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Personal Loan

Track Personal Loan Application Status For Top Banks

Most people pick personal loans to fund their expenses. Personal loans are versatile, and you can avail of one offline or online with any bank. Many find it frustrating to wait days to know whether their application is approved. But you can now check your personal loan application status to see its progress. This article will guide you to track the latest status of your loan. [B-01] What is the process for tracking loan status for your personal loan? There are multiple ways you can access your loan application status instantly: 1. Tracking personal loan application status via mobile number Many banks allow borrowers to track their personal loan application status simply by entering their mobile number. This way, you can receive all the loan-related information on your number. However, remember to update your bank details if you plan to change your contact number. 2. Tracking personal loan application status via reference number The second option to stay updated with your personal loan application status is through a reference number. A reference number or application number works as a unique identifier. Visit the respective portal of the lending institution and enter your reference number to access the desired information. However, you must keep it handy to check your status. 3. Tracking personal loan application status via net banking You will find tracking the personal loan application status easier if you are an existing customer of the lending bank. Firstly, banks offer eye-catching terms and conditions to their loyal customers, so you can negotiate and bag better loan terms. In addition, you might already have your account on their banking portal. You can check your personal loan application status by visiting the website and heading to the loans section. You can apply, confirm, verify, or know the loan balance. 4. Tracking personal loan application status offline While online procedures are encouraged, individuals can use offline means as well. You can ask a bank official to assist you in tracking your personal loan status at any branch nearby. You must mention the application ID the bank gave you when you applied for the loan. Loan Tracking Process for Banks Many banks endeavour to streamline the loan application process and provide live status updates to borrowers. Here is the process to track personal loan application status for some of the top banks: 1. Union Bank of India Union Bank of India facilitates personal loans with digital processing and no paperwork. You can easily track your personal loan application status by following this short process: Visit the official website of the Union Bank of India. The home page presents a list of services the bank offers on the right side. Select the “Many More” option under the “Apply Online” menu. Tap on “Loan Application Status.” It will lead you to a page with an online application tracker. Type in your “Acknowledgement Number” in the space provided and hit “Search.” Now, you can check the progress of that loan application in the search results. 2. Kotak Mahindra Bank Kotak Bank provides personal loans at reasonable interest rates to customers and non-customers. You can track the status of your loan application by following the given steps. Open the official website of Kotak Mahindra Bank. Click on the menu at the top left corner of the page. Navigate to the “Service Request” option on the menu bar and select “Loans.” Tap on “Track Personal Loan Application Status.” A new page will open. Fill in the required details and click on “Check Status.” 3. Punjab National Bank Many of Punjab National Bank’s personal banking services, like deposits, retail financing, credit cards, and debit cards, are affordable. You can follow the status of your application to see how it is proceeding if you have applied for a loan here: Visit the official page of the Punjab National Bank. Select “Online Services” on the home page to open a drop-down menu. Click on “Loan.” It will direct you to a new page. Scroll down the webpage and select “Click Here to Check Your Application Status.” Next, you have to enter the loan you applied for, your serial number, your date of birth, and the security key. Once you’ve filled out the form, click “Submit” to find out the status of your application for a personal loan. 4. IDFC First If you have applied for a loan through IDFC First, you can check the status of your personal loan using the online client portal: Visit the IDFC First Bank’s official website. Navigate to the Contact Us section and select “Click here to log in to the customer portal with your user ID and password.” Next, input the relevant details to enter the portal. After giving the information, click “Submit.” Head to the menu section and select “Products and Services,” then “Check Application Status.” Enter your loan details and click “Submit.” You can now check the status of your personal loan. 5. YES Bank After applying for a personal loan at YES Bank, here’s how you can keep track of its progress: Visit the official website of YES Bank. Locate the “Contact Us” option and navigate to the “SMS” section. Send a message with the syntax “HELP” separated by a space and your registered contact number to +91 92233 90909. You will receive a reply from the bank directing you through the entire process. Follow the steps precisely to check your personal loan application status. The bank will send you a message to access the application status once you give all the relevant details. [B-02] Conclusion The availability of several options to track personal loan application status has made it easy to learn about loan approval. Besides the official banking website, you can get assistance from customer care. Moreover, mobile applications are a great way to track personal loan application status. However, if it is your first time applying for a loan, it is better to get help from a bank or financial advisor. Piramal Finance offers excellent finance-related services to corporations and individuals seeking assistance or facing issues in banking activities.
08-11-2023
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Personal Loan

