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Personal Loan

How To Check Personal Loan Eligibility Criteria Of Different Banks?

Personal loans often come in handy during an emergency. When you are a salaried person with a limited income, it often becomes impossible to cater to financial emergencies. The need for a substantial amount of money puts you in a situation where you look for options. Personal loans are the easiest source of money. But before applying for a personal loan it is important to know everything about them. This blog will give you all the information you need to pass the personal loan eligibility criteria. [B-01] What is a personal loan? A personal loan is an instant loan. You can get it at a fixed interest rate from financial institutions like banks. You can use it for personal financial needs such as weddings, education, or any other emergency. Personal loans are unsecured because you don’t need to provide collateral or security to borrow the money. You can pay the loan amount and interest in EMIs during the set loan term. Steps to check Eligibility Criteria for Personal Loans Following are the steps to check your personal loan eligibility criteria: Visit a branch/website Go to the Personal Loan section Select a personal loan variant according to your needs Click on Check Eligibility or similar options to see if you are eligible for the loan What are the Factors that Affect Personal Loan Eligibility? Credit score: Candidates with scores of 750 or above are thought to be more financially responsible. As a result, banks and NBFCs prefer to provide personal loans to them. They even offer reduced interest rates to those with good credit scores. However, you can still get a loan with poor credit ratings but less amount and high interest. The credit limit for a personal loan depends on the financial institution you are taking the loan from. However, those who have no credit score can also apply for personal loans. Type of employment: Financial institutes prefer to give personal loans to salaried people, especially to those in government jobs. For a self-employed person to get a loan, your business should be up and running for at least 2 years or more. Income: A high income indicates that you are most likely to repay the loan. The minimum salary requirement for salaries is between 15,000 to 25000 by lenders. When you are self-employed your annual income should be more than 2 lakh per annum to acquire a loan. You might not be eligible for a loan if you can’t show a steady source of income. Age: You should be between 18 and 65 of age for availing personal loan through most banks and NBFCs. According to retirees’ pension income, some public sector banks also provide personal loans to them. Employer Reputation: Creditors give personal loans to salaried applicants at low interest. It is because of their greater income stability as compared to self-employed candidates. If you are employed in a big reputed company, banks will not mind advancing you to a substantial loan amount at a lesser interest rate. Experience: According to many banks, salaried employees must have a minimum of 2 years of combined work experience to be eligible for a personal loan. Of those 2 years, at least 6 months of that experience should be with their present employer. Self-employed people and professionals need to be in their present business for at least two years to qualify for an unsecured personal loan. The other factor that is commonly taken into consideration is the Repayment capacity of the borrower. Applicants for personal loans are often approved by banks and NBFCs if their EMI/NMI ratio is between 50% and 55%. However, this might vary among lenders. Important tips/ factors to improve personal loan eligibility criteria for your loan There are a few ways to increase your chances of getting your loan approved. There are many variables to consider when establishing your eligibility for a personal loan. The following advice can help you become more qualified for a personal loan: Keep your credit score at or above 750: If your credit score is 750 or above, your chances of being approved for a loan will be greater. You can receive a personal loan with a high credit limit and reduced interest rates. With a better credit score, you can also get an instant pre-approved personal loan from lenders. You can also choose to take loans from those with whom you already have a credit card or deposit/loan account. Avoid frequent job changes: When determining your eligibility for a personal loan, lenders also look at your employment history and consistency. They can be hesitant to offer personal loans to those who often switch employment. Such behaviour indicates professional instability, which raises the chance of defaulting. Adding a co-borrower can help: Including a member of your immediate family in your application will improve your chances of getting desired loan amount at low interest. It could be your spouse, parents, children, etc. However, not all banks and NBFCs now permit co-borrowers. But adding a co-borrower, if available, can significantly increase your chances of getting a personal loan. It’s because, in these situations, lenders take into account the credit ratings and repayment capacities of both applicants. [B-02] Conclusion You must consider the above-mentioned factors and tips before checking your loan eligibility as a borrower. Piramal Finance is an Indian financial services company that provides personal loans, business loans, housing loans, and other financial products for you with a very simple process. Visit our website today for a simple and seamless instant personal loan process.
08-11-2023
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Personal Loan

How to Manage EMI for a 10 Lakh Personal Loan?

