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Step-by-step Guide on How to Get Car Insurance Onlne in India

A car insurance policy is necessary for any car owner to get constant coverage. The policy covers all damages to you or the car in an accident. So you need not face extra financial burdens. With digitalization, you can get car insurance online, and most online facilities are available. Many companies offer various insurance policies with many benefits. If you want help buying insurance, read this article to learn the detailed steps. Of course, you can buy a car insurance policy by visiting the insurance company. However, there are many benefits to getting the policy online. You can check the details yourself and get it done from the comfort of your home. [B-01] Step-by-Step Guide to Get Car Insurance Online Follow the below step-by-step guide to get the car insurance policy online: Step 1: Choose the Insurance Type First, know the insurance types your insurer is offering: a) Third-party Insurance: According to the Motor Vehicles Act of 1988, third-party insurance is mandatory. This insurance protects against any damage to a third-party vehicle or physical injury. Third-party insurance provides reimbursement for the loss incurred in an accident. b) Comprehensive Car Insurance: This type is an extensive insurance plan for cars. It covers the vehicle loss, any damage to the insured driver, and third-party damage. It also includes loss from natural calamity, theft, and fire. c) Pay as You Drive: It covers damages and third-party liability. The insurance charges for the premium depend on the car’s usage. Hence, you can track an insured car’s driving pattern and usage through telematics. Telematics helps identify low-risk or high-risk drivers. It then helps in deciding the premium amount. Step 2: Choose the Add-ons You can also select add-ons in addition to the insurance policy you choose. There are numerous add-ons to choose from, but they all come at an additional cost. Below are some of the add-ons: a) Zero depreciation: Depreciation means a reduction in car value due to wear and tear with age. For example, a car’s value drops to 91% of its initial cost after a few days of use. This add-on transfers the depreciation liability of parts over to the insurer for a nominal fee. b) Engine protection: The engine is the costliest part of any vehicle. Its damage is not covered under comprehensive insurance. This add-on will allow you to protect your car’s engine. c) Invoice cover: It is also called “invoice protection” or “returns to invoice” (RTI). This add-on will let you get the invoice amount and the road tax if your vehicle is stolen or lost. d) Roadside assistance: This add-on comes in handy if you need help when your car breaks down, has a flat tire, or other such instances. With this add-on, you can contact your insurance company and ask for help with many factors. Below is the assistance you will get with this add-on: Spare keys. Dead batteries. Minor repairs. Flat tyres. Fuel assistance. Towing services. Accommodation or taxi assistance. In addition to the above, there are others to choose from. These consist of tire cover, personal loss cover, critical protection cover, consumables cover, no claim bonus protection cover, and more. Step 3: Select the Insurance Company and Choose the Policy Now, it is time to choose a reputed insurer. When comparing car insurance companies, there are several factors to consider. These factors include the claim filing process, the market reputation of the insurance company, the cashless garage network, the claim settlement ratio, and customer support. Also, consider the features, such as policy coverage, premium, add-on packages, inclusions, and exclusions, before deciding on the insurance company. Step 4: Compare Car Insurance Plans Today, many insurance companies offer various types of car insurance online. Check the different insurance plans and compare them carefully. Then select the plan that meets your needs and provides the most benefits. For this, you can visit the insurance broking portal. Such a portal allows you to compare plans for more than 40 insurance companies with a single click. Step 5: Check Policy Documents Once you have decided on the insurance company and policy, the next step is to check the policy documents. Make sure that the policy is offering what it has promised. Also, check all the inclusions and exclusions. You should review the policy documents and understand them well to avoid any conflict later on. Step 6: Provide Details You must submit identification documents for yourself and the vehicle when purchasing car insurance online for a four-wheeler. Ensure all the documents are handy and accessible. These documents include a driving license, registration card, and vehicle invoice. It is because you will have to enter the details, such as the car model and manufacturing date, chassis number, RTO, purchase date, etc. Step 7: Make Payment Online Once you have entered all the details, pay the premium amount for the car insurance online. You can make the payment using online banking, debit, or credit cards. The car insurance renewal process is also similar. In the case of a renewal, you will have to submit the details of your current or expired policy. Step 8: Receive a Copy of Your Policy Once you have made the payment, you will get a digital copy of your policy on your email ID. After receiving your policy, do check it for any discrepancies. Make sure to match the below details of your policy with the RC of your vehicle: Make and model of your car. Insured name. Engine power. Car’s registration number. Identification number of the vehicle. Chassis number. Start and expiration dates of the policy. The insured declared value (IDV) of the car. Add-ons (if any). Once you have verified the details, get a printout of your car insurance policy. You can also get the original document from the insurance company. [B-02] Conclusion The article described how to get a car insurance policy online in India. We hope the article was helpful to you. You can read more such articles on our website to get information on related topics. Also, you can check the different financing options offered by Piramal Finance.
08-11-2023
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Home Loan

