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Personal Loan

Complete Guide on How to Get Car Loan in India

The convenience of having a car at your disposal has shifted to that of a basic need. The growth of financial organisations has led to lower interest rates for car loans. Also, the availability of quick and easy car loans has increased. There are several models for which you can get full financing. You can get full financing for the on-road price when you apply for a car loan. Plus, you can tailor the loan terms to your needs. How to Get a Car Loan in India: A Complete Guide To get a car loan in India, follow these steps: 1. Be sure to check your credit report. To begin, review your credit record and score. Lenders can gauge your repayment reliability based on your credit score. At Piramal Finance, you can get your credit report for free from all three credit bureaus. Your credit score isn’t present. Yet, this report will detail your past payment and credit activities. Reviewing your credit report might help you detect inaccuracies. Also, it can help you identify areas where you can improve. One can easily get a free copy of their credit report. You can see this information on your credit card statement or whenever you log in to your account online with most financial institutions. Credit Karma is only one of many sites that provide free credit scores to new users. The interest rate you pay on a loan depends heavily on your credit score. Though there is no hard and fast requirement for a borrower’s credit score to qualify for an auto loan, those with scores over 780 will receive the most favourable terms. Having your credit report handy before searching for loans will make the process easier. Also, it will help you find the best possible terms for your scenario. 2. Compute your budget and the amount you can afford to borrow. When shopping for a car loan, it helps to have a clear idea of the model you plan to finance. The following are additional considerations to think about: The monthly paymentWhat is the maximum amount that you are capable of paying each month? How much can you put down?Generally, a 20% down payment is the norm when purchasing a vehicle. The lower your monthly payment, the more funds you should put down initially. How long of a loan you’ll needAlthough a longer loan term will reduce your monthly payment, it can also put you in the precarious position of owing more on your automobile than it is worth. Automobiles are infamous for their high rates of depreciation. You should select a loan term of 60 months or less to avoid negative equity. 3. Pick a few reliable loan companies. Find a lender when you have determined your budget and credit history. These are some of the alternatives: Credit UnionsThese community banks typically provide better interest rates than national banks. You’ll need to join, and in most cases, your entry is restricted based on factors like where you live or who you work for. BanksBanks typically offer loans for things like cars. Rates may be more reasonable at a bank with which you already have a relationship. However, the initial interest rate for auto loans from many major banks is typically greater than for loans from credit unions. Online LendersYou can obtain auto loans from a variety of online-only financial institutions. There is no physical location to visit, but the prices are often lower than those of brick-and-mortar businesses because of the lack of these fees. 4. Get pre-approved by those financial institutions. After narrowing down your list of potential loan providers, it is time to start filling out pre-approval applications. In a pre-approval, the bank expresses a conditional willingness to offer you money. You can shop for the best interest rate by getting pre-approved by multiple lenders. Even though dealerships may be able to help you secure financing, it is in your best interest to shop around first. Since it’s customary for dealerships to add a markup to financing rates, shopping around might help you determine if their offer is truly the best. 5. Examine the terms of each pre-approval offer. You have 14 days from the time you first begin the pre-approval process to collect as many pre-approvals as you like without any negative effects on your credit score due to multiple hard credit inquiries. They will be treated as a single unit instead. A lender can see your full credit history with a hard inquiry, but it could lower your score. Lenders typically grant pre-approvals for a period of 30 or 60 days. Check the terms, APR, and monthly payment on each pre-approval offer to find the best one that works with your budget. 6. Choose the offer you like the most. Now that you’ve found a loan offer you can accept, you will take it. Depending on the lender, you may need to provide certain documents. 7. Go to the car showroom. The next step is to sign various documents at the car showroom. After you and the dealer agree on a price, the lender you pick will often mail you a blank check, which you will fill out. At this time, you will also submit your initial deposit. Lenders typically send out the payment due dates and amount due reminders after borrowers drive off the lot. 8. Automate your payments. If you sign up for automatic payments with your lender, they may lower your interest rate slightly. When you opt for automatic payments, money will be taken out of your account on the day of your choosing every month. You can usually set up automatic payments online or over the phone with your lender. Online or in the papers you receive after concluding your loan, many lenders will inform you of any rate discounts available before and during the application process. Shopping around and getting prequalified with several lenders will help you receive the best conditions available when financing the purchase of a car, which is a significant investment. Conclusion One of the best ways to buy a car and improve one’s credit score is through a car loan. This guide discussed how to get a car loan in India in detail. But always shop around for the best loan terms, read the fine print before signing, and make your monthly payments on schedule. Looking for a personal loan in India? Apply for a quick personal loan with Piramal Finance right now!
08-11-2023
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Business Loan

