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Personal Loan

Personal Loan for Low Salary: Eligibility, Calculate EMI

Little things in life make us the happiest. Be it purchasing the recent technology, going on a long-awaited vacation, paying for your wedding, renovating your home, etc. But it becomes difficult to fulfil all such wishes with a low salary. Thanks to the growing finance industry that has made it possible for even low-salary holders to avail of a personal loan. If you have been looking for a personal loan for a long time then your search ends here. Read on to know the eligibility criteria for a personal loan. In the end, you will learn how to calculate your monthly EMI for a personal loan. [B-01] Personal loan for a low salary A personal loan is an unsecured loan. Due to this lenders prefer lending it to individuals with sufficient income. They believe an individual with sufficient income is likely to pay timely EMIs. He is less likely to default. However, getting a personal loan for low-income individuals is quite a task. But it is not impossible. You get a personal loan based on eligibility criteria. This involves various factors apart from income. Those factors include credit score, type of employment, repayment capacity, etc. Thus, if you meet these factors, you can easily get a personal loan with a low salary. Read on to know the eligibility criteria and how to calculate EMI for a personal loan. Eligibility for a personal loan The following are the eligibility criteria for most banks and NBFCs(Non-Banking Financial Companies): Age: The minimum and maximum ages are 21 years and 65 years respectively. However, some banks prefer lending personal loans to individuals of a minimum of 23 years of age. Salary: To get a personal loan, your monthly salary must range between 15000-18000 in rural and semi-urban areas. The ones living in a metro city should earn a minimum of 25000 per month. Work Experience: The lenders ask for a total work experience of 3 years with a minimum of 6 months in the same organization. However, some lenders require a total of 1 year of experience for lending a personal loan. Credit Score: For availing of a personal loan, you must have a credit score of 750 or more. Banks and NBFCs reject a loan application with a poor credit score. However, you can add a co-applicant to improve your chances of loan approval. Existing Loans: If you are already paying EMIs for an existing loan, this may affect your new loan eligibility. You must repay your existing debts before applying for a new loan. Loan Amount: Most lenders provide a personal loan ranging between 1 lakh to 75 lakhs depending upon your income. In addition, the banks limit the maximum personal loan to 10-27 times the net monthly income. Personal loan documentation Unlike other loans, a personal loan requires minimal documentation and paperwork. The documents required for a personal loan are: Filled-in personal loan application form. KYC documents such as PAN, ADHAR, and Voter ID. Form 16. Last 2 months’ salary slip for salaried individuals. Income proof/IT Returns for self-employed individuals. Bank statement of last three months of salary