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Personal Loan

Complete Guide On How To Get Paperless Personal Online 

Complete Guide On How To Get Paperless Personal Online Do you want to apply for a personal loan? Picture this: You're in line at the bank to get your loan approved when you realize you've forgotten an important document. It would be a hassle to go back home! Wouldn't it be easier if applying for a personal loan was as simple as sending an email from your phone? Thanks to new apps and user-friendly websites, applying for a loan has become a simple process. In this article, you will learn about paperless personal loans, the eligibility criteria, the documents you need, and more. What is Paperless Personal Loan? A personal loan is a type of loan you can get from a bank without putting up any assets, like a house, as security. A paperless personal loan allows you to apply for this loan digitally. You submit your documents online, and, after approval, you receive the loan money directly into your bank account. Best of all, there's no paperwork involved, and you don’t need to stand in long lines for document verification. How do apply for Paperless Personal Loan? In today's digital age, applying for a loan online is quite easy. You don’t need to take documents to the bank. Here’s how you can do it: 1. Choose a bank to apply for your personal loan.2. Visit the bank's official website.3. Fill out the online application form with your personal details.4. Submit the requested documents as mentioned in the application.5. You can scan your documents and upload them easily.6. Once the bank receives your documents, they will check their validity.7. If everything is in order, your loan amount will be sent to your bank account usually within 24 hours. Many banks now have helpful apps. You can apply for a loan directly within the app, and you can even track your application and pay your monthly installments through it. For example, SBI Bank has an app called YONO that lets you apply for loans. What are the documents required for a Personal Loan? While paperless personal loans are easy to get, you will still need to provide some documents. This helps the bank know that you are capable of repaying the loan. You can sign these documents digitally. Here is a list of documents you need for a paperless personal loan: - Identity proof (like PAN card, Aadhar card, Voter ID, or Driving License)- Address Proof (like Aadhar card, Passport, utility bill, etc.)- Digital copy of your bank statement- Salary slips (ask your employer for a digital copy)- Your latest loan statement- Recent bank statements for the last 6 months along with proof of any loan repayment- KYC (Know Your Customer) documents If you don't have digital copies, you can scan the physical documents and submit those. Eligibility Criteria to apply for Personal loan To qualify for a personal loan, you need to meet certain criteria: - It depends on your salary.- You must be an Indian citizen.- Your credit score, known as CIBIL Score, should be 750 or higher.- You must be employed by a multinational corporation, private firm, or public limited company.- You can also use an Eligibility Criteria Calculator to see if you qualify.- Your age should be between 21 and 67 years.- Regardless of whether you earn ₹15,000 or ₹25,000, you can apply. Different banks offer various types of loans. Here are a few: Quick Personal Loan: These loans are approved quickly with minimal documentation. - Pension Loan: This type is for government pensioners. You must meet certain criteria to apply, such as being a defense or government pensioner aged up to 76 years. - Loans Against Security: These loans require collateral. You can use property or financial securities as a guarantee. - Pre-approved Personal Loans: If you have a good credit history, some banks can offer you instant loans that are pre-approved. Each bank offers different schemes, and you can compare them on their websites. Some advantages of paperless personal loans include: - Secured Process: Everything is done online, which reduces the risk of losing documents.- Fast Disbursal: Once the lender approves your loan, the funds are typically transferred to you within 24 hours.- Time-saving: You don't have to visit a bank branch, as you can apply directly from your smartphone. How to transfer a paperless Personal loan? If you're struggling with your current loan's interest rates, you might be able to transfer your loan balance to another lender offering lower rates. This means another bank will pay off your debt, and you will repay the new lender instead. You can also transfer personal loans online without needing to visit a bank branch. Final Thoughts We hope this guide helped you understand the basics of paperless personal loans and how to apply for one from anywhere in the world online. Different banks have different interest rates for personal loans, so it's wise to compare them before applying. If you still have questions, consider seeking advice from experts at https://www.piramalfinance.com/personal-loan to get a better understanding of everything, including current interest rates.
08-11-2023
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Personal Loan