A personal loan can be your saving grace in extreme financial need. Unlike other loans, a personal loan is a kind of credit that does not need collateral. While getting a personal loan is a breeze for most individuals, keeping up with personal loan EMI payments can be challenging. And, in the hustle and bustle of daily life, it might be easy to put off making a repayment plan for a 10 lakh personal loan. However, this is not a good method of managing money. It’s important not to miss out on making your personal loan EMI repayments since doing so can seriously affect your finances and long-term financial plans. Here are some suggestions for keeping up with your 10 lakh personal loan EMI instalments so that this doesn’t happen to you: [B-01] 10 Powerful Tips to Manage Personal Loan EMI for 10 Lakh Personal Loan Check Your Repayment Capability Knowing how much you can afford to put toward your personal loan EMIs each month is the starting step toward timely loan repayment. Hence, ensure that you thoroughly understand the personal loan rate of interest and the repayment options the lending institution provides. With this info in hand, you can calculate the total EMI throughout the life of the loan and make more informed financial decisions. Since many financial institutions offer these products, personal loan EMI calculators are now widely available online. Online calculators allow borrowers to quickly determine their monthly repayment amounts for a personal loan. As a result, you’ll be able to make more educated choices about your loan repayment. Borrowers can use these free tools to determine whether or not they will be able to afford the monthly instalment sum for the whole loan term. Save Sufficiently Having a healthy emergency fund is crucial to your long-term financial security. These funds can be useful if you are in a position where you cannot pay your EMIs. Several liquid assets can be used to pay your EMIs, including gold, stocks, and term deposits. In addition, having a savings fund has even another advantage. With these reserves in place, you won’t have to worry about missing a payment on your EMIs if you have an unexpected economic need. That’s because you already have enough saved to cover the EMIs in an emergency. Set Personal Loan EMI Repayment Reminders Having a regular reminder alert you when your personal loan EMI is due is a good way to avoid missing any repayments. By setting up these alerts, you can be sure that you’ll never forget to make your personal loan EMI payments. On top of that, you can save up for your EMI in plenty of time, even if you don’t have enough money to cover it. Budget Your Finances You must never pay more than 50–60% of your monthly income in EMIs. This range should provide enough room to cover your other expenses without pressure. However, suppose your EMI payment exceeds 50-60% of your wage. In that case, it can cause serious financial hardship. On top of that, you’ll have to sacrifice your demands and lead a miserable life. However, there’s no need to give up your current way of life. While you are obligated to return a loan, it is wise to shorten any wasteful or needless spending. Keep a high CIBIL Score A CIBIL score is useful in figuring out whether a potential borrower is creditworthy. It’s a summary of your credit history composed of three numbers. Good CIBIL scores often range from 700 and above. A personal loan is easily available to customers with these CIBIL scores. Plus, if your CIBIL score is high enough, you can qualify for a low-interest personal loan. Borrowers can rest easy knowing you’re trustworthy if your CIBIL score is high. Suppose the borrower has a strong payment history and a high CIBIL score. In that case, the lender can agree to the borrower’s demand to delay the EMI payment schedule or to lengthen the loan term. Choose a Longer Loan Term Your personal loan EMI will decrease as your loan term increases. The greater the loan, the greater the EMI will be. You can avoid putting undue stress on your future finances by choosing a longer loan term when applying for a personal loan. As a result, you can lower your EMI amount and make your monthly payments more manageable. Select a Balance Transfer Loan A balance transfer loan lets you transfer your remaining loan amount to another lender. If you switch loan companies, you can get better terms, such as lower interest rates and longer loan payback periods. Both of these things work together to lower your EMI rapidly. Opt for Top-Up Loans You can better organize your EMI payments with the assistance of these loans, which facilitate acquiring extra cash from the loan provider. For example, you can lower your principal amount and EMIs with the help of top-up loans. Moreover, making your EMI payments on time may reduce your interest rate, extend your loan term, and reduce monthly expenses. Restructure Your Loan Before signing any paperwork, you should finalize the appropriate loan amount and the repayment period. After signing, if you realize you won’t be able to afford your EMI sum, talk to your creditor about extending the loan’s terms. One alternative is to get a personal loan to pay off all your debts. For example, suppose you consolidate your debts into a single EMI. In that case, you won’t have as many monthly payments to keep track of, and you won’t have to worry about paying off expensive loans. Think About Prepaying Your Loan Don’t feel obligated to pay the loan in full at the end of the term. Consider prepaying the loan or, even better, foreclosing if you come across any extra cash, such as via a gift or a raise at work. See whether any penalties apply, then make a simple cost-benefit assessment of the fine vs. the interest paid over the life of the loan. Also, you can try talking to your lender about increasing your EMI payments. If you can pay off your debt sooner rather than later, you’ll save money on interest. [B-02] Conclusion Making timely personal loan EMI payments is crucial. Your credit rating can take a serious hit if you miss the EMI payments. And if this happens, it will affect your credit score. In addition, you may also have to pay heavy penalties. As such, it is in your best interest as a borrower to consider the recommendations above for effectively handling your personal loan EMIs. If you want to learn more about managing your finances effectively, visit us and become a pro in managing your finances! In need of urgent money? To get instant funds with a personal loan visit Piramal Finance.
08-11-2023
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Personal Loan

