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Personal Loan

What to Know about a Personal Loan EMI Calculator

If you want to apply for a personal loan, then you should use an EMI calculator before you begin applying. An EMI calculator can make loan comparisons and financial planning much easier for you. Every bank or NBFC makes an EMI calculator available on its website or app. With an EMI calculator, you can check different loan amounts and tenures to see what you can afford. This way, you can ensure that your other financial obligations are also taken care of. An EMI calculator helps you plan a smooth and disciplined fiscal life. Using a personal loan EMI calculator is one of the best ways to get a complete picture of your loan needs. [B-01] Personal Loan EMI Calculator Components An EMI calculator displays the total loan amount you pay as per your chosen principal sum and tenure. Here are some terms that will help you use an EMI calculator better: Principal Amount: This is the actual loan amount that you borrow. Interest Amount: This is an annual rate that is charged on your principal sum. Total Loan Amount: The total loan amount is the sum of your principal loan amount and the interest amount. Outstanding Amount: This is the balance that remains to be prepared after every EMI payment. Factors that Affect Personal Loan EMIs You should also understand the factors that affect the length and amount of your EMIs before you choose these terms. Loan Amount If you opt for a higher loan amount, the EMI will also be higher. However, the lender decides the loan amount. Apply for a loan amount that you can easily pay off. Also, check your loan eligibility before applying for a loan. Interest Rate When using an EMI calculator to calculate personal loan EMIs, you need to know that the higher the interest rate, the higher the EMI. Prefer the lender who offers lower interest rates on personal loans. The factors that determine the interest rate are income, credit history, and repayment capacity. A credit score above 700 will land you good interest-rate offers. Loan Tenure The longer the loan tenure, the lower the EMI amount. But in this case, the interest rate on your loan is higher. How to Use an Online EMI Calculator for Personal Loans? Using an online EMI calculator for personal loans is a three-step process: Step 1After clicking on the personal loan EMI calculator on the lender’s website, use the slider to select the amount. Step 2Then, enter the interest rate offered to you by the lender. You cannot select the interest rate at your discretion. It is set by the lender. Step 3Finally, select the loan tenure. Now, the monthly EMI amount will be displayed. Say you want to apply for a personal loan of Rs 15 lacs with a term of 5 years, and the interest rate offered by the lender is 12%. You can enter all the details in the EMI calculator for personal loans. In seconds, you will get the exact monthly EMI amount. The calculator displays a table depicting your periodic loan repayment schedule. It contains details about the rate you are required to pay as interest and the portion of your EMI that goes toward the principal amount. This breakdown of interest and principal explains the repayment process in a more accessible way. Benefits of a Personal Loan EMI Calculator Ease-of-UseAn EMI calculator is one of the easiest ways to gauge your total loan amount. All you need to know is the interest rate, amount, and tenure. Within seconds, the monthly EMI calculation is displayed. Accurate ResultsThere are fewer chances of errors when assessing your personal loan amount when you use an EMI calculator. Also, the tabular format of the loan breakdown is easy to understand for anyone. Unlimited UseYou can use a personal loan EMI calculator as many times as you like. There are no restrictions, as it is available 24×7. You can even try many combinations of loan tenure and amount to arrive at a decision. This makes money planning easier. Time-SavingUsing an EMI calculator is better than calculating interest rates manually with a formula. It is easy to use and provides 100% accurate results. There is no chance of ambiguity with the results of an EMI calculator. Help with financial planningYou can find out the exact loan repayment timelines by using a personal loan EMI calculator. Not only that, but with this information, you can also assess your overall monthly inflow and outflow. [B-02] Conclusion In times of financial hardship, a personal loan is the most common form of finance. So, a personal loan EMI calculator is a quick and optimal tool to easily understand the EMI payments of your loan. So, whenever you need to apply for a loan, this is the tool you turn to. You can find the EMI calculator for personal loans on any lender’s website. You do not need any fancy technology to use an EMI calculator.Piramal Finance is a one-stop shop for all your financial needs. Here, you can get a personal loan with no foreclosure or prepayment fees. You can apply for loans ranging from Rs 1 lakh to Rs 10 lakh. A team of experts is at your disposal to ensure smooth loan processing. You can check out their website for a personal loan EMI calculator and find out your monthly EMI amount in seconds. If you need to learn more about such topics, Piramal Finance also has a range of financial blogs for you.
08-11-2023
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Personal Loan