Personal Loan in Mira Bhayander. Check Eligibility & Apply Online

Mira Bhayandar is a local city in Thane district. The town is close to Mumbai. This makes it one of Thane’s most popular areas. The town has changed very much over time. It has many colleges, a Fantasy Park, and advanced medical facilities. The place is now densely populated. People are moving here in search of a higher living standard. Money crises may strike at any time. You may need funds to pay school and college fees for your kids. There could also be a wedding at your home. There may also be a sudden medical emergency to cope with. If you are going through tough times, you must consider taking an urgent personal loan online as a backup. At Bhayandar, many bank branches give personal loans. Getting a personal loan at low-interest rates in Mira Bhayander may help you to meet your financial needs. [B-01] Benefits of Taking a Personal Loan in Mira Bhayander Some benefits of taking a personal loan in Mira Bhayander are: Fast Loan Approval A personal loan in Mira Bhayander is approved fast. If you match the eligibility criteria, the loan gets approved quickly. Less Associated Charges If you are planning to foreclose your loan, then you can do the same by paying a nominal fee. Unique Offerings You can avail of a customised plan, based on your needs if you take a personal loan in Mira Bhayandar. No Collateral Required You are not asked to submit any collateral while applying for a loan. Personal loans are collateral-free. What is the Highest Amount of Personal Loan a Person Can Get? Many aspects decide the maximum Personal Loan amount you can get in Bhayandar. It includes income level, job, and how lenders check your background. In general, lenders grant loans based on their calculations.The personal loan calculator provide an estimate about how much loan you are eligible for. As a result, the EMI is less than 50% of the person’s monthly income. When assessing the personal loan amount, lenders also check whether the person has any unpaid debts. Eligibility Criteria to Take a Personal Loan in Mira Bhayander Check the eligibility criteria to apply for a personal loan in Mira Bhayandar. Your age should be minimum of 21 years You should have a minimum of two years of work experience Your credit score must be above 600 Your monthly salary should be Rs. 15,000 Documents Required for Personal Loan If you are planning to apply for a personal loan in Bhayander, you must need the documents given below: Common for all: Proof of age Residence proof Identity proof Bank statement for the past six months For salaried persons: Income proof: Salary slips from the last three months. Proof of tax return Form 16 For self-employed persons: Tax return proof of the past three years The last three year’s calculated taxable income Approved audit sheet and profit & loss statement Factors that Affect Eligibility of Personal Loan Income: People with a higher income are more likely to get a bigger loan amount than those with a lower income. Credit score: It is an essential factor for eligibility. A credit rating of 700 or above is generally good for personal loans. The higher your credit score, the greater chances you have to get a loan. Work stability: Your work stability is important to get a personal loan. If you own a business, then you need to prove the continuity and profit to get a loan. Person’s age: You must be at least 21 years old to be eligible to apply for a loan. Banks use their criteria to assess the upper age limit. You should not be older than 65 years at the end of your repayment tenure. Loan amount: The person should apply for a loan amount that they can repay quickly. It improves the eligibility for a personal loan. It also boosts the chances of approval. Things to Consider Before Taking a Personal Loan in Bhayander You should carefully access all the loan offers, before finalising one. Ensure that you do not fall for fake offers. People sometimes get tricked when they try to find lucrative offers. Try and maintain a good credit score. It improves your chances of getting quick loan approval. This is an important eligibility criteria to get the loan amount approved. If you have an ongoing loan, try to finish that first, before applying for another loan. Do not get the personal loan approved just to fulfil your fancy. Ensure that you get a loan approved for a genuine need of yours. [B-02] Conclusion When it comes to getting a loan, you may find many attractive options. Home equity loans, credit cards, and other forms of funding are available. On the other hand, personal loans are often the ideal choice. Personal loans are usually cheaper than credit cards. They are funded faster than home equity loans. People usually exhaust their bank’s term loan limits. As a result, they need funds to meet their need. This is when a personal loan can come to help. You do not need a co-applicant for personal loan approval. You can get one if the loan amount is high. In such cases, income and other proof of co-applicants are also required. Pre-approved loans are also offered by banks to limited customers. This type of loan does not require a lot of documentation. Readers can visit the Piramal Finance website for more information on Personal Loans in Mira Bhayander. You can check their products and services. They have informative articles on various finance and other topics.
08-11-2023
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Personal Loan