account for salaried and current account for self-employed. What is a loan EMI calculator? An EMI is an easy monthly instalment made by the borrower toward loan repayment. The loan comprises both the accrued interest and EMI. You can use an EMI calculator to determine your monthly loan EMI. The EMI calculator calculates the EMI as soon as the borrower enters inputs such as the loan amount, loan term, and interest rate. You can quickly and accurately determine your loan’s EMI through an online EMI calculator. How to use an EMI calculator? Simply enter the following three inputs to determine your EMI for a personal loan: Loan Amount: Enter your desired loan amount. Loan Tenure: Enter the desired loan tenure (in years) for which you want to get a mortgage. One’s eligibility is improved by a long tenure. Rate of Interest (in percentage points annually): Enter the interest rate. Results: The EMI calculator will quickly show you the EMI for the entered information. To change the values in the EMI calculator, use the slider. You can simply type the values in the relevant boxes if you need more accurate results. Piramal Finance personal loan: Eligibility and documentation. 1. Eligibility Here are the eligibility criteria for a salaried individual of availing a personal loan from Piramal Finance: Salaried individuals working in.Government Institutions.Partnership Firms.MNCs or related companies.Private sector.Public sector.Proprietorship concern.Age.21 years to 60 years.Income.Minimum requirement of 25000 per month.Work Experience.Minimum of 6 months in the current organization. 2. Documentation. Here are all the documents required to get a personal loan at Piramal Finance: PAN Card. Mandatory.Identity Proof(any one of them).Passport.Driving License.Aadhaar.Voter’s Identity Card.Address Proof(any one of them).Registered Leave and Lease Agreement.Passport.Driving License.Aadhaar Card.Voter’s ID.Telephone Bill /Electricity Bill etc. (not more than 3 months old).Income Proof.Latest 1-month salary slip.Last three months’ Bank statements.Co-applicant(Combining incomes of family members to increase loan eligibility).Only a spouse can become a co-applicant. Why consider Piramal Finance for a personal loan? You should consider taking a personal loan from Piramal Finance for the following benefits: No fees for early repayment or foreclosure. Loans start from 1 lakh to 10 lakhs. Minimal documentation. Quick sanctioning and disbursals. Easy monthly EMIs. Flexible tenure of repayment from 1 year to 5 years. Combining incomes to increase loan eligibility. [B-02] Bottomline The best way to meet modest and immediate financial demands is to take a personal loan. This loan is well-liked by borrowers. This is due to its simplicity and lack of collateral requirements,. The prerequisites for personal loans are relatively simple. Always choose to take out a personal loan from an authorized lender. They have more flexible repayment arrangements and lower interest rates than moneylenders. To acquire a personal loan from Piramal Finance, fill out an online application or call 1800 266 644.
08-11-2023
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Personal Loan