Top 10 best and right ways to use personal loan amount

Life is a series of unexpected happenings, and often, we find ourselves unprepared for some financial troubles or expenses that might come our way. Sometimes, we do not know what to invest in a new business, professional upskilling, medical expenses, or a much-needed vacation. For whatever reason, applying for personal loans is one of the best courses to take if you’re considering a good amount of expenditure. [B-01] Why Personal Loans? Unspecified Loans Personal loans are taken when the reasons for borrowing are unspecified; therefore, they can be used for various purposes, or even be multi-purpose. This means that the scope of the loan is broadened and not narrowed down like taking home loans, or car loans. Quick processing time The time it takes for a personal loan to show up in your bank account is relatively low. In some cases, it only takes 24 hours. Therefore, it is one of the best options if you need quick credit. Unsecured You also do not need collateral when applying for a personal loan. This makes it an easier option than the alternatives. Minimum Criteria Applying for personal loans is also fuss-free because it does not require more than one’s essential documents such as proof of income, and residence. For salaried employees, one can show one’s income slips, and for self-employed profit and loss statements are usually necessary. While there are certain criteria such as minimum salary, and age, these are not huge hindrances to the average borrower. Best Ways to Use Personal Loan Amounts Therefore, while applying for a personal loan is a relatively easy process, when it comes to spending it the right way, there may be concerns about the best way to do so. Since personal loans are unspecified, you may choose to use them in a manner that is suitable for you. Here are ten ways that are most beneficial for spending your personal loan amount. Debt Consolidation – If you have different sources of debt, debt consolidation through personal loans is one way in which you can reduce your financial troubles by consolidating all of them into one direct payment, which may also result in having to pay a lesser rate of interest CIBIL score – Your credit score is a reflection of your borrowing behaviour which shows lenders and financial creditors how trustworthy you are when it comes to paying back your loans through EMIs on time. If you have a high score (750+), you are more likely to be a worthy candidate for loans and are also often offered lower rates of interest than someone with a low credit score. Using personal loans to up your credit score is guaranteed to make you more financially secure in the future. Medical procedures– Medical procedures may rack up expenses and dip into savings if you are not prepared to deal with them financially. You also cannot avoid them, therefore it is best to apply for personal loans that you need not have to worry about. In case of emergencies too, since these loans are available easily, you can opt for them without a doubt and pay them according to flexible tenure. Education– Personal loans can also be used to finance education, either for your higher studies or for your children’s education abroad or within the country. Good quality education with facilities often means expensive fee payments, which can be managed by securing a students personal loan. Upskilling– To advance one’s career, many opt to either take special certification courses or online classes, or even degrees such as MBAs. While the cost-benefit ratio is high in such cases, you do need an appropriate source of credit to cover the cost of these programmes. This is where personal loans come in handy. Investment as an Entrepreneur– If you are an entrepreneur or business owner, investing in your business always requires some extra credit. Whether it is for expanding the scale of your business or adopting new technology and capital, entrepreneurs can benefit from personal loans. Travelling– Once in a while, you may want to rest and take your well-earned vacation days and travel, either within the country or abroad. For vacations that need insurance, flight expenses, and accommodation, applying for a travel personal loan might be the best way to finance your dream destination! Wedding– Weddings are a huge part of our life, and the expenses are huge. Many times, you may feel the need to chip in as parents of the couple, or as the individual getting married. Celebrating the start of a lifelong relationship, while expensive, can be made easier through Wedding personal loans. Home Renovation– Buying a house is an investment, therefore maintaining the quality of the house as an asset becomes a priority. The renovation which aims to maintain and improve the quality of your home is going to help to get a good price for your house if you plan to sell it at a later date. Personal loans are a good option for incurred expenses on home renovations. Emergencies– You never know when you may need the necessary funds for situations that come up out of the blue. Those who may not have the necessary savings or those who may not want to use their savings for such circumstances may consider a emergency personal loan with its flexible tenure and reasonable EMI schemes. [B-02] Because there are many options for personal loan schemes, you may want to take your time to research wisely. Check out our website for more information on the same.
08-11-2023
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Business Loan

