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Personal Loan

Step by step process to get instant personal loan easily?

Are you looking for a personal loan to solve a financial crunch? If yes, then you are in the right place. If you need money urgently and do not have the time for lengthy approval procedures, then Piramal Finance has something to offer you. Understanding your immediate need, we disburse personal loans with quick approvals. Below, we have listed down the step-by-step process to easily get an instant personal loan. Continue reading to learn more about obtaining a personal loan as soon as possible. A personal loan is a type of unsecured loan that is easily processed without many formalities. Unlike a car or home loan, where the process is lengthy, a personal loan is simple, and the bank or lending institution asks for only a few details. They also do not ask for collateral because the applicant is the collateral. They ask for only a few basic details, like that the applicant has a job and will repay the amount on time. They also check their credit history to be assured that the applicant will pay off the amount. As personal loans can now also be obtained online, the process has become quite simple for the customer. [B-01] 1. Request a Loan The first step to applying for an instant personal loan is filling out an application form with your official details. You can head to the Piramal Finance personal loan page to fill out the form in the comfort of your home and save time. Head to PiramalFinance.com and click on the Personal Loan tab. Click on ‘How to Apply’ and from there, ‘Click on here to get a call from our relationship manager’. On opening this tab, click on ‘Apply now’. Now, fill in your details in the application form and click ’Submit’. You must fill out the online form with basic information like your name, contact number, email address, address, and loan amount. For the initial stage, you only need to give these details; the bank will ask for the rest of the details in the further documentation procedure. 2. Eligibility Once the bank receives your loan application, they will verify if you can get a personal loan. You should meet the eligibility criteria, including age, monthly income, and time left for retirement as of the present date, among other requirements. The loan applicant must be a salaried employee or a self-employed individual in the age range of 21 to 60 years. If you are an existing customer of the bank, then your details, like bank statements and the earlier loan taken, will be immediately verified by the bank. 3. Verification After you fill out the application form, the lending institution will verify your Know Your Customer (KYC) documents. You need to submit all the official documents that the bank asks for prior to the verification process. The document includes signed copies of the PAN card and Aadhar card, along with the latest bank statements and salary slips as proof of income and credit score. A bank executive will visit your home or office for this procedure at your convenience. 4. Address Confirmation To confirm your address, the bank’s executive may visit your home. If you are self-employed, the bank’s executive will visit you at your office address. You can inform the executive of your convenient time, and they will visit you accordingly. 5. Credit Score Once you have completed the verification process, the bank will check your credit score, previous repayments, salary slips, and IT returns. You also have to provide your CIBIL score, which should ideally be at least 600 points. You can check your CIBIL score on the online Personal Loan Eligibility Calculator. 6. Loan approval Once your documents are verified and you meet the eligibility criteria, the personal loan will be approved at the earliest possible date. It can be disbursed within a few days or sometimes take up to 3–5 days, depending on the time taken internally by the bank to approve documents. If your CIBIL score is above 750 points, it will act as a brownie point. 7. Loan Terms and Conditions The bank will inform you of the interest and tenure once the above steps have been completed. It will offer you a repayment tenure based on your ability to pay it off within the tenure provided by the bank. The interest rate will depend on your age, employer, credit score, number of years left in service, etc. 8. Processing Fee Once all the criteria are met, you will need to pay a processing fee for the loan disbursal. Once this procedure is complete, the loan amount will be disbursed within a few hours, it may sometimes take up to 3 to 5 working days. [B-02] Conclusion We hope this article has helped you understand the process of getting a personal loan instantly. Also, there is no limit on the amount you are allowed to borrow. You can apply for a personal loan for medical expenses, home renovation, wedding expenses, school fees, travel purposes, any leisure activity, or other reasons. Once the loan amount is approved and disbursed, it will reflect in your savings account. Also, personal loans are one of the best ways to build your credit faster when compared to other credit types. One of the best things about getting a personal loan from Piramal Finance is the ease of the process, which requires minimal documentation. With the online streamlining of processes, obtaining an instant personal loan has become even easier. Also, you can pay off the loan early if you don’t wish to pay every month till the end of your tenure. For more details, head to the personal loan section on PiramalFinance.com.
08-11-2023
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Business Loan