10 Things You Should Not Do With a Personal Loan

A personal loan is taken from a financial institution and can be used for anything the borrower pleases. If you need cash fast, a personal loan is the best solution. Getting a personal loan is now simpler than ever. This is because of the streamlined online applications and pre-approval options. However, exercising caution while registering for a personal loan is important, as even a slight mistake may have significant effects on your finances. [B-01] If you apply for a personal loan without doing research and being careful, you might end up in a huge debt trap that could ruin your life and the lives of your loved ones. Look over this list of mistakes to avoid so you can handle your debt easily and save yourself from potential personal loan fraud. Not Consider Your Repayment Ability A personal loan might be a lifesaver, but it also risks worsening your financial situation. You should know your repayment capacity before taking a loan. Borrow what you can easily pay back. Before applying for a loan, use an online EMI calculator to find your budget. Make Several Lender Requests Loan applications create a “query” on your credit report, including the date and the lender you approached. Your credit score will decrease after each inquiry. Loan applicants who raise several questions quickly face a higher interest rate or a lower chance of approval from banks. Conceal Information About an Existing Loan Lenders typically require borrowers to detail their current debt commitments before approving a loan. So, be prepared to discuss your previous debts and financial responsibilities. If you attempt to conceal this information, the lender may reject your loan application or charge you a high interest rate. Scan the Lender’s Documents To fully know the loan’s terms and circumstances, it’s vital to read the fine print. Make sure you read the contract carefully to determine what fees and interest rates you will incur. In addition, you must read every clause carefully to protect yourself from being overcharged in the future. Neglect to Weigh Loan Alternatives Before deciding on a lender, thoroughly investigate your loan options. Evaluate the terms of loans from various lenders. This includes interest rates, pre-payment penalties, and other fees. Fail to Pay Your Monthly Instalments on Time Always keep in mind that there are two sides to every personal loan. Once a bank approves a loan, the borrower has to make regular payments to the lender. This is known as instalments or EMIs. If you miss paying your EMIs on time, it will badly affect your credit score and make it harder for you to receive personal loans in the future. Resolve Issues With the Help of a Loan Given that you can get a personal loan regardless of the borrower’s credit history, it would be tempting to blow the money you’ve obtained on things like a vacation or a shopping trip. Avoid doing that if you have more urgent needs to fulfill. Not Monitoring Your Loans Regularly It’s a good habit to know your loan and its associated details. If your loan is approved, you will receive many documents. Maintaining these records will strengthen your position in the event of a legal issue. You should also double-check this paperwork for mistakes. For example, it would not be pleasant to discover that you got approval for a smaller loan amount than expected or that the interest rate is incorrect. Risking Your Financial Future on a Personal Loan At first glance, using the funds from your loan to engage in stock market speculation or any other kind of gambling may seem like a great plan. However, given the nature of stock markets, accurate prediction is rarely attainable. You may put the borrowed money into an investment that promises high returns, but if anything goes wrong, you’ll soon learn the lesson. 10. Putting in an application for someone who has a low credit score When your family members and friends are in trouble, you should no doubt help them. But that doesn’t mean you should risk your financial future. When you want to take a personal loan on someone else’s behalf, especially if that person has bad credit, you need to be sure that they will pay the loan back on time. Tips for Getting a Secure Personal Loan You can obtain a personal loan from various sources, including a credit union, a bank, a credit card, or even a friend or family member. You may get better terms, a more flexible repayment plan, and cheaper interest rates on secured loans. While there is no need to put up security for an unsecured loan, its interest rate is higher. A good Credit Score Look at your credit score before applying for a loan since most financial institutions use this as a requirement. Credit scores of 720 and above can get you the best interest rates. Make sure your credit record is accurate before applying for a loan. Compare Interest Rates Always compare interest rates to ensure you get the best one possible on your loan. Your existing partnerships with financial institutions, like credit cards, banks, and credit unions, should be your first step. Self-Directed Investment A personal loan through a P2P lending service, where borrowers and lenders do business entirely online, is yet another viable choice. There are many fraudulent websites, so be cautious and only deal with FDIC-insured ones. Credible services evaluate your eligibility based on your credit history. Be aware that not all peer-to-peer lending platforms will allow you to apply for a personal loan, so do your research. [B-02] Conclusion Knowing your requirements and desires is vital before asking for a personal loan. This will help save money on things that are not necessities. A Personal loan online is the best option if you need money quickly and can’t turn to family or friends. Visit Piramal Finance for more blogs on personal loans and look at the products and services they offer as well.
08-11-2023
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Personal Loan

Different Types of Interest Rates for Personal Loans and How to Select the Best One?

