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Personal Loan

How is personal loan interest calculated manually?

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

08-11-2023

Know More

Mutual Fund SIP Calculator Online

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

08-11-2023

Personal Loan

How to Get a Personal Loan for Low CIBIL Score

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

08-11-2023

Personal Loan

For what reasons you should apply for a wedding loan?

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

08-11-2023

Personal Loan

How Does Your Salary Affect Your Personal Loan?

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

08-11-2023

Gold Loan

How Gold Loan Helps You in Different Sectors For Multiple Purposes?

The way the Indian economy feels about debt has changed a lot over time. Modern borrowers take out loans not only to pay for large, one-time expenses like college tuition or unexpected medical bills but also to help keep their monthly income and expenses in check. You can find a loan that fits your needs, from a home or car equity loan to an unsecured personal loan. On the other hand, the ease and flexibility of a gold loan can’t be beaten. A big reason is that people in India have a lot of precious yellow metal, which is often used as collateral when they want to borrow money. The high Loan to Value (LTV) ratios, which can be as high as 75%, may also explain why gold loans are becoming more popular. Best gold loan companies like Piramal Financing House let you use your gold as collateral for a wide range of loans, and there are no restrictions on what you can do with the money you borrow. [B-01] Gold Loans from Piramal Financing House can be used for many different things, so don’t just sit on your gold. Since neither the RBI nor any other governing body limits how gold loans can be used, you can use the money however you want. Piramal Financing House can give you an online gold loan that you can use for any of the things below. Small and Medium-Sized Businesses or Business Loans Gold finance can be used by businesses of any size to get their money. Gold loans have the best balance of loan-to-value (LTV) and interest rates, which makes them the best choice for funding a business’s start-up or meeting its regular needs. Young women and men in rural areas who want to start their businesses can do so with the help of gold loans. Things like student loans are the same. Several Indian and international financial institutions offer loans for college. The quality of the school is also important since many financial institutions only give loans to students who get into highly selective universities. Gold loans can be a good alternative to unsecured student loans because they are easier to pay back and invest. Loan to pay for unplanned medical bills Most medical emergencies happen all of a sudden. Instead of spending all your hard-earned money, it would be smart to use the gold lying around the house. Instant gold loans are great for unexpected medical costs because they are easy to apply for, process, and pay out. As a Speculative Use of Borrowing Due to the low-interest rates on best gold loan and the fact that the loan can be used for many different things, gold financing is a good way to pay for a wide range of costs, such as home improvements, big purchases, exotic vacations, and more. Interest Rates on Gold Loans and How to Value Gold Piramal Financing House’s gold loans are based on the purity of the gold used as collateral and the price of gold on the market. These are the two most important factors. Piramal Financing House will give you a loan if you put up your 22-karat gold necklace, earrings, bracelets, etc., as collateral. The gold loan per gram rate significantly determines how much your gold is worth. Gold prices change for several reasons, such as supply and demand, the economy, and the volatility of currencies. Lenders often take the weight of diamonds, gemstones, or other precious stones away from the weight of the gold to get a rough idea of how much the gold is worth. The loan amount goes up in value based on how much gold is in the jewelry being used as collateral. The interest rates on Piramal Financing House’s best gold loan depend on where the borrower lives and how much money they want to borrow. With the help of the gold loan EMI calculator, you can know how long a loan against gold from Piramal Financing House might take and how much interest you’d have to pay. How easily can anyone in India get a Gold Loan to pay their bills? In India, it is easy and quick to get a loan that is backed by gold. Bring your gold to the Piramal Financing House location closest to you to apply for a gold loan immediately. Piramal Financing House has everything you need, so you won’t have to go elsewhere to buy what you need. You can apply for a gold loan on the internet by giving some personal information and other information that is important. To help you move forward, one of our employees will contact you as soon as possible. Before applying for a gold loan, you must use the gold loan calculator, which is part of the application process. This will help you figure out your interest rate and loan length. A loan application can be filled out and approved even faster. After we’ve carefully reviewed your one-of-a-kind gold jewelry and received your confirmation that it meets our requirements, we’ll transfer the agreed-upon amount to your bank account immediately. [B-02] Conclusion Send your loan application in as soon as possible to get the best interest rate on loan backed by gold. A loan backed by gold is the best way to pay for both expected and unexpected costs. Unlike personal loans, best gold loan can be gotten even if someone has bad credit. Personal loans are not like this. There are also no restrictions on how the money can be used, which is not the case with home equity loans or other secured loans. Because of this, you will be able to get the money you need for anything at much lower interest rates and with much less time and paperwork than a bar of gold the loan requires. Piramal Financing House’s transparent gold grading process and state-of-the-art vaulting technology are undeniable benefits compared to other pawn shops and lenders.