Here are some small business loan mistakes that can cost you money in 2022

Sufficient investment capital is the most important prerequisite for successfully starting and establishing a business. The cost of starting a small business can easily run into six figures, and that is the total amount you will spend before you even open your doors. Lenders have certain requirements, such as the age of the applicant, business experience, annual turnover, etc., that must be met for a small business loan. It can be difficult for most business owners to know where to start when there are so many options for small business loans. The risks associated with lending are also numerous. It can be expensive to choose the incorrect lender, the incorrect loan, or even the incorrect use of your funding. Here is a list of mistakes to avoid to increase your chances of getting your small business loan application approved if you’re concerned about it being denied. [B-01] Common Mistakes to Avoid When Applying for a Small Business Loan Not having a sound business planAny lender will want to know the business owner’s vision when they apply for a small business loan. Small businesses frequently lack a formal business plan or even any kind of plan at all, but you must still invest the time and effort to create one before visiting a lender’s office. An outline of your business, market, products, and finances can be found in most business plans. Consider getting the opinion of a business plan expert who can review it and provide feedback if you’re unsure that your plan will persuade the lender. Also, be prepared to describe how you intend to use the money you wish to borrow. Loan applicants must at the very least be able to justify their need for a loan and their repayment strategy. Not having a good credit historyOne of the resources lenders employ to assess a borrower’s reliability is a credit report. You might not be approved for a loan if your credit report indicates that you have not been diligent in the past about repaying debts. If your credit score is below 700, it can be challenging to get approved for a small business loan. To start, make sure the credit scores for both your personal and business accounts are accurate. Before submitting your loan application, fix any mistakes you find. Due to the higher perceived risk, lenders may decline an applicant with a low credit score. Therefore, maintaining a high credit score through responsible financial behaviour always pays off. Numerous loan applicationsApplying for another loan makes no sense if one already has some loans in progress. Too many loans open at once can stifle cash flows and raise an alarm for lenders. Lenders may also interpret it as evidence that a person is unable to control business expenses with available cash flow. So, limit your borrowing and only borrow when necessary. Lack of supporting evidenceA business loan application typically calls for the submission of KYC, address, income, and establishment-related documents. The best course of action is to have all of these documents on hand so that there is no need to waste time looking for them at the last minute.The lender might think that the applicant is hiding something or isn’t fully complying with the requirements if they receive insufficient documentation. It might result in a holdup in the loan’s processing or outright rejection. Not doing any researchIt’s a mistake to pursue one loan provider blindly without looking at your other options. Spend some time investigating a range of conventional and non-traditional lenders to determine which one is the best fit for your company.Some businesses that apply for loans from affiliated financial institutions will also receive federal support from the SBA (Small Business Administration). This could be a good option to consider for small business loans. Failing to read the fine printWhile lenders prominently highlight the key benefits of a loan, many other details are disclosed in the small print. Before applying for a loan, you should take the time to read the fine print and comprehend all the costs, fees, foreclosure restrictions, and even late payment penalties. This will ensure that there are no unforeseen fees down the road. SBA Loans Small business owners prefer SBA loans because of their low rates and lengthy terms. A federal government organisation called the Small Business Administration (SBA) provides capital, contracting, and counselling to small businesses. The SBA’s loan program, which provides small businesses with guaranteed financing through participating lenders, is one of the main ways it accomplishes this. Direct SBA loans to small businesses are not available. Instead, it sets guidelines for loans made by its partners. These include financial institutions such as banks and credit unions, as well as non-profit organisations that support community development and small business lending. Compared to conventional loans, SBA loans usually have lower interest rates and longer terms. An SBA loan is easier for a small business to obtain than a conventional loan, but you must submit extensive financial documentation as part of the application process. The type of SBA loan you apply for determines how much you can borrow. You need to have a thorough understanding of all your funding options as a new small business owner. When all other options have been exhausted, it might be time to look into SBA loans. [B-02] Bottomline No matter what kind of small business loan you require or how much cash you must borrow, be certain that you are completely familiar with the financial situation of your business. A well-considered and wisely applied loan can catapult your company into a growth trajectory. You cannot make thoughtful lending decisions unless you have a complete understanding of your small business’s financial situation. Your financial journey will go smoothly if you borrow responsibly, spend sensibly, and repay on time. Visit the Piramal Finance website or click here to read more thought-provoking articles or if you need assistance with loans of any kind.
08-11-2023
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Personal Loan