Complete guide to Avoid Rejection of Your Personal Loan Application

There could be times in your life when you need more money than you have saved. In such cases, banks and NBFCs may help you with a fast and easy personal loan application. Loans may be a good funding choice for meeting the needs, whether they are for a crisis or costs for planned trips. However, some people would likely be denied during the application process. This may be both baffling and quite irritating. That is why this blog will try to help you identify all of the probable causes for the rejection so that you may prevent it in the future. [B-01] Reason For Rejection Of Your Personal Loan Application Low income This is crucial factor lenders assess when they disburse a loan and determine the payback time and tenure. They want to be assured that you will be able to pay the loan back safely. As a result, it is vital to have a solid, consistent source of income to qualify for fast loan approval & enjoy the finest loan perks. If a person’s income is less than the needed limits or not regular, the chances of accepting the personal loan application may be reduced. This is why it is wise to manage your EMIs ahead of time. For example, if you’re asking for a personal loan, you may use the Personal Loan EMI calculator to get the exact amount. Low credit score When you apply for a loan, the risk & underwriting function will check the credit information bureau’s credit profile. The most vital factor for a lender is assessing your credit risk profile and then choosing loan terms. For a credibility check, CIBIL is the most regarded body in the business. A CIBIL score of 700 or more is considered a good score to certify a person’s form as credible. But, if you have a poor credit score due to non-payment or late payment of prior EMIs, you may find it hard to get a loan in the future. So, if you wish to apply for a loan, ensure you have a good CIBIL score. Job insecurity Money stability is needed for a personal loan application to be granted. Due to certain risk categorisation criteria, the lender may deny a person or firm with money instability. Job changes, hopping, long pauses for work, and working with start-ups that are less well-known in the market and have less credibility may result in the rejection of the form. People operating as freelancers may also suffer rejection from the lender. Loan Purpose Even if there are many types of loans, such as personal and house loans, lenders still look at the exact goal of your loan application. What the money is needed for, how it will be used, and so on are some vital factors that a lender assesses when approving your loan form. So, be sure to research the sort of loan you want and which loan category best meets your present money demands. Once you’ve chosen the loan you’re searching for, you can submit your paperwork and get fast loan approval in no time. Existing loans at the time of the form When you ask for a loan, banks and NBFCs may get their credit data via Bureau like Equifax, CIBIL, etc. Using these channels, they may assess your money and risk profiles based on loans taken from other money firms in India. As a result, each possible lender would have info about your prior loans, like the loan amount, term, no check bounce, and, most crucial, prompt payment of EMIs. If these factors are good, you can get the amount you want at a lower rate. Multiple loans exist when you apply for a loan. This lowers your chances of acceptance. Applying to many NBFCs or banks at the same time boosts bureau hit rates. It also reduces your chances of securing the loan. Sufficient asset needs If a person or firm has a proper asset, they may get a good loan sum at a reasonable rate. Loan disbursement is a type of risk-taking in some ways. So assets give enough security & comfort to the lenders. The asset needs for your loan may differ from lender to lender. Your personal loan application will most likely be refused if you do not fulfil a lender’s asset needs. As a result, be sure you have enough assets to cover the loan sum you want. Also, be sure to choose a lender that can give an amount and a rate equal to the price of your asset. Data in the form The demographic data you gave in the personal loan application serves as the basis for the lender to accept the form in one shot. Other key facts such as income, employer name, occupation, work description, and other areas are vital factors that affect your risk categorisation. An NBFC cannot issue any loan for a consumer without the needed data. Too many loan inquiries You should avoid making repeated loan inquiries to build on one of the previous points. This is one of the most regular errors made by people. You may share data with many partners and platforms to obtain the best-in-class product across multiple categories, lower rates, best offers, and best payback term choices. But this is noted in the Bureau. It becomes an indication of multiple credits and reduces your credibility. [B-02] Conclusion Getting a personal loan is not as simple as it seems. Makers know that a loan is often a last-minute need. But if your personal loan application is denied, the things covered in this article are worth noting for your future form. There are lower odds of loan denial if you apply with a lender that best matches your ability and needs. If you are in a true crisis and want rapid cash, you might think of other loan choices such as a home loan, loan against stocks, gold loan, and so on. These have lower rates. Also, unlike a personal loan, they may be done with a normal credit score. To learn more about the personal loan application, visit Piramal Finance for related blogs and explore their products and services.
08-11-2023
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Personal Loan