Importance of a Personal Loan for Students to Achieve Their Goals

Lenders offer education loans to qualified students who need help furthering their studies. Lenders have strict criteria that you must meet in order to obtain a loan. You can always apply for a personal loan for students if you are not eligible for an education loan. A personal loan can be used for all expenses, including tuition fees, accommodation, and miscellaneous expenses. This article highlights why personal loans for students are a good choice if you do not qualify for an education loan. [B-01] How do you get a personal loan for students? 1. Calculate how much you need. It is vital to know your needs before applying for a personal loan for students. Personal loans offer lump sum payments, and you should know the precise amount you need for fees and other study-related costs. It will allow you to borrow enough money to cover your study-related costs. 2. Determine your loan eligibility. You may be eligible to borrow more (or less) than you need. It depends on your credit history, CIBIL score, monthly income, previous loans, and other factors. Lenders often consider these factors before determining the amount you are allowed to borrow. 3. Find a credible lender. There are several choices for getting a loan since many banks and NBFCs offer personal loans for students. To reap the most benefits, compare loan options from several lenders. You can compare the interest rate, processing fees, late payment costs, pre-closure fees, user reviews, etc. 4. Determine if you can afford the EMI. You may calculate your monthly payment online using an EMI calculator. You have to input the principal amount, tenure, and interest rate. The calculator will calculate your EMI amount. Unlike school loans, the EMIs for personal loans for students begin instantly. As a result, ensure that you or your parents or guardians can repay the debt sum you choose and that monthly payments will not cause financial stress. 5. Submit your application. Once you have accessed all the parameters of the loan, you can apply for a personal loan for students. You can complete the application form online (via the lender’s website) or offline (by visiting their office). Remember to submit all the necessary documentation. The principal amount will be deposited directly into your account. What should you consider when getting a personal loan for students? 1. Interest Rate Personal loans have the highest interest rates. They can range from 12 to 28% per year. On the other hand, the interest rate for a student loan is between 6 and 13% per year. If you have a good credit history, you should use this when negotiating with the bank for a lower interest rate. 2. Collateral Since a personal loan is an unsecured loan, you do not need to provide any assets as collateral. This makes the process simpler, as your assets do not need to be evaluated. Since these loans do not require any collateral, you do not have to fear losing your assets if you do not repay the loan on time. However, this also means that the loans have higher interest rates. 3. Processing charges You must pay a processing fee when applying for a personal loan for students. Processing fees can range from 1 to 3% of the total loan amount. 4. Prepayment and foreclosure fees Many lenders charge prepayment and foreclosure fees on personal loans for students. These fees range from 2–5%, depending on the lender. Therefore, go over the terms and conditions before signing. What are the benefits of a personal loan for students? 1. Personal loans are based on credit scores. CIBIL gives you a credit score based on how low of a credit risk you are. You can be eligible for higher loan amounts and lower interest rates if you have a good credit score. Before approving your loan application, lenders always look at your credit score. For a personal loan, you need a credit score of 750 or higher. 2. You can get a higher amount. A personal loan for students can have a principal amount as high as INR 30 lakhs. However, you can also be eligible for higher loan amounts. As a student, the amount will depend on your credit score, the income of your guardian (if you do not work), credit score, and credibility. Personal loans are a great choice for students because you can borrow a lot of money without putting anything up as collateral. Personal loans are also different from education loans in that they can be used for things other than education-related costs. 3. Personal loans for students have quick disbursals. Personal loans for students have an extremely swift application and disbursal process. The application process can be done online. After you apply, the lender will verify your application to make sure everything is in order. The loan will be approved within a few days. Once the personal loan for students is approved, the principal will be deposited in your authorised account within 24 hours. After this, you can spend the money you wish. [B-02] Conclusion A student personal loan is the best way to pay for college if you do not qualify for education loans. Personal loans have reasonable interest rates. You can apply for personal loans with your parents or legal guardians if you do not work or are under 18 years old. You can get a loan depending on your and your guardian’s credit history and income. Personal loans for students are an easy alternative to education loans. You can use this principal amount as you wish. If you want to know more about personal loans for students, visit Piramal Finance. Piramal Finance offers competitive personal loans with affordable EMIs and market-value interest rates.
08-11-2023
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Personal Loan