How to Get a Small Business Loan Without Collateral in a Few Simple Steps

What if you need a loan for your business but have no assets to use as collateral? Is financing still possible then? In most cases, the answer is yes. In India, several reputable banks and NBFCs offer collateral-free business loans. Due to intense competition in the Indian corporate sector, getting the right amount of funding at the right time is crucial for survival and growth. And for this reason, it makes more sense to borrow money from a reliable financial institution than to use your own money, approach a local moneylender, or ask close friends or family members. [B-01] Getting a secured business loan can be difficult for small businesses or start-ups because they do not have enough assets to use as collateral or guarantees. However, if you meet the requirements of the loan provider and exercise caution, you may be able to get a collateral-free business loan. So, stick to your big dreams. This post discusses how to get a collateral-free loan in the US. Read on! How to get a collateral-free business loan? Online Term LoansThese loans come in two different varieties: short-term loans and long-term loans. A predetermined advance payment is made on long-term loans, which the borrower can then repay over a longer period through regular monthly payments. They are simpler and take less time, but they are less affordable than SBA loans. Short-term loans, which are repaid in small, frequent instalments over a short period, are slightly more expensive. These are popular collateral-free business loans. SBA (Small Business Administration) LoansThe Small Business Administration (SBA) provides small business loans to business owners through its network of affiliated lenders. Although it is a collateral-free loan option, this loan is one of the most cost-effective options available. Every entrepreneur should consider these loans, even though they have strict eligibility requirements and take some time to process. Business Credit CardEveryone is familiar with this loan option, which one can use in addition to more conventional loan practises for their company. It has an interest-free loan for a while and a credit card with a 0% APR. Merchant Cash AdvanceAlthough collateral may be needed for this type of loan, the financing company simply buys your future assets in this situation. In this kind of loan, the business gives you an advance payment, and you must repay it with a portion of each day’s card sales. This is one of the most expensive financing options you can find to get a loan for your business. Establishing a FranchiseIf you need a small business loan, one option is to open a franchise because banks and private lenders prefer to finance businesses with strong brand recognition. Government-Initiated Loan Programs for Indian Small Businesses and Start-ups CGTMSE LoanThe Government of India, in collaboration with foreign banks, public sector banks, certain regional rural banks, etc., has launched the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) loan scheme to provide financial assistance of up to Rs. 1 million to start-ups and existing enterprises. A business entity must meet certain eligibility requirements and demonstrate profitability to benefit from this collateral-free loan program. MUDRA LoanThe Micro Units Development and Refinance Agency (MUDRA) is a loan programme without collateral or guarantees established to finance the ‘unfinanced’. The loan programme provides affordable financial assistance to small and microenterprises. Kishore- Beneficiaries are offered financial support ranging from Rs. 50,000 to Rs. 5 lakhs after assessing various factors such as growth, turnover and scale of the business. Shishu- For start-ups and businesses that fall into this category, Mudra offers Rs. 50,000 in financial assistance. Tarun- Financial help of up to 10 lakhs will be provided in this category after assessing the needs of the enterprises. Loan Program for Market Development AssistanceThe programme aims to encourage MSMEs (micro, small, and medium-sized enterprises) to participate in trade fairs and other international events. Financial support is as follows: The registration fee is refunded in full (75%). Participation of SMEs in global manufacturing trade shows and exhibitions taking part in anti-dumping cases For the first three years, SMEs receive a 75% reimbursement of the GSI’s annual fee. Eligibility criteria for collateral-free loans The prerequisite for availing of a business loan without collateral is Indian citizenship. Depending on the lender, loan amount, and term of the loan, a different credit score is required for approval. However, a score of 700 or higher is considered reputable. A self-employed person is required to apply for a business loan. Most lenders only grant loans to borrowers who fall within a certain age range. This usually ranges from 25 to 66 years of age. Some lenders require the business to have at least three years of operating history. Documents required to apply for a loan without collateral Proof of address and identity: You will need to present your Aadhaar card, passport, or driving licence as proof of your identity and address. Proof of business registration: In addition, lenders require proof of business registration. PAN card: To verify your financial identity, all lenders require your permanent account number (PAN). Bank statements: Some lenders may check your bank statements for the last six months to see how stable your finances are. [B-02] Conclusion It can be difficult to get a loan for your business, especially if you have to put up collateral, which increases your risk. In addition to the SBA, businesses can also get loans without collateral from other sources, but it’s important to read the fine print before signing anything. Unsecured business loans are the most practical choice for financing a business, as they are easy to obtain and do not require collateral. Piramal Finance offers businesses tailor-made, hassle-free unsecured business loans and keeps their problems at bay with an efficient application process and a higher qualification threshold.
08-11-2023
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Guide