RBI Guidelines for Housing Loans in India

Housing loans are secured loans used to finance the purchases of real estate, with the asset being purchased as collateral. Home loans are a great way to borrow money because of their high value, low-interest rates, and long repayment periods. You can pay it back in EMIs like every other loan. After making their last payment, borrowers are given back their property titles. A lender can sell the collateral to repay the debt if a borrower defaults on a loan. [B-01] RBI Guidelines Regarding Housing Loans When applying for housing loans, there are a variety of RBI regulations that you need to follow for home loan eligibility. The Reserve Bank of India (also known as the RBI) limits mortgage loan interest rates and determines eligibility standards. The Reserve Bank of India (also known as the RBI) has established guidelines regarding various aspects of housing loans. We bring you the latest RBI guidelines for housing loans in India in 2022. 1. Repo Rate On February 10, 2022, the RBI left the repo rate unchanged for the tenth time. The Monetary Policy Committee unanimously decided to keep both the repo rate (now 4%) and the reverse repo rate (3.35%) unaltered. The repo rate largely determines a home loan’s interest rate. A low repo rate means a decreased cost of borrowing of the bank. The bank then passes on this advantage to borrowers. 2. LTV Ratio: Loan-to-Value Proportion All banks and NBFCs check the loan-to-value (LTV) ratio to determine the level of risk involved in the loan. To boost homebuying and reduce the cost of mortgages, the Reserve Bank of India (RBI) increased the Loan to Value Ratio to 90% for loans below Rs. 30 lakhs. For loans beyond Rs. 75 lakhs, the LTV ratio is up to 75%. So, the higher the LTV value, the easier it is to acquire a property with a mortgage loan. Furthermore, RBI has said that expenses like documentation charges, stamp duty, and registration fees will not be included in the LTV calculation. So, your upfront payment of 10% decreases as well. If the total amount of the house loan is less than or equal to Rs. 10 lakh, the bank may include the registration, stamp tax, and other paperwork expenses in the loan amount when calculating the LTV ratio. 3. Prepayment Charges Housing loans cannot exceed Rs. 1 crore in value or 30 years in tenure. If you somehow get additional money, you can pay off your loan early-partially or completely. To help those who want to prepay their housing loans, RBI has eliminated prepayment costs where interest rates are variable. For the fixed interest rate, the penalty is set at 3%. 4. Balance Transfer Facilities RBI has waived foreclosure penalties to encourage mortgage refinancing among RBI’s home loan borrowers. Now you can switch to a different bank for a better interest rate and other facilities. So, now if you foreclose your mortgage with your current bank, you will not have to pay any foreclosure charges to the bank. Things to Consider Before Applying for a Home Loan in 2022 Keep these few things in mind before applying for a housing loan. 1. Compare housing loans There are various house loan options available, and with the help of online tools, you can compare them all in one place. Compare the rate of interest, the total amount borrowed, the length of the loan, the conditions under which it must be repaid, and any additional fees or expenses associated with it like processing fees, prepayment charges, stamp charges, etc. If you compare these factors before applying for a mortgage, you’ll be better positioned to make a financially responsible decision. 2. Credit Score Your credit score is one of the essential factors banks consider before approving you for a home loan. Everyone who wants a low-interest rate with favourable terms and conditions should aim for a credit score of 750 or higher since this is the minimum threshold for the best housing loans. In addition, maintaining a good credit score is easy and can be done by merely making on-time payments on your credit card and loan EMIs. 3. Tenure The monthly mortgage payments, or EMIs, will change depending on your tenure. Banks tend to favour applicants with shorter tenures, which means the total number of years you will be making monthly EMI payments reduces. However, your EMI amount will go up. You may choose a longer repayment period if you are not confident about making high EMI payments. Using an EMI calculator online, you may determine your repayment ability and the best term for your home loan. 4. Eligibility Standards Before applying for a mortgage, you should familiarise yourself with a lender’s home loan eligibility requirements. It will reduce the likelihood of rejection of your loan application. Factors like age, profession, credit history, income, job history, etc. play a role in determining your home loan eligibility. Since a co-income applicant is considered when deciding the size of a home loan, you may apply for a loan with a husband, son, or unmarried daughter if you want to borrow a larger amount. You can use an online home loan eligibility calculator you can find the banks whose criteria you meet. 4. Processing Fees To get your mortgage application approved, you must pay a fee to the lender. There may be a 2% + GST processing charge at most banks and NBFCs. But the processing fee often changes from one lender to the next. Find a bank that charges a low processing fee to save yourself some hassle. [B-02] Conclusion: RBI keeps changing the parameters for housing loans depending on various factors. It ensures that all lenders adhere to the same standards. Knowing the latest RBI laws is essential for picking a reliable home loan service. You can book a financial consultant at Piramal Financing for guidance if you want to know more about the RBI guidelines for housing loans.
08-11-2023
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Gold Loan