Personal loans are a kind of closed-end lending with fixed monthly payments paid over a certain period. It may be three, four, or five years. The financial institution will now compute the personal loan’s interest rate. Based on the principle, he borrowed this amount. The lender does this. The interest rate on your loan will include any fees and other costs. This is the annual percentage rate, often known as the APR. Personal loans are often unsecured, and their interest rates are greater than secured ones. A personal loan agreement not backed by security or a recoverable asset is “unsecured.” [B-01] What Exactly Is a Personal Loan? A personal loan is a loan that doesn’t need collateral or security and is available with little paperwork. This loan may be used to meet any valid financial necessity. You must return it in line with the conditions agreed upon with the bank, like any other loan. , this might range from a few months to a few years in equal monthly payments. What Factors Affect Personal Loan Interest Rates? Employer Credibility and Work History Many lenders will consider your work history, job stability, and housing stability, among other things. It has the information, including your repayment capacity and obligation-to-income ratio. It will impact the personal loan interest rates the lender chooses for you. You may or may not work for the government, but that should not be a barrier. The lender may look into your job even if you work in the private sector. Multinational corporations have a good reputation in many fields. It has a proven track record of providing consistent work opportunities and competitive pay. This may impact how much interest you are charged. Comparison of Interest Rates and Offers Many aggregator platforms are available today to help you make an informed decision. Once you’ve determined your eligibility, you may visit one of the financial websites. It will check different personal loan finance rate providers. A solid connection should not be noticed. Follow their advice if you have a long-standing relationship with your bank or a non-banking financial business (NBFC). They may be able to develop a plan that is suited to your requirements. Outstanding Credit Score and Payback History This is an essential component. A good credit score is 750 or above. This improves your chances of receiving a better personal loan interest rate. You should maintain your credit score well if you avoid direct loans and credit card applications. Making on-time loan payments improves your credit rating, determining your interest rate. The lending company examines variables such as prompt payment of your EMIs. Timely payment of your credit card bills will help determine if you are a respected and secure borrower. Types Of Personal Loan Loan For a Wedding Marriages, as the cliché goes, are created in heaven. But, weddings come with a lengthy list of costs. Even so, everyone deserves to remember their wedding day for the rest of their lives. So, if you’re concerned about wedding costs but still want to have the wedding of your dreams, consider a wedding loan. A wedding loan is an unsecured loan that you may use to cover any wedding-related costs. It includes everything, from the caterer of your choice to the location, the clothes, and even your honeymoon destination. Vehicle Finance A car loan is one of several personal loans you may use to buy any vehicle. With this loan, you may get the brand-new two-wheeler you’ve been eyeing or the four-wheeler. You’ve been thinking about getting one for your family. Loan For Travel A travel loan, often known as a vacation loan, is intended for those who want to travel but do not have the necessary cash. You may now use the cash from this personal loan to go to your favourite vacation place and return it with simple EMIs. Medical Finance Nobody knows when a medical problem may strike us or a loved one. What is crucial at this point is that you have the necessary cash to have the appropriate therapy at the appropriate time. At this moment, you may get a fast personal loan in the form of a medical loan. These loans have simple paperwork requirements and speedy loan payout. As a result, you may be certain that you will have the necessary finances for medical care during such times. Home Improvement Loan At some time, it can be necessary to remodel your house. Fixing minor faults via home remodelling also increases the worth of your present home in case you decide to sell it in the future. Yet, cleaning and improving may be expensive, and only a few individuals have the means to make the improvements they want. A fast personal loan funding rate in the form of a home remodelling loan may be helpful with the costs you spend and may repay. Without worrying about money or burning a hole in your pocket, use a home remodelling loan to give your house the makeover it needs. Loan For Education Education is one of the most effective strategies to advance one’s job and life objectives. So, an education loan may assist you, whether you are a student or a parent wondering how to pay college fees. The loan amount covers any educational expenditures, such as course fees, and study materials. It also includes test fees, the buying of a laptop, or any other educational charges you may incur. [B-02] Conclusion The personal loan interest rates posted by lending firms online represent what they provide rather than an exact amount. Aside from processing, maintenance, and other costs, banks must pay a small GST fee. Confirm with your lender the nominal annual percentage rate (APR). Confirm with your lender the nominal annual percentage rate (APR), which is the interest rate that will be applied to your loan and any fees or other charges, before completing an application using Piramal Finance.
08-11-2023
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Guide

What is the rate of Interest of a Loan Against Property?