Atal Pension Yojana: A Complete Guide

Atal Pension Yojana is named after the former prime minister of India. The pay scheme was introduced on June 1, 2015. It is a pension scheme under the National Pension System. The scheme aims to provide security to the unorganised sector. Atal Pension Yojana pension amount lays Rs.1000-5000. The monthly pension starts after 60 years and varies due to age. The scheme is a safety net for low-wage workers after retirement. [B-01] Any working citizen can join the Atal Pension Yojana. The benefits rise if you join and contribute at a young age. The pension fund regulatory and development authority (PFRDA) makes the rules and runs the scheme. The joining age ranges from 18 to 40 years. It would help if you contributed for a minimum of 20 years for long-term safety. The government of India guarantees pension amounts. Key features of the scheme Here are some important features of the Atal Pension Yojana. The pension is for all Indians between 18-40 years old. A bank account is a must before enrolling in their scheme. It is used for accepting and paying a premium. The premium amount for the scheme is eligible for a tax deduction. The rule came from Section 80CCD. The subscriber can choose the pension amount and premium. Benefits of Atal Pension Yojana Take a look at the benefits of the scheme. An individual gets a fixed pension after 60 years. The amount varies due to contributions ranging from Rs. 1000 to Rs. 5000. After 18 years, you can choose the amount of your pension. You can use the auto-debt facility to deduct monthly charges automatically from a bank account. You can pay a premium amount quarterly or half-yearly. If the subscriber dies, the bank will pay the amount to the spouse. If both die, the nominee gets Rs. 8.5 lakh as a corpus amount. Objectives of the Atal Pension Yojana The main objectives are: To help the poor or low-wage workers, such as gardeners, delivery, boys, and staff. It gives coverage for old-age expenses like health and living expenses. Eligibility criteria If you are between the ages of 18 and 40, you are eligible for the Atal Pension Yojana. An individual must be a citizen of India. You must have an active bank account for your pension. You must contribute for 20 years to benefit most from the scheme. How do I open an account for the Atal Pension Yojana? Please fill out the Atal Pension Yojana form and submit it to the nearest bank. Fill in your bank account details, Aadhar card, and mobile number. Your first premium will be deducted automatically from a linked bank account. The bank will issue PRAN/acknowledge number. Every premium will be deducted automatically from the account. How to download APY Scheme form? You can get the form online or in offline mode. Go to your nearest bank branch and get the form offline. Visit the Pension Fund Regulatory and Development Authority (PFRDA) to download the form online. However, various banks offer the form on the official website. You can get it either way. How to fill out the form? The Atal Pension Yojana form takes your personal and bank details. You need to fill out the details correctly for approval. You should follow the steps given below. Step 1: Fill in your details, like name, DOB, marital status, email ID, age, mobile number, and Aadhar card. Next, enter the nominee’s details, like the applicant, and attach the spouse’s Aadhar card. Step 2: Fill in linked bank account details, like branch details and codes. Step 3: In the next section, choose your pension amount. It ranges from Rs. 1000 to Rs. 5000. Step 4: The bank calculates the premium amount and fills out the form. Step 5: Fill in the additional details if the nominee is a minor. Once you finish filling in the details, sign the form and submit it to the bank. The bank signs the acknowledgement section. After this, the form goes into processing. If you are under the age of 18 and do not have a bank account, then open the account first and make it active for applications. How to contribute to Atal Pension Yojana? The bank decides the Atal Pension Yojana premium amount. You may check the key points before contributing. The subscriber can pay monthly, quarterly, or half-yearly. The first date of contribution determines the monthly date of payment. For example, the first contribution date is January 14; the next will be February 14, March 14; and so on. You must maintain a minimum balance for the auto-debit system. Always use your Aadhar card as identification. It solves future issues in the case of death and payment to the nominee. If your bank lacks funds for premium payments, you have to pay the penalty. Check out the penalty charges: If a monthly payment is Rs. 100, the Rs. 1 is a penalty. If a monthly payment is Rs. 101–500, the Rs. 2 is a penalty. If a monthly payment is Rs. 501–1000, the extra Rs. 5 is a penalty. If a monthly payment is over Rs. 1001, Rs. 10 is a penalty. What if we fail to pay a premium? If you fail to pay the premium amount via the auto-debit system, then you may face the following situations: The bank will freeze the account for non-payment of over 6 months. The bank can deactivate for non-payment of over 12 months. The bank will fully close the account after non-payment for 24 months. If the bank finds a balance in your account, it will automatically deduct the premium payment. What are the tax benefits for subscribers? The government of India runs the Atal Pension Yojana. The subscribers of the scheme get a tax redemption of over Rs. 1.5 lakh. Under section 80CCD (1), you can apply for an extra Rs.50000 benefit on tax. The sections are registered under the income tax department. It helps subscribers save on taxes and fulfil necessary expenses. Atal Pension Yojana chart for a monthly contribution In the Atal Pension Scheme, the contribution is monthly, quarterly, and half-yearly. The monthly premium is depicted in the chart below. You may check the other chart on the official website. Entry age (years)Total years of contributionMonthly pension(Rs.1000)Monthly pension(Rs.2000)Monthly pension(Rs.3000)Monthly pension(Rs.4000)Monthly pension(Rs.5000)184242841261682102040501001501981482535761512263013763030116231347462577352618136254372290338222404807209571196402029158287311641454 [B-02] Conclusion The Atal Pension Yojana is a government scheme for the poor. The scheme focuses on giving pension money to the poor. The amount is between Rs.1000-5000. Any citizen of India above 18 years can enrol in the scheme. The subscriber can choose the pension amount. Bank calculates the premium amount monthly, quarterly, or half-yearly. Auto-debit system is used for automatic payment. You should check eligibility, benefits, and how to open an account. Visit Piramal Finance for similar blogs and look at the products and services they Offer.
08-11-2023
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Calculator

When Are You Eligible for Gratuity? How is Gratuity Calculated?