08-11-2023

Personal Loan

How a Personal Loan Can Help in Debt Consolidation

What is a consolidation loan? Is it a good idea to take consolidation loans? Personal loans are often used to cover the cost of significant life events such as marriages, higher education, and vacations. But sometimes high interest loans can make it hard to repay the loan. If you have multiple such loans, then it can take a toll on your finances. In such a situation, going for a consolidation loan is a good idea. [B-01] Why should you get a debt consolidation loan? Having a lot of debts might be unpleasant in certain instances. If you can get away from them, you can find some peace. People seldom feel overwhelmed by their job and family duties when they have to keep track of many payments at once. One of the basic benefits of debt consolidation is adding your gains into a single charge. When you get a consolidation loan to repay debt, the new loan amount pays off all previous loans. After you’ve paid off your other loans, you’ll have one loan and one EMI. As a result, you’ll have peace of mind knowing that you only have to deal with one monthly price. In today’s society, a debt consolidation loan is a good strategy to better your financial status. Unsecured loans are useful in this situation. It offers two major benefits. The first is that it is easy to monitor a single EMI. The second benefit is that the interest rates will fall. There are various free online EMI calculators for a debt consolidation loan that you can use. It may assist you in learning how much you would be required to pay on a personal loan. Advantages If necessary, you may get a debt consolidation loan of up to Rs. 3 crores to assist you in repaying your loans. Personal loans from banks and NBFCs feature low-interest rates. This makes them an attractive option for those needing funds. Consolidation loans, for example, may have interest rates as low as 11.99%. Preparing documents is simple and easy. It is simple to apply. You may do it online and submit any other resources there as well. A debt consolidation loan may be granted in as little as 30 minutes, with funds in your account within 72 hours. Requirements for a debt consolidation loan Proof of age. Photo ID (Voter ID, Driver’s licence, PAN Card). Passport-size picture. Residence Proof (ration card, telephone bill, rental agreement, passport copy etc.) Bank statement for six months. Form 16, tax returns, and three recent pay stubs. Self-employed applicants must provide three years’ tax returns with a verified balance sheet, and a profit-and-loss statement. Depending on the kind of loan sought, additional documentation may be required. All possible options of debt consolidation loan If a personal loan to pay off various debts isn’t an option, there are a few additional options. A home equity credit line You must own your own house and owe less on your mortgage than the property is worth to qualify for a home equity loan. You may use the funds from this loan for whatever, including paying off other debts with debt consolidation loan. All home equity loans require the use of your house as collateral. This makes the loan seem less troublesome to the lender. Therefore interest rates usually are lower than for loans that aren’t backed by anything, such as debt consolidation loan. However, you may retain your house if you repay your home equity loan or get behind on your payments. Calculate your home’s equity to discover whether you can acquire a large loan to cover your costs. Transferring a credit card debt from one card to another If you’re having problems paying off several credit card accounts, consider debt transfer credit cards. The introductory APR on many credit cards is 0% for a certain period, generally between 12 and 21 months. It’s a good idea to use this strategy to pay off all your credit card bills with a single monthly payment. Keep in mind that if you have a large credit card debt, you may need help getting a balance transfer for the amount you want to transfer. As a result, you can pay off the debt accumulated on your new card and any previous cards where you couldn’t share the amount. A debt consolidation loan is also a good option. Debt snowball effect. The goal is to prioritise the smaller debts at the top of the list. You pay the minimum on your other obligations, but any additional money goes toward the loan with the least amount. Once you’ve paid off that sum with debt consolidation loan, you should apply any remaining funds to the next lowest one. Continue doing so until all of your bills are paid off. One advantage is that you will immediately see effects. However, if you incur more debt with higher interest rates, you may pay more interest altogether. A foreboding debt cascade. The debt with the highest interest rate gets paid off first in the first phase of this strategy. Pay the bare minimum on all of your other bills and then spend every additional penny toward paying off the loan with the highest interest rate with consolidation loans. If the interest rate on this loan is lower than the interest rate on your following highest interest obligation, pay it off first. Continue doing so until all of your bills are paid off. You may save more money in the long term if you pay off the debts with the highest interest rates first, but you may come closer to financial independence later than if you employed the debt snowball strategy. [B-02] Conclusion Consolidation loans are simple to get, inexpensive, and offer low-interest rates. You need a fast personal loan and three days to pay your bills. Visit Piramal Finance to acquire the best debt consolidation loans available. You can learn how to apply for a personal loan. Don’t hesitate to contact the team via phone or email if you have any more queries.

08-11-2023

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

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