How to Get A Rs 50,000 Personal Loan Instantly 

Life is an endless cycle of ups and downs, and financial emergencies make up a major part of gliding through life. You may think you are saving enough for a specific event in the future, such as your child’s higher education or marriage, but an unexpected urgency may force you to dip into your savings. However, you can consider an instant personal loan rather than spending a major portion of your savings on such urgent needs. An instant personal loan is a loan product that lenders such as banks and NBFCs offer to individuals to cover any personal expenses. These expenses can include covering the expenses of any urgent need such as medical emergency, home renovation, marriage etc. However, similar to other types of loans, lenders charge interest on the offered loan amount which the borrowers are legally liable to repay along with the principal within the loan tenure. But how much instant personal loan amount is ideal? [B-01] 50000 Personal Loan: An Ideal Instant Personal Loan When you apply for an instant personal loan, you have to choose how much you want to raise as the loan amount. The loan amount should be based on how much money you will need to cover the expenses of the urgent need at hand. If you are looking to fund a portion of the expense from your savings, you can raise the rest by applying for an instant personal loan. However, Rs 50,000 is an ideal loan amount that is not too less or not too much and comes with nominal interest rates and flexible EMIs for repayment. offer a a The 50000 personal loan comes with numerous features and benefits that make it an ideal choice for borrowers. 50000 Personal Loan: Benefits and Features If you have analysed your personal needs and know that you want to avail of an instant personal loan with Rs 50,000 as the loan amount, all you have to do is apply for a 50000 loan. However, if the expenses are personal, you can go for a 50000 personal loan. When you apply for a 50000 loan or 50000 personal loan, you get the following benefits: Immediate Capital: A 50000 personal loan is a specialised product that allows borrowers to avail of Rs 50,000 as the loan amount instantly. Such an instant personal loan comes with quick approval and disbursal where quality lenders approve the loan within sometime. No Collateral: When you apply for a 50000 personal loan, generally lenders do not require you to pledge an asset as collateral. It means that you can avail funds instantly, without owning any valuable asset which would be tied up with the lender. Flexible EMIs: A 50000 personal loan offers an effective repayment tenure that starts from 12 months and goes on to 60 months. The borrower can repay the instant personal loans through flexible EMIs stretched throughout the loan tenure. Such flexible EMIs ensure that the borrowers can repay the loan effectively without experiencing any financial burden. No End-Use Restrictions: One of the best features of a 50000 personal loan is its ability to offer the loan amount without any restrictions on the end use. When borrowers apply for a 50000 loan, they can spend the loan amount on any personal legal expenses. 50000 Personal Loan: Eligibility Since 50000 loans do not require an asset to be pledged as collateral, lenders have designed eligibility criteria to mitigate the chance of default. Here is the eligibility criterion to apply for a 50000 personal loan: Entities: Salaried individuals working under the following can apply: Government Institution Private Sector Public Sector MNCs or related companies Partnership Firms Proprietorship concern Age: The borrower must be between the ages of 21 and 60. Income: The borrower must earn a minimum of Rs 25,000 per month. Work Experience: The borrower must have a minimum working experience of 6 months in the current organisation. 50000 Personal Loan: Documents Required Here are the documents required to take an instant personal loan of Rs 50,000 through a 50000 personal loan: PAN Card (Compulsory) Identity Proof (any of the following): Passport Driving Licence Aadhaar Voter Identity Card Address Proof (any one of the following): Registered Leave and Lease Agreement Passport Driving Licence Aadhaar Card / Aadhar Acknowledgement Voter’s Identity Card Utility bills like Telephone Bills/Electricity Bills etc. (not more than three months old) Income Proof (all of the following): Latest 1 month’s salary slips Bank statements from the previous three months Steps to apply for a 50000 Personal Loan If you are an individual who has an urgent need to cover and wants to raise Rs 50,000 instantly, you can apply for the 50000 personal loan by following these steps: Step 1: Open the lender’s website and navigate to the “Personal Loan” page. Step 2: Click on the “Apply Online” button and enter your phone number. Step 3: Enter the OTP received on the phone number to open the application form. Step 4: Enter all the required personal and professional details. Step 5: Upload all the required documents and click on “Submit”. [B-02] Conclusion Instant personal loans have become an ideal product for individuals who want to raise immediate capital to cover the expenses of any unexpected urgency. However, it is common to need clarification about which 50000 personal loan product. Hence, it is important to know everything before making an informed decision. If you have any future queries, you can head over to Piramal Finance to cater to your personal expenditure needs.
08-11-2023
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Personal Loan