Gratuity is the amount that an employer gives to an employee as a thank-you for their work for the company. It is a part of an employee’s salary and can be thought of as a plan to help a person in retirement. Gratuity is given to an employee who has worked for the same company for at least five years. It is a way for an employer to say “thank you” financially to an employee who has worked for them for a long time. How Do You Meet the Requirements for Getting Gratuity? To be eligible for the gratuity, you must meet the following rules: You should be able to get a pension when you retire. You should be done with your job. You should have quit after working for the same company for five straight years. If you die or become sick or hurt and can’t work, the gratuity goes to the person you choose. What is a Gratuity Calculator? The gratuity calculator would figure out gratuity based on the formula. Gratuity Formula: (15 x your last drawn salary x tenure of working) / 26. A gratuity calculator is a tool for determining a company's retirement bonus. It helps you figure out how much money you would get if you quit your job after five years. You must put in the last salary and the time the person has worked for the company. Your basic salary, the dearness allowance, and any earned sales commissions are all part of the last salary you took out. The gratuity calculator will give you the gratuity amount in seconds. It is easy to use and can be used often. Which Organisation is Eligible for Gratuity? The Payment of Gratuity Act covers India. It is true for: Every factory, mine, plantation, port, and railway company Any law applies to every store or place of business in which ten or more people work on any given day in the previous 12 months. Every store or business where ten or more people worked on any given day in the past 12 months, as determined by the central government. In other words, the Payment of Gratuity Act 1972 applies to any company that had ten or more employees on a single day in the previous year. Important Things to Know About Gratuity Here are some of the most important things to know about an employer giving a bonus to a worker. Employees may be eligible for a bonus in excess of Rs 10 lakh from their employer. The tax exemption on gratuity will be based on the above points under “Taxation.” In the 2019 Interim Budget, interim finance minister Piyush Goyal said that the tax-free limit on gratuities would be raised to Rs. 30 lakh. If a worker is asked to leave their job because of bad behavior, the employer has the right to refuse to pay them a gratuity. If the employee dies, the gratuity amount is paid to the nominee or heir. The person who gets it taxes it under the heading “income from other sources.” Use of the Gratuity Calculator Here’s how to use the gratuity calculator to figure out your gratuity: Use the slider to fix the base salary and the DA. Then you can say how long you’ve been working with the company. The calculator can figure out the total gratuity amount in a few seconds. You can change the gratuity amount at any time by dragging the input sliders. By moving the sliders, the gratuity amount can be changed immediately. Gratuity Taxation Rules The amount of a gratuity and how it is taxed will change based on the type of employee it is given to. People who work for the federal, state, or local government do not have to pay income tax on their gratuities. If you work for a private company affected by the lawsuit, you and any other eligible employees can get this benefit. In this case, the lowest of the three amounts below will be subtracted from your taxable income. Profits of Gratuity Calculator 2022 Here are some reasons to use a gratuity calculator in 2022. It’s easy to use and gives immediate results: The gratuity calculator 2022 tells you how much your employer will give you as a gratuity. You don’t have to use complicated methods or formulas that take a lot of time. The gratuity calculator saves you time by giving you answers quickly. The gratuity calculator 2022 helps you figure out how much to save or invest. It will also help you plan your budget for the future if you keep offering the same services. You need to figure out how to get the whole gratuity. Knowing this ahead of time will help you make a better budget. Benefits of Using a Gratuity Calculator The gratuity calculator is a simple, generic app that only needs the user’s base pay and the number of years of service. The gratuity calculator will give you the totals in a few seconds. It helps you make a budget by telling you how to invest the bonus money to get the best return. The gratuity calculator is easy to use and has been very helpful. [B-02] Conclusion Gratuity is a lump sum paid to employees when they retire or leave their job. The reason is to reward them for their regular and loyal services to the company. The government of India has not set a specific amount for gratuity payments. The amount usually depends on the following factors: At the time of resignation or termination of employment, The last month’s basic salary was taken away. Please visit the Piramal Finance website for further information and get assured assistance.
08-11-2023
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Personal Loan