Loan Against Property is a popular form of secured loan in India where an individual pledges a property as collateral to avail of a loan. The interest rate on Loan Against Property (LAP) in India is subject to various factors, such as the loan amount, the loan tenure, the value of the property pledged, and the borrower’s credit score, among others. [B-01] In 2023, the average interest rate for Loan Against Property in India was around 9.35% to 12.75%. However, it can vary from bank to bank and financial institution to financial institution. Some of the leading banks in India offer Loan Against Property at interest rates ranging from 9.25% to 11.50%. The interest rate on Loan Against Property also depends on the type of property pledged. For instance, the interest rate on a residential property is generally lower than a commercial property’s. This is because a residential property is considered a safer option for lenders than a commercial property. Additionally, the loan amount and the loan tenure also significantly impact the interest rate of the Loan Against Property. Larger loan amounts and longer loan tenures are usually associated with higher interest rates. On the other hand, smaller loan amounts and shorter loan tenures generally have lower interest rates. The borrower’s credit score also plays a crucial role in determining the interest rate on Loan Against Property. A higher credit score implies a lower risk of default, so lenders are willing to offer loans at lower interest rates to such borrowers. A credit score of 750 or above is considered good, and borrowers with such a score can expect to get loans at lower interest rates. In addition to the factors mentioned above, the country’s current economic scenario also impacts the interest rate of Loan Against Property. In 2023, the Indian economy was in a steady growth phase, so the interest rates were on the lower side. However, this can change as the economic scenario evolves, and lenders may adjust their interest rates accordingly. It is important to note that while interest rates are an important factor to consider while availing of a Loan Against Property, they are not the only factor. Borrowers should also consider other charges and fees associated with the loan, such as processing fees, pre-payment charges, etc. [B-02] In conclusion, the interest rate on Loan Against Property in India in 2023 varied from 9.35% to 12.75%. The interest rate depends on various factors such as the loan amount, the loan tenure, the value of the property pledged, the borrower’s credit score, and the country’s current economic scenario. Borrowers should consider the interest rate and other charges and fees associated with the loan while availing of a Loan Against Property.
08-11-2023
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Personal Loan

All about different EMI calculators – Home loan EMI, Personal Loan EMI, Car loan EMI

Did you know? India’s credit industry is one of the largest in the world. We all know how important a loan is. The loan is generally taken to fulfil our personal and financial goals. But every loan taken from a lender needs to be paid back. Both the principal amount and the interest amount are to be paid back. Hence, the repayment of the loan is categorised accordingly. A loan taken to build a house comes under a home loan. Similarly, a loan used to purchase a car is classified as a car loan. The repayment time of the loan is decided by the borrower. For instance, one year, five years, and so on. [B-01] To calculate the repayment of a home loan, car loan, or personal loan, lenders use Equated Monthly Instalment (EMI) methods. An EMI calculator is used for this purpose. Based on the loan principal, interest rate, and loan tenure, an EMI repayment amount is decided. The EMI repayment is to be paid every month by the borrower until the loan period is over. Do you know? Your loan EMI is subject to change. Why? Because the interest rate is decided by banks as per the prevailing repo rate (the rate at which the RBI lends money to commercial banks.) If the RBI increases the repo rate, the EMI interest rate goes up. If it decreases, it goes down. In this article, we will learn about the different types of EMI calculators used by lenders and banks. We will also understand why EMI calculators are important for both lenders and borrowers. Different Types of EMI Calculators Generally, there are three types of EMI calculators. These are the home loan calculator, personal loan calculator, and car loan calculator. Let us know the different types of EMI calculators. Home Loan EMI Calculator Since home loans are huge in amount and carry a higher repayment tenure, they require a lot of understanding and structuring. The best way to plan and execute your repayment strategies is to use a home loan EMI calculator. EMI calculators are easy to use. It gives borrowers a repayment figure to consider for the loan taken. This helps borrowers assess loan payments effectively. All you need is the loan amount, the tenure of the loan, and the interest rate charged by the lender or bank. It is recommended to always use a good EMI calculator for your loan value calculation. Car Loan EMI Calculator One of the most common loans being taken in India is a car loan. Investing in a car is one of the most preferred expenses a person can make. Like any other loan, a car loan carries a principal and interest amount. These amounts have to be paid to the lender. A car loan EMI calculator is an effective tool for assessing your repayment options. One should always decide on a repayment option according to their paying capacity. Failing to do so could land you in trouble. Just input your car loan amount, interest rate, and loan tenure in the EMI Calculator to know the exact EMI value. Did you know? If you fail to repay your car loan, the car can be seized by the lender. And the car could be auctioned off to ensure the amount is recovered. Invest wisely, and make sure you repay your EMIs on time. Personal Loan EMI Calculator A personal loan is of many types. A personal loan is also taken for multiple purposes. For example, medical emergencies, holiday vacations, major home retrofitting, etc. Since most lenders consider personal loans to be insecure, they carry a higher interest rate. Personal Loan EMI Calculator is the best solution to know and asses your loan amount. Accordingly, you can pay your loans with ease. You just need to put in your loan amount, loan tenure, and the interest rate charged by the lender. Putting this info. The personal loan EMI calculator will give you the exact repayment value of the loan you have taken. Why is an EMI calculator helpful? EMI calculator helps you calculate your exact loan repayment amount. With the exact amount, you can determine your capacity to pay. It saves a lot of time and confusion around loan repayment value. It helps you avoid misunderstandings regarding your payment value since calculators give you the final amount. It not only gives you an accurate estimate but also helps you determine the tenure and interest amount to be paid every month. There are different types of calculators for different types of loans taken. For instance, a home loan calculator and a car loan calculator. EMI calculator is used both by lenders and borrowers, so you know how important it is. [B-02] Conclusion From the above context, it is very clear that EMI calculators are an important tool for loan value calculations. There are primarily three types of EMI calculators. Like a home loan EMI calculator, a car loan EMI calculator, and a personal loan EMI calculator. It helps us in many ways. The EMI calculator gives you an exact value estimate, helps you assess your loan repayment capacity, and so much more. Moreover, both lenders and borrowers use loan EMI calculators. It gives an accurate figure and detailed assessment to the user. Do remember that EMI values can be subject to change as per the RBI repo rate. A higher repo rate invites higher interest rates, and vice versa. Having said the above, I’m sure our readers are well aware of the Piramal Finance website. It has a whole lot of information on personal and housing finance advice. Do hit the link and open up an exciting world of financial solutions.
08-11-2023
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Business Loan

