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Personal Loan

How To Avail Minimalist Personal Loan Interest Rate In Festive Season?

There are great discounts and offers over the holiday season. These offers are available for all if you want to buy automobiles, appliances, or other goods. It is intended to assist you in enjoying Diwali while living within your means. You can finance anything with such a personal loan. Right from renovating a home to buying a high-end four-wheeler or a lavish Diwali party. But before you begin, you must know how to get a low personal loan interest rate. Read on to learn more. [B-01] 5 Steps to get the lowest personal loan interest rate Look for a quick festive personal loan interest rate. Many financial firms provide a low personal loan interest rate during the holiday season. Before applying for a loan, do some research on lenders. By doing this, you can save time and money. Also, you can take benefit of the loan’s features to pay for holiday spending quickly. You can qualify by fulfilling the criteria of the lender. Check the personal loan criteria for each lender you’ve selected. It would help if you met the criteria to qualify for the loan. Consider a lender who gives clear criteria for a loan if you need quick funds for managing festive holidays. For instance, if you meet the following criteria, you qualify for the lowest personal Loan interest rate: An Indian citizen aged between 23 to 55. You must be an employee in MNC or business. You must have a monthly income assessed by the city where you live. Additionally, a personal loan calculator will help assess whether you qualify for one. Be handy with the paperwork for a quick approval. Once you’ve met the criteria, collect the papers you’ll need to submit and finish your application. Apply with a lender that needs a little paperwork. It will help you get quick approval. You only need to submit the following papers: Passport, driver’s license, Voter ID, Aadhar Card, and PAN Card are acceptable forms of I.D. for employees. A passport, Utility Bill (not older than three months), and Leave and License Agreement. 2 most recent pay slips. Bank statements for the past three months for your salary account. These papers can be given at once for instant approval of your loan. Banks/NBFCs provide approval in a matter of minutes and fund payments within 24 hours after approval. Visit a branch of the lender or make an online application. You can start the process in one of two ways after you’ve qualified to apply. It will help if you have the paperwork ready. You can apply for a personal loan online or visit the branch. Choose whichever is easier for you. To apply for a personal loan for the former, speak with an agent and apply. On the other hand, if you want to avoid standing in line, you can apply online from the ease of your home or workplace. For an instant loan, check your pre-approved offer. You can apply using a quick personal loan facility. After analyzing your credit profile, and financial situation, pre-approved offers are created. The application and approval paths are simpler when applying for a pre-approved offer. It is one of the strongest features. You can check your pre-approval offer by providing basic information like your name and phone number. To apply for a loan, you can use this method. Then, choose the loan offer that is made to you. Reasons to apply for a Personal Loan The money from a personal loan can be used for anything you want, unlike a mortgage or auto loan. The personal loan can be used for whatever: On Karvachauth, treating one’s spouse to an elegant meal and a thoughtful present is customary. Dhanteras is a time to splurge on luxurious items like jewellery, silverware, new gadgets, a car, etc. To celebrate Diwali, many people make major purchases (such as appliances, electronics, apparel, and decorations), undertake house improvement projects (such as replacing broken light fixtures), and give gifts to loved ones. The loans are used when brothers and sisters exchange lavish presents, money, and other gifts. Personal loans from banks start at Rs. 25,000. This personal loan can be used for many needs. With a personal loan, you won’t have to worry about giving collateral. Not even in the holiday offers. It is an unsecured offering, and hence it’s a hassle-free loan. Personal loans provide you leeway in how and when you make payments. Payback terms on personal loans are very relaxed, from 12 to 60 months. It is mostly based on the applicant’s ability to pay. Applying for a loan has become simple. With the rise of net banking, you can apply for a loan from your home or office. You can avoid going to the bank at all by uploading papers digitally. Once it’s approved, the funds will be sent to your account. A low personal loan interest rate (starting at 10.25%) is a major benefit. However, the interest rate a bank offers is assessed by several factors. The factors include your credit history, age, income, etc. [B-02] Conclusion With all the hustle and bustle of festivals, it is common to have an urgent need for funds. In such cases, the lowest personal loan interest rate can easily provide you with the required money. you don’t need to pledge your assets as collateral. It is an unsecured loan. With the help of a personal loan, you can relax and enjoy the holiday season without worrying about money. Always keep it noted to be careful with your debts. Repay them on time. This will help you maintain a good credit score. For further details, visit the Piramal Finance website and get the best personal loan interest rate offers.
08-11-2023
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Personal Loan

How to Get Personal Loan Customer Care Details: Number, Emails!