Importance of Personal Loan EMI Calculator You Must Know

A personal loan is a loan without any collateral. It is usually used for personal reasons. You could apply for a personal loan for your kid’s education, travel abroad, home renovation, or even medical expenses. The loan is made without any collateral. But the rate of interest varies. Personal loans usually have higher interest rates. These depend on your CIBIL score, credit history, etc. It is recommended that you use a personal loan EMI calculator to be prepared. [B-01] What is a personal loan EMI calculator? A free-of-cost EMI calculator is a very useful tool. It allows you to calculate the amount of interest you’ll have to pay per month for a particular type of loan. The EMI calculator will help you calculate the amount of loan you can take. It will also calculate the sum you’ll have to keep aside for repayments. You’ll get an idea of the interest rate for the principal loan amount. This will depend on different repayment tenures. The EMI calculator uses various benchmarks to do so. They are your desired loan amount, the given interest rate, and the preferred loan tenure used to calculate the EMI payable. Information provided by a personal loan EMI calculator EMI: The monthly EMI amount you’ll have to pay your lender to pay off your loan. Breakup of your total amount payable: Calculation and breakup of your total personal loan amount payable to the bank. This amount is the sum of your loan amount (principal), processing fees, and interest payable. Features of the EMI calculator: A graphic depiction of the principal amount and interest amount. Repayment table illustrating details regarding your loan repayment. This table will help you plan your monthly expenditures in advance. Here are some reasons why a personal loan EMI calculator is important. Easy to navigate One of the main benefits of a personal loan EMI calculator is its ease of use. It has a step-by-step guide to assist. It is user-friendly. Many lenders provide an EMI calculator. They’ll go above and beyond in explaining how to use the EMI calculator. They do this if they value the borrower’s comfort. All you need to do is visit the lender’s website. Then enter your desired loan amount, interest rate, and repayment tenure. The repayment tenure for a personal loan ranges from 1–5 years. If your lender has a personal loan app, you can easily use the EMI calculator on the app whenever you want. Some lenders even provide on-call or in-person help. They assist you throughout the loan process. Accurate results You’ll be surprised at the accuracy of the calculator. A manual calculation to assess interest payable always leaves room for error. Miscalculation is always a possibility with manual calculation. Moreover, you will have to spend time testing various interest rate combinations for the desired result. So use an EMI calculator for a personal loan. With this, you get instant and accurate results within minutes. The algorithm also considers your credit score. It also lets you experiment and test various loan amounts. It does this without hurting your credit score. Time-saving Now you don’t have to make calculations manually to experiment with and test loan rates and interest rates. A personal loan EMI calculator is swift. It will provide instant results. You don’t even have to visit the bank. You don’t have to stand in line and wait all day for your turn. You can get the results online. You can do all this from the comfort of your home. You don’t have the trouble of assembling tonnes of documents to calculate the EMI for your personal loan. You only need a stable internet connection to use a personal loan EMI calculator. Insight into the repayment process An EMI calculator provides information on your payable EMIs. It also helps you comprehend your repayment patterns. Simply put, you will receive an amortisation table on your loan tenure. This will showcase the breakdown of the loan amount you will have to repay. An amortisation table includes a percentage of your principal and interest payments. It also shows how they affect each EMI. The amount calculated in the table is accurate. It helps you plan your prepayment. Moreover, you’ll be able to choose the best time to extract maximum value from your payments. You will also save on interest rates. Compare different loan plans easily. With a personal loan EMI calculator, you can differentiate how much interest and the principal are payable for different loan amounts and tenures. You can compare different lenders. With this, you can choose the best option without harming your credit score. All of this is free and easy. You will save money by not paying any agent or institution to make the calculations and comparisons on your behalf. It’s an easy way to experiment. You also come to know your options before deciding. That will be a decision that will not harm your monthly financial obligations, daily expenses, or lifestyle. Remember that you do not have to choose the first personal loan plan recommended by the EMI calculator. You can explore and compare your available options. Loan planning simplified Personal EMI loan calculators are crafted for the sole purpose of helping you. They are there to help you understand the interest and the principal amount payable for your chosen loan plan. It is more convenient than other calculating options. So, many lenders provide their users with an online EMI calculator on their website. By knowing your EMI beforehand or planning the amount of EMI, you will be comfortable with your repayment schedule. It will make the repayment procedure smooth and easy. You will be prepared. You will not have to stress when the repayment date arrives. [B-02] To conclude, personal loans are in demand. This is because they don’t need collateral. They can also be used for various purposes. However, for the same reasons, the interest rate on personal loans is relatively higher. With the help of an EMI calculator, you can be prepared beforehand. Visit Piramal Finance to get more insights on personal loans. You can also avail yourself of financial assistance for loan planning.
08-11-2023
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Personal Loan

Is Taking a Travel Loan for Your Trip a Smart Choice?