Know The Personal Loan Interest Rates In 2023

Have you ever wondered why interest rates on personal loans change from time to time? The level of interest rates is a factor in the supply and demand for loans. An increase in demand for loans raises interest rates, while a decrease in demand for loans lowers interest rates. Conversely, an increase in the supply of loans will lower interest rates, and a decrease in the supply of loans will raise interest rates. [B-01] The rate of interest for personal loans will continue to remain stable in 2023. However, your loan eligibility and CIBIL score will play a major role in determining the interest rate. The interest rate on personal loans can vary depending on the lender, your creditworthiness, and the size and term of the loan. The rate of interest for a personal loan will also depend on your credit score. The higher your score, the lower your rate is likely to be. If you’re planning to take out a personal loan in 2023, it’s important to compare rates from multiple lenders before deciding which one is right for you. So it’s always important to keep an eye on it and make sure you’re getting the best deal possible. Personal Loan A personal loan is also known as a debt consolidation loan, signature loan, or unsecured loan. It gives you a lot of flexibility in how you can use them. Personal loans are often unsecured, so you don’t typically need collateral to get them. The rate of interest for personal loans in India varies from bank to bank. The interest rate also depends on the purpose of the loan, the tenure of the loan, and the repayment capacity of the borrower. However, before you apply for a personal loan, you must compare the rate of interest for the personal loan provided by the lending institutions, which ranges from 8.75% p.a. to 49.5% p.a. How to find the best rates on Personal Loans When you are looking for a personal loan, these are a few tips you can follow to ensure you get the best rates: Keep your CIBIL score as high as possible. This is a credit score that lenders use to determine your creditworthiness. The higher it is, the more likely you are to get approved for a loan and get better interest rates. Example: The CIBIL score required for an SBI personal loan is above 750. Compare interest rates from different lenders. Be sure to compare not just the interest rate but also other factors like processing fees and repayment terms. Try to apply for a loan during the holiday season, when they provide special offers on personal loan interest rates. Get a personal loan from a financial institution where you already have an account to enjoy some exclusive discounts on interest rates. Make sure you opt for a lending institution where you can take advantage of the longest loan tenure with the lowest EMI. Finally, try to get a loan with the lowest rate of interest for your personal loan. What factors influence the lowest interest rates on Personal Loans? Income Your income is the deciding factor in your application for a personal loan. The higher your income, the better your chances of getting a lower rate of interest on a personal loan. The lending institutions must determine your ability to repay the loan amount. The institutions must have trust to sanction your loan, which can happen only if your income is above a certain minimum. Repo rates Low repo rates also lead to a lower rate of interest for a personal loan. This is the rate at which lenders borrow money from the RBI; thus, it directly affects the personal loan rate offered to you. Economic and market factors The economic climate and other market factors like inflation, recessions, and more can all affect the cost of your loan. Lenders offer a higher rate of interest for a personal loan when there is inflation, rather than lower rates during a recession. The loan amount How much of a personal loan you want is also important. This is because the lender takes your desired loan amount into account when setting the rate of interest for the personal loan. The reason is simple: the larger the loan amount you ask for, the more risk your lender takes on your repayment. Credit Score Lenders consider a credit score of 750 or more to be “healthy,” and if you have a low credit score, your application for a personal loan may not be granted. The rate of interest for a personal loan is also influenced by your credit score. The higher your score, the lower your rate is likely to be. The reputation of your company Your rate of interest for a personal loan will be lower if your company is well-known and reliable. Banks believe that employees of reputable companies have steady careers, which makes them more responsible for repaying the debt. History of repayment You will benefit from a lower rate of interest for personal loans if you have a solid payback record. Lenders are willing to provide you with a lower interest rate when they notice that you have been consistent with your repayments. [B-02] Conclusion If you’re looking for a personal loan, it’s important to compare rates from multiple lenders to ensure you’re getting the best deal. Be sure to also consider other factors, such as loan terms and fees. And remember, even a small difference in the rate of interest for personal loans can add up over time, so it’s worth taking the time to find the best deal. If you want to learn more about personal loans and their expected rate of interest in 2023, consult with an expert at Piramal Finance.
08-11-2023
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Personal Loan

How Can Personal Loan Help To Fund Your Vacation Trips?