Top 10 Benefits of Using Loan Against Property for Small Businesses in India

Micro, small, and medium enterprises, or MSMEs, form the backbone of the Indian economy. These enterprises employ a large number of people and contribute to economic growth. However, running a small business in India is challenging. Lack of access to resources is a big issue for MSMEs. As a result, they have to let go of great opportunities. If you also own a small business and are facing a paucity of funds, then you can opt for a loan against property. A loan against property is a high-value loan offered by banks and NBFCs. To apply for such a loan, you must offer a property as security. The lender will create a charge against that property and offer you up to 80% of the property’s value as a loan. You can continue to use the asset as needed, but you cannot sell it. The tenure for a mortgage loan goes up to 20 years, which helps lower your EMIs. You can use the money as per your needs, and there is no need to seek permission from the lender. [B-01] Read on to learn more about the benefits of using a loan against property (LAP) for small businesses in India. Top Benefits of a Loan Against Property When you apply for a LAP, there are some rules and terms that the lender will specify. If you follow these terms, you can enjoy many benefits from this mortgage loan. Here are some of the benefits of a property loan: Low-Interest Rate: When you take a loan against property, you offer security to the lender. This security lowers the risk for the lenders, and they can offer you better deals. One of the most useful benefits of a LAP is the low interest rates, which start as low as 11.9% per annum. With such low-interest rates, you can use the money for any of your needs. Long Tenure: One more benefit of a property loan is the long loan tenure. While most personal loans have a tenure of up to 60 months, a LAP comes with a loan tenure of up to 20 years. A long loan tenure means that your EMIs will be lower. Hence, you can use the amount as per your needs and repay these EMIs as per the schedule. As a small business, this benefits your business during the growth stage. High-Value Loan: The amount of money you can get as a mortgage loan is based on the value of the property. Many lenders offer between 60% and 80% of the property value as a loan. This can easily extend into crores of rupees, which is a huge amount. You can use this money for any of your needs, whether they are for business or personal use. Lower Charges: While lenders do levy legal and technical charges for a property loan, the other charges are quite low compared to other loans. It is true that you only need to pay these charges once, but they can still add up to a huge amount. But in the case of LAP, since these charges are extremely low or, in some cases, waived off, you can reduce the cost of the loan efficiently with this option. Foreclosure: Most lenders offer the option of foreclosure for a mortgage loan. Here, you get the option to prepay the loan if you have spare funds with you. The foreclosure charges depend on the amount of the loan that is still owed. But with this option, you can repay your loan on time and save on the interest costs you have had to bear. Property Usage: In the case of a loan against property, you can continue to use the property as per your needs. This means you can take out a LAP against your home and continue to live there without any problems. This makes LAP a good option to put your idle property to use and meet your money needs urgently. Quick Approval: Banks and NBFCs process a property loan quickly. Usually, they complete the process in 7–10 days, making it ideal for urgent financial needs. Most lenders use the latest technology, like AI, to process your loan application. Thus, you need not run around to complete the loan process on time. Disbursement Mode: Many banks offer you the option of taking the LAP as a line of credit. Here, you need to pay interest only on the amount you have used and not the entire loan value. You may also opt for partial disbursal, wherein the money is given to you after a specific period as per your needs. This reduces your interest costs. Top-Up Loan: Many lenders offer you the facility of a loan top-up if you repay your EMIs on time. The interest rate here will be the same as the original loan or the prevailing rates. Hence, you can meet your money needs without going into high-interest credit card debt. Flexible Usage: There is no limit on the purpose for which you can use a property loan. Whether you have a work-related need or a personal need, you can use this money as per your needs. [B-02] The Bottom Line A loan against property is ideal for those with urgent money needs. It can be used for any purpose, is approved quickly, and has a long repayment tenure. To learn more about LAP and make sound financial decisions, you can read similar blogs and articles on the Piramal Finance website.
08-11-2023
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Personal Loan

