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Personal Loan

All Banks’ Personal Loan Interest Rates in One Place

Personal loans are among the most popular financial instruments and can be used by anyone for any expense. These quick-to-get loans have become very popular in the last few years. Most banks and non-banking financial institutions offer personal loans. How do you figure out which personal loan deal is best for you? Many people who want a personal loan in India only look at the lender’s reputation. It is not the right strategy. You should always compare the personal loan interest rate before you select a personal loan. The interest rate is an important factor in the selection because this will determine how much loan you have to pay. Compare personal loan offers based on their interest rates and choose the most suitable deal for you. [B-01] How do personal loan interest rates vary? Personal loan interest rates usually start at 10.49% per year. Personal loan interest rates depend on many factors. For example, once you submit your application, it will be scrutinised according to the following criteria: What is your monthly income? How long have you been working at your current firm? For self-employed applicants and business owners: how long have you been running your business? What is your credit score? How’s your credit history? Have you defaulted on other loans? Do you have other loans that you are repaying? How much EMI can you afford? All these factors contribute to the personal loan interest rate you are offered. Scrutinise your application before you submit it, as there are ways to get a lower interest rate. How can I apply for a low-interest personal loan? If you want to get a low personal loan interest rate, here are some things you should consider. Build and maintain a credit score of at least 750. Check with banks and NBFCs for instant or pre-approved personal loans because you may qualify with some lenders who do not have strict criteria. Keep track of the interest rate discounts that lenders offer during the holidays. Check out online financial markets to compare personal loan interest rate offers from different lenders. Build a good credit history by paying your other loans and credit cards on time. Apply for a loan with a lender you already know. For example, if you have a home loan with Piramal Finance, you can always apply for a personal loan with the same lender. They might offer a lower interest rate if you have maintained a good relationship. What are the things that affect personal loan interest rates? Lenders set interest rates based on how much it costs them to get money and how risky it is to lend to each borrower. Here are some of the things that can change the personal loan interest rate: Credit Score: When setting interest rates, many lenders look at your credit score. The lowest personal loan interest rates are given to people with better credit scores. So try to keep your credit score at or above 750. Good money habits, like paying your credit card bills and EMIs on time and not applying for multiple loans or credit cards in a short period of time, will help you maintain your credit score. Employer: When setting the personal loan interest rate, many lenders look at the applicants’ employment history. Interest rates are usually lower for salaried people than for self-employed people because salaried applicants have more certainty about their income. When it comes to salaried applicants, the government and PSUs usually get lower interest rates because their jobs and incomes are more stable. The next group is people who work for MNCs and other well-known private sector companies. This is because these companies are thought to be more likely to survive economic downturns than other private-sector companies. Existing banking or lending relationship with the lender: Many lenders offer lower-interest-rate personal loans to existing customers. So, if you want a personal loan, you should always contact the banks or NBFCs with which you already have a relationship. Income: A higher income means you are much more likely to repay the loan. The lender has less risk when providing you with a loan, and many lenders may offer lower interest rates on personal loans. Personal loan interest rates from top banks and NBFCs Lender’s NameInterest rates up to Rs. 30 lakhInterest rates above Rs. 30 lakhPiramal Finance12.99% onwards SBI Bank8.40-9.15% 8.40-9.05%HDFC Bank8.20-10.00% LIC housing finance8.30-10.00% ICIC Bank8.4-9.50% Kotak Mahindra bank8.30% onwards PNB Housing Finance8-75-13.00% Bank of Baroda8.60-10.35% Union Bank of India8.25-10.15% IDFC Bank8.45% onwards I&T Housing Finance8.40-8.60% Bajaj Housing Finance8.20% onwards8.20% onwardsGodrej Housing Finance8.39-10.99%8.39-0.99%TATA capital8.60% onwards8.60% onwardsFederal Bank8.37-9.60% 8.37-9.65% These are some of the personal loan interest rates available. However, the interest rate you are offered depends on your application. [B-02] Conclusion In India, personal loan interest rates depend on several factors, the most important of which is income. Different banks have different ways of classifying loans, which is how they figure out interest rates. You can apply for personal loans even if you are self-employed or a salaried employee. However, you may have different interest rates depending on your work history. Therefore, before you submit your application, compare personal loan interest rates from various lenders. It will help you understand what lenders look for in ideal borrowers. Personal loans offer various benefits. If you are looking for a personal loan, your search ends here. Piramal Finance provides personal loans at competitive interest rates and with flexible tenures. Visit Piramal Finance to learn more.
08-11-2023
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Personal Loan

This is how Piramal Finance helps you to avail personal loan!