We have all seen the travel industry go through a phase of disruption during the two years of COVID. The COVID-19 pandemic ruined the whole world and caused an immense loss of life. With the new normal like work-from-home and lockdowns taking a front seat, many of us were forced to stay inside our houses for a long period. For travel addicts, this time of life was the most turbulent, as they had to restrict their intuition. [B-01] You can now begin planning your vacations with a personal loan for travel. Now that troubles have lessened, spending some time with family and friends can help you reestablish mental peace in your life. But many times, travel plans go unplanned and can take place voluntarily, giving you no time to schedule finances for flight tickets, shopping, hotel bookings, and other travel-related expenses. This is where a loan for travel can be helpful. This is also called a personal loan for travel. Such loans are meant to assist you in meeting every kind of travel-related expense without any trouble. You can also make use of a personal loan for travel to finance your holiday expenses. You can request a personal loan for travel with a registered bank or a non-banking financial corporation (NBFC). Mentioned below are some key reasons why a personal loan for travel can help you fund your vacation trips: It can be used for any purpose.You may experience different types of expenses while planning your holiday trips. These may contain hotel arrangements, booking flight tickets, transportation amounts for travelling from one place to another, and shelling out expenses for activities such as adventure sports, eating, shopping, sightseeing, etc.You may also incur unforeseen financial indebtedness due to an emergency during your vacation. For instance, a member of your family gets injured or gets ill; you lose your baggage or passport, etc.With a personal loan for travel, you can carry out all these expenses without any trouble. Personal loans are multifunction loans with no limitation on their end use. After your loan has been approved, a lender will never ask you how you’re going to use your loan amount. Repayment of the amount in easy EMIs.You can repay your loan like any other loan amount with the help of easily arranged Equated Monthly Instalments (EMIs). Through this, you can plan your holiday trip and enjoy it without having to feel the burden of any additional finances. Furthermore, you do not need to break your savings or dissolve your investments. You can earn and simultaneously pay your EMIs each month.The EMI amount you require to pay for your loan for travel depends on multiple factors, including your loan amount, period, and interest rate. So, it is important to choose a personal loan for travel that is both convenient and offers a low EMI.If you do not wish to pay your EMIs after a certain period, you can exclude your loan account by paying the remaining balance amount. Nevertheless, on this foreclosure, your lender might charge you a minimal excluding charge if you want a pre-closure of your loan account before your tenure ends. You can opt for your repayment period based on your repayment capability.One of the other benefits of opting for a personal loan for travel is that it comes with an adaptable tenure. You have the choice to select the tenure of your loan for travel as per your ability to repay. Usually, personal loan terms range between 12 and 60 months. If your lender allows it, you can also choose a long-term loan.You need to be very cautious when choosing the term of your loan. Choosing for a too-long term may reduce the EMIs, but you need to pay interest on your loan amount at a higher rate. On the other hand, if you choose a shorter period, your EMIs will rise. So, try to maintain a balance between your loan term and EMIs. So ensure that you can simply render the EMIs and then make the decision accordingly. You don’t need to pledge any collateral.Unlike car loans or home loans, loans for travel are guarantee-free loans, which means that no dependability or guarantor is needed when applying for a personal loan. Hence, you don’t require undertaking any personal assets to certify for financing. In simple words, you need not keep anything at stake to get an amount for your holiday.However, if you adhere to the lender’s eligibility criteria and maintain a presentable credit score, you can easily apply for a personal loan for travel online and get the money in your bank account within a few minutes. Get quick access to your finances.With the help of personal loans for travel, you can get access to funds quickly since they pay out very quickly. As personal loans for travel are guarantee-free and carry minimum documentation, lenders do not take much time to grant and pay out these loans. This process makes sure that you don’t have to wait a long time to begin planning for the most anticipated holiday.Normally, lenders take no more than two to three days to pay out your loan for travel. Applying for a personal loan for travel online can get you approved within minutes. A pre-authorized loan for travel is paid out immediately into the borrower’s bank account. Lower interest rates and processing fees.Interest rates are of the utmost importance whenever you are applying for a personal loan. Hence, it’s preferable to get a personal loan for travel to finance your holiday rather than using a credit card with a higher interest rate that places an additional burden on your budget. This loan for travel comes with completely zero processing fees, making it affordable and easy on your pocket. So, decide for yourself if these benefits mentioned above are effective while taking a personal loan to fund your next vacation trip. [B-02] Conclusion If you need any kind of help concerning personal loans for travel, you can always count on consulting a reliable institution like Piramal Finance. Check out the exclusive benefits of opting for a personal loan for your travel purposes. You can consult experts out there who can assist you with your queries.
08-11-2023
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Home Loan