Piramal Finance: Home Loans, Business Loans & Personal Loans In India

Loans might be helpful when you need quick cash. The money from a personal loan may be used for various things, including trips and unexpected expenses. A business loan, however, may only be used for legitimate company objectives. However, you might use either a personal or commercial loan to fund your enterprise. But bear in mind that there is a wide range of them. This article will help you pick the best loan. It will explain the key differences between business, personal, and home loans. [B-01] Personal Loan If you’re looking for personal loans, go no further than Piramal Finance. Our main concerns are honesty and the happiness of our customers. Our paperless application process means you may apply for personal loans without leaving the comfort of your own home. All required papers may be uploaded with only a few clicks. After final approval and completing all verification steps, the sanctioned funds will be deposited into your account. Piramal Finance can help you get the personal loan you need. Loan amounts up to INR 25 lakhs are available online. The interest rates start at a low of 11.99% per year. Terms range from 12 to 60 months. Piramal Finance’s instant personal loan stands out because of: It lacks collateral requirements. Competitive interest rates. Absence of hidden costs. Applying for personal loans online with Piramal Finance couldn’t be simpler. Business Loan Piramal Finance is sensitive to the unique financial needs of each business. We love assisting business owners and entrepreneurs to realise their monetary goals by connecting them with the most appropriate financial resources. For this reason, we have developed a paperless application process. This can be completed in your home at your convenience. We will provide you with the best potential choices based on the information you submit in your application for small business loans. If you’re a resident of India looking to expand your current business or start a new one, Piramal Finance can assist by providing you with an unsecured business loan of up to ’50 lakhs. Our flexible options can be tailored to suit your business’ particular funding requirements, whether long-term investments or more immediate, day-to-day expenditures like stock replenishment, new equipment purchases, or promotional activities like advertising or staff expansion. Piramal Finance has more than ten years of experience assisting Indian small business owners. They focus on providing the best business loans in India to companies in various sectors, including retail, e-commerce, and travel. Benefits and Features of a Business Loan from Piramal Finance Quickly and easily manage your business loan account using our intuitive and powerful online portal. Using our user-friendly online monitoring system, you can quickly update and alter your customised preferences. Furthermore, there are benefits such as: Loan options with leniency: Our financing scheme is adaptable. You can pay back your loan in as short as 48 months if that works better for you. Adjust your repayment strategy at your convenience. If you pick one of the foreclosure choices, you may prepay the loan amount without paying any extra fees. Paying off financial obligations: We provide quick and easy funding for small businesses, up to ’50 lakhs. Our low-interest rates will ensure that your finance costs remain manageable. Small company loans in as little as 24 hours: We know that opportunities like these are rare. Thanks to our few documentation requirements and easy qualification standards for business loans, you may acquire the funds you need quickly. Solutions tailored to your needs: Our pre-approved offers for small business loans might help you quickly get the funds you need. In addition, you can choose a repayment term of up to 48 months and a higher loan top-up amount that works best for you. Web-based access to one’s account: You may access and manage your business loan account anytime, whenever, and on whatever device you like using our service portals and mobile applications (desktop, mobile, or tablet). Business loan application processes Please visit their Apply Now page to get started on your application for a business loan with Piramal Finance. Pick between the SME Loan and the Business Loan based on your requirements. Please fill out the form and attach the necessary files. First, choose the loan period and then enter the loan amount. Whether the organisation will continue reviewing your application will be determined instantly, depending on the data you provide. If that’s the case, someone will provide you with a reference number. Please keep this number handy, as you may need it in the future. A Piramal Finance representative may get in touch with you for clarification. Many levels of verification will take place with your loan application, from collecting documents to verifying your address and supporting documents. After we have verified your information, we will send you a personalised offer detailing the loan terms. It will include the amount you may borrow and the interest rate you will be charged. After your loan is accepted, the funds will be sent there. Home Loan For first-time buyers around the country, Piramal Housing aims to reduce the high cost of homeownership. It does this by lowering interest rates and making down payments smaller. The company supports underprivileged populations’ evolving home finance needs nationwide via its extensive branch network, digital infrastructure, and dedication to social development. The requirements of our patrons are at the heart of what we provide. We, as one of the top housing finance institutions, aim to improve customer happiness. We also wish to make home financing easier by providing: Home loans approval Competitive house loan interest rates Straightforward EMIs Prompt payment. Piramal Housing offers a wide variety of benefits to its customers, such as the ability to transfer an existing home loan balance, a longer loan term, the absence of prepayment penalties, and door-to-door service. Home loan eligibility Eligibility for a home loan can be determined with the help of a home loan eligibility calculator. You must meet the following criteria to qualify for home loans in India: Be a citizen or permanent resident of India. Be between the ages of 18 and 75. Be either salaried or self-employed. [B-02] Conclusion: Personal loans, home loans, and business loans all differ in important respects. You must select loans depending on how long you anticipate needing the money, the size of your firm, and whether or not you fit the criteria for each loan. If you’ve already done the math and know whether a personal or business loan would be better for you, you may apply for one at Piramal Housing Finance.
08-11-2023
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Personal Loan

Top benefits of personal loan EMI calculator you must know this year

A personal loan is a financial product. It has been in demand over the past few years. It can help you provide a good credit profile. This is needed when you apply for higher credit in the future. Personal loans help you in arranging secured funds for personal reasons. These could be the repairs of your house, wedding, travel, and more. A personal loan can be used for any legitimate financial need. It is an unsecured, collateral, and security-free loan. It needs minimal paperwork. To avail of a personal loan, you need to apply for it and submit the required paperwork. The bank then processes your application and checks your creditworthiness. Lastly, it makes a loan offer. The personal loan interest rate varies according to different factors. These are your debt obligation, income, and more. To figure out your perfect interest rate, you should use a personal loan EMI calculator. [B-01] What is a personal loan EMI calculator? A personal loan EMI calculator is a digital tool. You can use it to find the interest you would have to pay for your loan. This lets you know the loan amount and the interest so you can plan your savings every month. There are several loan EMI calculators available on the internet for this purpose. The calculator would help you to check the interest payable and the principal amount for different durations. The personal loan EMI calculator checks loan offers for affordability. It would ensure your financial well-being as it is necessary to make the right decision. 4 benefits of a personal loan EMI calculator The loan EMI calculator helps in making the correct financial decision. It also provides more benefits. Obtain accurate decisions to make an informed financial decision With the use of a personal loan EMI calculator, you will be able to make a correct decision without making any mistakes. Every combination of your loan amount, different interests, and tenure you type into the personal loan calculator will provide you with an accurate result. Making decisions based on manual estimates could result in errors. This could prevent you from making the wrong choice as it would show incorrect loan planning. You can type different interest rates, loan terms, and principal amounts using the algorithm to find the perfect monthly payment. Save your time and lead to quick decision making The digital EMI calculator will help you save time and give you results right away. You can then move on to the next step of the personal loan planning process. You would save time. This is because you wouldn’t need to run to your bank and wait in line to learn about personal loan plans. You can check your interest rate at any time and any place by using a personal loan EMI calculator. Plan your loan easily and efficiently It is an efficient and simple process for planning your loans. You have to visit the bank’s website and type the loan amount you want to receive, your choice of interest rate, and the repayment period of your choice. A personal loan has a repayment period that might last between 1 and 5 years. Some banks also offer personal loan applications. This makes turning to the EMI calculator for personal loans easier. The calculator makes your loan planning process extremely simple by giving you the correct numbers. Compare with other loan plans easily You can compare several personal loan plans using the EMI calculator. During deciding which plan to select, you can check out different other loan terms, interest rates, and principal amounts. Another advantage is that you don’t have to go through an agent or visit different banks. You can easily explore different financing alternatives by using the EMI calculator. You can also figure out the loan amount. As you can save that money and enjoy your regular spending, and day-to-day expenses. What factors would affect your personal loan EMI? There are mainly two things that would affect your personal loan EMI. Rate of Interest of your loan In every type of loan, your interest rate is one of the main components that affect your EMI payment. Finding a personal loan that has a low-interest rate is difficult. It also depends on your credit score. If you have a high credit score, then you would have a low-interest rate for your loan. And that would lower your monthly instalment. Tenure of your loan Your loan duration is another factor that affects your instalment amount. The longer the duration, the less would be your monthly instalment. However the more costly it is for you to repay the loan. So, choose wisely while deciding the duration and the interest rate for your loan. [B-02] The bottom line To conclude, personal loans are required for different purposes in life. People choose personal loans even if they charge a higher interest rate. This is because they don’t need any collateral. However, before applying for one, you should plan your finances and check if you have all the loan requirements. To ease your planning process, you should check out the Personal Loans from Piramal Finance. It would simplify the application process. Another thing that would simplify your process is the EMI calculator. People now prefer to use a digital EMI calculator over manual calculation to avoid errors. A personal loan EMI calculator would give you clear and accurate results.
08-11-2023
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Personal Loan
Dream Car