What are the best ways to apply for a personal loan? Whatever your financial condition is, applying for a personal loan from Piramal Finance may allow you to relax. You can satisfy your urgent financial demands with a personal loan from Piramal. Applying for a personal loan from Piramal is simple and fast, whether you need money for medical needs or a wedding present. There are also no costs for prepaying or foreclosing on the loan. Applying for a personal loan at Piramal Finance is simple to comprehend and fast to complete. There are no penalties for paying off the loan early or failing to repay it on schedule. Our loan may help you receive the funds you need fast, whether for a dream wedding, vacation, or even school tuition. [B-01] Applying for a Personal Loan Less documentation is required, which speeds up and streamlines the procedure. After applying for a personal loan, the loan may be granted and disbursed quickly, and you can get any necessary information immediately. One of the nicest aspects of buying an automobile is that you can pay for it in EMIs. Don’t worry about paying back the whole loan amount immediately if you apply for one now. There are many options for repaying your loan, with terms ranging from 12 to 60 months. You may make the best choice for the term of your loan and save money on EMIs and other expenses. By adding the earnings of numerous family members, the maximum amount for applying for a personal loan may be accepted can be increased. Should I take out a personal loan with Piramal Finance? Workers who satisfy the following requirements before applying for a personal loan A government-run organisation Commercial Businesses The world of business Multinational corporations and the firms that collaborate with them Collaboration between businesses Concerns concerning ownership and management Rates and expenses for a Piramal personal loan Before applying for a personal loan, some important things should be considered: The yearly interest rate begins at 12.99%. There are no prepayment or foreclosure penalties. If there are any additional fees, these will be disclosed when you complete the application. Contact us if you want to learn more about our rates and charges! How can I apply for a personal loan with Piramal Finance? If you’re considering a personal loan from Piramal Finance, you’re undoubtedly wondering about the best ways to apply for a personal loan. Because the procedure is so simple and fast, a person may apply it while relaxing at home. Applying for a personal loan allows you to apply for a personal loan from Piramal Finance from any location with an internet connection. Any PC or smartphone with an internet connection will suffice. It’s simple for applying for a personal loan with Piramal Finance if you follow the procedures below. Before beginning the application, go to the Piramal Finance website and click “Personal Loan.” People can apply by clicking the “Apply Now” button. If you click on that link, you will be directed to an online application where you will be asked for personal information such as your name, address, email address, phone number, PIN, monthly income, and loan amount. Please submit this application after you have completed it fully. Your loan request has been received. After you submit your application, a salesperson will contact you to ensure that it moves through the pipeline. Documents Required for Applying for a Personal Loan All Piramal Personal Loan applicants must have a valid Permanent Account Number (PAN) card. Identity proof (any one of the following) Travel documentation (passports) A current and valid driver’s license. Using Aadhaar The voter registration form with the certificate of eligibility Address proof (any one of the following) Registered Leave and Rental Agreement Travel documentation (passport) A current and valid driver’s licence This comprises the following: Aadhaar Card or Aadhar Acknowledgement Certificate of Voter Registration Utilities are expensive (water, sewer, garbage collection, electricity, phone, etc.) (younger than or equivalent to three months) Examining the financial situation Your most recent pay slip from the previous month Your last three months’ bank statements Co-applicant A person who wants to get a personal loan needs a co-applicant if their combined income is less than the minimum amount needed to get the loan amount they want. When using Piramal Finance, how should you estimate the safety of individual loans? Every borrower is told that the company uses the following process and looks at the following factors to figure out how much risk each borrower can handle: The interest rate after applying for a personal loan is based on the borrower’s “profile,” which takes into account both traditional factors like bureau performance and new ones like internal credit score algorithms. The product’s characteristics; the facility’s kind and purpose; if alternative methods exist to pay for the loan; whether the loan is suitable for bank financing; and the loan-to-value ratio of the asset being funded. How long we’ve worked with the borrower, how often they’ve paid in the past, and what occurred with other comparable customers The borrower’s total customer yield, future potential, capacity to pay based on cash flows and other financial responsibilities, and other variables that may impact the borrower’s ability to repay the loan. This is an important point when applying for a personal loan. The sort of object being funded and how the loan money will be used; Interest, the risk of default in the appropriate business sector, Aside from any applicable norms and regulations, Anything else that may be relevant to this circumstance The proposed loan’s duration, total amount, repayment schedule, and structure (including any proposed moratorium, if applicable). [B-02] Conclusion Applying for a personal loan with us may help you quickly receive the funds you need, whether for a dream wedding, vacation, or even school tuition. Piramal Finance is one of India’s top non-bank finance organisations. They offer the greatest home financing programme, allowing them to assist families in achieving their dream of owning their own house. Piramal Finance’s specialised staff of professionals is accessible 24 hours a day, 7 days a week, to assist existing and new clients.
08-11-2023
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Personal Loan