Personal Loan in Mumbai. Check Eligibility & Apply Online

A personal loan is a certain amount of money one can borrow from a bank for several purposes. For example, one may utilize a bank loan to repay their debt, repair a house, or for a certain event. Private loans are taken through banks, ward banks, and online lenders. Borrowed funds must be returned over time. They are repaid with interest amounts. A personal loan operates in the same way that most loans do. You ask for a loan. Then you present the required papers. The bank evaluates the credit score before making a loan offer. The cash is deposited into your savings account and you can use it as per your wish. Personal loans in Mumbai have an interest rate of around 10.25% per annum. It may vary from bank to bank. You can repay the loan in five years. The public sector also offers personal loans. The loan given by them has low interest rates. The repayment tenure of these loans is also longer than compared of a private lender. Banks also offer pre-approved loans and instant disbursal of loans. [B-01] What are the Features of Personal Loans in Mumbai? Here are some features of the personal loans offered in Mumbai: Interest rates begin at 10.25% per annum You can get a maximum amount of 40 lakhs approved The loan is disbursed instantly No security or collateral is required You can also avail of pre-approved loans Repayment terms are up to five years Most financial firms permit one to apply online What are the Eligibility Criteria to Get a Personal Loan in Mumbai? To obtain a personal loan in Mumbai, you must meet the following eligibility conditions: You must be a resident of India. Salaried persons must have at least one year of experience. You must be employed at a reputed organization or a renowned MNC. You should be a minimum of 21 years old to apply for a personal loan. Your minimum credit score should be 750 or above. You must either be employed or own a stable business of yours. Self-employed individuals must have at least one year of experience in their current sector. You should be living in the same place or city for at least a year. What are the Papers Needed to Get a Personal Loan in Mumbai? Passport, Driver’s Licence, Voters ID Card, Aadhar Card, and PAN cards as identity proof have to be shown by both salaried and self-employed persons. Electricity bill, Telephone bill, Voter ID, etc for residential proof. Salaried Persons The following documents should be submitted by the salaried person to get a personal loan in Mumbai: Income Reports Payslips for the last three months IT return proof of the past two years with acknowledgement from the IT department Form 16 from the employer Bank account statement for the past six months Self-Employed Persons The following documents need to be submitted by self-employed persons: Reports of profit and loss and income, audit report, or balance sheet. Proof of IT returns of 3 years. The license of company registration Last one year’s bank statement Ways to Apply for a Personal Loan in Mumbai There are various methods to get a personal loan in Mumbai: Apply online at the bank’s or NBFCs website Go to the bank’s or NBFC’s official website. Choose a personal loan from the offers menu. Read about the loan offer. Fill out the application form and add all the important details. After that, upload the documents as asked. Experts will verify your documents. Once the documents are approved, you will receive the loan amount in your bank. Apply in person at the nearest branch with the necessary papers. If you do not want to apply online. Why Take Personal Loans in Mumbai? There are various reasons, you may want to apply for a personal loan. A few of the general ones are listed below: Travel You can avail of a personal loan if you are planning to travel with your family or friends. It is the best way to fulfil your dream of visiting exotic places. Remember, you repay the loan on time. Wedding Indian weddings have long been about embracing unity. Nearly every remote family or friend attends your special day. To make your day even more memorable you can avail of a marriage personal loan. Though extravagant marriages are renounced by many, still people love to spend openly on their special day. You can make your wedding memorable by availing of a personal loan and repaying it on time. Home Carpentry work or buying new furnishings are all expensive. It sometimes restricts us to have a home decor of our choice. A personal loan is an excellent way to get finance and remodel your home. You can change your home without worrying about renovation costs. Contractors’ and interior designers’ fees, and the cost of raw materials can be easily managed by a personal loan. Medical Bills A medical emergency can come at any time. You will need money to cover medical expenditures. The rising cost of healthcare worsens the problem. A personal loan from a bank can be used to cover any medical emergency, whether an unexpected hospitalization or an accident. [B-02] Conclusion Availng a personal loan is not that difficult. Before applying for a loan, ensure that you have a good credit history. It will help you to get easy loans. If you want to know more about personal loans or any other type of loan do visit the official website of Piramal Finance. You will not only get good information on personal loans in Mumbai but detailed information on various financial topics.
08-11-2023
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Personal Loan