A personal loan is a good tool to help you meet any urgent money needs. Many banks and NBFCs offer personal loans for their customers. These high-value loans come with long terms and low interest rates. Most lenders accept online applications for personal loans. This ensures that you can get the money in your account within a few hours. Hence, in all aspects, a personal loan can offer an answer to all your needs. When the lender disburses the loan, a new account is created in your name. This account offers all the details of your personal loan, like the interest rate, loan amount, payment schedule, and several others. There can be instances where you face problems related to your personal loan. In such a situation, you need to contact the customer care team of the lender. It is vital to quote the loan account number when you get in touch with the bank or NBFC. But it may happen that you do not have the email address or phone number of the customer care team ready with you. What to do now? Do not worry, as there are many ways for you to get the contact details of the customer care team. [B-01] Need for personal loan customer care details Lenders are trying to make the personal loan process easy and quick. But you, as a customer, can have some doubts or queries that need to be resolved. You can’t visit the office of the lender every time you have a doubt. The best way is to use your phone or email to get in touch with them. Here are some events due to which you may need to get in touch with personal loan customer care: Queries related to the personal loan account. Making foreclosure on the personal loan. Asking about any outstanding balance. Asking about any late payments or bounced charges. Rescheduling the loan EMIs. Any other tasks related to the personal loan. How to get personal loan customer care details? In this day and age, it is very easy for you to get the details for your personal loan account. Here are the steps that you must follow to access these details: Offline Personal loan agreement After you get the loan amount in your account, the lender will send you a welcome kit. This kit will include all the details related to your personal loan. You must keep this kit safe, as it will come in handy at a later stage. In this kit, the lender will provide all the contact details of the customer care team. So, if you are unable to find these details anywhere else, then checking the welcome kit can be a good option. This will also offer you key details like the personal loan account number that the customer care team would need to verify your identity. Office of the lender Another possible option to get these details is to visit the office of the lender. Most banks and NBFCs have offices in all of India’s major cities. If there is one such office or branch located near your home, then you can visit it there. Once you reach the office, get in touch with anyone at the reception desk or help desk to resolve your personal loan query. If he or she is unable to help you, then you can ask them for the email address or phone number of the customer care team. In many cases, they will help you make a call directly from the office. ATM If you have taken a personal loan from a bank, then that bank must have ATMs located in your city. You can go to an ATM if one is located near your home. Most ATMs have display boards with customer service contact information. Just write down these details on your phone and use them to get in touch with the lender. Online Website Most banks and NBFCs have fully functional websites. This website contains all the useful details that customers might need. There will be a “Contact Us” section on the site. Here, the lender would have given all the contact details for their different teams. You can easily find the customer service team’s contact information here. In case these details are not listed, you can access the chatbot. It is a software programme that is used by companies to deliver superior customer care services. On the chatbot, you can enter your customer service email or contact information. It will provide you with the relevant details for your personal loan customer care. Net banking Another good option to access details related to your customer care team is to use net banking. Most lenders create a separate loan account when you take a personal loan. You can gain access to this loan account using your net banking credentials. When you log on to your internet banking and click on the personal loan option, you will be able to see all the details. Here, you will get to see all the contact details for your personal loan customer care, including their email address or contact numbers. [B-02] Conclusion You must learn all the key details about your personal loan. This would help you ensure that you can get the most benefits from this loan. To get the best personal loan offers for your needs, visit Piramal Finance. You can get your queries resolved with the help of the experts at this leading NBFC. They have many articles and blogs on a range of topics to help you learn more about the world of finance.
08-11-2023
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Personal Loan