A Complete Guide to Compare Business Loan Interest Rates and Apply for a Loan

What are the best Business loan interest rates? How can I get a Business loan interest rate? For a new business to work, there needs to be a lot of planning, organisation, and hiring skilled workers, among other things. The company needs several things for these projects to be successful. In the past few years, business loan interest rates have become more popular for new and existing businesses to grow during the planning and launch stages. [B-01] A Study of the Things That Affect a Business’s Financing Costs The business loan interest rate can vary based on the lender and the company getting the loan. Several internal and external factors affect the interest rate and the ability of the borrower to get cash. Some of the most important things that could affect the interest rate on a business loan include the following: 1. How long online business loan lasts? Banks decide whether or not to lend money to a business based on how likely it is to make money in the long run. The lender will charge you a different interest rate depending on how long your business has been open. But a business must have been around for at least two years before it can be considered. 2. What does “turnover” at work mean? If your business has always made money instead of lost money, the interest rates on business loans are more likely to be competitive. To qualify for a business loan interest rate, your business must have made at least Rs 90,000 in sales in the three months before you apply. 3. The credit score Your credit score measures how reliable you are as a borrower and how likely you will pay back a loan on time. If you’ve ever borrowed money and paid it back on time, along with interest, you’ll have a good credit score. A high credit score is one of the most important things that affect the business loan interest rate (above 750 out of 900). If your credit score is high, your chances of getting a loan go up. For an Online Business Loan, the Following Must be True: Age Minimum Requirement – Banks usually give loans to people at least 21 and under 65 years old. The total amount borrowed – If you need a business loan interest rate, you can ask for anything from $50,000 to nothing. Interest rates on big loans are more likely to be low. Tenure – A common way for a business to get money is through a short-term, unsecured loan. Most of the time, you have between one and five years to pay back these debts. Self-employed people who have regularly filed ITRs over the past few years are the only ones who can get a business loan. The bank will look at your ITRs to determine how much money you make each month and if you can repay the loan. Having business loan interest rate knowledge is important. Money coming in or sales – Revenue is the money a business makes when people buy its goods and services. This metric is sometimes called “turnover” or “sales”. Some NBFCs and banks business loan interest to businesses and people whose annual sales are less than Rs. 10 lahks. Lenders usually work with businesses like banks that have been around for at least five years. To get a business loan interest from a bank or NBFC, the applicant’s sales or turnover must have grown by at least 10–15% over the past three years. Financial Institutions’ Strength – Your bank will decide whether or not to lend you money based on how much money you have in your bank account and how your finances are in general. A thorough credit report from a bank will show the history of returned checks. Always have a clear idea about business loan interest rates so that you don’t miss any opportunities. How Can I Improve My Chances of Getting a Business Loan When I Apply? When it comes to unsecured loans, each bank has its own rules. I’ve put together a list of tips to help you increase the chances that your loan application will be approved. Getting your credit score up – Find out as soon as you can what caused your bad credit. If a person forgets to pay back a business loan interest rate or pays their credit card bill late, it could hurt their credit score. Your credit score could go down if you have a history of making late payments. It’s important to keep a good track record of paying back loans and always pay your debts on time. Apply for loans – A business owner’s chances of getting an online business loan quickly may be increased if they send loan applications to many different banks. If you apply for loans from several places at once, your credit report will show that there have been several inquiries about you. This makes it more likely that no loan will be given to you. Give careful thought to all of your options before choosing a bank – Find out which banks offer business loans with the best rates. Choose a bank with a low-business loan interest rate that gets back to you quickly when you ask questions. You must also fill out our eligibility calculator to determine if you can get a loan. This will give you a rough idea of how likely you are to get a loan and how likely you will be able to pay it back on time. [B-02] Conclusion Getting a good business loan is the most important thing to ensure the company has enough money. A big part of this is the business loan interest rate. By doing this, you’ll be able to reach your business goals. You can get the best interest rate on a business loan in India if you go to a reputable company. A team of knowledgeable advisers of Piramal Finance is available to assist you at every stage of the application process. This boosts your chances of being accepted and receiving your funds soon. Piramal Finance is one of India’s top non-bank finance organizations. Its specialised staff of professionals is accessible 24 hours a day, 7 days a week, to assist existing and new clients.
08-11-2023
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Personal Loan