Top 10 Reasons Why You Should Opt for A Personal Loan This Festive Season

A personal loan is one of the most common types of loan. Many people get personal loans, especially when they need to pay for something quickly. So, the holiday season is a great time to get this kind of loan. Festivals can put a lot of strain on a person’s wallet. Why do so many people get these loans? Check out these reasons why. Because of them, people think that personal loans are a good way to get money. [B-01] Personal Loan During Festivals Is A Win-win For You Financial institutions offer personal loans with attractive interest rates and other terms. Banks use this strategy work because it helps them get more customers. If you have all the documents ready, lenders can speed up this process for you. Reasons to Get a Personal Loan this Festival Season Consolidating debts What better time than a lucky festival to pay off your debts? If you combine your debts, you only end up with a bigger monthly payment. You put yourself in a tough situation by getting a loan to pay off smaller debts, like credit cards or other bills. With the personal loan debt consolidation scheme, you can figure out how long it will take to pay them off. Revamping a house Getting a personal loan during a festival is a great idea. For example, getting a new roof or rewiring the electrical system in your home. If you can’t get a home equity loan or line of credit, you might be better off with a personal loan. Most of the time, you won’t have to put up your house as collateral for a personal loan because they are unsecured. The price of moving If you don’t have enough cash to cover moving costs, you could get a personal loan. One choice is to borrow money from friends and family. To avoid that, a personal loan to pay for moving costs could be a lifesaver. There will be no need to use savings or emergency funds. Expenses in emergencies A emergency personal loan could be a good way to pay for unexpected costs. Many families have trouble paying even the average funeral cost, which is very expensive. Personal loans are also often used to pay for medical bills that come up out of the blue. Restoring your credit A person’s credit score is very important if they want to get loans or credit cards. Even if your credit isn’t great, you can get a loan with a personal loan. Borrowers can build a good payment history with small personal loans. Consequently, their credit scores rise. Your credit score will increase if you pay back your loans on time. This will let you borrow more money. To fix your credit score, you must meet the requirements for a personal loan. The criteria have to do with age at the time of applying for a loan, nationality, and many other things. Spend money on a new business For Indian families, it’s a good idea to start something new on a lucky day. You can put off starting a new business if you need more money to get things moving. On the other hand, you can get the money you need to start your business through a personal loan. A business can get help from personal loans even if it has no financial history or tax records. The best thing to do is get a personal loan, which is much easier. Emergencies in medicine In rare cases, you may have requirements for medical interventions. Insurance doesn’t cover certain medical services, so a personal loan would do it for you. Not all health insurance plans pay for medical care for all illnesses and procedures. Even if you have health insurance, you must pay a portion of your medical bills out of cash. Expenses for wedding It’s not unusual for wedding costs to get out of hand. You should avoid worrying about money by getting a wedding personal loan. It will pay for the wedding and make it easier to repay the loan. But you must be between 21 and 67 years in order to avail of the loan. Investing in purchasing a vehicle Personal loans are one way to get the money you need to buy a vehicle or motorcycle. It is also a viable option for those who prefer to wait to buy their car straight from the factory. Personal loan apps are a great way to finance large purchases that might drain your finances. It may include buying a used automobile from a private party. [B-02] Conclusion Personal loans are popular because they can be credited to your account over a short period of time. Regardless of how it is spent, you still have to pay back what you owe. Borrowing money during the festive season comes with extra interest. You should always use personal loans wisely during the festive season. They are a terrific method to restructure debt and make large expenditures. To read more such insightful articles on personal finance and explore the products and services of Piramal Finance, take a look at their website.
08-11-2023
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Home Loan