Top Reasons You Need To Know Why Sometimes It’s Difficult To Get Personal Loan

Getting a personal loan is not always easy. There are a set of requirements that you have to fulfil to get a personal loan. If you do not meet these requirements—which are different for every lender—your application may get delayed, or worse, rejected. For instance, if you’ve got a decent credit score, that is, one that is above 650 on the national credit scale, then getting a personal loan is easy for you. However, if your credit score is lower than average or you have any other red flags in your credit history, you don’t have an ideal record for a personal loan. Similarly, there are other requirements, like a stable income and a good financial profile, to get personal loan. These requirements can make it difficult for some people to get personal loan. [B-01] Fortunately, there are some things that you can do to increase the chances of your application for a personal loan being approved by the lender. Here are six reasons why personal loan applications get rejected and what you can do about them: You Have a Low Credit Score When you are trying to get personal loan, the first thing a lender checks is your credit score. If you have a good score, it makes it easier for you to get the loan. However, the fact that it has a lower score requirement does not mean that it is guaranteed to be approved. It is because lenders also look at other factors when deciding whether to approve or reject your application. If your credit score is low, this can result in your loan application being rejected. The best thing you can do to increase the chances of your application’s approval in such a situation is to improve your credit score. Your credit score impacts many things, like your ability to get a mortgage, rent an apartment, or even get a job in the finance sector. So, the higher your score, the better. There are a few things that you can do to improve your score. One of them is to pay off any debt you have and to make EMI payments on time. Doing so will increase your credit score. However, it may take a while before the improved record reflects on your credit report. The key is to be patient and punctual. You Lack A Stable Source Of Income A stable source of income is one of the most critical requirements you must meet when trying to get personal loan. If you don’t have one, then you may find that your application is rejected even if your credit score is good. It is because lenders may reject your application if they don’t trust that you will be able to pay them back. The best thing you can do to increase the chances of your application being approved is to prove to the lender that you have a stable source of income. One easy way to do this is to get a job as soon as possible. Once you have a stable income, you’ll be able to get personal loan as you will have the means to repay it. Another great way to increase your chances of having a successful application is to ensure you have all the required documents. Many lenders will reject applications if they don’t have all the documents they need to see. If you know you are missing out on one of them, you can get it to the lender as soon as possible. Your Debt-To-Income Ratio Is Too High You will fail to get personal loan if your debt-to-income ratio is too high. It is a ratio you need to look at to see how much you owe versus your monthly income. Depending on this ratio, the loan companies will either approve or reject your loan application. If your ratio is too high, they will automatically reject your loan application without checking your credit score. The best thing you can do to lower your debt-to-income ratio is to pay off any debts you have. This will show the lender that you have a steady income and will not default on the loan. You can also look for coupon codes that will allow you to lower your monthly expenses. This way, you’ll have less to pay each month, and your debt-to-income ratio will also be lower. You can then reverse your failure to get personal loan. Can’t Get Personal Loan Due To Limitations Even if you have a good credit score, your application may still be rejected if you fall into a certain group of people with loan limitations. For instance, many lenders will only approve loans of less than Rs. 50,000 to people who earn less than a particular amount. In such cases, you will have to speak with multiple lenders and see who fits your requirements the best. Remember, most lenders will only consider the income that you have from a stable source of earning, like a regular job. Inadequate Financial Profile Another reason why your application may be rejected is if you have an inadequate financial profile. For instance, you may not have a substantial credit history. To avoid falling into either of these categories, talk to a financial advisor and work on building a good financial profile. To do so, you may have to take out small loans and build a good credit history, among other things. A representative of your bank can also give you advice on improving your financial profile so that you don’t fall into one of these categories. Such advice may include investment opportunities for the long term. [B-02] Conclusion Getting a personal loan can help you with important expenses. However, not getting approved for a loan can be frustrating. If you’ve failed to get personal loan in the past, you know how difficult it is to overcome. But there are ways you can still get a personal loan. You can find in-depth explanations and help with these measures on the Piramal Finance website. Looking at those suggestions will make your loan application process easier.
08-11-2023
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Personal Loan

Does the personal loan application process vary per region?