The holiday season is here. It’s time to splurge on the festivities. Be with friends and family. It’s time to plan for the trips that you missed out on for the last two years. Holidays and trips are great. But it is also a little heavy on the pocket. Or you might be just short of the budget for the big trip that you have been planning. When you have planned and anticipated so much, canceling is certainly not your preference. A personal loan for a holiday trip also known as travel loan might just help you. [B-01] What is a Travel Loan? A travel loan is a type of personal loan that can be availed for a holiday trip expenses. Many financial institutions offer personal loans to cover your travel expenses. Not all financial institutions advertise a personal loan as a loan for a holiday, but most personal loans do pay for many travel-related expenses like transportation expenses, hostel fare, car rentals, etc. The loan amount that you can avail of differs from organisation to organization. However, these loans for holiday trips are unsecured. They may have higher interest rates. Why opt for a personal loan for a holiday trip? Whether you are a travel buff or a one-time tripper, finances can sometimes place your plans on hold. A personal loan for a holiday trip helps you pay for your travel expenses. You have to remember that, with the added interest, the overall cost of the trip will be higher than what you would incur without a loan for a holiday trip. On the other hand, you cannot delay that business trip that is around the corner or halt emergency travel. On such an occasion, a personal loan for a holiday trip is the right way to go. Taking out a loan for a once-in-a-lifetime opportunity may not be a big deal for some. The memories that you will make are much more precious than the extra amount spent. Some obvious benefits of taking out a personal loan for travel are: You will spare your savings from spending on travel. You will also get the option to pay back the loan in a small monthly fixed amount. If you are faced with unexpected travel and a cash shortage, a personal loan for a holiday trip can come to the rescue. To minimise your burden of interest, you can check for discounts whose rebate rates are lower than the interest rate of your loan for a holiday trip. Loan for a holiday trip can also prove cheaper than using credit cards. Many loan options have interest rates that are lower than the interest on your credit card spending. If you need a smaller loan amount, you can opt for an instant loan for travel, which you can apply for online and receive quick disbursement for hassle-free travel. Should I be concerned while applying for a personal loan for a holiday trip? The basic idea of a loan is that it should help you grow your asset or pay your dues, like credit card expenses, hospital charges, weddings, home renovations, etc. However, due to their high interest rates, personal loans are the least popular of all kinds of loans. And taking a personal loan for a holiday trip is the least favourable of all options. You take a loan for your holiday trip of one week or 10 days. The interest that you will be charged will increase the expenses many folds than the actual cost of the trip. The result is that for that short trip, you will keep paying for the next two or three years. Travelling comes with many unforeseen expenses, no matter how well you plan. You have already planned your trip by taking a loan. You will pay interest on this. Then there are these additional expenses. You will use your savings or your credit card to pay for these. In such a scenario, your expenses are mounting, and by the end of the trip, you will be burdened with much more than was originally expected. Personal loans can also negatively affect your credit score. If you require another loan, say a home loan, in the period your personal loan is running, it is highly likely that your home loan will be rejected due to a negative credit score. Thus, you will miss out on the opportunity to create an asset. You plan a vacation to relieve stress and enjoy some peaceful days. Now, imagine getting home with a load of money with interest to be paid back. It is stressful. This is just the opposite of what you wanted from your holiday. So instead of returning lighter, you are returning heavier. What should I do? After going through all the positives and negatives of a personal loan for a holiday trip, you have decided to finally opt for one. Here, you need to keep a few things in mind. Be very stringent with your budget. Set a strict limit on your spending and do all it takes not to go over the board. At the same time, keep a percentage of the loan aside to use for any unplanned expenses that may show up. Staying within your budget will keep your mind lighter and your pocket heavier. Check your repayment capacity before you borrow. Never take a loan that you will not be able to repay on time. It will negatively impact your credit score. It will also overburden your monthly expenses. Try to pay your loan for the holiday trip before the final payment is due. You will end up saving a lot on the interest that you were supposed to pay. Some banks may charge a re-payment amount, but rest assured that it will still be lower than all the interest that you will pay. Planning is key when applying for a personal loan for a holiday trip. Check for the interest rates and the number of EMIs that you will be paying. Compare different options. Different financial institutions have different payment options. Choose the option that is best suited to you and provides an option for early repayment without a heavy penalty. [B-02] Personal loans are great for meeting any unseen expenses. If an unexpected travel plan comes up and you are short on cash, a personal loan for travel can bail you out of the situation. However, before you use one, get a proper fact check. Check out Piramal Finance for more information.
08-11-2023
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Personal Loan

How EMI Calculator Plays An Important Role In Calculating Personal Loan Amount?