Instant Personal Loan to Buy a Second hand Car

Want the best loan to buy a second-hand car? Planning a road trip in your car? How can you get an instant personal loan to buy a second-hand car? Taking out a personal loan to purchase a used car is a simpler alternative and wiser choice. Here are some points which should be in your mind while applying for an instant personal loan. In the modern era, many people opt to purchase used or pre-owned vehicles by applying for used car loan. Most automakers have their pre-owned divisions. Most banks and non-banking financial institutions (NBFIs) also provide personal loans for used cars with attractive interest rates and no down payment options. Is it possible to obtain financing for a used car? For two reasons, people typically choose to purchase a used car. Either they are on a tight budget or they want to practise driving in a used automobile before investing in a brand-new vehicle. A used automobile loan would be the first type of credit that a buyer of a used car would consider. When compared to loans for buying new cars, used car loans differ significantly in several important ways. The final loan amount for a used automobile loan, in contrast to a new car loan, is determined by the age, model, and state of the car. Loans for used cars typically have higher interest rates than loans for brand-new cars. Interest rates for used car loans might be nearly identical to or even higher than personal loans for some credit profiles. Compare the features of personal loans for second-hand cars: Rate of interest Standard interest rates for instant personal loans begin at around 10.49% per year. Public sector banks offer instant personal loans at competitive interest rates. However, the final interest rates for personal loans will depend on factors such as the applicant’s credit history, monthly income, employment status (if employed), and other similar details. Common interest rates for used car loans start around 10% per year. Several PSU banks are now offering competitively lower interest rates. However, the final interest rate provided would also be based on the vehicle’s make and model in addition to the applicant’s credit history. Therefore, a prospective used car buyer with a strong likelihood of applying for a personal loan has to satisfy the lender’s requirements regarding income, employment, and credit. Credit Amount Loan-to-value (LTV) ratios of 80% or less are common for used car financing. Some financial institutions advertise higher LTV ratios specifically for used car loans. The LTV ratio of a used car loan is the proportion of the vehicle’s value that is financed by the loan. A down payment from the buyer’s resources is required to finance the remaining portion of the component. The LTV ratio would be based on the value the lender places on the vehicle after considering the car’s age and make and model. Pre-owned car loan Used automobiles, often known as “pre-owned cars,” are highly regarded. They have become fairly popular in recent years. An instant personal loan for a used car can be used to buy a used vehicle. Customers can get a sizable loan amount with good interest rates, hassle-free applications, flexible payback terms, and quick approval with this collateral-free lending option. Elements determine loan amount: Buyers now have the option of choosing a used car loan, an instant personal loan, or even a top-up on their current mortgage. However, it is important to understand that several elements determine the loan amount. These factors include the used car’s cost, its affordability, and the equivalent monthly instalments (EMIs) that potential purchasers can afford. The loan amount and the required monthly payment will both decrease with a bigger contribution toward the purchase of a used car. Loan Terms The typical loan term for a used car loan is up to five years, while some lenders grant loan repayment terms of up to ten years. However, other elements like the age and condition of the used car may also influence the final tenure. For instance, a lender offering a used car loan may mandate that you pay back the loan within ten years of the date you first purchased your car, with a five-year maximum loan term. Therefore, if you purchase a 7-year-old vehicle, you will have three years to pay back the loan. Lenders typically provide instant personal loan terms of up to five years, while some lenders go as high as seven years. FICO Score Used vehicle loans may be better for borrowers with bad credit than personal loans for used cars, despite appearances. Since instant personal loans don’t require collateral, lenders focus on borrowers’ credit. Personal loan rates are higher for borrowers with credit scores below 750. Used car loans are a good option for borrowers with less-than-perfect credit because they are secured loans. The process to apply for personal loans for a second-hand car Applying for a personal loan is a speedier and easier loan approval process than used car loans because they are unsecured loans. If you purchase a used car from an unorganised operator in the pre-owned car market, the loan procedure may become more difficult. These analyses strongly support obtaining an instant personal loan to pay for a secondhand car. In this situation, you’ll be able to borrow more money at a lower interest rate. But be aware that, depending on your wage and level of expertise at your job, interest rates may alter. Check interest rates according to your eligibility if you’re getting a personal loan to buy a used car. There is no benefit to getting a personal loan if the interest rate compares favourably to that of a used automobile loan. [B-02] Summing-up: This article’s goal is to provide a thorough analysis of crucial considerations about personal loans for buying a second-hand car. Instant Personal loans are appropriate for buying a used car. You should make a wise judgement about a personal loan. Before applying for a personal loan, compare features and interest rates from several banks to discover the best deal. Investment Reliable does not offer financial advice but provides unbiased trading, investing, and finance information. Users ought to always carry out their research. Also visit Piramal Finance which has more in-depth, educational articles.
08-11-2023
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How To?

