Gone are the days when you used to spare days filling out the application form, submitting documents, and waiting for loan approvals. In the present scenario, applying for a loan is a piece of cake if you have the required documents and a good credit score. Applying for a loan online is the easiest way to meet your financial needs promptly. Read on to know what a personal loan is, the steps to apply for a personal loan in Banglore, and how much time it requires to get an instant personal loan at Piramal Finance.
About Instant Personal Loan
A personal loan is the most excellent option if you’re seeking financing to cover one-time expenses. A personal loan requires no collateral and only a few documents. You can use a personal loan for a variety of purposes, including wedding planning, gadget purchases, child tuition, home improvements, etc. Piramal Finance offers you a hassle-free and instant personal loan of up to10 lakhs without any prepayment or foreclosure charges.
Talking of loan repayment, like any other loan, you must repay the loan amount by the conditions outlined by the bank. Equated monthly instalments (EMI) are the simplest method of repayment. The repayment through EMIs is for over a few months to a few years along with some percentage of interest.
How to get an Instant Personal Loan?
A borrower’s ability to repay the loan is shown by their CIBIL Score also called “credit score.” Every time you borrow a loan and promptly pay the EMIs and interest, a Cibil score is generated. Cibil scores vary from 300 to 900. The Credit score allows a lender to assess the repayment capacity of a borrower and gives them the confidence to lend credit. The higher the Cibil score, the higher the chances of loan approval. The likelihood of obtaining an instant personal loan increases with a good CIBIL score. A credit score of 750 or higher increases the likelihood of receiving the lowest interest rate and instant personal loan approval.
Instant Personal Loan at Piramal Finance
1. Eligibility Criteria
Carefully address the following eligibility criteria to apply for a personal loan online:
- Salaried individuals working in the following areas may apply.:
- Government Institution
- MNCs or related companies
- Partnership Firms
- Proprietorship concern
- Private sector
- Public sector
- Age Requirements.
- 21 years to 60 years
- A monthly salary of Rs. 25,000 or more.
- Work Experience.
- At least six months of experience in the present organization.
2. Steps to apply
Follow the steps to apply for a personal loan in Banglore:
- Visit the official website of Piramal Finance.
- Click on the “Personal Loan” tab at the top of the home page.
- Scroll down the page till you find the “How to Apply” heading.
- Select the “Click on here” option.
- Fill in all the requested details in the form.
- Press the “Submit” option present at the bottom of the form.
- A relationship manager at Piramal Finance will contact you.
- The relationship manager will guide you through the whole application procedure.
Once the relationship manager gives you an understanding of the application process, you will need to submit the following documents to apply for a personal loan
- PAN Card (Mandatory)
- Identity Proof (any one of the below)
- Driving License
- Voter’s Identity Card
- Address Proof (any one of the below )
- Registered Leave and Lease Agreement.
- Driving License
- Aadhaar Card
- Voter’s Card
- Telephone/Electricity Bill etc.( shorter than 3 months old)
- Income Proof
- Latest 1 month’s salary slips.
- Bank statements not more than three months old.
Interest Rates and Charges
Interest rates of the personal loan at Piramal finance begin at 12.99%* p.a. Plus, there are no early repayment or foreclosure charges. The following charges apply to get an instant personal loan:
- Processing Fee: A bank will charge a processing fee for a personal loan as part of the loan application process. The expense of application processing administration is often covered by this charge. The processing fee for a personal loan may be paid in one of two ways:
- Completing the application procedure by immediately paying the processing fee.
- Having the processing fee deducted from the loan amount at the time of loan disbursement.
- Default Charges: The banks permit you to pay back the loan in equal monthly payments (EMIs). If you don’t pay the EMI amount by the default date of the month, a default penalty is assessed.
- Part-payment Charges: You have the option to pay a part of the loan amount, according to the banks. After a predetermined number of instalments have been paid in full by the borrower to the bank, you can make a part payment (amount more than EMI). However, the bank suffers a loss of lower interest when you make the part payment. For this reason, the banks apply part payment charges to the borrower.
- Miscellaneous Charges: These charges include legal fees, statutory fees, stamp duty, paperwork fees, cheque bounce fees, etc. These charges differ from bank to bank.
The Bottom Line
Your financial needs can be met most effectively with a personal loan. You can get a hassle-free and instant personal loan in Banglore from Piramal Finance with a quick online application process and prompt disbursals within 48-72hours after the loan confirmation. Piramal finance discloses every additional charge that comes along with an instant personal loan to prevent the customers from unforeseen costs in the future. Call 1800 266 644 or apply for a personal loan in Banglore right away.