How A Personal Vacation Loan Can Fulfil Your Dream Vacation

Are you looking for a personal vacation loan? Want to explore the world and want a loan for travel? Are you eagerly waiting to get a dream vacation loan? Well, this article will get all information about loans for vocation and loans for travel to kick off your journey. Let’s find out how a personal loan helps you to achieve your dream vocation. [B-01] What is a personal loan? You can get a personal loan with less paperwork and no collateral if you need money quickly. This loan can be used for whatever reasonable financial purpose you may have. You are obligated to return the loan following the terms established by the bank, as is the case with any other loan. It’s common for this to span anywhere from a few months to many years, with payments spread out during that time. What is a personal vacation loan used for and how does this work? The money from a personal vacation loan can be put towards a trip. You may think of a personal vacation loan as just another loan. Applying for a loan involves submitting paperwork to a financial institution, which will then perform a credit check and potentially provide a loan based on the results. If you decide to take the offer, the money will be deposited into your bank account, and you’ll be free to spend it however you like. The loan must be repaid in equal monthly instalments (EMI), the exact amount of which depends on several variables, including the principal, the loan’s term, and the interest rate. How A Personal vacation Loan Can Fulfil Your Dream Vacation? After a long day at the office, nothing beats coming home to relax with the people that matter most to you. When summertime rolls around, vacation plans top everyone’s priority list. Even though winging it on vacation might be exciting, it’s important to have some cash on hand. Now is the time to consider a personal loan for travel. If you meet the requirements for a personal loan, submit all necessary paperwork promptly, and keep your credit score in good standing, you may receive the funds within 48 hours, and sometimes the same day. Here are three things to consider before committing to a personal loan. Finalise your destination and estimate the total cost The best vacation spot is the one you and your loved ones decide on together, so talk it over (whether in India or abroad). Next, estimate how much money you’ll need to take the trip. When calculating how much money you’ll need for a vacation, don’t only consider the cost of flights and hotels; including the cost of meals, transportation, activities, souvenirs, taxi rides, and entrance fees as well. Keep in mind that most hotels and resorts raise their prices during the peak season, so plan accordingly. In addition, factor in a sum that would serve as a comfortable cushion in case of unexpected events. Calculate the number of weeks or months left before you travel In this way, you can avoid appearing too early or too late when you visit the bank. The time value of money, or the inflation element, should be considered if you have to wait more than a year before taking a trip. Calculate your EMI on a personal loan for travel Bank personal vacation loan EMI calculators will allow you to determine your EMI based on your loan amount, interest rate, and repayment period. If you do that, you’ll know right away if it’s within your price range. If you follow the advice above, you can rest assured that your vacation will go off without a hitch and be one for the record books. Some banks provide low-interest personal vacation loans. In addition, the process requires little paperwork and can be approved rapidly. You can get a personal loan for travel for up to Rs. 15 lakh, with a minimum of Rs. 50,000. Want your personal loan for travel to be approved very easily? To succeed, you need to focus on the following six areas: Keeping your credit score in good shape is essential. Better credit indicates a score of 750 or higher. It’s best to avoid doing anything that could potentially lower your credit score more than applying for a loan many times. Do your best to avoid taking out a personal loan within the past six months; doing so sends a negative message about your financial stability. Retain a manageable level of debt (your EMIs shouldn’t be more than 40% of your take-home earnings). A person’s credit score is affected by both secured and unsecured loan balances, so it’s important to keep both in check. Limit yourself to no more than two credit cards, and always pay your balance in full and on time. Documentation after vacation loan is sanctioned: After a loan for travel has been approved, the borrower must provide supporting documentation in the form of a standing instruction request or ECS mandate form and security deposit checks before funds can be disbursed. After that, the funds from your personal loan for travel will be sent to you, and you can use them to pay for your holiday (or whatever purpose you want). What are the repayment options? You can choose from three different repayment plans when paying back your personal loan for travel: Directives in Effect (SI) Clearing House Network (ECS) Post-dated checks (PDCs) To avoid delays and mistakes when paying EMIs, the top two repayment alternatives are suggested. In the long run, it will serve your financial interests if you pay back your debts on time. You can choose a repayment period of 12–60 months to better manage your cash flow. [B-02] Summing-up Our goal is to provide you with tips which you should keep in mind while taking a personal vacation loan & loan for travel. You must submit specific documentation with your application, as requested by the lender. Your loan application won’t be handled if these supporting documents aren’t provided. Additionally, lenders check documents meant once you submit them before approving your application Also visit, Piramal Finance has more in-depth, educational-related articles. It will enhance your knowledge and help you learn more. It is the best way to grow.
08-11-2023
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Personal Loan