Closing your Home Loan? Ensure these tasks are done

Paying off your home loan and becoming a proud homeowner can be an overwhelming experience. While one feels relieved of not having to pay your home loan EMIs anymore, one needs to understand the process to close a home loan. A home loan isn’t closed until your lender shares a letter confirming that it closed from its end. Here’s a list of things one needs to tick off to make sure the home loan is closed and avoid any problems in the future. Let’s take a look: [B-01] Getting together all the original documents. First, make sure you have all of the original documents you gave to the lender when you’re home loan was processed. Some of these papers are: ● Sale Deed ● Deed Loan Agreement ● Power of Attorney Also, make sure that the documents are in good shape when you receive them. You must also check that all the pages of the agreements are intact and none of the pages is missing. If a document is missing, you should ask your lender for it. Getting the “No Dues” Certificate A “No Dues Certificate” is one of the most important documents, which is issued by the lender and needs to be collected after paying off a loan. A No-Dues Certificate says that you have paid all of your debts. The lender does not have any rights on the property anymore. The NDC must include information like: ● address of the property ● names of the customers ● loan account number ● loan amount ● dates when the loan started and when it ended. It is recommended that you make copies of the NDC to make sure that things go smoothly in the future. NDC is required at a time when one wishes to sell off the property. Removal of a Lien on the Property A lien gives the lender the right to your property until all of the debt has been paid. Liens also keep you from selling the property. Removing liens is an important part of the home loan closing process. To complete this task, you will need to go to a registrar’s office with an employee. bureau metre Once a home loan is paid off, apply for the updated non-encumbrance certificate. A non-encumbrance certificate is a legal document that has detailed records of all financial transactions, which happened with the property. The non-encumbrance certificate must show that the home loan is paid off. Changes to credit scores After you pay off a loan, your credit report needs to change. It takes about 20 to 30 days for a borrower’s credit score to get updated. Make sure you get a credit report and talk to your lender if your credit score isn’t updated. Getting Bank Statements for Paying Back a Loan To avoid problems in the future, it is important to get all loan payment statements from the bank. Keep in mind that if you don’t get all of the statements from the bank after paying back the loan, the loan is not over yet. Getting all the checks with dates from the past When applying for a house loan, most banks ask for post-dated checks in case any monthly EMIs are missed. If you haven’t missed any EMIs, collect the post-dated checks from the bank once the loan is paid off. Advice for people who want to take a loan The process of closing a Home loan is as important as any other part of a home loan. Therefore, make sure all of the above steps are followed while a home loan is closed. How to close your account when your home loan is paid off 1. Write a letter to the bank and ask them to send back the original documents you gave them when you got the home loan. 2. If you need copies of invoices, include them in the letter. 3. The bank should respond within 7 business days. 4. The lender will give you back your original documents and send you a letter saying there are no more payments to be made. 5. The bank will also give you a NOC that says it no longer has the right to your property. 6. If the bank has put a lien on your property. you will need to go to the registrar’s office with the NOC and a bank representative to get it removed. 7. If the bank hasn’t put a lien on your property, it will return the title deeds right away. [B-02] Conclusion Even though paying off a home loan gives you a sense of relief and financial security, it is important to finish all of the paperwork and procedures with your bank meticulously. Don’t forget that your loan isn’t over until your bank sends you a NOC letter.
08-11-2023
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Home Loan

Everything you need to know about home loan & loan against property

Home loans are one of the simplest forms of loans. In these loans, you get a secured loan to purchase a property which is also kept as its collateral. With Piramal Finance, these loans are one of the most sought loans throughout the market. Although, they require heavy due diligence from customers as well as the lender’s side. Home loans are repaid through the mechanism of EMI and after the repayment of the loan, the title of the property is transferred back to the borrower. In-home loans, the lender has the right to recover the amount from that property. A loan against property is a type of loan that is secured by pledging an owned asset as collateral. This asset can be anything like owned land, a home, or any other residential or commercial property. One of the important things about this type of loan is that you can only secure a loan against a property when you own the title to the pledged asset. The asset remains as collateral with the lender till the amount is paid back to the lender. The interest rates in this type of loan are quite low compared to unsecured loans. The reason for that is the lender has the option to encash the collateral property in case the loan is not paid back. [B-01] Types of home loans Piramal finance offers one of the widest ranges of loans to its customers. There are several unique and highly economical loans that we offer to our clients. Top-up home loan – These are the types of loans that allow you to borrow an additional amount over and above your initial home loan. Joint home loan – In this type of home loan, there are two or more people who take equal responsibility for the loan. They share the fund as well as the burden of the home loan. Home purchase loan – One of the most common types of home loan that is taken to purchase a home. Land purchase loan – This is a loan that is taken to buy land and construct a home on it. It allows you to have additional funds at your disposal in case land prices go higher than expected. Home improvement loan – You can secure this loan in case you want to renovate your house. This type of loan is a usually small amount of funds as compared to an actual home loan. The interest rates may differ from the home loans because of the magnitude of the fund. Home construction loan – This loan is secured to construct a home. You can use these funds to build the house of your dreams. Advantages of a Home Loan Tax benefits – One of the primary advantages of a home loan is that you can avail of tax advantages on the interest and the principal amount. You can check the income tax rules or you can ask your accountant or CA what advantages are available to you regarding home loans. Low-interest rates – Piramal charges one of the lowest interest rates on home loans in the market. We are one of the best options to go for in the market, in case, you ever face a shortage of funds or cash. Also, if you face a crunch despite taking a loan, then we can offer your a top-up loan as well. Due Diligence of the property – When you purchase a property through the lender, then the lender conducts its due diligence on the property. Piramal Finance has a dedicated department for the same. We will complete all the checks required for a smooth purchase of the property. Long terms – Home loans can be secure for the long term. The tenure of the repayment goes up to 25-30 years. Piramal finance ensures that you don’t get into a heavy burden because of the shorter duration of loans. We analyze your income and then suggest to you the loans you should go for. Types of Loans Against Property Based on the type of property: Loan against Commercial Property – In this type of loan against the property, you have the option to get a mortgage loan for your commercial property, be it an office space or an industrial unit. This property can be used to obtain funds against its present market value Loan against Residential Property – In this type of loan against property you can secure the funding by keeping your residential property as collateral. You can keep your own home or a house that you own but may not reside in. The market value of a property plays important role in deciding the amount that you can secure as a loan. Lease Rental Discounting – This is one of the modern forms of loan against the property wherein you put a property that you have leased as collateral. Then secure the loan against it. Based on usage: You can also secure loans against property depending upon the reason why you require those loans. The reason may be higher education (LAP for education), wedding expenses (LAP for wedding) etc. You can secure a loan against property for any of these personal reasons and the lender will grant you schemes accordingly. [B-02] Conclusion The advantages of loans against property are similar to the advantages of home loans. These loans generally take very low-interest rates and they can be secured for a very long term. Loans against property and home loans are loans that are much better options than any other loans available in the market. The reason for that is they give you a large amount of finance in a fast manner and without putting additional burden on your pocket. Also, these loans are flexible in terms of transfer and top-ups. Thus, you can always shift to other suppliers or get a top-up over your primary amount in case any additional expense arises. Plus, the loans that Piramal finance offers are one of the most competitive home loans and loans against property in the market. We believe in helping our customers achieve their dreams and thus we only offer the best to them.
08-11-2023
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Personal Loan