Important Things You Should Know About Calculating The Gold Loan Interest Rate

Quick and simple loan applications are available to those who need access to cash immediately. How the money will be utilised and how long the loan will be in effect play a role in determining the loan amount. Using unused household gold jewellery as collateral for a short-term loan is a kind of borrowing that has recently gained popularity. Borrowers will give over their gold jewellery to the lender to be used as security for the gold loan. To meet regulatory requirements, lenders must deduct an amount from the product’s value. This means that the amount they may borrow must be lower than the value of the jewellery in the current market. Because there is no universally accepted standard for valuing jewellery, gold loans are given based on the worth of the “gold” in the piece after deducting the weight of any stones. This means that the diamond’s value will not be considered if a borrower is pledging gold jewellery. [B-01] How Are Gold Loan Interest Rates Calculated? Gold loans come with a broad range of interest rates set by individual banks and alternative finance firms. Moreover, they use various methods to determine the gold loan interest rate. For example, some loan companies charge interest based on a simple rate while others charge a compound rate. The interest that borrowers must pay is known as simple interest because it is calculated merely on the principal borrowed. When interest is compounded, however, it is calculated on the original loan amount and the interest accrued on that amount. That’s like paying interest on interest, which is not feasible. Customers should thus take care when selecting a lender that offers a loan at simple interest. Importance Of Determining Gold Loan Interest Rate Gold loans come with monthly interest payments on top of the loan’s principal balance. Borrowers have a legal and financial obligation to return their loans on time, including the interest that accrues on them. But suppose the borrower’s financial situation changes, and they no longer feel comfortable paying the high-interest rate associated with a gold loan. Since a negative influence on credit score results from late or missed interest payments, it is essential to borrow gold at a fair gold loan interest rate. Therefore, even before asking for a gold loan, you must determine how much interest you will be charged. 5 Things To Consider In Calculating Gold Loan Interest Rate Loan amount One of the most important elements in deciding the gold loan interest rate is the amount you want. By the book, the loan’s interest rate and the required gold collateral rise with the principal. Interest rates are proportional to the principal borrowed and rise with the loan’s maturity date. Interest rate type Most debtors have the false impression that there is just one category of recurrent monthly interest rates. Yet, besides gold interest, a lender may charge other fees for a loan. The lender may levy compound interest (interest on interest), jumping interest (interest that climbs at regular intervals), EMI (interest calculated as a proportion of the principal), or even punitive interest (charged if you have not closed your loan account after maturity). Determining the kind of interest initially is critical. Loan tenure The gold loan interest rate is mostly dependent on the loan’s duration. The loan’s length determines how often interest and principal must be paid each month. Assuming everything else is equal, the longer the term of the gold loan, the lower the interest rate will be each month. In light of this, the loan length should be considered while setting the interest rate for a gold loan. Financial institution The fees charged by the financial body from whom the gold loan is taken considerably affect interest rates. For instance, the interest rate would likely be higher if the company’s gold loan has any extra fees. Most NBFCs do not impose processing or appraisal fees, although banks often do (between 1% and 2%). In light of this, the costs and fees associated with gold loans are included in the gold loan interest rate. Loan calculators Most people don’t know of loan calculators, which can be used to determine the interest rates on gold loans, but they exist. Borrowers may use loan calculators on the internet to determine their effective interest rate, based on various factors such as their loan amount, the value of their gold, and the loan length. Factors Affecting Gold Loan Interest Rate While the value of gold jewellery is significant in determining the loan amount, several other elements could alter the actual interest rate being charged for the same gold loan. Actual interest rates change, according to the loan amount, period, and the quality of the gold used as security. Back-end customisation considers other factors, including the borrower’s credit score, benchmarking, and income. [B-02] Summing Up The gold loan interest rate depends on several factors. Considerations include the loan amount, the borrower’s credit history and score, the borrower’s monthly income, industry standards, and any other collateral used to secure the loan. Lenders might charge drastically varying interest rates for the same amount of gold jewellery as collateral, depending on various criteria relating to the borrower. To learn more information regarding gold loan interest rates, you must visit Piramal Finance. They will provide you with all the information you need.
08-11-2023
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Business Loan

How to avail of a collateral-free business loan in India?