A personal loan EMI calculator is a tool that calculates the amount of money that you must pay to the bank each month on a certain loan. You can figure out how much you’ll have to pay monthly on loans from distinct banks and NBFCs. You may do this by putting the principal sum, interest rate, and loan period into the online tool. A personal loan EMI calculator will determine the sum you must repay the bank in monthly payments. EMI calculators may also assist you in grasping the loan’s interest. You may use them to compute EMIs for all types of personal loans, like auto, house, and personal loans. It assists you in making wise financial decisions. Continue reading to learn about the perks of using a personal loan EMI calculator when planning to apply for a personal loan. [B-01] How to Use an EMI Calculator? A personal loan EMI calculator is easy to use. It has charts and gives quick results. Given below is the list to find loans using a personal loan EMI calculator: The principal amount (in Rupees). Term of Loan (in months or years). Interest Rate (percentage). Unpaid EMIs or Pre-paid EMIs (for car loans only). You can adjust the values using a slider. If you want exact values, you can directly type them. A personal loan EMI calculator will find the amount of your EMI when you change the value. For a better understanding, let’s take an example: Borrowed amount – Rs. 5 lakhs from a bank. Rate of interest -10.5% annually. Tenure of loan – 5 years (60 months). Then, the EMI = Rs. 5,00,000 x 0.00875 * (1 + 0.00875)120 / ((1 + 0.00875)60 – 1) = Rs. 10,869 This means that you will have to pay Rs. 10,869 every month for 60 months to repay the entire loan amount. The total amount payable will be Rs. 10,869 x 60 = Rs. 6,52,140, which includes Rs. 1,52,140 as interest toward the loan. Features of a Personal Loan EMI Calculator Helps Pick Offers in Terms of Cost Choosing offers is one of the reasons to get help from a personal EMI loan calculator. You can compare offers easily because of how simple it is to use an EMI calculator. You may review the repayment details. There are many loan term options that may fit your needs. Exact Outcomes The quality of the findings is one of the major perks of using the personal loan EMI calculator. There is always the chance of wrong data when using a manual system to determine how much rate is due. You do not need to use a pencil and paper and risk miscalculating the rate due. Also, you do not need to sit down and manually test many rate pairings, desired loan rates, & loan tenures. Saves Time One of the main perks of using the Loan EMI system to calculate personal loan EMI is that it saves time by providing quick and precise answers. A personal loan EMI calculator is available online, saving time and effort to go to the bank and wait for your loan EMI to be computed. Removes The Need For a Manual Sum The EMI calculator’s user-friendly interface assists you in avoiding complex sums. To find the EMI amount, just input the desired loan balance, the loan rate, and the loan tenure. This saves you the time and effort of using the EMI formula manually. It should be noted that using the formula would need more work. It is also more time-consuming. You will need to convert data to fit the criteria of the equations in use. Makes Loan Planning Easier Personal loan EMI calculators are intended to assist you in figuring out how much interest and the total is due on a certain loan sum. Due to their ease of use, personal loan EMI calculators are now the main method of calculating EMIs. Also, a loan EMI calculator doesn’t merely show how much EMI is due. It also offers you a repayment schedule/table for the life of the personal loan. A repayment plan may seem formal, but it refers to a plan or table that shows a split of the loan sum you must repay throughout the term. The repayment table displays the precise interest rate due each month until the loan is paid off. During the loan term, the sums in the repayment plan are equal. Having access to this table might help you plan out your loan instalments ahead of time and avoid late payments. It assists you in evaluating your lifestyle & financial demands and determining how you will put away the allotted EMIs for loan repayment. Paying off a loan on time might be hard if you don’t prepare. Process To Calculate Personal Loan EMI with an Online EMI Calculator There are many steps to calculate the personal loan EMI. These are as follows: Step 1: Visit any reliable website. Step 2: Click on the calculator tab to access the EMI calculator. Step 3: Decide the type of loan needed. This may be a house loan, a personal loan, a vehicle loan, and so on. Step 4: You must now provide the proper details. This includes the loan amount, principle, rate, and loan time. Step 5: The EMI calculator will show the payable EMI amount after entering the details. Step 6: You may try other combinations to find the best fit EMI amount. [B-02] Conclusion Loans are now a vital part of many lives. They help in reaching specific life goals. EMI is the most vital term to keep in mind when it comes to loans. There are many personal loan EMI calculators that you can use to calculate loan EMI. This includes personal loan calculators, home loan calculators, and business loan calculators. They may be used to calculate the personal loan EMI of various loans. When you enter the needed data into an EMI calculator, it makes calculations based on the EMI calculation formula. Then, it provides the EMI you must pay monthly in seconds. If you want to know more about personal loan EMI calculators, visit Piramal Finance. You may also explore their products and services.
08-11-2023
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Personal Loan