Plan your Home Loan with a Home Loan EMI calculator

When you take out a mortgage, you choose the term length, such as 30 years or 15 years. Then you make monthly payments during that period until the end of your loan. If the monthly payment isn’t enough to cover your loan amount by the end of your term, this means, you are behind on your home loan calculator with prepayment. You need to make up the difference. Use this article to find out how much interest you could save by paying extra each month so you don’t have to pay an excess balance at the end of your mortgage period. [B-01] Home loans and their types A home loan is any type of financing that is used to buy, build, or improve a house. There are many types of home loans, but in general, there are three main categories: Fixed-rate loans: A fixed-rate mortgage is where the interest rate stays the same for the entire term of the loan. There are no surprises when it comes time to refinance or pay off your mortgage. This type of mortgage also typically requires monthly payments that are constant throughout the life of the mortgage. They do not change as a result of fluctuations in market interest rates. Adjustable-rate loans: An adjustable-rate mortgage, or ARM, is an interest-only mortgage. It has an interest rate and monthly payments change over time. ARMs are often used for mortgages. They offer lower initial rates than fixed-rate mortgages. The result is that borrowers end up paying more for their loans in the long run. But may benefit from lower monthly payments in the short term. Interest-only loans: Interest-only loans are becoming increasingly popular. This is because of their lower monthly payments and the increased equity borrowers buildup in their homes. However, interest-only loans may not be for everyone. It is important to understand the risks associated with this type of mortgage before signing on the dotted line. The basics of a home loan calculator with prepayment A home loan calculator is an online tool that allows you to determine the amount for the prepayment option. Most online calculators provide you with four crucial factors when you opt for a prepayment. They are: The amount of EMI saved Amount of EMI due Amount of revised EMI Revised loan tenure Online calculators are easy to use and help make calculations simple. All you need to do is enter your home loan details, such as: Outstanding home loan amount Home loan tenure Interest rate Prepayment amount you wish to pay Once these details are filled in, you can calculate and find out the overall savings from the loan pre-payment option. How a home loan calculator with prepayment can help you save money If your goal is to pay off your mortgage as quickly as possible, then knowing how much to put towards your mortgage each month is important. A home loan calculator that includes an EMI calculator helps you figure out how much of your monthly payment will go towards the principal and how much will go towards interest and fees. This ultimately determines how long it will take to pay off the mortgage. There are various types of calculators on the market, so be sure to do research before choosing one. Some factors you may want to consider when selecting an EMI calculator are cost, features offered, and ease of use. Tips for using a home loan calculator with prepayment The most important thing about calculating your mortgage payments is to do it correctly. Many people make mistakes that end up costing them more in the long run. If you have an online calculator on your smartphone or laptop, this should be much easier as most are set up for ease of use and provide explanations for each type of payment. A simple online calculator is all you need to get an idea of how much interest, monthly payments and total borrowing cost will be when taking into account compound interest and the repayment period. Just plug in your details on the EMI Calculator and click ‘Calculate’. You should aim to make at least four times the payment each month as even though it will take longer, it will reduce the total borrowing cost. If possible, try to set up a fixed direct debit from your bank account that’s large enough to cover the extra required payment amount. All online calculators come with pre-set parameters so you don’t have to worry about calculations. But if you are unsure what they mean then click help for explanations or ask someone for help. There are also other tools available to work out repayments such as a mortgage calculator. It takes into consideration rental income, investment returns and other factors. Whatever method you use, remember it is always better to pay off more than what you owe. This will keep costs down over time and stop you from getting further into debt. Other ways to save money on your home loan One way to save money on your home loan is to use an EMI Calculator Online to calculate your monthly payment and figure out how much interest you could end up saving by paying off your mortgage early. A second strategy for cutting down on the amount of interest you owe on your home loan is to increase your payments from the beginning of the term. A Home loan calculator will give you an estimate of what extra payments would do for reducing your total debt if done from day one. The third strategy for cutting down on the amount of interest owed is to buy fewer houses than needed for its purpose. That way, less interest will be accumulated over time. [B-02] Conclusion Home loan calculators are easy to use and give you an idea of how much it will cost for your monthly payments based on the initial down payment and interest rate. The best part about using one is that it also includes the option of paying off your mortgage in full by adding the desired amount to your current balance each month. Piramal Finance can assist you in the journey to your dream home. Fill out the form and get started now.
08-11-2023
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Business Loan