When you require a business loan, you can opt for many options. Some of the available loan types are term loans, bridge loans, working capital limits, and several others. Although there are several ways in which you can obtain a business loan in India, you must be if you are ready to provide the collateral or not. As per the rules of prominent lenders, business loans above a certain value need a provision of collateral. The reason is the reduced risk for the lenders. If the borrower fails to pay back the loan amount on time, the lender can use the collateral to recover the debt. Therefore, the borrower will lose hold of the asset given as collateral. A collateral need not just a house or a car, some lenders also accept bonds, equity shares, gold, and other assets as collateral. Owing to these reasons, collateral-free business loans are gaining popularity. Herein, you can avail of a business loan without any need to provide security. Read on to learn more about these loans and how you can benefit from it. [B-01] Can I get a business loan without collateral in India? Yes, you can get a collateral-free business loan. Such debts are also known as unsecured loans. It means you are not giving any security to the lender; hence, there is no chance of losing your assets. However, certain rules should be taken into account when availing of a collateral-free business loan in India. Things to remember about an unsecured business loan in India You should know that when you apply for a collateral-free business loan, you may be unable to get the exact amount. Since there will be no security, most creditors limit the maximum amount for such loans. The interest rate on collateral-free loans will be high compared to a secured loan. This is because the lender will adjust the interest as per the risk involved. Collateral-free business loans for MSMEs are quite risky. Hence, lenders require a lot of papers to process this loan. You will have to submit proof of your income in the form of IT returns, bank statements, Form 16 etc. You must have a credit score of above 700 to avail of this loan. If you cannot submit the required papers, the chances of loan rejection are higher. You have to remember that business loans with collateral are not flexible in nature. If you fail to pay one EMI, you will be charged late payment interest on top of the usual loan interest. Similarly, you might not be able to negotiate regarding any changes to the repayment term. Collateral-free loans also come with various charges that will increase your financial burden. For instance, you might get charged for loan prepayment, foreclosure, settlement, etc. Therefore, learning about the charges beforehand will help you decide if you want to go with an unsecured loan. How to avail and unsecured loans in India for your business? Before making any decision, you should know the process of availing of a collateral-free loan. If you are unaware of the same, you might get into trouble later. To help you with the process, here are details of the entire process, from loan application to approval and payment: – First, you need to find the best lender you want to collaborate with to take the loan. The lender needs to be trustworthy and licensed. Check the reviews and feedback from past clients or the portfolio to understand what clients the creditor dealt with. It would be best if you also consider the reputation of the lender. It would be best to go with PSUs because they are directly under the supervision of the government and offer minimal risk-associated loans. You also need to check the type of unsecured business loans they provide. Some creditors, mostly private ones, offer only unsecured personal loans that you can use as business credit. On the other hand, if you opt for banks and NBFCs, most of them offer collateral-free business loans. You will need to submit your business license and registration number, GST ID, bank statements, and many such documents. Knowing the types of unsecured loans will help you make a well-informed decision without any concern. Ensure to select a creditor that offers business loans with low-interest rates and high loan amounts. Since you are opting for unsecured loans, the interest rates will be high, and that’s something you have to deal with. You must also ensure that the lender is willing to offer a loan amount that meets your need. There is no need to get a loan if the amount is not enough to meet all your needs. Then log on to the website of the lender and complete the online application process. here you must give all your details and upload the papers as required. If your profile meets their rules, the lender will get in touch with you to confirm the proposal. After you agree to the terms, the loan process will be completed and the amount will be sent to your account. Your repayments will start from the next month and the amount will be debited to your account on a given date. Kindly ensure that the EMI amount is present in the account at least two days before the due date. [B-02] Conclusion There are so many different ways in which you can opt for a collateral-free business loan for MSME. After reading the information given above, you will be in a better position to make a decision regarding opting for collateral-free business loans for MSME, along with the process of getting one for your business. If you still have any questions, you can contact the experts at Piramal Finance. They offer various types of business loans to help you expand your business without any issues.
08-11-2023
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Electronics