Importance of a PAN Card to get a personal loan

There may be times when your savings just aren’t enough to get you where you need to go financially. You should borrow money to bridge the difference. Credit, however, comes with its own set of complications. Is it hard to get a loan, then? A personal loan based on your PAN and Aadhaar card is available without collateral. These may be processed instantly. But that’s not all. Instant personal loans on a PAN card are available at low interest rates and with few paperwork requirements. Let’s get acquainted with the importance of loans and how to obtain them with your Aadhaar and PAN. [B-01] PAN card and personal loans Your capacity and history to make loan repayments are easily clear to a bank with a PAN card. You might ask if showing your PAN card is necessary when applying for a personal loan. The answer is yes. Private lending organisations are the only places to go if you don’t have a PAN card and need a personal loan of 50,000 rupees. Private lending organisations still offer personal loans to those without a PAN card. Otherwise, PAN cards are widely used in India to assess borrower risk. A loan application without a PAN card leads to rejection. Without a PAN card, your application for a personal loan from a bank will be denied. This is regardless of how much money you need. Obtaining a personal loan in India requires a PAN card. This is due to regulations imposed by the country’s tax system. Know the importance of a PAN card for a personal loan. The government of India also gives every resident of India a permanent account number (PAN), which is an alphanumeric code of 10 digits. After the currency reform known as “demonetization,” it has become an even more vital card. A PAN card is a unique identifying number. It is required for making financial transactions and submitting tax returns. For tax reasons, having a personal loan on a PAN card is essential. Having your PAN card information linked to your savings account is mandatory. You would be unable to establish a bank account at any financial institution in the absence of a PAN card. When applying for a personal loan, a PAN card is also required. Obtaining a personal loan without a PAN card might prove difficult. As a result, a PAN card is required when applying for a personal loan. It is also required when making large purchases such as cars, staying in hotels, opening Demat accounts, purchasing foreign currency, and so on. Why is a PAN card mandatory for a personal loan? A borrower’s creditworthiness can be estimated from the information on their PAN card. A PAN card is required to be presented when applying for a personal loan of Rs. 50,000 or higher. To complete the E-KYC verification process for a personal loan of Rs. 50,000 or more, a PAN card is required. It is impossible to get a bank loan, a debit or credit card, or even buy a car or jewellery without a PAN card. Submitting a PAN card is also required to move forward with real estate transactions, including buying, selling, building, or renting. Furthermore, having a PAN card speeds up the approval process for a personal loan. It allows the lender to check your credit history and other financial elements. Both of these are required when applying for a personal loan of Rs. 50,000 or more. If you apply for a personal loan in India and are unable to produce a PAN card, the loan application will likely be denied. This would hurt your credit score. A PAN card is more essential than pay stubs and a bank statement when applying for a personal loan online. Although most lenders want either a pay stub or bank statement, others don’t. Instead, a Personal Identification Number (PAN) card is required when applying for a personal loan. This is because it allays the lender’s concern that the borrower won’t be able to pay back the loan on time. Uses of PAN The PAN card has various applications. It’s a standard part of a wide range of formal processes that necessitate documentation. You may use the information on your PAN card to verify your identity. You can also keep track of your financial dealings. The card may be used to prevent tax evasion. It provides the Income Tax Department with a record of your daily financial activities. If you want to buy a new home, get a home loan, or apply for a credit card, you will need to present information from your PAN card. PAN cards are primarily used to track financial transactions. They have many other applications as well. Here are some of the uses of the PAN card: If you want to submit your income tax returns, you’ll need to provide the information from your PAN card. You may file your income tax return online by accessing the e-filing website. You have to enter your PAN information in the appropriate field. Making a deposit: Bank accounts are the standard for documenting monetary dealings. So PAN card information is required to create a bank account. Getting an application for a credit or debit card: When applying for a credit or debit card, a person’s PAN number is needed. A transfer of ownership occurs when a car is bought or sold. So you must also supply your PAN card information. Serves as evidence of identity: Owning a PAN card is vital for those who engage in a high volume of financial transactions. It is required in many official procedures. Loan/insurance application: There is significant risk involved for the bank in making loans or providing insurance. Banks examine the applicant’s financial transactions to see if they are qualified to lend money and the level of risk associated with doing so. To complete any real estate-related transactions, you will be asked to give your PAN information. A Permanent Account Number (PAN) card is required when exchanging Indian Rupees (INR) for foreign money. [B-02] Get fast approval on personal loans by applying today. Personal loans allow you to take care of unexpected costs. They also help to get your finances back on track quickly. You can still get a loan even if you don’t have anything of value to put up as security. When you have the required paperwork, these personal loans are easy to obtain. A personal loan on a PAN card is crucial to your financial well-being. With a valid PAN card in hand, you’ll have no trouble getting approved for a personal loan. If you want to increase your chances of getting a loan, providing a PAN card is a must. Contact a reliable loan expert, such as Piramal Finance, for a smooth experience.
08-11-2023
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Personal Loan

