fund a holiday or vacation. These loans can be utilised for capital investments, debt repayment, and other legitimate needs. The parent can use this loan to send their child overseas for higher education. The loan might be utilised to pay for your marriage. The loans can also be used to help with home repair or other projects. Features Of Loan Against Property Here are the features of a loan against property: One of the best features of a loan against property is its fast service. It allows you to get the best loan at the lowest mortgage loan interest rates. The mortgage plan helps you get a loan of up to Rs. 3 crores. This helps you fulfill your personal and commercial demands. There is higher eligibility and a larger loan amount. A thorough evaluation helps you receive the big loan amount. You may receive the best mortgage loan interest rates. You get flexible payback arrangements to manage your budget. You get bank loans against property for a broad range of assets and properties. You can manage your business efficiently with fast sanctions and simple procedures for getting a loan. The company will process your loan application immediately if you need funds. Benefits Of Loan Against Property Here are the benefits of getting a loan against property: The borrower retains possession of the property and does not have to return the entire loan to regain ownership. It is an effective debt-reduction method. You can receive tax rebates on loans against property. A loan can be received with a lower credit score than a personal loan. Lower mortgage loan interest rates than other personal bank loans. A larger loan amount is available. The loan results in a lower EMI option and a longer loan term. Ownership of the land is preserved both during and after loan repayment. In times of need, a person might use his property for personal and business purposes. You also get a loan against property income tax benefits. A longer repayment period Points To Remember Before Getting A Loan Against Property There are numerous aspects to consider before selecting a lender for your mortgage loan: If a bank offers you a better loan against the same market value of your property, you should take the loan. There may be numerous repayment methods. Look for the option with the longest repayment term. Compare mortgage loan interest rates from various institutions. Interest rates range from 10% to 14%. As a result, there is an opportunity to select a better loan. If you have a CIBIL score that exceeds 620, your loan is less likely to be funded. As a result, it will qualify you for a secured loan. If you have made on-time payments on past loans, your CIBIL score is likely to be high. The greater the loan-to-value ratio, the better the deal. The LTV ratio varies depending on the property. For a vacant or rented property: 60% loan-to-value ratio Self-occupied residential properties: 75% loan-to-value ratio Commercial real estate: 65% loan-to-value ratio Industrial property for business use: 60% loan-to-value ratio Prepayment and late payment should be reduced. The high fees associated with these payment alternatives may make it impossible for the borrower to repay the loan. There are also other payment options for Equated Monthly Installments (EMIs), such as Post Dated Cheques (PDC) or Electronic Clearance Systems (ECS). [B-02] Final Thoughts In a nutshell, a mortgage loan is a sum of money borrowed from a bank or a company to buy property. When you receive money, you begin making payments regularly until the loan is fully returned. However, before participating in any lending plan, you should always carefully examine its terms and conditions. To learn more about the benefits and features of a loan against property visit Piramal Finance right away.
08-11-2023
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Personal Loan

Financial Planning with Personal Loan EMI Calculator

Personal loans help people when they need extra money. Financial planning is a constant process. It requires thinking, calculation, strategy, and action. The financial business is very susceptible to market movements. So it evolves constantly. A maximum personal loan amount can be obtained online. It does not need any security. The funds may be spent on anything the borrower desires. On the other hand, personal loans must be repaid with interest, just like any other kind of debt. It’s a popular option. This is because cash can be sent rapidly. The payments can be paid swiftly. The interest rates are competitive. Also, there’s little paperwork, and qualifying for this is simple. You should only apply for one once you have thoroughly examined your financial situation. Before applying for a personal loan, it is advisable to use an online EMI calculator. This will help you to see how much the loan will cost you each month. These loans reduce the mental tension you have because of financial issues. They are very vital. They help in the growth and development of a family. They make dreams come true. Keep reading to know more about the same. [B-01] What is a personal loan EMI calculator? As previously stated, a statement of purpose is not necessary when applying for a personal loan. This loan does not need you to put up any assets. So you do not need to be