Top 10 Mini Laptops In India – Price & Specification

Are you looking to buy a new mini laptop for office use this year? Or maybe you need one for personal use? Well, no matter why you need it, you have multiple options to choose from. Read on to learn about India’s top 10 mini laptops in 2022! [B-01] Mini Laptops Below or Worth Rs. 30,000 1. Lenovo 100E Chromebook The Lenovo 100E Chromebook is powered by an Intel Celeron processor. It can run various operating systems, such as Windows 10 and Ubuntu. This laptop is lightweight, slim, and super portable. It comes with a chiclet-style keyboard and a comfortable palm rest. It is virtually maintenance-free, thanks to its ‘as-is’ design. It is priced at Rs. 30,000. 2. ASUS VivoBook E203MA The ASUS VivoBook E203MA is an outstanding laptop. It has a 15.6-inch touchscreen display, a powerful Intel Core i5-8250U processor, 4GB of RAM, and a great selection of ports. The laptop is powered by an integrated Intel HD-15000 GPU. Thanks to its anti-slip feet, it is one of the most portable laptops out there. Moreover, this laptop comes with a kickstand that can be used to watch videos or take notes in bed! It can be bought for just Rs. 17,000. 3. AVITA Cosmos The AVITA Cosmos is unlike any other laptop you have ever seen. It sports an eye-catching design and comes with a full-colour 16:9 screen (FHD) resolution of 1,920 by 1,080 pixels. This laptop is also super light and slim. It is powered by an Intel Core i3-6100U processor, 8GB of RAM, and a 128GB solid-state drive. The retail price for this laptop is Rs. 17,999. 4. Acer Swift 3 Series Mini Laptops The Acer Swift 3 series mini laptops are hybrid laptops with detachable keyboards and monitors. It is excellent for use when you want to blend work and play. It sports a 15.6-inch HD (1,920 x 1,080) display, a powerful Intel Core i3-6100U processor, 4GB of RAM, a small SSD, and a full-sized keyboard. This laptop is lightweight, slim, and super portable. It also comes with a kickstand that can be used to watch videos or take notes in bed. One can buy this laptop for Rs. 28,000. 5. HP Chromebook MediaTek The HP Chromebook MediaTek is powered by a MediaTek Linux-based operating system. It is aimed at users who want to remain connected at home and on the go. This laptop features an ARM architecture. This means it is less potent than Intel or AMD CPUs but more power efficient. Moreover, it comes with 4GB of RAM and can run various operating systems such as Windows 10, Android One, and Ubuntu. The laptop is priced at Rs. 24,999. 6. HP Stream Laptop The HP Stream laptop is lightweight with a keyboard powered by an Intel Atom processor. It is ideal for users who want a super compact laptop with a full-sized keyboard and a detachable screen. This laptop can run various operating systems such as Windows 10, Android One and other Windows 10-based operating systems. It is priced at Rs. 22,990. Mini Laptops Above Rs. 30,000 and Below Rs. 50,000 7. Acer Chromebook Spin 311 Convertible The Chromebook Spin 311 is a hybrid laptop with a detachable tablet. This laptop has a 12.5-inch touchscreen with a resolution of 1,200 by 1,000 pixels. It is powered by an Intel Celeron processor, 4GB of RAM, and a small SSD. What’s more, the laptop is lightweight, slim, and super portable. However, this laptop is more expensive than the laptops mentioned in this list before. It is available for Rs. 38,000. 8. Dell Inspiron Mini Dell’s Inspiron series of mini laptops is a lightweight, portable option that can handle various tasks. It has a 13-inch screen, a Core i5 processor, 4GB of RAM, and a 500GB hard drive. The Inspiron Mini has a backlit keyboard and an 8-hour battery life. The Inspiron Mini is available in two configurations. The basic model has an Intel HD Graphics 620 GPU, while the more powerful model has an Intel Iris Plus Graphics 640 GPU. It is available in India for a price of Rs. 32,999. Mini Laptops Worth Rs. 50,000 & Above 9. HP Pavilion x360 The HP Pavilion x360 is the successor to the famous HP pavilion series of laptops. This laptop is a beast and gives you a great combination of power and portability. It sports an 18.5-inch Full-HD (1080p) display, a powerful Intel Core i7-8550U processor, 8GB of RAM, a powerful Nvidia GeForce MX150 graphics card, and plenty of ports. It is available for a price of Rs. 56,000. Microsoft Surface Go 3 If you look at its best-in-class technical specifications, Microsoft’s Surface Go 3 is a budget-friendly laptop. It has an ARM-based processor, a 6-inch touchscreen display, and a 1.2GHz Intel Atom processor. This laptop is lightweight, slim, and super portable. It comes with a kickstand that can be used to watch videos or take notes in bed. What’s more, it is surprisingly powerful for its price. It is available for Rs. 72,999. Mini Laptop Price There are all sorts of mini laptops available in the market. The price depends on multiple factors like configuration and size. Moreover, the cost also depends on the brand you are buying. For example, a mini laptop made by Microsoft would be costlier than one launched by Acer. However, it is easy to find decently sized mini laptops in India under Rs. 35,000. [B-02] Conclusion There are many great options out there when it comes to laptops. It is essential to research and compare various models and prices to find the best fit for your needs. As a way to start your search, here are a few questions to help you get started. What do you need in a laptop? What do you want in a laptop? What is your budget? These questions will help you get moving in the right direction. As far as financing is concerned, you need not worry as Piramal Finance provides attractive financing options for students, businesses and working professionals. Visit the Primal Finance website for more details.
08-11-2023
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Home Loan

How To Make Home Credit Loan Payments Online?