Top 10 Pros And Cons Of Unsecured Business Loans You Need To Know

A firm’s growth is highly based on the constant flow of funds. You may need these funds to fulfil an order, acquire gear, grow the business, pay the staff, and so on. A major firm may be able to get this money. But, it is tough for a small firm to obtain capital without collateral. In such a situation, you take a business loan from a bank or another financial entity. Many lenders in India provide cheap interest rates on business loans. [B-01] What Exactly Is An Unsecured Commercial Loan? An unsecured business loan is granted based on your credit history and does not need collateral. Small business owners will be the most likely prospects for these loans. Loans are used to develop or sustain a firm’s functions or to maintain cash flow. You may use it to bring extra money to a firm, which helps it achieve its aims. Interest rates vary from one lender to another. They might exceed 14.99%. Although the standard concept of an unsecured loan does not need security, the reality is a bit different. Rather than seeking particular collateral, they impose a general law on company assets until the debt is fully repaid. This enables solid firms or those with strong credit to get loans without pledging large assets. Characteristics of an Unsecured Business Loan Different banks have different benefits for their unsecured business loan offers. Here are some traits that these loans have in common: Unsecured business loans are those that do not need collateral or security. These loans are made based on the applicant’s reputation and payback history. The lender may also take into account other relevant aspects. Most banks ask that the said firm be profitable for at least 2 years. The loan sum might range between Rs. 10,000 and Rs. 1 crore. This is based on the size and needs of the firm. The loan term is generally varied, ranging from 1 to 5 years or more. Criteria for Eligibility A minimum age of 18 years at the time of loan request and a maximum age of 65 years at the time of loan completion. A credit score of 750 or above is needed. Presence of a business for a minimum of 1 year in the same place with proof of profit. You must have a steady source of income and wage slips. Bank information or bank statements for the past 6 months. Pros and Cons of Unsecured Business Loans The Pros of Unsecured Business Loans: There are no collateral requirements A personal or commercial asset is not needed as security for an unsecured loan. Secured loans are disbursed only after the lender has rated the property given as collateral. Lenders may reclaim the asset if you fail on your payments. Loan sum that is not limited by the asset’s worth The sum of a secured loan is broadly defined by the asset or property given as security by you. The loan sum is usually between 60 and 70 per cent of the asset’s market value, as estimated by the lender. Unsecured business loans are not subject to such limits, and the sum granted by the lender is based solely on your credit score and your firm’s cash flow. Quicker turnaround time Unsecured loans are handled quickly. As lenders are not needed to assess the worth of a physical asset, the request may be filed and processed online. The loan might be sent to your account as soon as 1 week after you apply. As a result, unsecured loans might come in handy when you need a quick infusion of cash to keep your firm afloat. It helps establish your credit history If you properly pay off all of the payments on your unsecured loan, you will build a credit history for your firm. It will make it simpler to receive future loans. Your commercial assets are secure Lenders often seize your company property when you fail to repay a secured loan. There is no prospect of an asset being seized since no collateral has been held in the trust of the lender. The Cons of Unsecured Business Loans: Higher interest rates Due to the lack of collateral to seize in the event of a failure to repay an unsecured business loan, lenders often demand a much higher rate of interest. They demand a high rate to cover the risk, as opposed to a secured loan. Your credit score decides the interest rate you pay. A smaller loan When there’s a lack of collateral, it raises the lender’s risk. Most banks feel more secure disbursing lower sums than they would for a secured loan. Shorter terms To reduce risk exposure, lenders enable borrowers to stick to a stricter repayment plan. For the same reason, getting the lender to consent to a repayment term extension is very difficult. Legal duty You cannot just walk away from an unsecured loan without repaying it. If you fall behind on your payments, your lender may take you to court. Thereafter, the legal system can compel you to pay up. Loan acceptance Unsecured business loans do not need the use of your assets as collateral. This comes with trade-offs in the form of strict needs. You must complete the needs to qualify for an unsecured business loan. This might imply, for example, that a better credit score is needed. Also, the terms, notably the rate of interest, may be more difficult to agree on than with a secured loan. [B-02] Conclusion Unsecured business loans are an effective way to get quick financing for your company’s needs. You may give your dreams wings and help your company reach new heights. Yet, before applying for and closing on an unsecured business loan, you should carefully examine the conditions and terms. For more blogs on the best unsecured business loans, check out Piramal Finance and explore their products and services.
08-11-2023
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Other

How Labours & Workers can Get Loan with Minimum Documents

When is Labour Day & Why Do We Celebrate It? 1st May is celebrated as World Labour Day or International Workers’ Day. It is a day to commemorate the contributions of workers to society and to raise awareness of the issues and challenges faced by the labour community. Today, World Labour Day is celebrated in many countries around the world, and it serves as an opportunity to highlight the importance of workers’ rights and to raise awareness of the challenges faced by the labour community. Many labour unions and organizations hold rallies, marches, and other events to commemorate the day and to bring attention to issues such as fair wages, safe working conditions, and workers’ rights. What are The Challenges Faced by Unorganised Sector Workers? One of the most common challenge for labours and unorganised sector workers is to acquire Loans such as Personal Loan, Home Loan, Business Loan from the banks. Workers like small vendors, gardeners, drivers, carpenters earn most of their income in cash and hence often find it hard to get loan due to lack of financial documentation. Benefits of Loan to Workers Piramal Finance has launched a new initiative to provide loans to labourers. This move comes as a welcome relief for millions of blue-collar workers in the country who often find it challenging to secure financial assistance from traditional banks. The initiative is aimed at meeting the immediate financial needs of the labour community, such as medical expenses, education fees, and other emergencies. The contribution made by the labour community in building the country’s economy is vital and it is important to support them in times of need. Process: To Get a Loan The application process has been streamlined to ensure that it is easy and accessible for labours with minimum documentation requirements Check the Eligibility Criteria (Age, Nationality, etc.) Check the Interest Rates and Other Charges Calculate Your EMI Get Mandatory Documents (Aadhar Card, Pan Card, etc.) Apply for loan by visiting one of our branches or even online Getting online personal loan is easy and fast, workers can get instant personal loan in just few clicks Conclusion The “Hum Kagaz se Zyada Neeyat Dekhte Hain” initiative has received a positive response from the labour community, who have welcomed this initiative with open arms. It is expected that this initiative will help to improve the economic conditions of the labour community in the country and provide them with access to much-needed financial support. This move is expected to have a significant impact on the lives of millions of blue-collar workers in the country, providing them with access to financial support and improving their economic conditions. The streamlined application process and minimal documentation requirements will make it easier for laborers to apply for loans, making this initiative a step in the right direction towards financial inclusivity.
08-11-2023
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How To?