concerned about that. Furthermore, it may be handled swiftly. It has low-interest rates. It is also simple to apply for. On a personal loan, you must make monthly EMI payments for the duration of the loan. An online personal loan EMI calculator might assist if you’re concerned about calculating how much money you’ll have to pay each month. Equated Monthly Installment (EMI) calculators may be used to calculate the monthly EMI payments on a loan. Online personal loan EMI calculator is available for free and unlimited use. You can use the calculator whenever you want as a bonus. You can go to a loan agent’s or lender’s office to find out how much your loan will cost and whether it will fit into your monthly budget. This information can also be found on the Internet. Let’s begin by learning more about how this tool can assist you and how it operates. How to use a payment calculator for a personal loan? Here are the three simple steps to using an online personal loan EMI calculator: 1. Fill in the loan amount here. 2. Determine how long it will take you to repay the debt. 3. Choose an interest rate from the list that will be suitable. Your EMI and a detailed monthly payment plan will be displayed once you enter the required information. Now that we know this, we can look at how it simplifies budgeting. Results are precise and timely Using an online personal loan EMI calculator saves time. It also reduces the likelihood of making a mistake. It is much better as compared to paper and pencil. This is accomplished by employing the EMI formula as an algorithm. This allows quick and error-free results. A factor in determining how long it will take and how much it will cost While using the online personal loan EMI calculator, you can modify the loan’s default settings in any way you see fit. For example, if your monthly principal and interest payments are too high, you can either reduce the loan’s principal amount or extend the loan’s term. However, keep in mind that extending the term will increase the total interest you must pay. Even if you pay more each month for a shorter time, you will save money in the long run. This is because you will pay less interest overall. The repayment schedule and principal amount are flexible. They allow you to create a plan that fits your budget. How does debt amortization work? Even better, the online personal loan EMI calculator, personal loan displays how your payments will be distributed over time. You can use this feature to keep track of the amount of the monthly principal payment. Knowing how much you’ll have to pay each month, you can better plan your budget. You can also decide whether it’s best to pay off the loan early or cancel it. You’ll need to know about the maximum personal loan amount if you plan to do any of those things shortly. You need to save more money to reach your goals. Once you know how many portions of each salary will go toward monthly EMIs, you may have a better idea of how much more you need to save. It helps you find the best lender without much work The calculator uses the interest rate that your lender is charging at the moment to figure out what you owe. The online personal loan EMI calculator will show even a minor change of 0.5% in interest rates. This may significantly affect monthly payments. With the help of the chart, it’s easy to see how much of your payment goes toward interest and what portion goes toward the most you can borrow. Keeping a decent credit score is vital. Use an online personal loan EMI calculator to determine how much you need to pay monthly on your loan to stay caught up. This makes it more likely that you’ll be able to pay your payments on time. This is critical to achieving a better CIBIL score. [B-02] Summing up Online personal loan EMI calculators are computer programmers. They may assist you in calculating all aspects of your loan. When you have this tool, you don’t need an accurate calculator. You don’t even need to travel to the lender’s office. Visit Piramal Finance for more in-depth, educational-related articles.
08-11-2023
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General Insurance

FD Vs. Life Insurance Plan: Which is Better?

Fixed deposits (FDs) and life insurance plans are the two most common investments in India’s financial system. Many see their life insurance plan more like an investment than an actual insurance policy. On the other hand, a fixed deposit is an investment product in and of itself. Let’s have a look at the differences between an FD and a life insurance plan. [B-01] Comparison of Fixed Deposit ( FD ) Accounts to Life Insurance Policies Meaning Fixed deposits, sometimes known as time deposits, are a kind of deposit given by financial institutions such as banks, post offices, and non-bank financial companies (NBFCs). Interest will be paid at a predetermined rate on your principal investment. At maturity, you will get the whole principal plus accrued interest. A life insurance plan protects the insured’s loved ones financially in the event of the policyholder’s untimely death. Life insurance policies, such as money return and endowment plans, provide a wide range of investment opportunities. Plans that return money give regular payouts and death benefits, while those that