Is it good to apply for personal loans online?

Applying for a loan online or offline might be difficult for a new borrower. Online loan applications are often more user-friendly. On the other hand, it might be more personal to speak with a loan officer in person rather than apply for a loan online. Read on to learn more about the benefits of applying for a personal loan online. This will give you many insights into the online world of finance and will help you emerge as a better person. Keep reading to learn more. [B-01] Online Loans: What Do They Mean? Instead of going to the bank, you can apply for a loan online. You may now pre-qualify with many lenders online without risking a hit on your credit score through hard credit inquiries. The entire process of getting a loan is quicker if done online. Several online lenders provide great deals, which can help keep interest rates low. When is the right time to apply for a loan online? Still confused about whether a loan is the right option for you or not? Wondering whether you should go for it or not? Read on to learn more. Even though getting a personal loan might be tough, online lenders work hard to make the process easy for borrowers. Applying for a loan online is simpler and quicker than applying in person. Here are some situations in which you may apply for an online personal loan: – Get pre-approved before applying: Several online loan providers will pre-qualify you for a loan based on your credit history and other factors. Whether you want to know how much money you can borrow or if you can obtain a suitable interest rate, you should choose a lender who offers such services online. Don’t have any financial ties at the moment: Some lenders offer perks to their loyal clientele, such as lower interest rates or other discounts. One possible benefit of using an online lender rather than a bank is the lower interest rates they can provide. Fast monetary resources are required: Online lenders’ funding and approval processes are typically faster than those used by some banks and NBFCs. Customers who apply for a loan online may get their money the same day. Either lacking a credit history or having a low credit score: Loan approvals from several online finance companies now include on-time utility bill payments as alternative credit data. Therefore, applicants with less-than-perfect credit histories may still be evaluated. A personal loan is a loan taken out to meet urgent needs. Personal loans are easy to apply for and obtain from most major lenders. A personal loan might be a good option if you need quick cash for needs like a wedding, a car, or a trip with loved ones. A personal loan online apply process might be the quick solution to your money problems. You would not need to use cash to buy an expensive gadget like an iPhone X or a PlayStation if you took out a personal loan because the loan would cover the entire cost. The repayment plan is simple, and you have plenty of time to finish it without being penalised. The five benefits of getting a personal loan online Online methods are always more effective. They help people progress and complete work in less time than before. Let us understand a few vital perks of getting a personal loan through various online methods. Highly transparent process: The times have changed and the world is going online. With this comes the advanced use of the internet. Everything is done online, from getting money to transferring it to getting a loan. The online loan process is very transparent and helps you get funds faster. Finance Applications for personal loans can be made online: There are various apps online that can help you speed up the process of getting a loan. Go for apps that will give you guidelines for following the process. You can check the status of your loan online: You may check on the progress of your loan application at any time after submitting it. Your application will be given a number. This way, you can keep tabs on your loan and make adjustments in an easy and convenient online environment. You are free to inquire about any aspect of your account, including the current amount, the time the balance has been open, the interest rate, etc. The quickest processing time: Borrowers can save a lot of time waiting for approval on personal loans applied for online. Personal loans were formerly processed manually, which added extra time to the application process. A computer programme, however, streamlines and shortens the time it takes to complete an online loan application. You may use it for anything you choose: Emergency medical care, your child’s college tuition, your dream wedding, an impromptu trip, or a sudden monthly demand for funds are many reasons to look into online personal loans. A personal loan’s quick funding time is invaluable in these cases. You also benefit from not having to justify your decision to your lender. [B-02] Conclusion: The days of arduous and time-consuming loan applications are gone. To get a personal loan, you no longer need to visit the bank many times, fax in reams of documentation, and wait for months. While submitting an online application, take your time with it. Instant electronic approval with zero hassle can come if your profile meets the guidelines. Visit Piramal Finance for the best personal loan offers. They also have many blogs and articles to help you improve your skills in financial matters.
08-11-2023
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Home Loan