A personal loan is a loan that is not secured by collateral, such as a car or a house. This means that if you default on a personal loan, the lender can’t take your car or your house. Personal loans are usually used for things like consolidating debt, paying for unexpected expenses, or making a large purchase. Interest rates for personal loans are often lower than those on credit cards, so they are a good way to consolidate debt or pay for unexpected expenses. But, because they are unsecured, they also come with a higher interest rate than secured loans, such as a mortgage or a car loan. [B-01] There are many different types of personal loans available in India. Here are some of the most popular types: Home Loans: Home loans are one of the most popular types of personal loans in India. They are typically used to finance the purchase of a new home or to refinance an existing home loan. Auto Loans: Auto loans are another popular type of personal loan in India. They are typically used to finance the purchase of a new or used car. Education Loans: Education loans are a type of personal loan that can be used to finance the cost of tuition, books, and other education-related expenses. Personal Loans: Personal loans are unsecured loans that can be used for any purpose. They are typically used to finance major purchases or consolidate debt. If you are considering taking out a personal loan, it’s important to compare interest rates and terms from multiple lenders. It’s also important to make sure you can afford the monthly payments, as personal loans typically have to be repaid within a few years. Personal loan application processes can vary depending on the region of India. In some cases, the process may be more streamlined and easier to complete, while in other cases it may be more complicated. One factor that can affect the personal loan application process is the level of development in the region. In more developed regions, the process is likely to be more efficient and easier to complete. This is because there are likely to be more financial institutions and lenders operating in these areas, and the infrastructure is likely to be more developed. Another factor that can affect the personal loan application process is the level of competition in the region. In regions where there is more competition among lenders, the process is likely to be more competitive, and borrowers may be able to get better terms and rates. How do I apply for a personal loan? Whatever your reason for seeking a personal loan, there are a few things you should be aware of before applying. First, you’ll need to choose a lender. There are many personal loan lenders in India, so it’s important to compare rates and terms before you select one. Once you’ve chosen a lender, you’ll need to complete an application. The application will ask for information about your income, employment, and debts. Once you’ve submitted your application, the lender will review it and make a decision. If you’re approved, you’ll receive a loan offer with the terms and conditions. Be sure to review the offer carefully before you accept it. Once you accept the offer, the lender will send you the money. Important factors considered by banks before lending personal loans There are a few important factors that banks take into account before lending a personal loan. Firstly, they will consider your credit score. This is a number that indicates your creditworthiness and is based on your credit history. If you have a good credit score, it means you’re a low-risk borrower and are more likely to repay your loan on time. Secondly, banks will also look at your income and employment history. They want to make sure that you have a stable job and can repay your loan. Lastly, they will also consider your other debts and financial obligations. This is to make sure that you’re not overextending yourself and will be able to repay your loan. When it comes to personal loans in India, there are a few things that borrowers should know. Here are some common FAQs that can help you understand the process and make the best decision for your needs. What is a personal loan? A personal loan is a type of unsecured loan, which means that it is not backed by any collateral. This makes it a good option for borrowers who don’t have any assets to use as collateral. Personal loans can be used for a variety of purposes, including consolidating debt, paying for unexpected expenses, or financing a large purchase. How do personal loans work? Personal loans are typically repaid in monthly instalments over a set period. The loan amount, interest rate, and repayment term will all be determined based on the borrower’s credit history and income. Borrowers will need to make sure that they can afford the monthly payments before taking out a personal loan. Is a personal loan a better option? There are a few things to consider when trying to decide if a personal loan is the best option for you. One thing to think about is what you will use the loan for. If you need the money for a large purchase, such as a car or a house, then a personal loan may not be the best option. Another thing to consider is the interest rate on the loan. Personal loans typically have higher interest rates than other types of loans, so you will need to make sure you can afford the monthly payments. [B-02] What is the tenure of a personal loan? Personal loans can be for a shorter term, such as one year, or a longer term, such as five years. You will need to decide how long you need the loan and whether you can afford the monthly payments. Overall, the personal loan application process can vary depending on the region of India. If this blog has helped you know the best about personal loans, you can read more such blogs on Piramal Finance and explore their wide range of products and services! Also, if you are looking for a personal loan, you can visit Piramal Finance, your best friend for all your financial requirements!
08-11-2023
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Personal Loan

All You Need To Know About Different Tenures Of Personal Loan At Piramal Finance

If you need financial help, a personal loan might be a good solution. Personal loans can also be used to help yourself in unforeseen circumstances, such as a health crisis. A personal loan is a type of unsecured loan. An individual can apply for a loan from a bank or other financial organisation. Small payments called equated monthly instalments (EMI) are made by the borrower to pay it back. The loan balance is set over a fixed period, which is known as the personal loan tenure. [B-01] Personal loan tenure You have the option of selecting a term length for your personal loan. However, it must be between 12 and 60 months. Your loan EMIs are customised based on your income, credit history, demands, the loan’s length, amount, and interest rate. Additionally, your age and current job are also considered. As a result, when determining loan terms, you must keep these primary considerations in mind. Since most of these loans are considered “unsecured,” the borrower’s property is not at risk of being liquidated in the event of nonpayment. Lenders will be taking on a slightly higher risk, while borrowers will be experiencing less risk as a result of this arrangement. Despite this, the sector has recently expanded at a CAGR of 17%. Over the past couple of years, it has been responsible for a considerable share of the yearly incremental credit across key industries. This suggests that personal loans are becoming a very attractive form of personal financing. Like any other loan, a personal loan requires careful consideration before being requested. There is a close relationship between the length of your loan, EMIs, and the total amount to be paid back to the lender. For instance, a longer term would result in lower EMIs, as the cash would be spread out over a longer period. However, longer-term loans would also imply more compound interest. That might lead to you paying back more than you borrowed. For shorter-term loans, the EMIs are higher and the interest paid is lower. Therefore, you must balance these factors so that they do not affect your finances. There are other factors to consider while deciding on the best personal loan tenure. How to choose personal loan tenure wisely? Your personal loan’s EMIs and interest rate are both influenced by the length of the loan tenure. In general, the EMI will be lower for a longer tenure and greater for a shorter one. Choosing a longer loan term will result in a larger interest payment. Personal loan savings can be maximised by making an informed decision about the term length. We hope the following guidelines will assist you in making the best decision possible about the length of your loan: Easy tips to choose the loan tenure Understand your monthly budget. It is an essential component in determining the length of your stay. Write down your monthly expenses and compare them to your monthly income to calculate your disposable cash flow. With the money you have left over, you may pick a loan term that is manageable for your finances and won’t put an undue strain on your monthly outlay. Review your monetary forecast for the future. Since you’ll have more spare cash after you get that raise at work, you can afford a bigger EMI payment each month. By eliminating the loan’s principal balance sooner than expected, you can save money on interest. This additional work leading up to the raise is necessary, but the payoff, in the long run, is well worth it. Think about your current debts. You should also think about your other financial obligations while deciding on a suitable term length. Most regular obligations include other debts, credit card payments, rent, and school costs. Make sure the duration you choose allows you to fulfil all of your commitments with minimal fuss. Use spreadsheets with the right formulas to get a clearer view and speed up this process. Determine the cost of the interest. Learn the costs associated with the loan, as this is an essential part of the process. To determine the interest rate, it is best to use a formula that takes into account the requested loan amount and the combination of different tenure possibilities. A longer loan period will naturally result in higher interest costs. You should avoid taking out a loan whose payments go on for decades. Use an EMI Calculator An easily accessible calculator that may help you decide on important aspects of your loan tenure, such as the repayment schedule and interest rate, as well as the overall cost of the loan. On Piramal Finance, you can easily determine your EMI payment and obtain a detailed breakdown of the fees associated with your loan. In addition, you may use this instrument to evaluate the terms of many loan offers from different financial institutions and select the one that best suits your needs. A personal loan is one of the most convenient forms of credit available today. If you want to keep your credit score and bank account in good shape, you need to exercise strict financial discipline. It’s important to shop around for a suitable loan by comparing the terms and conditions of several loan programmes provided by different banks and financial institutions before committing to one. [B-02] Conclusion Choosing the proper personal loan tenure is important since your EMI will be reduced throughout this time. Personal loans are available from Piramal Finance with terms as short as 12 months. You may select a longer term of up to 5 years if it is within your financial means. Knowing the personal loan tenure you have to pay back your loan will help you budget more effectively. Knowing the length of your loan allows you to make an informed decision rather than reacting on the spur of the moment. If you are looking for a reliable platform to get the best personal loan tenure, you must contact Piramal Finance.
08-11-2023
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Personal Loan