If you need cash immediately, a personal loan from Home Credit is the perfect option since it is so simple to qualify for. A personal loan may be utilized for a variety of purposes, including an unexpected medical expenditure, a dream trip, or much-needed house repairs. You may apply for a Home Credit loan payment online from the comfort of your own home or at work. If you satisfy the conditions and provide the required papers, Home Credit will grant you immediate online approval for a loan of up to Rs. 2.4 lakh. [B-01] Aspects of a Home Credit Loan Payment Online Loan applications for this sort of assistance must be submitted online. As a result, you can be certain that you will not have to wait long in line to get the funds you want. This plan’s application procedure is simple since it may be completed at home at any time of day or night. People who seek a credit advance may borrow up to Rs. 5 lakhs on flexible conditions and Can get it easily. When a customer applies for a cash loan via Home Credit, they may expect to hear back relatively immediately. This is because the whole loan application process may be completed online, making loan approval significantly quicker. Because the organization offers an easy-to-use loan application platform, obtaining one of these loans will be fast and uncomplicated. If the application is completed and authorized online, the loan amount will be sent to the borrower’s bank account as soon as possible. A borrower may be able to get cash rapidly via this program in the event of an emergency. Home Credit Cash Loans may be applied for entirely online, eliminating the need for applicants to bring in physical documentation to establish their identity. If a consumer wishes to apply for a loan online, they just submit digital copies of the necessary papers. How to use the official website for Home credit loan payment Fill out the loan agreement and double-check your calculations. Following that, you’ll be sent to a website that explains when and how to do your Home Credit loan payment online. To complete the purchase, use a debit card or another method of online payment. We will give you a one-time password to the phone number you provided when you registered. Enter your transaction password or one-time password (OTP). Once your money has been processed, you will get a confirmation email or text message. Homeowners can repay their Home credit loan payment using the mobile app. Any Android user who has the Home Credit India app installed on their device can access the app from the Google Play Store and use it to make a Home credit loan payment whenever and wherever they choose. The following is a list of the steps that you need to take to pay your Home credit loan payment: You will find the response if you navigate to Home Credit or if you use the Home Credit app that is available for your mobile device. Fill in either the number of the loan account that you have or the phone number that you used to establish the loan. To complete the transaction, simply click the “Pay” button. You are free to choose how you would like to make payment for this. A verification text message should be sent to your phone within the next few moments. You can make cash payments toward the monthly instalments (EMIs) of your Home Credit personal loan at any Axis Bank, ICICI Bank, or India Post location that is listed on your statement. If you want to repay a loan from Home Credit, pay EMI online or you can go to any branch of a bank that specializes in assisting customers with issues of this nature to get the assistance you require. Making A Home Credit Loan Payment Using Mobile Wallet It is possible to expedite the process of paying off the Home Credit India EMI balance by transferring the necessary funds through PayTM or PayU. You are now able to check the statement for your Home Credit Personal Loan while you are on the go, thanks to the Home Credit India mobile app. To make a Home credit loan payment using EMI, the following steps need to be taken: If you are interested in utilizing Home Credit EMI, pay online by visiting their website or searching for it within a mobile payment app. Fill in either the number of the loan account that you have or the phone number that you used to establish the loan. To complete the transaction, simply click the “Pay” button. You are free to choose how you would like to make payment for this. The discussion is over now. A verification text message should be sent to your phone within the next few moments. You can obtain a copy of the statement that pertains to your home equity loan right here. With the Home Credit India app, you can check the status of your loan whenever you want and from any location, you happen to be in. [B-02] Conclusion Home credit loan payment is easy and simple. To know more about it, you can contact Piramal Finance, who will give you expert advice on what to do and how to do it easily.
08-11-2023
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Home Loan

Simple Guide on Home Loan Balance Transfer In 2022

Assume that you take out a home loan from a bank whose interest rate is 14%. You begin paying the installments as per your schedule. After a few years, you realize you’re paying more than the agreed-upon 14% interest rate. What do you do? Though you bring it to the attention of your banker and request a rollback to 14%, you don’t get any cooperation. At such a time, a home loan balance transfer comes in handy. As the name suggests, your remaining loan amount is transferred to another bank or lender, where you get a lower interest rate. This lender pays the bank on your behalf, and you continue to pay the monthly installments on your loan. In banking terms, this is also a pre-approved home loan balance transfer. [B-01] Once you transfer your home loan balance, you save the money you would pay in monthly installments. Now that you have a new lender, you can get lower prepayment rates, a longer payment duration, and better interest rates. You can also take out another home loan with your new lender equal to the balance home loan amount that needs to be repaid. Advantages of a Home Loan Balance Transfer: Why You Should Consider It You get several benefits through a home loan balance transfer to another lender and getting a lower interest rate. These include better repayment interest rates, pre-approved offers, flexible tenure, and better customer service. Its other benefits include: 1. Lower Rates of Interest Your new lender offers you a reduced interest rate with a home loan balance transfer. He also offers you better repayment rates. The repayment terms offered by your new lender may differ from those offered by other lenders. For instance, your new lender might offer you a convenient repayment tenure. He could also provide you with some flexibility with EMI payment dates. 2. Avail Yourself of Pre-approved Offers Periodically, lenders advertise their pre-approved offers to bring in more new customers. They offer huge discounts on home loans and throw in other attractive benefits too. If you are interested in procuring such an offer, you need to check with your bank or lender. 3. Ask for a Home Loan Top-up Getting your home loan topped up is a good idea if you’re short of money. With the extra cash, you can buy everything you need, like furniture for your new home. If your bank does not offer a top-up facility, you can always transfer your existing home loan amount to another lender. 4. Avail Yourself of Better Services with Your New Lender If you know that another lender offers better services than you’re getting now, you can switch. For example, perhaps you have been associating with a lender who doesn’t provide customer service 24×7 or payment of your EMIs online, but you now know of one who does. So, why not go over to him? How to Do a Home Loan Balance Transfer: A Step-By-Step Guide Do you want to transfer your home loan balance to another lender? If you are and want to know how to go about it, here are the steps to follow: 1. Identify the Bank or Financial Institution as Your New Lender First, be clear about which bank or financial institution you want as your new lender. You will transfer your home loan balance here. For peace of mind, choose one that operates under Reserve Bank of India (RBI) regulations and has excellent credit ratings. 2. Request Your Present Home Loan Provider for a Loan Statement In Step two, request your present banker for a statement of your home loan. Also, ask for a No Objection Certificate (NOC) to initiate the transfer of your home loan balance. 3. Negotiate with Your Current Banker Speak to your current lender and ask if he can offer you any special deals. These may prevent you from making the switch. After all, moving from one lender to another is both expensive and lengthy. So, if you can continue with your current lender but at better terms, that would be ideal. Else, you can opt for another lender. 4. Submit All Relevant Documents Get in touch with your proposed new lender and submit your documents to him. Do not part with your KYC (Know Your Customer) and NOC (No Objection Certificate) documents at this stage. However, ensure that you hand in a copy of your title deeds, loan balance statement, interest statements, and application form. 5. Await Your Current Lender’s Confirmation of Account Closure Now that you have handed over your documents to your new lender, you need to wait for the old lender to inform you that he has closed your loan account. 6. Get Approvals from the New Lender By now, your new lender will have approved your loan. Your earlier bank will transfer the loan account to the new lender. You now have a new lender at comfortable repayment rates. [B-02] Conclusion With the above knowledge at your fingertips, you may want to take the first step to transfer your home loan to another lender. If you’re unsure or have doubts, you can access the Piramal Finance website at www.piramalfinance.com. One of India’s leading financial institutions, Piramal Finance deals in housing, business, and personal loans. Learn about its vast range of products and services.
08-11-2023
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Personal Loan