How a personal loan can be used to fund your education

Why should a student apply for an education loan? How can a Personal Loan be used to fund your education? In recent years, the cost of a decent education has skyrocketed. If you don’t have enough money to pay your educational expenses, consider acquiring a student loan. On the other hand, it is not always the best option. To qualify for an education loan, you must fulfil certain criteria, and the funds may only be used for certain purposes. You may be required to pay a part of your school fees out of pocket to be eligible for one of these loans. A personal loan for education is a much better alternative if you wish to continue your study in India or elsewhere. These loans are simple to get and may be used for any purpose. [B-01] What exactly is a personal loan for education? A bank may provide a student with a personal loan as a sort of credit. The borrower has complete discretion over how the loan is utilized and applied. You may use a personal loan for education to pay for travel, meals, and other little costs. Tuition, housing, and other educational fees are examples of educational costs. An education loan does not require you to use gold, property, or other assets as security. However, if you get a private loan, you may be required to pay higher interest rates. Education loan application forms are designed to be simple, fast, and need minimal supporting paperwork. After your application has been reviewed and accepted, the funds will be sent to your specified bank account. What are some of the reasons a student would desire to get a personal loan for education? A loan that does not need collateral. You need to satisfy a few basic conditions to be eligible. There is little documentation. Rapid confirmation and authorization High sums, up to Rs. 25 lakhs, are distributed. It is simple and fast to get cash. Loan conditions that may be tailored to your specific requirements (12 to 72 months) The interest rate remains constant during the loan duration. Why should you take an education loan? A degree enables you to obtain a better job and earn more money. Most people can’t afford it because the price keeps rising. Here are some reasons for taking an education loan The loan’s total amount Lenders choose whether or not to provide an education loan based on the applicant’s financial need, the school’s reputation, tuition, and other course-related fees such as books, computers, and supplies. Interest Rates Education loan interest rates are typically between 7.15 to 15.20 percent per year, much lower than personal loan interest rates (p.a.). Some banks offer women attending college an additional 0.5% off their loan rates. Students who begin making payments on the interest component during the moratorium may save an additional 1%. On the other hand, a personal loan for education has an APR of about 10.50%, to begin with. The profit margin It may not be easy to locate a lender if you need to borrow more than Rs. 4 lakhs. As a result, you’ll have to pay for it yourself. This figure may rise if individuals contribute money or scholarships. A down payment is not required for this personal loan. Lenders will allow you to borrow a certain amount for an education loan, dependent on how well you qualify. Period of Moratorium When accepting an education loan, you must repay it as soon as you get the funds. However, this is not the situation with education loans, which have a “moratorium” term that may extend up to a year after the course for which they were utilized has ended. This implies that the borrower does not need to pay the EMIs for a year, in addition to not having to pay them while enrolled in the course. Collateral/Guarantor You may have a higher chance of securing an education loan if you apply alongside a parent or spouse who earns money. Most lenders do not need collateral or a guarantee from a third party for education loans under Rs.400,000. In India, many repudiated banks provide this benefit on loans of up to 7.5 million rupees. However, if the education loan exceeds Rs. 7.5 million, the borrower must provide the lender with more significant security. What choices do I have if I need a personal loan for education? After deciding on a lender, the next step is calculating how much money you’ll need for expenses like tuition, travel, lodging, food, books, etc. Speaking with your family, friends, and adults about the expense of college may help you put things into perspective. This information may be used to calculate how much of a private loan you will need to pay for education with the education loan. Check to see whether you are eligible: Check the bank’s conditions and criteria to discover whether you qualify for an education loan. You may also inquire directly with the lending firm to see whether you are qualified for the loan. Estimate the loan duration and monthly payment: Examine your current financial condition to determine the appropriate education loan term for you. The amount you pay each month is determined by the length of your private student loan (Equated Monthly Instalments). Select monthly payments that you can afford. Fill out a Loan Application: The next step is to gather all the necessary papers and apply for an education loan to fund your education at your chosen bank. You may complete the application online or in a financial institution near you. After approval, the applicant usually receives the money from the personal loan within a few minutes. [B-02] Conclusion An education loan is your best option for covering tuition and other school-related expenses. Private student loans are a good way to pay for college because they are simple to obtain, do not require a lot of paperwork, provide funds quickly, and can be repaid in various ways. Users ought to always carry out their research. Also visit, Piramal Finance has more in-depth, educational-related articles.
08-11-2023
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Personal Loan