A Complete Guide to Obtaining a Pre-Approved Personal Loan

Life can take unexpected turns at a moment’s notice. Are you stuck with an unexpected expense or a financial emergency that your savings account cannot handle? A personal loan is your answer. Personal loans are unsecured borrowings that can be used for emergencies. This means you won’t have to put up any collateral to get a personal loan. Applying for a loan is simple, time-efficient, and doesn’t mess with your CIBIL credit score. Applying for such a pre-approved personal loan has never been simpler. Offline and online, the process takes minutes, and the rest of the task is completed by the lender. Once a pre-approved loan has been verified by your lender, the rest of the process is pretty smooth. This article tells you everything you need to know about pre-approved personal loan offers and how to apply for one online or in person. [B-01] What is a pre-approved personal loan? A pre-approved personal loan is an approval granted by lenders when they have accessed your finances and are convinced that you have a clear record of timely repayments. People who have already been screened for the first step of the process are given pre-approved loans, and the last step is a quick loan disbursement. A personal loan can be classified as a short-term credit loan or an unsecured loan. It can be accessed by anyone and from any bank. You can obtain a personal loan for any legal purpose without having to provide collateral or a security deposit. It is almost like buying a product via EMI. The fixed monthly payments take care of themselves, and you are saved from a financial emergency. Main features of pre-approved personal loans Loans that have already been approved are given out quickly, and the process goes even faster for returning customers. Pre-approved loans are paid back through equated monthly instalments (EMIs). The average repayment period of pre-approved loans is one to five years. Pre-approved personal loans can be obtained without any security or collateral, such as a car or a property. Financing with pre-approved loans is hassle-free and requires minimal documentation. Pre-approved loans are based on the bank records, finances, credit histories, and repayment records of the borrowers. Eligibility for a Personal Loan Lenders consider a variety of factors when considering accounts for pre-approved personal loans. Along with a flawless banking history and repayment profile, they also look at your current employment status, the field of your work, and your job security. Here are the leading factors considered by lenders when offering pre-approved loans: Credit Score: The credit score is the primary point of consideration for nearly all personal loan lenders. Your credit score should be optimal and lie somewhere between 720 and 750. Average Account Balance: Your average monthly account balance must be more than the minimum requirement of the bank. The minimum amount is set by the bank and depends on where you live, your average monthly spend, your family responsibilities, and how much you owe in loans, credit cards, and EMIs. Credit Card Payment: Lenders will ensure that your credit card payments for the last 12 months have been addressed on time. Credit card bills also reflect the spending habits of the borrowers, which is useful information for the lender. Monthly Income: Borrowers are expected to have a stable monthly income and a secure job. Lenders will look into your salary slips for the last quarter to access your monthly income. The desired figure varies for each financial institution. However, you must meet the baseline figure to qualify for a pre-approved loan offer. Your job profile and employment status will be reviewed by the lender. The Process to Get a Pre-approved Loan Now that you have a pre-approved offer, the next step is to meet the eligibility requirements for a loan by filling out forms and completing a few formalities. To apply for a pre-approved loan online, visit the bank’s website or get in touch with their sales representative. Here’s how to apply for a pre-approved loan offline: Visit your nearest bank and scan for any pre-approved loan offers. Fill out a loan application form and submit it to the bank. Pick the desired loan amount in INR and the tenure of the loan. Submit the following documents.- Proof of residence in the form of an electricity or water bill- Bank account statements- Proof of identification- Permanent Account Number (PAN) card- Copies of Aadhar card- Salary slips for the previous three months​ Verify the documents and submit them to the bank. Interest and Charges on Pre-approved Loans While procuring a pre-approved personal loan, borrowers can expect a wide range of charges. While some of these charges, like the monthly interest, are fixed, the rest of the charges, such as outstation collection charges, secure fees, and foreclosure charges, depend upon the financial institution. Here are all the charges on pre-approved loans. Interest Rate: The interest rate is the monthly or annual amount charged on the principal amount. Because the market for pre-approved loans is competitive, the charges vary from one lender to the next. Borrowers can expect the pre-approval rate to lie somewhere between 10.75% and 14%. Processing Fee: The processing fee is the one-time fee charged by the lender while addressing the loan application. EMI bounce charges: EMI bounce charges are contingency fees that are charged in the event of a payment lapse. [B-02] Final thoughts Unexpected money problems are a common occurrence for Indians. For people with stable incomes, a pre-approved personal loan is the best way to mitigate a financial collapse. We hope the daunting topic of personal loans is digestible and understandable to you by now. You can now apply for a pre-approved personal loan online as well. Experts at Piramal Finance are here to guide you on how to get pre-approved loan offers and a personal loan in times of need.
08-11-2023
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Personal Loan