A Complete Guide To Link PAN Card With Aadhaar

According to a notification from the Income Tax Department, linking a PAN card with an Aadhaar card is a requirement for filing income tax reports. However, the tax department will not process income tax returns unless PAN and Aadhar are linked, even though income tax returns can be filed without linking. If you are conducting banking transactions of ₹50,000 or more, linking your PAN with Aadhar is also necessary. To file income tax returns and receive other advantages as a responsible citizen, linking the PAN card with Aadhaaris a crucial step. [B-01] Deadline for linking PAN with Aadhar The government has extended the deadline for linking Aadhar and Permanent Account Numbers (PAN) till March 31, 2023. The previous expiration date was March 31, 2022. However, if people fail to link their PAN and Aadhar by March 31, 2022, fines will be imposed. The penalties will be ₹500 if the PAN and Aadhaar are linked between 1 April 2022 and 30 June 2022. If the Aadhar and PAN are linked as of July 1, 2022, the penalty is ₹1,000. The Income Tax Department has provided taxpayers with two options to link their PAN card with their Aadhaar card, which are as follows: Through the Income Tax Returns E-filing website By sending an SMS to 56161 or 567678 How to link the PAN card with Aadhaar through the Income Tax e-filing website? If you wish to link the PAN card with your Aadhaar online through the IT website, then you must follow a few simple steps. The online process is hassle-free and saves a lot of time, so you must follow the linking process as mentioned below: Step 1: Visit the official Income Tax Site to link the PAN card with the Aadhaar card. Step 2: Go to “Quick Links” and choose “Link Aadhaar.” Step 3: Enter information such as your PAN number, Aadhaar number, name as it appears on Aadhaar, and mobile number. Mark the box if the Aadhaar card only contains the birth year, and mark the square if you consent to having your Aadhaar information verified. Then select “Link Aadhar.” Step 4: Type the captcha code to complete the form. (Users who have visual problems can request an OTP in place of the captcha code.) How to link the PAN card with Aadhaar using the SMS feature You can use the SMS feature to link PAN with Aadhar. The steps listed below must be followed: Step 1: On your mobile device, enter your UIDPAN (12-digit Aadhar, 10-digit PAN). Step 2: Send it to 567678 or 56161 to successfully link the PAN card with the Aadhaar card. Procedure to make corrections in the PAN and Aadhaar card to successfully link both the documents When attempting to link their PAN and Aadhaar, the majority of people frequently run into issues related to the mismatch of information between the two papers. If crucial information, such as names, dates of birth, and years of birth, does not match between the two documents, linking could become problematic. Making the corrections to the Aadhaar is the simplest way to update the information in this regard so that it matches. Name, date of birth, address, gender, mobile phone number, and language can all be changed on your Aadhar card. You must go to the closest Aadhaar enrolment or update centre to make any other corrections. The following are the various steps to make corrections to the Aadhaar card using the website: Visit the official UIDAI website. To access your account, enter your 12-digit Aadhaar number and the captcha code. The “OTP” option should be selected. The registered number is then provided with an OTP. After entering the OTP, press the submit button. Choose the Aadhaar Card fields that require updating. Keep a scan of the supporting documents on hand because they must be uploaded. A URN (Update Request Number) is generated after the previous phase is finished. This is necessary for the subsequent process. A hard copy can be obtained once the Aadhaar has been updated with the new information. The following are the steps to make corrections using the offline method: Visit the UIDAI website, click on Resources, then select Enrollment Docs, and then download the Aadhaar Correction Form. Complete the necessary information that needs to be changed. Any appropriate supporting documentation must be included in any changes that must be made. The amended form must be forwarded to the following address: UIDAI, Post Box No. 99, Banjara Hills, Hyderabad, India, 500034. If the PAN card needs to be corrected, you must follow the steps listed below: Visit the Protean eGov Technologies Limited website to make corrections to the PAN card. Select “Change or Correction in PAN Card” from the drop-down menu. Click “Apply for Change or Correction in PAN Card Details” on the new page that appears. Complete the necessary information. Make the payment for the application using any of the mentioned online modes. You must then print the acknowledgement before mailing it to the Protean eGov Technologies Limited office. Make sure to mail the application form along with the necessary documents, such as identification, address, and birth date proof. You must mail the acknowledgement to the following address: The Income Tax PAN Services Unit (managed by Protean eGov Technologies Limited), 5th Floor, Mantri Sterling, Plot No. 341, Survey No. 997/8, Model Colony, Near Deep Bungalow Chowk, Pune – 411 016 [B-02] Conclusion Linking the PAN card with Aadhaar is a crucial step to filing future income tax returns without any penalties. You must follow either the online or offline method to link the PAN card with the Aadhaar card, as it helps in providing you with summarised details of the tax filing and other significant information. It also makes filing your income tax comparatively easier, as the website automatically picks up the required details from the Aadhaar card. Piramal can also guide you with any other finance-related concerns that you may have. Read more related blogs on their website, or explore their financial products and services, such as personal loans, credit cards, and financial calculators.
08-11-2023
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Loans Available for Single Mothers – Home Loan, Personal Loan, Business Loan