Pros and cons of taking personal loan on credit

When you are in urgent need of money, your first thought might be to use your credit card. Well, it is true that a credit card is meant to be used for urgent needs, but you must avoid it. High interest rates and their impact on credit scores make using a credit card an unwise choice. This is where the option of a personal line of credit comes to your aid. It is also a form of revolving credit, just like a credit card. But it saves you from the negative impacts of using a credit card. Read on to learn more about the key aspects of a personal line of credit. [B-01] What is a personal line of credit? A personal line of credit is a form of revolving credit offered by banks and NBFCs. You can also consider it a personal loan that you can access whenever you want. Herein, you are given a limit of up to a certain amount. But, rather than sending the entire amount to your bank account, the lender creates a new account under your name. You can then draw only what you require. Hence, you will need to pay interest only on the amount used. The available limit is reduced when you draw from your account. Likewise, it is increased when you repay the amount owed on the account. Under a personal line of credit, there is no fixed EMI. The EMI will vary as per the amount you have used and the balance at the end of a month. Some lenders offer you the option of paying only the interest part every month and the principal amount when you can. However, the limit will be restored only when the principal is paid. There is also the option of paying the entire principal at the end of the term. The normal loan tenure that most lenders offer here is in the range of 2 months to 60 months. As such, a personal line of credit works like a credit card but offers the features of a personal loan. The lenders would levy annual charges for offering this facility. They can also increase the limit as per your needs and repayment history. Benefits of a Personal Line of Credit There are many benefits to using a personal line of credit instead of a personal loan or a credit card. Read on to learn about the key benefits of this financing option: Low interest cost: When you take a personal loan, you need to pay a fixed EMI. It makes no difference if you still have some unused loan amounts in your bank. But when you take out a personal line of credit, you only need to pay interest on the amount you use. Hence, if you do not need the entire amount at once, you do not need to support high EMIs. You only pay interest on the money drawn. Hence, over a period of time, you can enjoy the benefit of low interest costs. Also, when you pay your EMIs on time, the lenders will offer you a lower rate of interest. This will further reduce the total amount you must spend on interest over the loan tenure. Flexible Repayment: As stated above, every personal loan has a fixed schedule. You need to pay the same EMI during the loan tenure. It does not matter if you have used the entire amount or not. This is why a personal line of credit makes more sense. You will be given several options for repaying the loan amount. You can choose to pay only the interest during the loan tenure and the principal as a lump sum at the end of the tenure. Otherwise, your EMI will be determined by the amount you have used. If you do not use any funds, you are only required to pay the lender’s fees. Easy access to funds: Most lenders allow you to access your personal line of credit as and when you want. This is possible through their website or mobile app. There is no need to route your request through the lender. Hence, you get easy access to the funds and can use them as and when you need them. It will only take a few seconds for you to complete the request and send the money to your account. Similarly, you can repay the amount with equal ease. Easy access to funds makes the entire process seamless and hassle-free. Good for phased spending: When you take a personal loan, you rarely use up the entire amount at once. Instead, in most cases, you will spend the money over several months. But you will have to pay the EMIs, based on the total amount, right from the first month. Hence, if you need to spend the money in a phased manner, you can opt for a personal line of credit. Herein, you have the option to draw money in parts as and when you need it. As a result, you do not have to stress your finances to support the full EMIs. [B-02] A personal line of credit is surely a good option to meet your short-term and long-term needs. But the problem is that only a few lenders offer this option for personal loans. If you need to learn more about this credit option, then visit Piramal Finance. They have many articles and blogs to help you improve your finance skills. If you have any urgent money needs, they also offer a variety of loans. High-value loans at low interest rates from Piramal Finance can come in very handy when you need the money most. Their experts are always ready to help you with your doubts.
08-11-2023
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Important Benefits You Must Know Of Using Credit Card