List Of Must Have Documents For Personal Loan

An amount of money that can be borrowed for personal reasons is a personal loan. This loan can be used for weddings, medical emergencies, vacations, home renovations, etc. This loan can be obtained from banks, online lenders, or credit unions. The borrowed money must be repaid on time with interest. Let’s discuss in detail the benefits, rate of interest, and documents for personal loan. [B-01] Advantages of a Personal Loan A personal loan comes with a variety of benefits. Below are a few of them: Multiple uses: There is no restriction on how a borrower uses the money from a personal loan. It can be used for emergencies, when you don’t have enough money, weddings, trips, or buying appliances for your home. High amount: One of the reasons why people prefer a personal loan is the availability of a high amount, up to Rs 50 lakh. However, the maximum amount a borrower can avail depends on their credit profile. Easy eligibility criteria: To avail of a personal loan, one must be a resident of India and 23–70 years old. The applicant must be earning a regular income as an employee or have a business of his or her own. That’s all, and the applicant is eligible to get a personal loan. Attractive rate of interest: Personal loans can be availed at attractive rates. These rates depend upon the lending partner from whom you borrow this loan and your credit profile. Flexible repayment tenure: Another major reason why people choose a personal loan is the option to choose their repayment tenure. They can choose to repay the personal loan for 12–60 months. The maximum tenure available to repay depends on the credit profile. Tax breaks: Depending on how the money from a personal loan is used, it may be possible to get a tax break. For instance, if the borrower uses the funds obtained from a personal loan to renovate a home, it can be claimed for tax deductions under Section 24(b) of the Income Tax Act, 1961. All of the benefits, including the amount, the interest rate, and the way they are paid back, depend a lot on the lending partner and the applicant’s credit history. Interest Rate on a Personal Loan The interest rate on a personal loan starts at 8.90%. The rate at which an applicant can avail of a personal loan depends upon the bank or financial institution and the credit profile of a borrower. Tips to Get Lower Interest Rates on Personal Loans Maintain a high credit score: Banks or financial lenders consider credit scores as proof of an applicant’s credit behaviour and creditworthiness. One must always ensure a high credit score by paying debts on time or maintaining a credit utilisation ratio. This helps in obtaining the desired amount of loan at attractive rates and the choice of tenure. Strong repayment track record: If an applicant’s track record is clean, as in all loan EMIs or credit card bills are paid on time, it shows impressive credit behaviour. Comparison of interest rates: An applicant should always compare the interest rates from various banks/financial institutions. This way, one can be assured of getting the best offer. Special Offers: During festive times, the bank offers special discounts on interest rates. An applicant must keep a check on such offers. Stable employment history: Banks prefer applicants with a strong and stable background working with reputed organisations. To avail of a loan at a favourable interest rate, one should maintain a strong employment record, as this assures the bank of fewer chances of payment defaults. Checklist of Documents for Personal Loan: Documents required for salaried individuals: Identity Proof Passport PAN Card Voter’s ID Aadhar Card Driving Licence Residence Proof Aadhar Card Passport Ration Card Utility Bill Driving Licence Residence Ownership Proof Property Documents Electricity Bill Maintenance Bill Income Proof Last three months’ salary slips and Form 16 Last six months’ bank statement where the salary has been credited Job Continuity Proof Employment certificate from the current company Experience certificate from the previous company Appointment letter from the current company Investment Proof Fixed Assets Shares Fixed Deposit Photograph Passport-size coloured photograph Documents required for self-employed individuals: Identity Proof Passport PAN Card Voter’s ID Driving Licence Residence Proof Aadhar Card Passport Ration Card Utility Bill Residence Ownership Proof Property Documents Electricity Bill Maintenance Bill Office Address Proof Maintenance Bill Electricity Bill Property Documents Business Existence Proof Proof of shop establishment Licence for company registration Copy of tax registration Income Proof Last two years’ income tax returns Computation of income, balance sheet, audit report, profit and loss account, etc. Bank statement Last year’s savings and current bank statement Investment Proof Fixed Assets Shares Fixed Deposit Photograph Passport-size coloured photograph Documents required for NRIs: Identity Proof Passport copy Visa copy Employment Proof Letter of Employment Job Contract ID Card Official company email ID or email ID of the HR Income Proof Last six months’ bank statement Salary slips or salary certificates Photograph Recent passport-size photograph Documents required for Pensioners: Identity Proof (Anyone) Ration Card PAN Card Voter’s ID Passport Driving Licence Certificate of Birth School leaving certificate Address Proof (Any One) Aadhar Card Passport Ration Card Utility Bills Driving Licence Income Proof (Any One) Last six months’ bank statement Bank Pass Book Form 16 Income tax return Copies of Pension Payment Orders Photograph Recent passport-size photograph [B-02] Here is a compiled list of all the documents for personal loan. An investor must access all the features and benefits compared to expectations to make a safe and informed decision. An applicant can take note of all the required documents for personal loan, as shared above, for a hassle-free application. For more details on personal loans at attractive rates, visit: https://www.piramalfinance.com/personal-loan
08-11-2023
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Personal Loan