Hidden Factors You Should Know About Home Construction Loan

Everyone wants to reside in their ideal home. If one has planned to construct their own home rather than purchasing a ready-to-move-in, the experience will undoubtedly be one of its kind. Numerous house financing organisations provide loans for home development to make your aspirations come true and for you. [B-01] Here is a comprehensive explanation explaining a home construction loan, the many types of home construction loans, how to apply for one, and the benefits of doing so. Introduction to Home Construction Loan With a home construction loan or home renovation loan, you may borrow money to build your own house rather than buy an apartment. The lender disburses the funds in phases as each home construction stage finishes. If you want to apply for a loan to build a house, you must give the lender a complete building schedule, a construction plan, and a reasonable construction budget. Your loan money will be delivered in stages as needed for each stage of construction after your construction loan is authorised. The lender will visit the building site to assess it or hire a technical team from a different company to do so. Types of Home Construction Loans Self-build home Loan You can choose a self-construction loan if you need money to build a house on a site you have bought or already own. Plot + Construction loan A Plot + Construction loan would be ideal if you don’t already have a plot in your name and need money to pay for the plot and the home construction on it. Please be aware that if you only need money to buy a plot and not construct a home, you will need to apply for a property or personal loan, as these are not considered home construction or home renovation loans. Home Extension or Renovation Loan If you want to add a new room or a floor to your current house, you can apply for a home extension loan. Similarly, you may apply for a home improvement loan if you want to paint your property, make significant repairs, or give it a new appearance. Construction-Only Loan These loans are no longer typically offered by lenders. It is a loan used only for construction and must be repaid after the loan’s term is over. If not repaid, the borrower must get long-term financing. How to Get a Home Construction Loan? You’ll typically need the following to be eligible for a home construction loan. A credit score of at least 620 (although the higher, the better). A debt-to-income ratio of up to 45% for evidence of your ability to repay the loan. A down payment of 20% to 25% of the project’s costs. A signed contract with a licensed and insured builder. An evaluation of the land and the finished home’s value. A detailed project plan. You can acquire a house construction loan from various sources, including banks, credit unions, and mortgage lenders. Start by researching interest rates, closing fees, and other loan features lenders offer in the construction site’s neighbourhood. Keep in mind that, for convenience’s sake, you might choose to obtain both the first construction loan and the permanent loan from the same lender. Steps to Follow for a Home Construction Loan Step 1: The borrower must first complete the application form. Step 2: The candidate must provide all required documentation, including a bank statement, Form 16 and documents proving their identity and ownership of the property. Step 3: The loan money is subsequently released to the borrower’s bank account in tranches according to the building stage following successful submission and approval. Hidden Factors to Know About Home Construction Loans Specified Construction Plan Building plans and blueprints are the basis for finalising and approving construction loans. Plans cannot be altered after finalising agreements. Therefore, before seeking financing, have a precise blueprint of your home construction details. Short tenures The loan term for home building or home renovation loans is often shorter than ordinary home loans. Use one of the many online house loan calculators to estimate your monthly payments before applying for home-building financing. Eligibility criteria You must meet the eligibility pre-requisite before applying for a loan for a house building. Meeting the eligibility pre-requisite often entails having a high credit score, stable employment, work experience, etc. In addition, a co-applicant is needed if the site or the property under development is co-owned. Documentation In addition to the standard income and KYC paperwork, a borrower must submit additional documents before receiving approval for house-building financing. You must give your lender the plot paperwork; sales deeds planned home floor plan, an official no-objection certificate from the appropriate authorities, authorised drawings, and other such requirements. Why Choose a Home Construction Loan? The freedom to design your ideal home. With a construction loan, you can develop your home in whatever design, or layout you wish, unlike when you take out a loan to buy a property. You don’t have to pay interest on the whole amount starting on the first day. Depending on the development stage, a home construction loan is issued. As a result, you will only need to pay interest on the money already given to you. Future construction, remodelling, and enlargement of your home are all permitted. You can easily obtain a home improvement loan and make improvements to your newly constructed home that will make it more comfortable if you decide that it is necessary to renovate your home or add a new floor or room. Plus, you can also opt for a house renovation loan. [B-02] Conclusion A “home construction loan” or “home renovation loan” is the right financing for you if you want to build a house or buy land and build a house simultaneously. Yes, home construction demands commitment, but Piramal Housing Finance always offers simple eligibility for home construction loans. We provide great interest rates for a home construction loan. Build the house of your dreams by contacting Piramal Housing Finance!
08-11-2023
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Personal Loan

Is it possible to get a personal loan without any job?