The Reserve Bank of India (RBI) reports a rise of 26.5% in credit card users in India. The growing numbers show the popularity of credit cards. Reducing cash transactions and keeping track of spending benefit credit card users. A credit card is more beneficial than a debit card. You only need to swipe it to buy now and pay later. Moreover, these cards have worldwide acceptance. They also provide you with the financial freedom you desire. Continue reading to learn what a credit card is and how it can help you. [B-01] What is a credit card? A credit card or plastic money is a small card the size of your driving license. It bears, The credit card number, The cardholder’s name, Expiry date, Signature, CVC code and other relevant details. The bank that issues the credit card checks your creditworthiness for approval. The credit limit depends on your credit score and income. You can only spend up to the pre-approved limit. On approval, the issuer bank links the credit card to your credit limit, not your bank account. Thus, the bank deducts withdrawal or payment accounts from the credit limit and not your bank account balance, as in the case of debit cards. Who Can Apply for a Credit Card? As per RBI guidelines, banks can issue credit cards via the credit card department. Indian banks can appoint a subsidiary company to issue credit cards. They may issue it to an Indian national or NRI, depending on their policy. The bank approves the credit card of anyone: Who is 18 years of age or older Has a favourable credit score and negligible or zero payment defaults Has a stable income as per bank needs for approval of credit cards Is working at the same place for a year more. Top Benefits of Using Credit Cards Fulfil the above requirements and apply for a credit card to avail of several benefits. They are as follows: Easy to use It is compact and easy to carry in your wallet. You can use it to buy groceries, pay insurance premiums, or pay housing loan EMIs. Such payments don’t burden or reduce your bank account as the issuing bank does not link the card to your bank account. These are interest-free withdrawals, provided you pay back within the grace period. Rewards, discounts, and bonuses Reward points have value and may differ depending on the bank with which you apply for a credit card. However, most banks provide the following rewards to credit card holders: Earn and exchange reward points for gifts.The bank rewards you with reward points for almost every transaction you make via credit card. The only condition is that the transactions should be for a specific amount. The bank offers a list of gifts, and you can redeem the gifts by using the reward points. Some banks even permit reward point redemption against the outstanding credit card balance.Rewards for Reaching MilestonesThe bank may set milestones for customers to reach with their credit card spending. If you achieve the milestone, the issuer bank will give you many bonus points. You can use them to redeem expensive gifts.Earn More Reward PointsYou can earn accelerated reward points using a co-branded credit card. Use the card to pay for travel (tickets and accommodations) or to buy groceries or other online commodities. For instance, a transaction that earns only one reward point may earn you three times more. Bonus Reward Points on Opting for a Credit CardSome banks and credit card issuing companies may offer many reward points for signing up. The condition may be to spend a specific amount via credit card in a fixed period to take advantage of the offer.Renewals Earn Reward PointsA credit card is only valid for a limited time and has an expiration date. It is invalid after the expiration date, and you cannot use it without renewing. Most banks reward credit card users with reward points at each credit card renewal.Reward Points for Spending on Add-onsA credit card-issuing bank may issue an add-on credit card to the credit card holder’s spouse or children. It is advisable to check your reward points as they come with an expiration date. Redeem them online, offline, or through customer care before they become invalid. You can redeem them for various products on the credit card issuers’ catalogue, donate them to your favourite charity, exchange them for e-vouchers of branded merchandise, or use the cashback facility. Some brands and online stores offer discounts if you use a specific credit card. Build your credit score. Applying for a credit card if you plan to opt for a housing loan or any other form of funding is advisable. Banks and NFBCs rate you as creditworthy depending on your credit card records. Here’s what you must do to build your credit score with the help of a credit card: Never exceed the pre-approved limit of the credit card. Never default on payments. Use only a minimal part of the approved credit. Credit card EMI payments Credit cards are of immense help when you need to buy an expensive product but don’t have the money to pay for it. It is an excellent option when you cannot repay within 3 months or in one lump sum. Here’s how a credit card EMI can help in emergencies: Choose EMIs to pay small amounts in monthly instalments. Check if your product has a zero-interest EMI offer. Please note that even if you have to pay interest on the EMI amount, it is still worth it. It will be lower than the credit card’s outstanding balance interest rates. The tenure may vary from 3 to 18 months. Choose based on your ability to repay. More Protection Via Credit Card If someone tries to steal from you by using your credit card, you can alert the bank, and they will work to recover the funds. Thus, such fraudulent circumstances do not burden your bank account. It will not result in insufficient funds when you need them most. Moreover, it contains a detailed record of your transactions that works as proof of payment. [B-02] Conclusion Credit cards are, therefore, the most convenient way to shop. If busy shopping malls do not appeal to you, shop from home with a credit card. Apart from deferred payments, they are good for saving money through their offers, discounts, and reward points. Piramal Finance is your window to excellent financing options. The knowledge blogs are well-researched and perfect guides to help you plan your savings and expenses.
08-11-2023
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Personal Loan