invest in an endowment pay out a large amount when the plan matures. In addition to regular premium payments, the conventional life insurance plan provides a guaranteed payout. Know, nevertheless, that a term insurance policy is almost always the best choice for your needs in this area of insurance. Duration The durations for fixed deposits range from seven days to 10 years, making them suitable for both short-term and long-term savings and investments. Life insurance plans provide guaranteed returns and death benefits for a much longer, often up to the investor’s 99th year. In other words, the duration of the contract may be extended indefinitely. The sole stipulation is that the investor is above the age of 18. Investment The minimum opening deposit for a fixed deposit is Rs. 1000. Furthermore, there is no limit on how much money may be invested. Your interest rate, however, will be decided by the bank quarterly and will depend on the amount you deposit. Several factors, including the covered party’s age, policy amount, and health, determine life insurance premiums. Both the monthly income plan and the guaranteed plan provide investment returns as maturity benefits after the expiration of the insurance term. Returns The interest rate on a fixed deposit is predetermined at the time of account opening. A monthly income plan is a life insurance plan that helps you meet your short-term financial goals by providing a steady stream of income monthly. Moreover, the rewards of investments in savings plans and policies with guaranteed returns are certain. Withdrawal Possessing a partial withdrawal from a fixed deposit plan is possible. The interest rate on an FD may be affected by its early termination. Furthermore, some financial institutions impose penalties for prematurely withdrawing funds from an account. Life insurance policies often allow for withdrawals after a waiting period of three years has passed. Taxation There are no tax advantages associated with buying FD s. Only tax-saving FD s with a five-year term qualify for a deduction under Section 80C of the Income Tax Act of 1961. The payments made toward a life insurance plan are deductible in certain circumstances under Section 80C of the Internal Revenue Code. Under Section 10(10D), if the premium amount on a life insurance plan does not exceed 10% of the total insured, the maturity amount is not subject to taxation. Under this subsection, you may also claim a tax deduction. Still, if the premium is more than 10% of the insured amount, the policyholder’s whole payout at the end of the term is subject to taxation. In addition, the revenue share of the maturity amount of plans not covered by Section 10 is subject to a TDS of 5%. (10D). In any case, if the cash value of a life insurance plan at maturity is more than INR 1,000,000, then TDS becomes applicable. Which is a better long-term investment: life insurance policies or fixed deposits? Investing in a fixed deposit or a life insurance plan accomplishes two very different things. A fixed deposit ( FD ) is a pure investment instrument that may help you start or add to your savings habit. However, a life insurance plan is a kind of insurance that may help you financially prepare for the unthinkable. Life insurance plans are great long-term investments, while fixed deposits may be used for either the short or long term. However, you may make a contribution to a fixed deposit for as little as seven days, but life insurance plans typically need investments of at least 5 to 10 years. Another difference is that whereas fixed deposits have a minimum investment of Rs. 1000, life insurance premiums may range widely based on characteristics such as age, gender, term, health, etc. When you create an FD account, you may see the rates of return in advance. Although ULIPs have some protection against market fluctuations, they are still susceptible. Therefore, the current market conditions determine the value of the capital you get under this plan. Therefore, a fixed deposit may be the best option if you want to invest, build money, and get regular returns, but this will depend on your circumstances. In addition, savings accounts like fixed deposits and life insurance plans can help ensure that your loved ones are provided for in the event of your untimely demise. A term insurance policy is one option for satisfying your insurance needs. [B-02] Conclusion You may choose from a broad range of investment options. Life insurance and fixed deposits ( FD s) are the most popular investment options. After all, your odds of making a profit from these alternate investing methods are higher. Both life insurance and fixed deposits ( FD s) fall under the umbrella of financial products, but they serve very different purposes. When comparing FDs and life insurance plans, it becomes clear that the latter is frequently used as a form of investment despite being classified as an insurance product. Quick investments with guaranteed returns and fixed deposits allow you to withdraw your money at any time before they mature. On the other hand, life insurance is a long-term investment that could last a person their entire lifetime and has no maximum investment amount. Visit Primal Finance to read mire such informational pieces.