How to Calculate Fixed Deposit Interest Rates Online 2022

In India, fixed deposits dominate the market. For a long time, FDs were the only thing people thought of when they heard the word “investment.” This safe product offers guaranteed returns over time, and you can hold it for various time frames. This article will show you how to calculate fixed deposit rates online. [B-01] What Is an FD? FD stands for Fixed Deposit. As you know, a balanced investment portfolio is the best. You need stocks and fixed income investment vehicles if you want to build wealth over the long run. One option is a fixed deposit (FD). It is an investment product in which you invest a single sum at a specific interest rate for a specific time frame. And, you receive all your money, plus interest, when the term ends. You can add the interest to your account monthly, quarterly, or yearly. Then, you can use that money to take care of things around the house. The returns on fixed deposits may not be as great as those on equities or mutual funds. But, FDs give guaranteed returns and are immune to market fluctuations. Several NBFCs accept fixed deposits, with a wide variety of options available. How do you tell which is worth your money when there are so many to pick from? You get to decide how long you want to invest. But, interest rates vary amongst financial organizations. The interest rate on an FD is the most important consideration, as all other aspects of FDs are equal. Yet, interest calculation might be a hassle when comparing several FDs. An FD interest calculator is available online, making this task quick and simple. What Is a Fixed Deposit Calculator? An investor can estimate their expected return on their FD using a fixed deposit calculator. If you want to know how much interest you’ll make from an FD before you invest, you can use a calculator. The fixed deposit calculator requests the initial investment, current interest rate, and investment term. As a result, the output is both the accumulated wealth and the maturity value. The fixed deposit calculator does not give the values estimated based on the parameters entered. But, it does provide an estimate of the wealth gained. To approximate the age of FD, you can use a user-friendly online calculator. How Can a Fixed Deposit Calculator Help You? Determining the FD’s maturity amount can be tedious and time-consuming. You may easily determine this with the use of a fixed deposit calculator found online. FD maturity estimates are difficult considering several variables. In other words, all you have to do is press a button, and A will do all the math and provide you with the results you need. You’ll be able to complete these complicated computations much more quickly. Compare the maturity amounts and interest rates of FDs via a calculator. You can make a wise choice when you have all the data at your disposal. Fixed Deposit Calculation Formula Bank fixed deposits earn a fixed interest. Furthermore, it does not fluctuate within the investment time frame. Several variables influence interest rates on fixed deposits. These are: The length of time an investor keeps their money in the investment. Age Current economic conditions are also a major impact factor. For setting interest rates, lenders consider economic factors like the repo rate. There are two ways to determine how much interest you’ll earn on a fixed deposit. They are simple and compound interest. Simple Interest on Fixed Deposit The formula for interest rate is: The formula: Simple Interest = (P R T)/ 100 P- Principal amount invested R- Rate of interest (%) T- Tenure Compound Interest on Fixed Deposit Compound Interest Formula: A = P (1+r/n) ^ (n * t) A = Maturity Amount P = Principal amount invested r = Rate of Interest (in decimals) n = number of compounding in a year t = number of years Benefits of FDs There are several upsides to investing in fixed deposits. Assured Returns FDs guarantee a return on investment compared to market-linked instruments. Market-linked investments can lose value owing to market fluctuations. There is no risk to your principal investment. And, the returns are better than those offered by savings accounts. Thus, you should consider an FD. Compound Interest’s Advantages FDs offer the opportunity for compound interest. Hence, allowing for greater returns and more rapid multiplication of capital. A Small Initial Capital Required FDs are a fantastic alternative if you want to start investing but don’t have a lot of money. That’s because minimum deposits begin at just Rs. 500. Liquidity You can cash out your FD early if you choose to, but you will lose some interest. Yet,, you gain the advantage of liquidity because you can quickly cash out the FD if necessary. Simple Procedure When it comes to investing, FDs are the most user-friendly option. And, whether you like to do so in person, over the phone, or through the internet and mobile banking, they are ideal. Higher Rates for Senior Citizens The elderly might get closer to a worry-free retirement by earning more on their life savings. What Role Can FDs Play In Your Portfolio? Keeping your investments in check A diversified portfolio that includes fixed deposits is a good idea. FDs are risk-free compared to market-linked securities like stocks and mutual funds. They are secure investments with a guaranteed rate of return for a specific term. Your portfolio’s worth remains profitable Interest from FDs can offset any losses in market-linked investments. So, your portfolio value should be up even when markets are down. Good for short-term gains Stocks can help you achieve your long-term financial goals. But, FD investments are more suited to your short-term needs. They are also a good option for long-term investments if you can’t afford to lose money. [B-02] Conclusion The FD interest calculator allows you to compute your potential earnings. But, it does so after factoring in various factors. You can use it to quickly and conveniently determine your FD rate options. It can also be used as a tool in long-term financial planning. Want to learn more about investing, personal finance, and more? Visit our blog!
08-11-2023
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Personal Loan