Importance of Personal Loan EMI Calculator Online

An urgent need for money can arise at any point in time. It is not always possible for you to ensure enough funds for such needs. At such a time, you must apply for a personal loan to meet your urgent money needs. Many lenders now offer a personal loan online in a few simple steps. The entire process is completed in a matter of minutes. But this ease may lead you to apply for a personal loan that may stress your finances. It is therefore vital to use a personal loan EMI calculator before you apply for this loan. Read on to learn more about using an EMI calculator and the benefits it can offer. [B-01] What is an EMI calculator? An EMI calculator is a free online tool that you must use before you apply for a personal loan. It only needs basic data like loan amount, interest rate, and tenure. You can learn about the EMI to repay the loan amount during the given tenure. You can access an EMI calculator using a website or a mobile app. Most lenders offer this free tool online for their customers. You can therefore use it as many times as you need to plan for your various loans or credit card bills. There is no need to offer any private details to use this tool. Hence, all your personal data is secure, and there will be no spam emails or SMS bothering you. Benefits of an EMI calculator There are many benefits that you can get by using an EMI calculator for your personal loan. Read on to learn more about the benefits of this tool: Free: You need not pay any fee to use this tool online. Also, you can use it online as many times as you want. This helps you plan your finances in a better way. Basic Data: It is a very simple tool. You only need to offer data related to the loan amount, tenure, and interest rate to get details like EMI, interest paid, and the total amount to be paid. Quick and accurate: This tool is very quick and gives you the results in under a second. That is some speed! Also, an EMI calculator gives correct results every time. It is much faster and more accurate than manual calculations. Anonymous: There is no need to give any of your personal details like name, email, phone number, etc. to use this tool. Hence, your data is always private, and you are safe from spam SMSes or emails. Plan Repayments: With an EMI calculator, you get useful data like loan EMI based on tenure and interest rate. This can help you plan your EMIs in a better way and ensure that you do not borrow an incorrect amount. Interest cost: With this tool, you get an accurate idea of the total interest you will have to pay as per the loan tenure chosen. This will enable you to ensure that you select the optimal tenure to keep the interest cost in check. Easy comparison: Using an EMI calculator enables you to compare multiple personal loans. This will allow you to select the best personal loan offer based on your needs. Flexible Usage: You can use this tool anytime and anywhere that you want. Hence, you are free to undertake EMI calculations as and when you want. All you need is an active internet connection. Extra Details: Many platforms that offer an EMI calculator also provide several other key details. These can be in the form of the total interest cost or an EMI break-up. This information comes in handy when you make a final decision. How to Use an Online EMI Calculator Here are some simple steps that you need to follow when using an EMI calculator: Visit any website that offers an EMI calculator or a mobile app that offers the same feature. Click on the link for the EMI calculator on that website or app. Now, on your screen, you will see this tool. You will need to enter the details as required. Here you must enter the loan amount, interest rate, and loan tenure. Make sure you enter these details correctly. You may also use the slider option to adjust the loan details. There is no need to enter your personal information. Make sure you do not provide such details, even if someone asks for them. Now, click on the calculate button. You will now be able to check the details on your screen. These details include the total interest, total amount, and total principal separately. Some of the calculators also offer the option of an EMI chart. Here you will be able to see how much interest you are paying with every EMI. This will help you better understand key aspects of your personal loan. If you want to compare multiple loans, you just need to change the details as per the available information. This will allow you to compare multiple loans easily and make an informed decision. You can select the best loan offer based on these aspects. [B-02] Using an EMI calculator is a useful step in selecting the best personal loan offer based on your needs. Many platforms offer this tool, and you can easily access it online. To get the best personal loan offers, visit Piramal Finance. They provide high-value loans at low interest rates for all your money needs. You can also contact their experts for any details that you need. The EMI calculator on the Piramal Finance website also allows you to perform calculations easily as and when you need them. They also have many blogs and articles on a range of topics to help you improve your finance skills.
08-11-2023
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Personal Loan