You might be having many wishes, desires, and aims in life. But finance often becomes a constraint to such desires. Here’s when a personal loan comes into the picture. Personal loans are loans that you can get without providing any security. As it is an unsecured loan, lenders follow a strict credit review process before offering loans. They will check your salary, ability to repay debt, credit history, etc. Based on these parameters, they will decide whether they should give you a personal loan or not. We can say that personal loans are a loan against our income. But is it possible to get a personal loan even if we are unemployed? It might come as a surprise to you but yes! You can get a personal loan even if you are unemployed. Let’s see how! [B-01] Personal Loans Without a Job The kind of loan you will be given falls under secured loans, government loan schemes for the jobless, and payday loans. Let’s see how you can get a personal loan without a job: 1) Government Loan Schemes for Unemployed The government has initiated various loan schemes to meet the financial needs of unemployed people. Following are some of the personal loan schemes that you can avail of even if you don’t have a job: Pradhan Mantri Rozgar Yojana: This scheme was initiated especially to meet the needs of the unemployed. It focuses on providing financial resources to enable unemployed people to start their own ventures. Loan Subsidy For Unemployed: The Tamil Nadu government initiated a scheme called New Entrepreneur and Enterprise Development Scheme (NEEDS). The government provides a 25% subsidy on loans given to graduate unemployed youths. Agricultural Loan For The Unemployed: The government has collaborations with various banks to provide agricultural loans to the unemployed. This loan can be utilised for any agricultural project. You should also check out other central and state government schemes that can help you get personal loans. Contact your nearest bank or Piramal Finance for more information about any such scheme. 2) Loan Against Rent And Interest Income For availing of personal loans, it is important that you have a steady source of income. Even if you don’t have a job but are earning good rental income or interest income, then banks may grant you a personal loan. These incomes are well considered by the bank for giving you personal loans. Also, other sources of passive income can be considered for getting the personal loan sanctioned. 3) Personal Loan Against Assets While personal loans are unsecured in nature, you can insist on a secured personal loan by providing any security. Banks can accept the security and give you a personal loan. While granting the loan, the bank will ask you for security against the loan. The bank will seize this amount if you don’t repay the loan as promised. That is why they require security before making loans. In your case, since you don’t have a steady source of income but have fixed deposits, this can work well as security. Your lending bank will give you about 60—80% of the value of your fixed deposit as a loan. The rest of your fixed deposit can continue to earn interest as before. For example, say you want a loan of Rs. 25,000 against your fixed deposit of Rs. 1 lakh. You can get between Rs. 60,000 and Rs. 80,000 against your fixed deposit. Your requirement, however, is only Rs. 25,000. The bank will deduct the loan amount from your deposit and let it continue to earn you money for the rest of its tenure. You can also use other assets to avail of personal loans like personal loan against property, gold, securities etc. to avail of such loans. How to Repay the Loan Typically, the duration of a personal loan is 12—60 months. You are allowed to repay your loan according to your capacity. However, you will need to fix a figure that you can conveniently repay each month during the tenure of the loan. Use your bank’s personal loan EMI calculator to determine the amount you should pay each month. You just need to enter the personal loan amount, tenure and personal loan interest rate. You will get to know the exact amount of personal loan EMI that you will have to pay for your personal loan. Eligibility Criteria for a Personal Loan Your bank will decide to give you a loan depending on various criteria. These are: Your credit rating Your tenure as a customer with the bank Whether your repayments in the past have been regular and complete Risks of Taking Out a Loan When Unemployed Think well before you take out a personal loan if you don’t have a job. After all, you have no steady source of income right now. Once the bank offers you the loan, it will expect to receive the monthly instalments you promised to make. In case you miss out on personal loan EMIs, then the following consequences can follow: You Could Face Financial Problems The fact that you want a loan implies that you have a definite repayment plan. If you do not pay each month as you promised, you can have many financial problems. So, think wisely before opting for a loan. Also, you can work for a few hours a day online or offline and create a source of income equal to your instalment. You Could Lose Your Security By not paying your instalments each month, you could lose your security. Additionally, you will have to pay extra interest. Your Credit Score Could Be Harmed Late payments or irregular instalments could hurt your credit score, so be very careful of paying by the date you promised. Also, pay the promised amount each month. [B-02] Conclusion Aren’t you relieved that you can get a bank loan even though you don’t have a job? You must be. Now all you have to do is to check if you can get a personal loan through any of the above 3 ways. For more help in other aspects of personal finance, check out the Piramal Finance website www.piramalfinance.com. Piramal Finance is a leading financial services company in India. It deals in personal loans, housing loans, and other related financial services. Get onto this site and learn all you need to know to be financially aware.
08-11-2023
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