5 Things To Know Before Choosing Your Loan Lender

The gap between fulfilling your dreams and giving up on them is often bridged by loans. A loan lender offers a wide range of loans, such as personal, home, auto, and education loans, to name a few. Each loan helps you meet the financial requirements to achieve a particular dream. A home loan will help you buy your dream house, while a personal loan can come in handy to finance a wedding or buy a new gadget. So, how do you choose the lender for your loan? [B-01] 5 Things to Help You Choose Your Loan Lender Picking a lender from so many could be challenging; below, we discuss five aspects that can aid you in your decision-making. Know your requirements. Before choosing a loan lender, it is essential to know your requirements well. Understand what you need the loan for, how much you need it, and the loan tenure you have in mind. If you are looking for a home loan, there are various variants under this category, namely a land purchase loan, a home construction loan, and a top-up loan. Different lenders may offer different terms to each one of them. Research well based on your requirements and look for the lender who offers the best deal for the loan you require. Similarly, a loan lender may have a different maximum term for a personal or home loan. You may prefer a home loan term of 25 years due to your repayment capacity, so you will have to look for lenders who provide a home loan of 25 years. Other factors like the downpayment requirements, prepayment clause, and repayment options also impact your choice of lender. Ease of application and processing time. You apply for a loan for a specific purpose, whether to buy a house or for a personal loan for a medical emergency. If the loan lender takes a long time to process the loan, you may not be able to buy the house you want or take care of a medical emergency. Check the loan application process and processing time before you approach the lender. The lender websites have details about the application process and the required documents to help you make an informed decision. You can find out about the indicative loan processing turnaround time on the website and decide if it matches your expectations. The loan process should be user-friendly and the documentation process simple, like Piramal Finance personal loans. They offer instant disbursals with minimum documentation and have expert advisors to guide you through the process. Interest rates. Interest rates determine the cost of your loan and the monthly EMI for all loans. The lower the interest rate, the better it is for you, as you will have to pay a lower instalment each month. Even a minor change in the loan rate will impact your loan’s overall cost and the monthly outflow. When you look for a loan lender, focus on this aspect. Having said that, do not fall for gimmicks that promise zero-rate loans, as there is always a catch, and you are likely to get a rude shock once you sign the dotted line. Apart from the rates, find out about the rate type; your loan could be a floating- or a fixed-rate loan. Fixed rates remain the same throughout the loan tenure and do not change. Floating rates depend on the repo rate and may go up or down during the loan tenure depending on how the repo rate changes as per the Reserve Bank of India’s policies. Charges, fees, and penalties. Apart from the interest cost, loans have additional charges too. Loan lenders charge a processing fee for your loan; this may vary from lender to lender. Some lenders charge a flat amount, while others may charge a percentage of the loan amount. Lenders levy some additional incidental charges as well. These include the penalty for the late payment or an EMI default in case you miss a loan instalment. Some lenders charge a penalty for a loan foreclosure if you choose to prepay the loan before the term ends. Piramal Finance has zero foreclosure penalties for their personal loans, so you can prepay a loan if you have spare funds without worrying about extra expenses. Assessing all charges you have to pay or may have to pay under certain conditions before choosing the lender will help you save money. Focus on the loan lender. If you need a personal loan, you can talk to numerous lenders around you. While aspects like interest rate, charges, and processing time are crucial for decision-making, you cannot ignore the importance of doing basic research on your loan lender. Lenders assess applicants before they sanction a loan; you also need to do the same. Find out about their customer service and redressal mechanisms. You do not want to be stuck with a lender who does not address your problems after your loan is sanctioned or during the loan application process. They should be transparent about their charges and the payment process. A visit to the lender’s website or going through customer reviews can help you assess their trustworthiness. Check if they have customer helpline numbers or other forms of assistance. Also, see if they have details about all their charges. Always opt for known and trusted brands for safe and secure loans. [B-02] Conclusion A loan is a liability that helps you meet your goal, but you need to repay it in a disciplined manner. Choosing the right loan lender will ensure that you get the loan effortlessly at competitive rates and are saved from any hassles during the loan tenure. All financial products require careful research; whichever loan you need, spend some time comparing lenders and choose one after detailed analysis.
08-11-2023
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Personal Loan