Let’s Spread Financial Awareness This Mother’s Day Managing finances as a single mother at times can get difficult and hence, single mothers in India often face financial challenges when it comes to managing their households and providing for their children. Taking loans from trustworthy institutions can be a good solution to overcome the financial challenges. This Mother’s Day let’s assess all the Loan Options available for single mothers across India. Creating awareness about loan facilities among single mothers is vital & necessary. Let’s check all the possible options that Single Mothers can avail, in this article: [B-01] Home Loan for Single Mothers in India Many single women and moms believe that they won’t be able to buy a dream home, because of high prices, on the occasion of Mother’s Day 2023, we are providing some helpful solutions. Well home loan for single mothers is the best solution to solve this problem. Single mothers in India can apply for home loans from various banks and financial institutions. However, they must meet the eligibility criteria. Mandatory Conditions for Home Loan: Woman must be an Indian Citizen She must be at least 18 years old Basic Documents like – Aadhar Card, Pan Card, Passport-sized Photographs, Residential Proof Types of Home Loans for Single Mothers in India: Regular Home Loans: Single mothers can apply for a regular home loan, which is the most common type of home loan offered by banks and financial institutions. This loan is suitable for buying a new house or apartment, constructing a new house, or renovating an existing house. Pradhan Mantri Awas Yojana (PMAY): PMAY is a government scheme that provides financial assistance to eligible beneficiaries for buying or constructing a house. Single mothers who meet the eligibility criteria can apply for this scheme and avail themselves of the benefits. Joint Home Loans: Single mothers can also opt for a joint home loan with a family member or friend, which increases their chances of approval. A joint home loan combines the income of both the applicants, making it easier to meet the eligibility criteria. Personal Loan for Single Mothers in India Mothers may require financial assistance from time to time, and personal loans can be a viable option for them to meet their immediate financial needs. Personal loans are unsecured loans that can be availed for various personal needs such as home renovation, education, medical expenses, or any other unforeseen expenses. To be eligible for a personal loan, single mothers must meet the following criteria: Age: The minimum age requirement is 21 years, and the maximum age limit is 60 years. Credit Score: A good credit score is essential for loan approval. A better Credit Score will help you to avail a bigger amount of loans. Employment Stability: Single mothers must have a stable job or business with a minimum work experience of two years. Small Business Loans for Single Mothers in India Single mothers often face various challenges when it comes to starting or expanding a small business due to a lack of financial support. Small business loans are financial instruments that can help single mothers start, expand, or improve their small businesses. These loans are available from various banks and financial institutions in India and can be availed of by single mothers to meet their financial needs related to their businesses. Options Available for Small Business Loans for Single Mothers in India: Mudra Loan Scheme: The Mudra Loan Scheme is a government-backed scheme that provides loans up to Rs. 10 lakhs to micro-enterprises in the non-farm sector. Single mothers can avail of this loan to start or expand their small businesses. Stand-Up India Scheme: The Stand-Up India Scheme is a government scheme that provides loans up to Rs. 1 crore to women entrepreneurs, including single mothers. The loan can be used for setting up a new enterprise or expanding an existing one. Business Loans from Banks & Financial Institutes: Various financial institutes and banks in India offer business loans to women entrepreneurs, including single mothers. These loans are available at competitive interest rates and can be used to meet various financial needs related to their businesses. [B-02] Other Loans Available to Single Mothers Gold Loans: Gold loans are secured loans that are offered against gold jewelry. Single mothers can avail of gold loans to meet their financial needs, as these loans have a lower interest rate compared to personal loans. Education Loans: Education loans are loans provided to students to finance their education. Single mothers can avail of education loans to fund their children’s education and ensure a better future for them. Single mothers in India have various loan options available to meet their financial needs. However, before applying for any loan, it is important to compare the interest rates, processing fees, and repayment options of different banks and financial institutions.
08-11-2023
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