Personal Loan to Build Modular Kitchen for Home

Looking for a personal loan to build a modular kitchen? Don’t know where to go for instant funds? You’re at the right place. The kitchen is the one space in your home that must be flawless. It would help if you had high-quality appliances, tools, and other equipment to have a nice time in the kitchen. [B-01] You can upgrade your kitchen with an instant personal loan. A significant amount of money will be spent as a result of this. In this case, a loan to repair the kitchen is beneficial. Although most banks do not provide this top-up loan it is accessible to a limited number of them. You may acquire a home renovation loan from various sources and use the money to redesign your kitchen. Here are various scenarios where persons who already own property may be interested in obtaining a loan. ● Changes to the present kitchen and space extension ● Purchasing new kitchen utensils and household gadgets. ● Installing a prefabricated modular kitchen. ● Small eateries looking to enhance their kitchen equipment ● The most significant advantage of this loan is that it is available to SMEs and other property owners. As a result, you may utilize it to make a simple alteration in your kitchen. ● This funding might benefit restaurant operators who wish to modernize their cooking equipment. This service is also available to home chefs who wish to modify the aesthetic of their kitchens. What exactly is a kitchen refinancing loan? People who wish to upgrade their kitchens may apply for a top-up loan. Borrowers are supposed to spend the funds for a certain purpose, the most popular of which is to remodel their kitchen. It may purchase various home improvement items, electronics, and kitchen gear. You may return the instant personal loan through ECS, cheques, or online banking with customizable payback options. The money might take up to seven years to pay out. Loans for kitchen renovations may be obtained from a variety of sources. It’s simple to locate a financing plan designed specifically for kitchen renovations on the market nowadays. One alternative is to get a home renovation top-up. This may be used to pay for items such as a new kitchen while the homeowner remains in the same house. For the same reasons, a loan for small and medium-sized companies (SMEs) might provide financial assistance to eateries. These services are available to women and mothers who remain at home with their children. All loans range from 50,000 to 500,000 rupees, with 50,000 being the smallest amount that may be borrowed and 500,000 being the most. This payment plan will take seven years to complete. There is no requirement for security or collateral for this top-up loan The total cost of the loan to completely renovate the present kitchen You may acquire a loan for new kitchen equipment, fittings, and furnishings at a rate that is 2.5 percentage points more than the bank’s current base rate. You may pay for the newest modular kitchen bargains in monthly instalments with no interest at Bajaj Finserv outlets. You can receive the greatest bargains and discounts. You can browse a broad choice of wonderful collections that have been specially chosen to meet the needs of a wide range of customers. Here are some modular kitchen layouts that may inspire your kitchen makeover. Bryan Island’s Modular Kitchen An open kitchen in a tiny home allows you to show off your culinary abilities to visitors. It makes the property appear prettier. It offers the illusion of more room than there is. You’ll also have a spot to cook and dine if your kitchen is designed as an island with instant funds. Lorraine design’s modular kitchen is shaped like a U. Mangiamo built out of BWR Ply. The Lorraine modular kitchen’s U-shaped design gives the impression of more room than there is. The U-shaped design provides ample space for cabinets and drawers. It allows you to store cookware and other kitchen necessities without taking up too much space. You can maintain aesthetics and utility with a Lorraine modular kitchen. If you apply for a personal loan from Pepperfry, it would only cost you Rs. 2,73,099. A Mangiamo Jean modular kitchen in the form of an L made of MDF. Jean’s L-shaped modular kitchen design is ideal for folks who have a tiny kitchen and wish to maximize their available space. This design was created with tiny kitchens in mind. It may help you maximize your space without losing aesthetics or organization. You may pay for this modular kitchen in convenient instalments in India with a Bajaj Finserv EMI Network Card. It will only set you back around 1,4409 rupees. Claus Parallel Modular Kitchen Mangiamo built it out of BWR Ply. Space is utilized as effectively as possible in parallel modular kitchens by isolating the cooking area from the spaces for food preparation and cleaning. Claus’ parallel modular kitchen has all of these features and more. This kitchen with instant funds is ideal for those who wish to put all their cooking equipment and supplies in one location. There are several cupboards on the ground floor and above the range. Mangiamo built a Straightforward Samia Modular Kitchen Design out of BWR Ply. The Samia straight modular kitchen has a long horizontal platform intended to provide as much work area as possible. This provides you plenty of room to prepare food, cook meals, and clean up afterwards. The top-up loan clever concept successfully mixes form and function. You can purchase this modular kitchen by clicking here. [B-02] Summing-up: Every household would benefit from receiving funds to improve their kitchens. Now you can get it with a top-up loan. A kitchen with the newest equipment can accomplish its duty of preparing great meals for the family. Both of these issues might be handled by a solution that meets the demands of contemporary kitchens in general. The banker and the customer must discuss the terms and advantages of the various loan alternatives accessible to him in detail for the client to grasp them completely. You should also read the Piramal Finance articles, which are more detailed and full of useful information.
08-11-2023
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