How is my prepayment fee of a personal loan calculated?

Personal debts that still need to be utilized should be canceled as soon as possible in times of global epidemic. Yet, if a private loan sum has already been expended on items, you should endeavour to make the maximum payback as soon as possible. The future is unclear, and continuing to pay interest money is pointless. You may apply to lender banks to close your prepayment loan account. After entering proper data into a personal loan prepayment calculator, the lender bank would return the sum to be paid for account closure. Consider if the lender you’ve contacted allows you to repay the loan before you apply for it. When you have a surplus of cash, you may sometimes direct it to your loan and pay it off before the end of its term. [B-01] How to understand the Personal Loan Prepayment Fee? There are two methods to pay off a personal loan: full prepayment and half payment. A personal loan calculator for prepayment is an online financial tool that calculates the monthly EMIs on your loan amount. It takes into account the loan amount, interest rate, part-payment amount, and duration to calculate the actual outstanding EMI amount. This way you can calculate the prepayment charges on personal loans. What Is the Process of Using a Personal Loan Prepayment Calculator to Calculate Prepayment Fees? A personal credit EMI calculator with prepayment assists in revising the loan need of EMI. In the relevant areas of the prepayment personal loan calculator, you must input the loan amount, duration, and interest rates. If you already have personal debt, the personal loan prepayment calculator will ask for the remaining loan sum, EMIs paid to date, prepayment amount, interest rate, and loan term. By using a personal loan calculator with a prepayment option, you will discover how much money you would save on EMIs. Procedure For Prepayment of Personal Loan Now that you have a better understanding of the concept, let’s go through the basic approach for calculating prepayment charges on personal loans. Consider the foreclosure costs if you have opted to foreclose on your loan. Similarly, if you are making a partial prepayment, consider the prepayment penalty. You may use a personal loan prepayment calculator to help you with this. Next, contact your bank’s local branch to negotiate the prepayment. You may also submit a request online. Make sure you have all of the necessary documentation on hand. After submitting your request, you may be called by a person who will assist you with the specifics of any fee/penalty and take your payment. Benefits of Prepaying a Personal Loan 1. Get Rid of The Burden of The Loan Faster Borrowing money for a personal loan is a great option if you need extra cash. But, with an unsecured personal loan, you must repay the money you borrow in monthly instalments. The EMI payment can also eat into your monthly savings. Personal loan prepayment is a great way to reduce your loan principal and pay off your loan early. If you have some extra money, it is a good idea to pay off your loan as soon as possible. You have to pay a nominal fee for prepaying the personal loan. 2. It Lets You Save Interest Rate A great way to save money is to pay off your loan early. Prepayment can be a great way to pay off your loan early and save money on interest, but many people need to learn how it works or that it can save you money. If you have a home equity loan, it’s even easier to prepay. You can pay your monthly payment all at once, and the lender will reduce the principal balance on your loan immediately. It helps you decrease the interest on the loan you will pay in your lifetime. 3. Improves Your Credit Score It’s important to know that the credit score is a critical part of your financial life and can make or break your ability to borrow money. If you have a loan, you can prepay some of it and improve your credit score. Prepaying your loan is an important part of debt management and the first step toward improving your credit score. Most loans are made based on your credit score. If you have outstanding loans, that will affect your credit score negatively, but if you pay them off in full or partially, your credit score will also go up, which means you will qualify for a better deal on loans in the future. The Drawbacks of Prepayment of Personal Loan 1. Having to Make Expensive Payments Despite its benefits, prepaying a personal loan comes at a significant expense: you’ll have to pay lump-sum instalments to erase the debt, restricting your financial freedom momentarily. 2. Penalty Fees for Early Payment The RBI now forbids prepayment fees on private loans with variable interest rates. On the other hand, those who take out personal loans having fixed interest rates are not subject to this limitation. Prepayment charges on personal loans of up to 5 per cent of a personal loan’s outstanding principal amount are frequent. Prepaying a fixed-rate personal loan might reduce interest savings. Many lenders additionally restrict part-payments or foreclosure costs on personal loans until numerous payments are received. 3. Liquidity Is Being Harmed Many borrowers exhaust their cash assets or current investments to repay their debts. Yet, doing so may impair their capacity to cope with any financial crisis that develops as a result of events such as job loss, medical issues, or other unanticipated occurrences. You may have to take out higher-interest loans to meet your financial objectives if they use current assets. Existing personal loan clients should select prepayment only if they have enough emergency funds to prevent this problem. They should also refrain from leveraging current assets for unavoidable financial goals. [B-02] Conclusion Personal loan prepayment is appealing for current borrowers since it helps them minimize their interest expenses and total repayment load. However, if the lender imposes prepayment penalties and a drop in liquidity, this may be a disincentive. You may lessen your repayment load and interest expense by shifting your loan to lenders that offer cheaper personal loan interest rates. Read more at Piramal Finance to learn about personal loans and more.
08-11-2023
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Home Loan