Personal Loan in Lucknow - Check Eligibility and Apply Online

Lucknow is One of the oldest cities in India. It is sometimes referred to as Nawabo ka Shehar. The city has a strong network of small company owners who trade in fabrics. A personal loan is an unsecured loan that the borrower may utilise for any reason they see fit. Any loan that doesn’t require collateral is known as unsecured. Personal loans are provided by banks, credit unions, and other financial institutions. The bustling city of Lucknow is located in Uttar Pradesh state. It is also the state capital. Therefore, Lucknow is regarded as the most significant metropolises in one of India’s largest states. This means that the city’s economic activity ensures a good climate for all financial organisations. When it comes to creating jobs, Lucknow comes in sixth among all Indian cities. The city has a lot of manufacturing facilities, valuable real estate, and commercial hubs. They justify the presence of the country’s major banks. These banks offer a variety of loans. [B-01] Personal Loan in Lucknow – Online Apply Instant personal loans are the most practical solution in any financial emergency. Applying for a personal loan online involves looking up information on eligibility and documentation requirements and interest rates. Here are some reasons why applying for a personal loan in Lucknow online is very important: You may compare personal loan interest rates across banks. You should do this before applying for a loan. It could get you the lowest interest rate online. Fast loan approval and disbursement are features of personal loans. You must meet the eligibility requirements for an immediate personal loan online. These are pretty simple. Interest rates for personal loans are determined by your income. The ability to repay and credit history are also factors. To be eligible for low-interest personal loans, your total debt must not exceed 40% of your income. There is brief paperwork needed to apply for a personal loan online. But, it is not feasible to apply for an instant loan without any supporting documents. To qualify for low-interest personal loans, this is very necessary. For EMIs, the repayment period for an instant personal loan in India ranges from 12 to 60 months. Without having to wait in long queues at the banks, you may easily choose to apply for one and pay at your convenience. Eligibility Criteria for Personal Loan in Lucknow Job description: Lenders provide personal loans to paid individuals (those working in the public and private sectors), independent professionals, and independent non-professionals. Age: 21 years old when the loan application is submitted. Also, 70 years old when the loan is due. You need to be an Indian resident. You need to have a credit score of at least 750. Documents Required for Personal Loan in Lucknow Application form properly completed with photos attached. Identification documents: PAN card, voter ID, driver’s license, Aadhaar card, passport. Aadhaar cards, copies of ration cards, Voter IDs, driver’s licenses, passports, electricity bills, and gas connection bills are acceptable forms of address proof. Age verification documents: Aadhaar card, birth certificate, SSC certificate, voter ID, and PAN card. ITR/Form 16 for the last 3 years. Three most recent pay stubs. Bank account statement over the past 6 months. How Can I Obtain A Personal Loan In Lucknow With The Lowest Interest Rate? When requesting a personal loan in Lucknow from a bank or NBFC, there are a few things to consider. You must ensure that your loan application is written in a way that will enable you to negotiate a favourable interest rate on personal loan with the lender. Although applying for a personal loan in Lucknow is simple, the lender ultimately decides whether to accept or reject the loan application. Your chances of getting a loan approved are improved by having a strong credit score. A credit score of 750 or more is favourable because it shows your ability to repay the debt. Your credit score has an impact on the interest rate that the lender will offer. A good credit score can get you a cheaper interest rate and vice versa. Make sure you evaluate your financial situation before applying for a personal loan. This can help you avoid requesting a loan amount that either exceeds or falls short of your needs. You will end up paying the lender a higher sum of money in interest. This happens if you borrow more money than you need. Similarly, if you borrow less money, you can run out of money. Therefore, conduct your homework and identify the bank with the lowest interest rate. Finally, apply for a loan to cover your requirements. [B-02] Wrapping up Many banks in Lucknow provide personal loans and other financial goods at reasonable terms and conditions. If you’re searching for a personal loan in Lucknow, you’ll be glad to learn that rates start at just 9.60% and that the maximum amount you can borrow is Rs. 30 lakh. Obtaining a loan requires little documentation, extremely low processing costs, and rapid disbursals. To read more such articles, log onto Piramal Finance.
08-11-2023
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Personal Loan