Things You Must Know While Closing A Personal Loan

A personal loan is the best option for paying off debt, financing a car, or covering a large expense such as a wedding or education. Personal loans can be used to cover various personal expenses and help with repayments. Online lenders, regional banks, and credit unions all offer loans, and the money is given to the borrower all at once. Personal loans are usually unsecured, so you won’t need to put up any collateral to get one. Let’s now know what you should know about personal loans, interest rates, and the assistance you can get from ABC in closing personal loans. [B-01] What is a personal loan? A personal loan is the amount of money you obtain from a bank or other financial institution, intending to repay it over a fixed period with regular monthly payments. You must repay the borrowed funds plus interest. Additionally, some lenders may charge fees for personal loans. Moreover, your lender will probably notify the credit bureaus of any account activity throughout the loan’s term. You can establish a solid credit history by paying your bills on time. A personal loan typically has a fixed repayment date by which you must repay the loan amount before finally closing your loan account. Uses of a Personal Loan The use of the loan amount is totally up to you. The lender usually does not specifically ask for the reason before providing the loan. However, there are some common uses of personal loans, as follows: Debt Repayment You can pay off your credit card debts or clear your borrowing amounts with other debtors. Personal loans for these kinds of things tend to have lower interest rates and help people pay off personal loans by giving them options for low monthly payments. Incurring important costs Big events such as weddings, ceremonies, and hosting functions require financing to cover the remaining costs. You can take out personal loans with a fixed repayment time and a reasonable interest rate to slowly pay off the loan amount. Education Fees While sending your children abroad for higher studies or covering their college fees might require you to have stable finances. Personal loans are the best at helping you keep a lump sum of money to make such payments on time. Investment Personal investments such as education expenses, investing in stocks and shares, or financing your own business require upfront payments. Personal loans can help you pay for things that will make you look and feel better about yourself. Property Renovation or Repair You can take an unsecured personal loan for house remodelling, repairs, or renovation. Since they require no collateral and have seamless options for a closing personal loan. Unsecured personal loans are better than home equity products, where one has to put their home up as collateral. Personal Emergencies Personal loans take only a few days to process and get approved. In case of certain emergencies, such as medical bills or funeral expenses, you can choose a personal loan to pay them off. Types of Personal Loans Different loan types are suitable for other borrowers, regardless of whether they are financing a big event, a purchase, or something more specifically personal. It’s a good idea to become familiar with these loan types and their finer points, such as repayment terms and credit requirements. Education Loan: Personal loans of up to Rs 20 lakh can be used to cover everything from your children’s tuition fees to their higher education costs. They have long repayment tenures of up to 15 years, with interest rates starting at 6.35%. Wedding Loan: In India, weddings hold great significance and are celebrated like festivals. Personal loans help make the special day memorable by facilitating loans up to Rs. 25 lakh. The repayment tenures are up to 6 years with minimum documentation and processing. Home Renovation Loans: Personal loans help finance your house’s repair, renovation, and remodelling costs. It helps increase your property’s economic real estate value as well. Loan amounts of up to Rs 40 lakh are available, with an interest rate of 6.85%. The Process to Close a Personal Loan Consider closing personal loans when you have extra cash to avoid being tied to them. Most banks allow you to pre-close a personal loan by paying the balance in full after six instalments at any time. You can choose from the following: Personal Loan Closures: You pay the lender through regular EMIs before the due date and issue a No Objection Certificate to close the loan. Personal Loan Pre-Closures: You pay the remaining loan before the fixed repayment tenure. You can do this after a minimum of 6 to 12 EMIs are successfully delivered. Partly Payments of Loan: You are running short of cash, and ask the lender to reduce the monthly EMI amount. The process for closing personal loans is as follows: Visit your bank’s nearest branch and ask for a loan closure application. Read the application carefully and fill in the required details. Produce the required documents for the bank officials. Make the payment with cash, a demand draft, or a cheque. The bank will give you an acknowledgement letter, which you need to keep safe. The bank will send the final closure details to you after a few days. Documents Required for Closing Personal Loans Before closing a personal loan, you are required to bring along the following documents: Information about loan Identity Proof: Aadhaar Card, PAN, etc. Proof of address: an electricity bill, a water bill, a utility bill, etc. Details of EMIs paid to date; Demand Draft or Cheque. [B-02] Conclusion A personal loan might be the ideal solution if you require financial assistance but prefer the security of a perfect repayment schedule and a fixed monthly payment. Piramal Finance can advise on what types of personal loans might be available and the types of borrowing for which you stand the best chance of being approved. Your current bank or credit agency might be your best choice when searching for personal loans. Take action now to become an attractive borrower by raising your credit score and keeping other debts to a minimum to get the best loan rates and terms. If you still have any queries, contact Piramal Finance for advice on closing personal loan or other financial assistance.
08-11-2023
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Personal Loan

How Do You Know If You’re Eligible For A Personal Loan?

Depending on your needs, there are several types of personal loans to choose from. These are generally easy to apply for. Such loans also do not require any security. Due to the ease of acquiring a personal loan, they have become a popular means of financing. However, to get a personal loan, there are some criteria that you need to meet. Before approving your loan, the lender will check your personal loan eligibility based on several factors. Various factors can affect your eligibility for a personal loan. Some of these factors are your credit history, current income, and age. It is important to check your eligibility for a personal loan before you apply. This can help you know the amount you can borrow. [B-01] Let’s take a closer look at some of the basic factors that can help determine your personal loan eligibility. Age. You can start checking your eligibility with one of the most basic criteria—age. A majority of lenders have a set age limit for personal loans. Generally, you must be within the age bracket of 21 to 67 years to be eligible to apply. Current Income. A higher income indicates a greater chance of loan repayment. This reduces the lender’s risk. Thus, people with a higher income have a better chance when applying for a personal loan. For this reason, there is a minimum income requirement when applying for loans. The exact amount may vary from lender to lender. Similarly, the maximum age will also vary depending on the bank. Housing Situation. Where you reside is also a crucial factor that can determine your personal loan eligibility. Having your own house helps when you apply for a loan. Rent takes away a large chunk of your income. This reduces your capacity to repay the loan. However, it is still possible to get a personal loan even if you do not own a house of your own. Geographical Location. Banks also consider the location of the applicants. Generally, applicants living in bigger cities are assumed to have a higher income. As stated earlier, a better income means a higher capacity to repay the loan. The minimum income needed for loans may also vary based on the city that you live in. The salary requirement for people living in Tier-2 and Tier-3 cities might be lower. Credit Rating. This might be one of the most crucial factors to consider when applying for a loan. The minimum credit score may vary from lender to lender. Generally, if you have a credit score of 750 or higher, you might have a better chance of getting your loan. People with a higher credit score are believed to be financially wise. A higher credit score shows a lower chance of default. Some lenders may offer loans at a lower interest rate to people with a higher credit score. It is also possible to get a loan with a poor credit score. With a lower credit score, you will get loans at higher interest rates. To boost your chances of getting a loan at a lower interest rate, you can improve your credit score. You can improve your credit rating in the following ways: Ensure that you repay loans on time. Do not take out a lot of loans at the same time. Only apply for loans that you can repay. Check the activity of your joint accounts. Your joint accounts can also impact your eligibility. Keep a check on your credit history. Current Debt. How many EMIs do you need to pay? What is your fixed cost? Banks may also consider your debt-to-income ratio. This indicates your net disposable income. Your disposable income can be a clear sign of your ability to repay your loan. Normally, this ratio should not exceed 50%. Simply put, your total fixed costs should not be more than 50% of your total income. Fixed costs include credit card bills, previous and upcoming EMIs, and other monthly expenses. Employment status. Many banks demand that applicants have prior work experience. Salaried people might be required to have a minimum work experience of two years. You must also have a minimum work experience of six months at your current job. The reputation of your employer might also be a deciding factor. If you work for a reputed company or public enterprise, your chances of getting a loan are higher. People with such jobs have a stable income and better job security. If you are self-employed, you might need to have work experience of at least 2 years in your current business or profession. [B-02] The bottom line While getting a personal loan may be easier, it is vital to check your eligibility. These factors can not only impact if you get a loan or not, but they can also impact the terms of your loan. The higher your eligibility, the better the terms of your loan. While it might not be possible to meet all the criteria, you can work on building your CIBIL score. This would require financial discipline and patience. These details must have helped you gain a better understanding of your eligibility for personal loans. Understanding financial matters can be tricky for most people. It always helps to be sure. Whenever you are unsure, you can consult reliable lenders like Piramal Finance. Their expert financial advisors can help you determine your eligibility. You can also check out their free credit report tool. They also have many articles and blogs on their website that will help you learn more about the world of finance.
08-11-2023
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How To?