How Credit Reports Can Affect Your Personal Loan Process?

When you apply for a personal loan, the lender checks your profile for several factors. One of the most crucial aspects of the personal loan process is your credit score. Your credit score is a 3-digit number between 300 and 900 which reflects your credit profile. Many credit rating bureaus operate in India. They assign you a credit score based on their internal processes. The leading credit bureau in India is TransUnion CIBIL, whose reports are widely used by banks and NBFCs. This score is a part of your credit report. This report features the entire history of your credit profile. Personal loans, business loans, consumer loans, credit cards, and bank limits all form part of your credit report. Based on your repayment history, usage pattern, and other factors, the bureau assigns you a credit score. Based on this score, your loan application will be accepted or rejected. Such is its role in the personal loan process that most lenders give you a rate of interest based on your credit score. [B-01] Read on to learn about how your credit report can impact your personal loan process. What is a credit report? Your credit report is created by a credit rating bureau like Equifax or TransUnion CIBIL. This credit report includes your credit score, which is a key aspect of the personal loan process. Most lenders need you to have a CIBIL score of 750 or above. This will allow you to get high loan amounts at low interest rates, along with quick sanctions. This report features all your past and current credit accounts. It also helps lenders learn about your credit behaviour in the process. Based on how you use the credit and how you repay it, your credit score will change. If you pay your EMIs on time and rely less on credit cards, then your personal loan process will go smoothly. Otherwise, you will have a hard time getting a personal loan from a lender. What does your credit report reflect? Your credit reports play a pivotal role in the personal loan process. Why? Well, it offers lenders useful insights into your behaviour as a borrower. Here are some key aspects of your credit profile that lenders can assess through a credit report: Types of loans: Lenders want you to have a balanced mix of various types of credit. This will reflect that you are responsible for credit. But if you rely heavily on one type of credit, like credit cards, it is a red flag. This will mean that you rely heavily on high-interest loans and credit cards. As such, there is a higher risk of default as the interest cost is too high for some loan types. Current Debt Level: Lenders have a policy wherein they consider around 50% to 80% of your income for EMI payments. The greater your current debt, the less likely you are to be approved for a loan. At any point in time, your FOIR should not be more than 50%. Likewise, your credit card use ratio must also be less than 40% at all points in time. If your current debt-to-income ratio is less than 30%, then your personal loan process will be completed quickly. Repayment Track: It is vital for every lender to ensure that you can repay your EMIs on time. They judge this ability through your past EMI payment track record. Also, you must pay your credit card bills on time. If there is any cheque bounce or write-off for any of your loan accounts, then you will not be able to get a loan. If there was a bounce at the start of the loan and you have a valid reason for the same, then you may get a loan. If your credit score is below the minimum level given by the lender, you will not be able to get a loan. In fact, many lenders do not process the loan if the credit score is below 700. Hence, you need to follow some useful steps to improve your credit score. How to improve your credit score? Before you apply for a personal loan, here are the steps that you must follow to improve your credit score and speed up the personal loan process: Pay your EMIs on time: You must pay your loan EMIs and credit card bills on time. To avoid any oversight, ensure there is enough balance in your account at least three days before the EMI is due. Always opt for an auto-debit option for credit card bills. Herein, you can select the minimum amount due for auto-debit and then pay more later on in the coming months. Do not apply for too many loans: You must apply for a loan only with a lender whose criteria you can meet. Too many queries at the same time will lower your credit score. Avoid credit cards: You must avoid the use of credit cards to pay for your daily costs. This will help you keep your credit card usage low and your credit score high. [B-02] To get a personal loan quickly, you need to have a good credit score of 750 or higher. This will allow you to get the best offers and deals from lenders. The personal loan process will be finished quickly. In fact, if you apply for an online personal loan, you will get instant approval. To get the best deals on your personal loan, visit Piramal Finance. They offer a range of loans to meet any need that you may have. Low rates of interest and long repayment periods make it a suitable lender for you. They also have many articles and blogs to help you better understand your credit report and how to quicken the personal loan process.
08-11-2023
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