Personal Loan in Kolkata. Check Eligibility and Apply Online

Kolkata, the capital of West Bengal, has excellent resources. These include a convenient location and a low cost of living. This opens up many commercial prospects. There are several banks and other financial organisations in the city. They will aid you in applying for a personal loan. This, in turn, will meet your financial demands. Kolkata is situated along the Hooghly river. A major commercial centre, Kolkata is home to numerous banks and financial firms. The city has advanced significantly over the past few years. This has happened due to IT development and business expansion. These developments have increased people’s need for banking services. There are no restrictions on the use of low-interest personal loans in Kolkata. To apply for a personal loan in Kolkata, you are not required to give the banks or NBFCs any security. There are many reasons why you would need an instant personal loan in Kolkata. The list below displays some: [B-01] Medical expenses. Debt consolidation. House renovation. Vehicle repair. Education. Weddings. How To Apply Online For A Personal Loan in Kolkata Applying for a personal loan online in Kolkata gives hassle-free financial support. You need to first determine your eligibility for a personal loan in Kolkata online. Then, you can get to apply for one. You will need a strong Internet connection to apply for an online personal loan in Kolkata. You can apply for a personal loan in Kolkata online with just a few clicks rather than waiting in long queues. Additionally, online personal loans in Kolkata receive rapid approval. It provides you with the needed money very soon. Applying for a personal loan online entails the following 4 steps: To get started, click the “Apply Now” button. Fill out the form completely, including the amount and duration. Upload the required files. Select “Submit”. Eligibility Criteria For A Personal Loan in Kolkata The candidate must reside in India. Age: The minimum age for submitting an application is 21 years. The maximum age when the loan is due is 60 years. The candidates must be salaried, that is, work for a public or private company. They could be an employee of the state, the federal government or a local government. They could also be self-employed professionals or self-employed non-professionals. Typically, a credit score of 750 or higher increases your chances of getting a personal loan. Documents Required for A Personal Loan in Kolkata Form of application with photos attached. ID documentation: PAN card, Aadhaar card, voter ID, passport, and driver’s licence Address verification options include voter ID, an Aadhaar card, a duplicate of a ration card, energy or gas connection bills, a passport, or a driver’s licence. Age verification documents: Aadhaar Card, birth certificate, SSC certificate, voter ID, and PAN Card. Statement of recent 6-month bank account statements. Salary certificates and slips for the previous 3 months. Recent Form 16/ITR for the previous 3 years. Benefits of A Personal Loan in Kolkata Here are some advantages of applying for a personal loan in Kolkata online: No security is necessary An instant personal loan in Kolkata is an unsecured loan. For this, there is no need for collateral. So, you can apply for it online without providing any security. Minimal documentation To apply for a personal loan online in Kolkata, you need to submit minimal paperwork. You must give proof of your identity, address, and income. Affordable interest rates You can quickly compare personal loan interest rates in Kolkata. You need to do this before applying for a personal loan in Kolkata. Low-interest personal loans in Kolkata are available based on your qualifications and reputation. Flexible loan term You can repay the money over a flexible period of 1 to 5 years when you apply for an instant personal loan in Kolkata. You can select the repayment period. This online personal loan in Kolkata is based on your comfort. Instant approval When you apply for a personal loan in Kolkata, the banks and NBFCs evaluate your profile. You will receive quick approval for a personal loan in Kolkata. There is no delay after a successful profile check. Simple repayment It’s simple to make payments on an online personal loan in Kolkata. Equated monthly instalments (EMIs) let you repay an online personal loan in Kolkata with ease. Purpose fulfilment An instant personal loan in Kolkata is not targeted towards any particular goal. You can use an online personal loan in Kolkata to address a variety of issues. [B-02] Wrapping up The best choice when you face a financial emergency is a personal loan. This loan is unsecured. Thus, you receive funding immediately. The disbursement takes place soon after. You will be notified through email and SMS as soon as it does. The email will provide in-depth information about the loan. The SMS, on the other hand, will just give you a brief overview. The email will mention information such as net loan disbursement after processing fees. It also has the loan’s repayment period, the applicable interest rate, etc. For more related information, log onto Piramal Finance.
08-11-2023
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Personal Loan