How To Check & Track Personal Loan Application Status For Top Banks

When faced with an unexpected financial crisis, personal loans come in handy. However, you must remember that applying for the loan amount and finally receiving it takes some time. While waiting for your loan amount, you can track your personal loan application status to ensure that the loan is processed promptly. However, monitoring loan application status varies from one bank/NBFC to another. To make things a bit easier for you, here’s an article discussing how to track personal loan application status at the top 5 banks. [B-01] Top 5 Banks process to track and check loan status. SBI The SBI, also known as the State Bank of India, is an Indian multinational Fortune 500 company. It is a public-sector banking and financial services statutory body, and its headquarters are in Mumbai. It has a rich legacy spanning almost 200 years and is one of the most trusted banks in India. To track your personal loan application status online using your SBI loan account, you need to follow the simple steps listed below: Visit this website. Click on “Apply Online.” The website will immediately direct you to a separate page. You’ll find the “Application Tracker” option on the top right-hand side of this page. Click the “Application Tracker” option. A pop-up window will appear, from which you must select the “Track” and “Retail Loan” options. Now, you need to enter your registered mobile number and reference number. Then click on the “Track” option. Then, you will be able to see the status of your personal loan application. To track your personal loan application status through the mobile application, you need to follow the steps listed below: Download the SBI loan mobile application on your phone. Open the app, and then click on the “Personal Loan” option. Choose the personal loan scheme you have availed of and then click on “Next.” Click on “Menu,” which you’ll find on the top left side of the app. A drop-down list will appear, and from it, click on the “Track Application” option. Type in your application reference number and your registered mobile number. You’ll immediately see the status of your personal loan application. HDFC Bank The Housing Development Finance Corporation, or HDFC, is one of India’s major private banks. HDFC Bank offers its customers a wide array of financial products and banking services through a growing branch network, an ATM network, and digital channels like Netbanking and MobileBanking. To track your personal loan application status online using your reference number, you need to follow the steps given below: Click on the link. A window will appear. Once the window appears, type in either the applicant’s name or the reference/proposal number. Also, you will have to enter either the applicant’s date of birth or the applicant’s registered mobile number. Then click on “Submit,” and you will be able to check your loan status. Axis Bank Axis Bank is India’s third-most popular private-sector bank. It offers an entire range of financial services to customer segments covering large and midsized corporations, agriculture and retail businesses, and MSMEs. It began operations in 1994 and today has over 4,758 domestic branches. To track your personal loan application status simply by using your loan application ID, you must follow the basic steps given below: Go to the official website of Axis Bank. Type in your application ID and date of birth. Also, correctly enter the captcha code. Then click on “Enquiry.” The website will then show you the status of your loan application. You can also track your personal loan application status online using net banking by following the steps mentioned below: Visit Axis Bank’s official website and then log in to your net banking account. After logging in, find and select the “loan” option. Once the loan section opens, you can see the option to track personal loan application status.4. ICICI Bank ICICI Bank is yet another prominent private-sector bank in India. It was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its subsidiary. ICICI Bank offers various financial products and services to retail and corporate customers through various delivery channels and its group companies. To check and track your personal loan application status using the official website of ICICI Bank, you must go through the following steps: Go to the official website of ICICI Bank. Then type in the “reference number” or “form number” in the designated field. Click on the “Submit” button. You will soon be able to see the status of your loan application. You can also call the toll-free ICICI Bank customer care number at 1800 1800 to track your personal loan application status. Bank of Baroda The Bank of Baroda is an Indian state-owned banking and financial services organisation established on July 20, 1908. The Maharaja of Baroda, Maharaja Sayajirao Gaekwad III, founded the Bank of Baroda. It has its headquarters in Vadodara and offers its customers a wide variety of financial products and services. To check and track personal loan applications online using the official website of the Bank of Baroda, you have to follow the easy steps listed below. Visit the official website of the Bank of Baroda. Click on the “Login” tab at the top right corner of the webpage. A drop-down list will appear. From the list, click on the “Baroda Connect (Net Banking) India” option. A new window will open. Select “Retail User” on the newly opened login page. Then, log in using your user ID. Once you log in, you need to follow step-by-step the instructions given on-screen to check the status of your personal loan application. You can also call the Bank of Baroda’s toll-free customer care numbers, 1800 102 4455 and 1800 258 4455, to know your loan application status. [B-02] Conclusion Tracking loan application status has never been easier, and you can now do it either offline or online. If you aren’t well-versed in technology, you can always visit the bank branch and ask the officials there to help you out. Today, most banks and NBFCs have built user-friendly online loan status tracking tools, and Piramal Finance is no exception. This leading finance company, which offers quick, hassle-free personal loans, also has an online loan application status tracker tool to help its clients be aware of what is happening with their loan applications.
08-11-2023
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Personal Loan