What is the Good Time and When to Refinance a Personal Loan

Personal loans are loans taken by borrowers to meet personal expenses such as those of marriage, home renovation, vacation, etc. Refinancing a personal loan means revising the terms of repayment of an existing personal loan. It allows changes in the existing loan agreement related to interest rates, term of loan, repayment schedule, etc. A borrower with a good payment history can opt for refinancing. The borrowers can reduce their debt payment obligation or extend the loan term by refinancing the loan. [B-01] Reasons for loan refinancing The borrowers choose to refinance a personal loan for the following reasons: Reduce the burden of monthly loan installments: a decrease in monthly income, inflation, medical emergency, and other situations can make it difficult for the borrower to pay the high monthly instalments regularly. In such a case, the term of the loan can be extended to lower the monthly payments of the loan. Save interest cost: borrowers can shorten the loan period through loan refinancing. Repaying a loan in a shorter time can help in saving the interest cost. No major impact on credit score: this process does not have a major impact on credit score. Borrowers can avail themselves of the advantages of refinancing without hurting their credit rating. What is a good time to refinance a personal loan? Refinancing at the right time can give maximum benefits. The decision as to when to refinance a loan can differ from person to person. When there is a more favourable lending environment: the borrowers can consider this option when the interest rates in the market are less than the personal loan interest. Strong credit history: not all borrowers can approach loan refinancing. Lenders only allow refinancing when the borrowers have a good repayment history and credit score. With a good credit score, borrowers can get a better scope for negotiation of new terms of the loan. During the first half of the loan term: the initial loan instalments majorly comprise the interest amount. A personal loan can be refinanced at any time, but for maximum interest savings, it is better to seek refinancing during the first half of the loan term. Increase in income of the borrower: If the borrower’s income increases, it may be time to consider loan refinancing. Repaying a loan in a short time can improve the credit score and save on interest costs. When there is a requirement to extend the loan period: Borrowers can ask the lenders for refinancing of a personal loan if they want to reduce the monthly instalment amount. An increase in prices, a decrease in earnings, and emergency expenses may leave the borrower overburdened with expenses. In such a case, the borrowers can reduce the monthly loan interest payment by extending the loan period. A longer loan repayment period offers smaller loan installments. How to refinance a personal loan? Choose the right time to refinance: refinancing at the right time can save maximum interest expense. Borrowers can check their eligibility for a loan refinancing option. A borrower with a poor credit score or an irregular payment history is not allowed to refinance a personal loan. Negotiate with the lenders: Borrowers can ask for loan refinancing from the existing lender or a new lender. Different lenders charge different fees for this process. It is important to consider the refinancing fees and calculate the net benefit to decide whether to proceed with it. Consider the part pre-payment charges of a personal loan: Pre-payment of a loan means repaying in full or a part of the loan before the end of the loan term. Lenders charge a fee from the borrower for the early settlement of the loan. These charges should not exceed the savings in interest; otherwise, the refinancing will result in a loss. Apply for refinancing with documents: The borrowers can apply for refinancing to their most preferred lender. Lenders do not have to do a detailed examination of the borrower as it is just like a renewal of an old loan agreement. Still, the borrowers might have to submit a few documents as per the lender’s policy. Start repaying as per the new terms: After the approval of refinance loan application, the borrowers can start to repay the existing loan according to the new terms. In case of pre-payment of the loan, the borrowers have to repay the balance loan amount as per the new loan agreement entered into with the lender after refinancing. Debt consolidation versus loan refinancing These are two different terms. Debt consolidation means combining two or more loans into a single new loan. Borrowers with multiple loans can seek loan consolidation of loans to easily manage repayment obligations easily and avoid high-interest payments. Whereas refinancing a loan means revising the terms and conditions of an existing loan. Borrowers opt to refinance a personal loan to take advantage of lower interest rates and favourable lending options. Points to consider before refinancing a personal loan The cost of refinancing a loan, such as processing fees, loan closure charges, etc., shall not exceed the benefits of refinancing. If expenses exceed the savings in interest, this option cannot be favourable. Borrowers should try to repay the loan in installments regularly. Regularity in repayment reflects on your credit score. A good credit score is necessary to get your loan refinancing application approved by the lender. To avail of the maximum benefits of loan refinancing, the decision to get your loan refinanced shall be taken during the first half of the loan tenure. [B-02] Conclusion Regular and constant repayment helps in maintaining a good credit score. Lenders are more likely to accept the refinancing application of borrowers with a good credit score. A good credit score can also enhance the negotiating power of the borrowers. It is better to compare the rates and charges of different lenders and select the right time to refinance a personal loan for maximum benefits. For more such articles and financial information, please visit https://www.piramalfinance.com/personal-loan
08-11-2023
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Personal Loan

Personal Loan in Pune: Apply online at the best Agency

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

How Can I Apply For Instant Personal Loan Online in Surat

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

Get An Instant Personal Loan For Diwali 2022

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

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

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