Personal Loan For A CA: What You Need To Know

Personal loans are a great way to fulfil any financial need when you are broke. It is now common for banks to approve personal loans for CAs and other professionals. Personal loans are applied for and approved at a faster rate than ever before, thanks to the debt culture. You can use a personal loan to Renovate your home or office. Purchase furniture for the home or office. Go on a vacation. Buy a cellphone, electronics, or appliance. Pay the school or college fee. Pay medical bills. [B-01] Some other factors that make a personal loan a better option for professionals than other loans are Easy application: It is easier to apply for a personal loan because most banks now allow their customers to do so online. The loan application process can be done from home without visiting the bank. Faster processing: Personal loans are processed faster as there are fewer steps to be followed. Most banking transactions are conducted online, so getting a personal loan has become easier. You can apply for a personal loan through the bank’s website and receive the loan amount within a few hours. No collateral: To get approved for a personal loan, you do not need to offer any collateral. The bank will only check your financial stability and ability to pay back the loan when the loan is being processed. Freedom: When you take out a personal loan, you can use the loan amount for any purpose. There are no restrictions on how you choose to spend your loan amount. What will your bank check Most banks consider CAs to be low-risk as they are considered to be financially stable. As a CA, you will be expected to have the proper financial discipline and the responsibility to repay your loan on time. But getting approved for a personal loan is also not too simple because there are some things the bank needs to be satisfied with. Before approving a loan, banks typically check the applicant’s credit history and repayment ability. The same criteria apply to all professionals applying for a personal loan. Here are a few things that your bank will check for while processing your personal loan application. CIBIL Score: As personal loans are disbursed without submitting any collateral, there is always a risk for the bank. The bank will check your CIBIL score while processing your loan application to minimise this risk. You should maintain a high CIBIL score to get approved faster. The best way to get a high CIBIL score is to repay your instalments on time and avoid late fees or defaults. Income: Banks will also check your source of income to understand your repayment capability. If you are an employee, then you can submit your salary slips as proof of your income. If you have your own practice, then you can submit your bank statements, tax receipts, and invoices as income proof. Employment type: Checking the employment type is also an important criterion for approving a personal loan. Banks will check if you are self-employed or a salaried employee to understand your repayment capability. As a CA, your applicant will probably be approved because most bankers think CAs are good with money. A CA’s Personal Loan Application Process The personal loan application and disbursal processes are the same for every applicant. There is no special consideration for professionals who are applying for a personal loan. The entire personal loan process is usually divided into four stages. Submitting the loan application: You must complete and submit a loan application with your preferred bank. Most banks are now offering personal loans for their existing account holders online. You can simply log in to your account and apply for a personal loan from the bank’s website or app. The submitted loan applications are checked to ensure that they have been filled out correctly and that all necessary documents have been attached. If your loan application is incomplete or has the wrong details, it will not be processed. Document submission and verification: While submitting your loan application to the bank, you also need to submit some documents. For faster loan approval, you should be ready with government-issued documents that can be used as ID, income, and address proof. If you are applying online, you can upload these documents online for verification. Aadhar cards, passports, voter ID cards, and electricity bills are accepted as ID and/or address proof by the banks. Loan offer: After your loan application and documents have been verified and approved, you will receive a loan offer. This is an agreement between you and the bank where the loan details, like terms and interest rates, are mentioned. After receiving the loan offer, you can use the information in it to compare the loan offers at other banks. Delaying the acceptance of the loan offer will cause a delay in loan disbursal. If you accept the loan offer quickly, you can access the funds faster. Loan disbursement: This is the last step in getting a personal loan. After you sign the loan offer, your approved loan amount will be credited to your account. [B-02] Conclusion Personal loans offer a quick fix for professionals who are facing financial stress. These loans have a simple application process and are processed faster than other loans. The best thing about taking a personal loan is that you don’t need to show any collateral for it. Many professionals, like CAs, opt for a personal loan to enjoy financial freedom at lower interest rates. To learn more about personal loans for professionals, visit https://www.piramalfinance.com/personal-loan
08-11-2023
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Personal Loan

Piramal Finance’s Complete Guide on Personal Loans

Buying a dream house or financing a huge wedding are some milestones for many people. You need secure funds to back up these dreams. Saving money from your monthly income to fund these events might be a good idea, but it is not feasible for everyone. Instead, a personal loan will help you meet your financial requirements. Many institutions provide personal loans at affordable interest rates with highly flexible loan tenures and convenient payment options. Many banking and non-banking financial institutions (NBFCs) provide personal loans. Thus, making a choice is difficult. This article will help you navigate the waters. The article highlights everything you need to know about personal loans. [B-01] What are personal loans? A personal loan is a financial aid you can apply for meet your requirements. With a personal loan, you can buy a house or car or even make a down payment for a new home. You can use the loan for any expenses. The lender charges interest on the loan, and you have to repay the loan within a specific period. You can pay the amount in equated monthly instalments (EMIs). Personal loans are unsecured loans. You do not have to pledge your property or other assets to get the loan. Therefore, anyone can apply for a personal loan. You will only be asked for collateral if your score is too low or the lender believes you cannot repay the loan. You can apply for these loans online and offline. Both options have similar processing times and fees. Therefore, you can apply for the loan based on your convenience. Furthermore, personal loans can be approved swiftly. Personal loan applications can be approved within 2-5 days. What are the benefits of a personal loan, and why should you apply for it? There are several benefits of a personal loan. Some of these benefits are as follows: They have an appealing interest rate. Most banks and NBFCs charge an interest rate on a personal loan. Most lending institutions charge an interest rate of about 10.45 to 24% per annum. The interest rates vary from one lending institution to other. These also change based on your profile. Your credit history, income and the desired loan amount will affect the internet rate. Minimum documentation is required. Very little documentation is required for a personal loan. You submit proof of address, identity and income when applying for a personal loan. You can submit a copy of your PAN card, Aaadhar card, driver’s licence, ration card, etc. for proof of address and identity. However, these have to be two separate documents. You can submit salary slips and income tax return certificates as proof of income. You get pocket-friendly EMI options. Banks and other lending institutions aim to provide convenient EMI options to borrowers. The EMI you get will depend on your income and the tenure of the loan. You can negotiate the EMI options based on your financial capacity. They have flexible tenures. Loan tenure is a necessary factor to consider when applying for a personal loan. Many lending institutions provide flexible tenures, and you can decide the tenure of your loan based on your monthly income. Most lenders give you a tenure of about 12-84 months. You are expected to repay the principal and interest amount during this period. There are prepayment or foreclosure charges. Most people have the same mindset when applying for a personal loan: pay it off as soon as possible. However, this may not always be possible. Many lending institutions charge a penalty for prepaying your loan. This can be a flat rate. However, lenders will charge 2-5% of the outstanding amount. Therefore, you have to consider whether this rate is affordable. The loan amount depends on creditworthiness. Lenders examine your credit score, credit history, and income to ensure you can repay the loan. Therefore, if your creditworthiness is high, you are much more likely to be eligible for higher loan amounts. Therefore, maintain a good credit history before applying for a personal loan. What are the minimum eligibility criteria to get a personal loan in India? Most personal loans in India have the same eligibility criteria. You can check your eligibility for a personal loan using the following list. You must be between 21 and 60 years to get a personal loan. You must be an Indian citizen or a non-resident Indian (NRI). Your minimum income must be at least INR 15,000 to apply for a personal loan. You should have a minimum work experience of six months at your current employer to get a personal loan. Those working in government institutions, private-sector companies, MNCs or related companies, partnership firms, etc. can apply. Self-employed applicants should have business experience at the current business for a minimum of two years. How to apply for a personal loan in India in online mode? The application process for a personal loan can be completed online. Fill in a form and include details like your name, loan amount, e-mail address, mobile number, etc. You also have to provide documents like your Income proof, address proof, identity proof, etc. Once you have filled in the details and uploaded the necessary documents, you can submit your application. The application will be reviewed by the lender, who will make a decision. The principal amount will then be transferred to your account. [B-02] Conclusion A personal loan can cover all financial emergencies. You can use the funds for any expenses, such as education fees and electronic purchases. Personal loans are an ideal solution if you want quick access to funds. Personal loans also come with affordable EMIs, flexible tenures and low additional charges. Piramal Finance can help you get a personal loan immediately for any expense. Visit Piramal Finance now to learn more.
08-11-2023
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Importance Of Bank Account For A Salaried Person