LIC Personal Loan Interest Rate 2022: All Types

The largest insurance provider in India, Life Insurance Corporation (LIC), gives its customers the option of taking out personal loans against their insurance policies in addition to a variety of insurance products. These LIC policy-backed secured personal loans provide payback terms of up to five years. The LIC personal loan interest rate starts as low as 9% per year. To cover a variety of personal financial demands, including medical costs, a wedding, further education, etc., you can borrow up to 90% of the policy’s amount of deposit. Your loan amount is 90% of the policy’s amount of deposit, with a 5-year term and an interest rate that begins at 9% per annum. [B-01] Interest Rates for LIC Personal Loans The LIC personal loan interest rate begins at 9% per year. However, the personal loan’s rate of interest that applies to a certain application changes depending on the applicant’s unique profile. This may include your level of income, kind of work, desired loan amount and term, etc. Calculation of Interest on LIC Reducing Balance vs. Flat Balance The flat rate or flat balance method of calculating interest on a personal loan with the LIC Personal Loan Interest Rate is employed. In this case, the interest is calculated on the total loan principal amount for the course of the loan term. It does not take into consideration the principle that has now been paid in full. This plan doesn’t take into account the fact that when monthly EMIs are paid, the amount of the loan principal steadily goes down. The declining balance technique, however, just calculates interest on the remaining loan principle each month. Consequently, when the amount of the unpaid balance falls each month, so does the interest due. As a result, when interest is calculated using declining balance interest rates, you will save money on the total interest payment of the loan. How Can I Get a Personal Loan from LIC at Low Interest Rates? Here are some tips that may help you get a personal loan from LIC with a lower rate of interest: Having solid employment and work history with a reputable company Timely payment of EMIs and credit card balances Having a positive history with the lender Reduce your debt already due. Interest rate-influencing factors Here are some critical elements that determine the LIC personal loan interest rate: Income: The applicant’s income frequently affects the interest rate that the lender charges. Applicants with higher yearly salaries are frequently given personal loans at lower interest rates. This is because they are thought to have a stronger ability to repay the loan. They are also less likely to fail on repayments. Employment Information: Borrowers who work for reputable companies have steady jobs. They have a history of employment. So they may be given personal loans at reduced interest rates. The applicant’s kind of employment—whether they are salaried or self-employed—often has an impact on the LIC Personal Loan Interest Rate that the lender would charge. Connection with LIC: Maintaining a positive relationship with LIC by paying your insurance premiums on time, among other things, may enable you to get a personal loan at a cheaper interest rate. Expected Loan Amount and Loan Term: Typically, higher interest rates and longer loan terms go hand in hand with bigger loan amounts. How do I apply for a personal loan from LIC? Online and offline applications are accepted for LIC personal loans. Before that, it’s crucial to confirm whether or not you qualify for a LIC policy loan. To determine your eligibility, follow the procedures below: Visit the LIC e-service website to log into your LIC account. Print and complete Form 5196. Send your policy agent Form 5196. For further action, the policy agent must follow up with the relevant LIC office. Final Words Financial emergencies cannot be used to describe plans to purchase a home or automobile. This is because such decisions need months of planning. Medical expenditures, impromptu wedding preparations, and unexpected educational opportunities are examples of expenses that may qualify as emergencies. LIC can help you in these kinds of situations by giving you a personal loan. Visit Piramal Finance (www.piramalfinance.com) for more information. It is an Indian financial services company that is making its foray into retail lending. This includes personal loans, business loans, housing loans, and other consumer-focused finance products. [B-02] FAQs What is the maximum sum that may be used in connection with the LIC policy? The maximum amount that may be borrowed against a LIC policy is 90% of the surrender value of the policy. For paid-up policies, which are those for which premiums are no longer being paid, the most you can borrow is 85% of the surrender value. How soon can the loan be paid back? The loan must be repaid in full within six months. Even if the applicant wants to pay off the loan early, there will be a six-month interest charge. Is it possible to obtain many loans on one LIC policy? Yes, as long as LIC’s terms and conditions have been met and the first loan has not yet been paid back. What happens if the insurance runs out or is used during the time it takes to pay back the loan? If the insurance runs out or a claim is made during the time the debt is being paid back, the interest amount must be paid until the maturity date. How will interest be determined if the policyholder passes away? Interest will be computed up until the policyholder’s death date if they die away.
08-11-2023
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