Everything You Need To Know About Personal Loan EMI Calculator In 2022

Loans are the best way to meet your financial requirements, have leverage, and gain monetary independence. Personal loans, of all types of loans, can be used for a variety of reasons. You can apply for a personal loan without being accountable to the lender about the way you want to use the money. You can use it to buy a house, make a down payment, finance higher education, etc. However, managing the finances the right way can be tough at times. [B-01] In such cases, a personal loan EMI calculator can come to your rescue. You can use it to calculate your interest rates, loan amount, loan tenure, and EMI amount. This will help you compare different offers. You can choose the one that is best for you. In India, most of these personal loan EMI calculators are available on several websites online. The interface is quite easy. You can conveniently use it without any constraints. However, there are certain things you should know before using a personal loan EMI calculator. This article will let you know about personal loans, EMI calculators, their features and benefits, and how to use them. What is a personal loan, and what is it applied for? A personal loan is a financial aid. It helps you borrow money from a lending institution to meet your requirements. You can use the loan amount for a wide range of needs. These could be buying a house, making a down payment, or even financing higher education. The lender, in return, charges you a specific rate of interest. This is mostly about 8% to 24% per annum. According to your credentials and financial capacity to repay the loan, the EMI amount and the interest rate are charged. You have to repay the loan within a period of 12 to 84 months. This depends on what your lender charges. These loans are unsecured. This means you won’t have to pledge your assets as collateral to get a loan. You are also not dictated to in the way you use the loan amount by your lender. In addition to that, you have the liberty to choose the loan amount, loan type, and other EMI options. However, to manage your loan EMI amount, interest rates, and updates, you need to use a personal loan EMI calculator. What is a personal loan EMI calculator, and what is its significance? A personal loan EMI calculator is an online device. You can use it to calculate your EMI amount for the loan you have taken. It is a free, easy-to-use, handy calculator. It lets you put in all the required information and get the desired result in no time. The device is programmed with a mathematical formula. It gives you instant results with accuracy. You can use the personal loan EMI calculator to calculate and compare different offers from different lenders. This will help you get the best EMI option according to your choice and suitability. You should go through the terms and conditions of the loan before applying for one. Now that you know what a personal loan EMI calculator is, it is time to learn about some of its benefits. What are the advantages of using a personal loan EMI calculator over other calculators? There are several merits to using a personal loan EMI calculator: Easy to use: The loan EMI calculator is easy to use. You only need to put in the information and get the result in no time. This makes the personal loan EMI calculator handy for you when calculating different interest rates. Time-saving: It is powered by artificial intelligence. So you can get the computed result in no time. When it comes to fast calculations, nothing can beat an online calculator. Accuracy: The results that are provided to you by the personal loan EMI calculator are accurate and precise. This prevents you from experiencing its complexity. It tells you the exact number that you need to know. Comparing different offers: A personal loan EMI calculator is diligent. So you can do as many calculations as you want and compare all the offers of different lenders. You can choose the loan with the best interest rate and EMI amount. This will help you plan to repay the debt easily. How to correctly use a personal loan EMI calculator? As mentioned earlier, you can easily use a personal loan EMI calculator even if you have not used it earlier. In the first bar of the EMI calculator, add the loan amount you have taken from the lender. In the second bar, you have to enter the interest rate charged by the lender based on your credentials and the terms of the loan. In the third bar of the personal loan EMI calculator, you have to enter the tenure of the repayment of the loan, and then you have to click on “Calculate.” After following these steps, you can easily get the desired EMI amount that you have been looking for. Likewise, you can perform as many calculations as possible until you find the one that suits you. [B-02] In conclusion: A personal loan can cover all your needs and requirements without much financial strain. But the real deal lies in managing it. While managing your loan, you can use a personal loan EMI calculator to calculate your remaining EMI amount. Before applying for the loan, you can get updated with the pending instalment amount that you have to pay. In addition to that, you should not depend only on the calculator. You should visit the terms and conditions of the lending institution, talk to your advisor, improve your credentials, and prepare your financial plan before going for it. In case, you want to know more about personal loans and personal loan EMI calculators, you can visit Piramal Finance.
08-11-2023
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Home Loan