Once you join a company, your employer will provide you with a new bank account. These are generally referred to as “salary accounts.” Salary accounts are opened to conveniently pay the employee’s salary. With a salary account, the whole payment process becomes seamless for the employer. An employer must tie up with a bank to open salary accounts for their employees. The employer deposits a fixed amount of money in the bank account every month as salary. Essentially, these are savings accounts that cater solely to salaried employees. Apart from making the process simpler, salary accounts come with many additional benefits. [B-01] Salary Account Benefits The features of a salary account can differ from bank to bank. However, there are a few advantages that usually remain the same. Let us have a look at the benefits of a salary account. Zero Balance Account A salary account is generally a zero-balance account. Meaning, you don’t need to compulsorily maintain a minimum balance. This saves you from the penalties that are incurred when you are unable to maintain a certain balance. A zero balance account gives people the freedom to manage their finances more freely. Online Fund Transfer Salary account holders get the benefit of transferring and receiving funds online. This eliminates the need for cheque deposits and cash withdrawals. Many banks even provide their customers with phone banking services. This gives you access to many services from the comfort of your home. Debit Card and Cheque Book Banks provide salary account holders with personalised chequebooks for cheque payments. You are also given an ATM card that enables you to withdraw money and make online and offline debit card payments through it. Easy access to loans A need for a loan can occur at any time. Banks provide salary account holders with immediate access to several types of loans. Not just that, but their paperwork and documentation are also reduced. This makes the whole process quick and simple. Banks also provide existing account holders with more competitive interest rates while availing of a loan. This facility depends on the type of company you are in and on your credit score. Investment Services As the holder of a salary account, you can invest in mutual funds, government bonds, insurance products, and other types of financial products. You can also link your Demat account with your salary account. Utility Payments You can use your salary account for the payment of utilities like electricity bills, water bills, internet recharge, and other expenses. Difference Between Salary Account and Savings Account A salary account is created by the employer in a tie-up with a bank for their employees. The main purpose is to transfer the salaries of the employees in a hassle-free manner. A savings account is created by the individual to keep their savings in one place and earn interest on it. It promotes savings for people. You are eligible for a salary account once you are employed by a company and start receiving a salary. On the other hand, a savings account can be opened after you turn 18. Some banks provide savings accounts for minors as well. The salary account is a zero-balance account. You don’t have to maintain a minimum balance. While savings accounts require you to maintain a minimum balance. Failing to do so can result in penalties. A salary account turns into a savings account if the salary has not been credited for three months. You can also convert your savings account into a salary account if you meet the required guidelines and norms of the bank. Conclusion Salary accounts are opened by the employer for the employees. Its main purpose is to transfer the employee’s monthly salary to their account. Salary accounts come with many benefits. From no requirement to maintain a minimum balance to online fund transfers and easy access to loans. They are a type of savings account but with additional benefits. You can convert your salary account to a savings account and vice versa. For more blogs on finance and your other finance-related queries, reach out to us at Piramal Finance. Our experts will guide you through your financial journey and make it simpler. [B-02] FAQs Q1. Can a salary account have joint applicants? A1. Yes, the salary account can be opened with the nominee or beneficiary. You will be asked to submit some documents to do so. Check with your bank for additional guidelines. Q2. Do you get interest for the amount maintained in the salary account? A2. Some banks offer interest on the amount maintained in a salary account. But this may differ from bank to bank. Some banks even have more than one type of salary account.
08-11-2023
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