Top 10 Uses of Home Renovation Loan You Must Know

A house tells a lot about its owner. The best way to maintain your home is to carry out timely renovations, repairs, and desired alterations. This is where a home renovation loan can come in handy. With ample funds at your disposal, a house renovation loan can help you renovate your home the way you want. Before you decide to apply for a home renovation loan, it’s essential to plan what to do with it. [B-01] Here are the top 10 ways you can put your home renovation loan to use. What is a Home Renovation Loan? Before borrowing a renovation loan, it is essential to know what it is. A home renovation loan is a loan that helps you to undertake any repairs or renovation of your home. Whether it is a seepage repair, a complete repaint, or a structural change, all this and much more can be done with a home renovation loan. These loans generally come with attractive interest rates and a longer tenure to help you get the most out of your home. Top 10 Uses of a Home Renovation Loan Now that you know what a house renovation loan is used for, here are some of the ways to use it: Basic Upgrades One of the most common uses of a home renovation loan is to carry out basic upgrades. These include replacing sanitary fixtures, purchasing new furniture, or bringing home new electronics. You can add value to your home with a few basic upgrades. And the best way to finance these basic upgrades is with a home renovation loan. Interior Revamping Interior renovation is always a costly job. Paying it from your hard-earned savings can have a huge impact on your financial planning. Utilizing your house renovation loan to carry out the revamping is wiser. The best part about a house renovation loan is that you can tailor it to your specific requirements. This will remove the excess burden from your finances. Remodelling of Kitchen A clean, tidy, and good-looking kitchen can enhance the entire aura of your home. But remodeling your kitchen can be quite expensive. This is where a home renovation loan comes in. With funds at your disposal, you can change the flooring, fittings and fixtures, cabinets, shelves, and much more. Bathroom Renovation Modular bathrooms are the latest trend when it comes to styling your home. Whether you want to revamp your existing bathroom or build a new one. A home renovation loan can help you do all that and much more. Add a new shower, install a new bathtub, or upgrade to high-end fittings and fixtures. You can do whatever you want without breaking the bank. However, keep your loan amount as low as possible and cater to only what’s needed. This can help you avoid borrowing more than you need. Recreating Rooms Making new space within your house requires altering the current structures. Whether by altering the balcony, or the bathroom, with a home renovation loan, you can recreate your bedroom or make space for a new one. And since alterations and recreations cost a lot, your home renovation loan amount can help you easily cover the cost. Replacing Doors and Windows Doors and windows play an important role in preventing cold, heat, breeze, and rain from entering the house. But if your doors and windows are too old or in a bad shape, you need to replace them. A home renovation loan can easily help you secure the funds you need to purchase new doors and windows. However, when you decide to carry out a task like this, make sure the loan amount is as low as possible. New Flooring Great flooring can enhance the entire look of your home. But floor tiles, marble, or other flooring options are generally quite costly to install. Therefore, a substantial amount of your savings can disappear when you decide to change your home’s flooring. But with a home renovation loan, you can replace the entire flooring of your home without worrying about a mismanaged budget. You can even repair your existing flooring and make it look new. Seepage issues can hinder the beauty of your home. It looks ugly, hampers the wall’s strength, and is costly to repair. Repairing a deep seepage requires a high budget that caters to labor costs, wall strengthening, and overall repairs. With a house renovation loan, you can complete all the necessary repairs and make your home leak-free. Seepage Repair Making a terrace garden You should not waste space if you have a home terrace. Modern terrace gardens can enhance the overall feel of your home. With beautiful plants, grass flooring, swings, modern lighting, and much more, a terrace garden can make the most of your home. With a home renovation loan, making a terrace garden from scratch can become simple and budget-friendly. Electronics and Appliance Upgrades Lastly, a home renovation loan can also be used to upgrade your existing electronics and appliances. Be it getting new ACs, washing machines, or upgrading your existing ones. A house renovation loan is a diverse product that can help you do it all. [B-02] Wrapping Up With long tenures, competitive interest rates, and flexible repayment schedules, a home renovation loan is best if you want to repair or renovate your home. If you want to upgrade your home, go ahead and find the best home renovation loan option that suits your needs. To read more articles on home renovation loans, visit Piramal Finance and give wings to your dreams.
08-11-2023
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