How to choose the best home loan option: Complete Guide

Finding a perfect home is important, but so is finding the perfect mortgage. The mortgage you choose will hold you back for a long time. So check out the tips below to get the mortgage that’s right for you. A home loan is an amount of money that you normally borrow from a bank or other financial institution. Depending on the terms of the home loan, the borrower must repay the outstanding home loan balance transfer of the housing loan plus interest in simple monthly instalments (EMI) over 10 to 30 years. For most people, owning a home is one of the most important achievements to achieve, as well as a costly endeavour. Living such a dream life requires a lot of work on the buyer’s part, and the only way to make the house fit into your budget is to take out a mortgage. [B-01] Some tips while opting for a home loan: Start by saving enough for your down payment: When buying a home, it is important to have a financial plan. Your monthly budget should be set to accommodate a certain amount of money. This amount will be subtracted from your payment. Down payments range from 2.25% to 20% of the home purchase price. This depends on the home loan type and the lender you choose. A great way to secure money every month is to automatically transfer money from your bank account/salary to your savings account. That way, you won’t be tempted to mess with the amount you reserved for your deposit. Check your credit history: The best home loan deals are offered to those with good credit. A good credit score suggests that you are responsible for your financial history. This assures the lender that you are a good candidate as a borrower. So how do you ensure that you have access to a creditworthy and affordable option? First, get a copy of your credit report to see what your credit report looks like to potential lenders. Knowing this, you can take steps to improve your credit score. There are various portals you can pay to determine your creditworthiness. Make sure your financial reports are ready: When applying for a home loan, you will need to obtain and present several financial documents. Having these documents ready and organized will speed up the process. Most importantly, you should have the most recent payslips, tax returns, bank statements, etc. Use a home loan calculator: Home loan calculators are very helpful in figuring out how much you can afford. These simple mortgage EMI calculators are readily available online. These show monthly payments under different scenarios (different house prices, interest rates, down payments, etc.). Potential borrowers can use them to figure out how much to borrow with the salary they are earning. ● Compare Housing loan offers: Don’t be fooled by home loans with the same interest rate. Other factors make one loan more expensive than another. For example, points, fees, etc. You should understand all the different factors that determine the price of a home loan. Pre-screening: A pre-approval is a smart way to see where you stand in terms of the amount you can borrow and the range of homes you should watch out for. Only minimal financial information is required, such as savings, income, etc. Realtors may ask you to be pre-qualified so they know what to look out for. Find the type of home loan that’s right for you: Just because someone close to you chose a fixed-rate loan doesn’t mean it’s the right option for you. Someone may find that a fixed rate is more predictable and a better fit for him. While someone else may prefer variable rates. It is market-linked and fluctuates about the base interest rate. That doesn’t necessarily mean you should go for it either. The type of home loan you choose depends on your financial situation. Try to reply to the lender promptly Don’t assume your job is done after you apply for a mortgage. Lenders may ask for additional information. You should provide it promptly. Taking too long to respond to the lender can delay the processing of your loan. This can result in problems with the home you’re trying to buy. In order not to lose your dream home and the security deposit paid; act quickly with your moneylender. Maintain creditworthiness throughout the loan processing period: After a lender checks your creditworthiness before accepting your application, don’t assume they won’t do it again. You can crisscross if there were any variations. So make sure you have your funds available for the entire loan processing period. Read the loan agreement Please make sure you have read and understood everything contained in the home loan agreement before proceeding and signing. Study all the terms and conditions. Increase bridge funds: As a borrower, you have to pay a certain amount of the total amount out of your pocket. We recommend paying as much of your deposit as possible to reduce interest on your principal. After researching the best banks and mortgage lenders, be aware that not all lending programs are suitable for all borrowers. Before applying for a home loan in India, you should carefully consider the requirements as each individual or bank has different requirements. For this reason, you should choose a mortgage based on your borrowing needs, repayment ability, and cash flow. Choosing the right mortgage lender is a bit like choosing a spouse. We can’t help you choose a life partner, but we can help you find a financial partner. [B-02] Conclusion There are several factors to consider when choosing a mortgage in India. You need to track the interest rate charged, loanterm, details about home loan balance transfer, and repayment schedule. Since it is a long-term loan, please consider the timing of the start of borrowing and the change in interest rates after that. Accidental death or disability must also be considered for payment protection. Make sure there are no hidden costs in the form of prepayment penalties, etc. Prefer visiting Piramal Finance to know more about home loans, personal loans, and different investment schemes.
08-11-2023
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