08-11-2023
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FD

Fixed Deposits: Features and Benefits

What do fixed deposits mean? Want to know more about fixed deposits and whether or not they are safe? Want to know what a fixed deposit is and what it can do for you? A fixed deposit (FD) is a way for banks and non-banking financial companies (NBFCs) to help their customers save money. With an inactive deposit account, you can save much money at a fixed deposit interest rate for a set amount of time. At the end of the term, you get a lump sum plus interest, which is an excellent way to save money. Different banks offer fixed deposit accounts with varying rates of interest. You can choose a fixed deposit that lasts between 7 and 14 days or ten years. Some people call fixed deposits “term deposits” because of this. When you open a fixed deposit account with a particular interest rate, that rate will never change, no matter what happens to the market. You can get your interest when the loan is paid off or regularly. You can only get the money out after the time is up. [B-01] Features of fixed deposits To know a fixed deposit, you must know its most essential parts. Here are the important ones: Guaranteed Returns: The return on a fixed deposit is always the same. You’ll get the same return rate promised when you open the fixed deposits. On the other hand, returns on market-led investments depend on how interest rates change. Even if interest rates go down, you will still get the agreed-upon amount of interest. Interest Rate: The interest rate on a fixed deposit depends on how long you keep it. But the rate of interest is always the same. You can find the current interest rates for fixed deposits by going to the online site. Gives you a choice of terms: With a fixed deposit, you can pick a time from 8 days to 10 years. Get your money back: The interest you earn on a fixed deposit depends on how long it takes for the deposit to mature, also called its tenure. More claim is made when the term is longer. Also, the return on your investment depends on whether you choose to get the interest regularly or reinvest it, which is called a cumulative fixed deposit. With these fixed deposits, you benefit from the money adding up. Using the fixed deposit calculator, you can figure out the interest on your fixed deposit. Loan against a fixed deposit: If you need money quickly, you can use your fixed deposit as collateral for a loan. This keeps you from having to cash out your fixed deposits too soon. Benefits of fixed deposit Interest rates: You can get more interest on your hard-earned money if you put it in a fixed deposit instead of a regular savings account. Most corporate fixed deposits have higher interest rates than most banks so you can make more money with them. With the Fixed Deposit Calculator, you can check the interest rates and figure out how much your money will be worth when it matures in minutes. Fixed deposits are one of the best ways to invest because you can get your money back. When you put your money in a fixed deposit, you get a guaranteed return because the fixed deposit interest rate doesn’t change with the market. This means that it doesn’t change the amount of your deposit. Tax Benefits: You can get tax breaks if you have a tax-saving fixed deposit with a 5-year lock-in period.Under Section 80C of the Income Tax Act of 1961, you can claim up to Rs. 1.5 lakhs from your fixed deposits.You can only get the money out of a tax-saving fixed deposit once the deposit is over. Loan Against Fixed Deposits: You don’t have to break your fixed deposits early if something goes wrong.Instead, you can use your fixed deposit as collateral for a loan and continue to earn interest on the deposit amount. Most banks and NBFCs won’t give you a loan if you put up more than 90% of your fixed deposits as collateral. Flexible Length: The only person who can decide how long a fixed deposit account will last is the person who has it. The answer depends on the bank or NBFC.Fixed deposits can be made for as little as seven days or as long as ten years. Only one time is needed to make an effort: when you put money into a fixed deposit, you know that your money is safe. You only need a lump sum of money to invest, and then you can watch your money grow for as long as you want. Who can set up a fixed deposit? Setting up a fixed deposit account is easy. To apply for a fixed deposit, you need the following documents and to meet the following requirements: Check the minimum deposit amount at the bank or NBFC of your choice to see if you have enough money to apply for a fixed deposit. It would be best if you were born in India and lived there. People who live outside of India can also open non-resident external (NRE), and non-resident ordinary (NRO) fixed deposits. You must show proof of your identity, like a passport, Aadhaar card, PAN (personal account number) card, voter ID, or any other government-approved ID. You must also show proof of your address. To apply for a fixed deposit, you can bring in a phone bill, an electric bill, a bank statement with a check, or any other proof of your address. [B-02] Summing up This article aims to explain a fixed deposit, its features, and its benefits before putting money into a fixed deposit. You should know what you need to know about fixed deposits and the interest rate on fixed deposits. Fixed deposits are a great way to make money as an investor if you want to avoid taking risks. Because of a process called “compounding,” the returns get bigger over time. Investors can take some or all of their money early from FDs, so they are flexible. Pay attention to what has been said so far when making decisions. Think carefully about what you do. Investment Reliable does not offer financial advice, but we provide unbiased information and evaluations on trading, investing, and finance. Users ought to always carry out their research. Also, visit Piramal Finance has more in-depth educational articles.
08-11-2023
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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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