Mini Loan & Small Personal Loan: Complete Guide

A personal loan sounds like the best option if you have a financial emergency or a crunch in funds that needs to be filled. However, if you go the traditional route, you must apply for a loan with a minimum of INR 5 lakh to INR 10 lakh of the principal amount with the most popular and well-known creditors. When you do not require such a high amount, there is no point in paying interest on the principal amount. So, in such situations, you will have two options: either get a mini loan or a small personal loan. Many people find themselves in a spot when given these choices. This article discusses everything you should know about mini and small personal loans and helps you understand the most suitable and profitable loan, considering certain factors. [B-01] What is a mini loan, and how does it work? A mini loan is usually a payday loan or a small same-day loan that gets approved almost immediately. The principal amount is usually low, but it gets approved within 24 hours or takes only a couple of days. Since the loan gets approved faster, it doesn’t involve too much documentation, which is a relief for many. However, you must understand that many loans come with higher interest rates. You must take a risk to credit amounts ranging from INR 1 lakh to INR 5 lakh. Besides, you will not have to go through the gruesome process of documentation, verification, maintaining a good credit score, etc. So, if you have any problem that may risk your personal loan application, you can go for a mini loan. There are different types of mini loans, and their workings vary according to the type you choose. For example, when you choose the same mini loan, it will be granted instantly, but you have to pay it within a specific timeframe, like six months or a year. Sometimes, you can negotiate with the creditor to extend the repayment duration. However, if we consider a payday loan, you will get a credit based on your pay stub, and once you receive your salary or cheque, you have to repay the loan within 30 days. What is a small personal loan, and how does it work? From the name itself, you can understand that a small loan is almost like a personal loan but with a minimum principal amount. Most banks and top-rated creditors offer small personal loans nowadays because it helps mitigate financial debts, fill up the gaps in your finances, and so on. However, a personal loan needs several constraints to be fulfilled on your end if you want to increase the chances of loan approval. For example, you have to keep your CIBIL score high to get the loan approved without any hassle. In the same way, you must show proof of a steady flow of money into your bank account every month so that you can pay off the monthly payments without any late fees. The better your CIBIL score is or the more you can make your portfolio stronger with documentation, the greater your chances of having your loan application approved. Which one should you use to fulfil your needs? It isn’t easy to decide whether you should go with a mini or personal loan, especially when both offers seem lucrative and profitable. This is why we have drawn a parallel between the two types to help you understand which will be better for your circumstances. Chances of approval The first and foremost factor based on which you can judge the mini loan and the small personal loan is the chances of approval. When taking any credit, it’s essential to understand that it will be approved only when everything is on track. However, if not, there will be severe consequences, and your loan application will get rejected. Based on these, the chances of a loan application for a mini loan are much higher than those for a small personal loan because private and small-scale financiers usually offer many loans. In contrast, banks and public creditors grant small personal loans. Interest rate You also have to pay attention to the personal loan interest rate. No one wants to pay more than necessary or the minimum amount charged across the market. If your loan application doesn’t have a strong foundation or you fail to submit appropriate documents with a high credit score, you will end up paying a very high interest rate for your small personal loan. This is because you will neither be able to provide collateral for the loan nor will you be able to satisfy the creditors that you can pay the debt every month on time, so they will automatically charge a higher interest rate to mitigate the risks. But if we look at mini-loans, the interest is usually high, no matter what documents you send or what your credit score is. Documentation When you apply for a mini loan, you don’t have to submit much documentation. You only need your ID proof, address proof, and any income proof. Therefore, if you do not have the documentation done currently or there are some glitches with the papers, you can go for many loans because the creditor will grant you the principal amount without even looking at the documents you submitted with the loan form. However, when you opt for a small personal loan, you must approach a public creditor or a bank. As expected, they will request all necessary documentation, such as your ID and address proof, proof of income, credit history, transaction history, and so on. If these documents fail to satisfy the terms and conditions, your loan application will be rejected. So, judging by these factors, mini loans are the better option. [B-02] Conclusion Since now you have a clear idea about the differences between a mini loan and a small personal loan, you can easily decide which one you should go with based on your credit score, the availability of documents, the chances of approval, and so on. Get in touch with a professional so that you can understand the scope of a mini loan and a small personal loan in depth and then take the appropriate decision. Piramal Finance can help you with the consultation because they have experts in the field who have been working there for decades.
08-11-2023
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Personal Loan

Personal Loan in Jaipur – Check Eligibility & Apply On

Financial issues are on the rise. To meet your financial needs, do you need a loan? There is no need to look further, as you will find everything you need to know about Personal Loans in Jaipur in this article. [B-01] Jaipur as a location Jaipur is the capital of Rajasthan. It hosts visitors from around the world. It is a popular tourist spot. Besides being a business hub, the city also has several industries. Personal loans are available in Jaipur for those who need help with money. A person can get a personal loan without collateral and for any reason. Personal loans are unsecured loans without collateral. This loan helps solve many issues, including weddings, travel, home renovations, etc. Personal Loan in Jaipur- Check Eligibility & Apply Online Jaipur has a variety of personal loans, and many lenders offer this type of loan. Interest rates start at 10.99% and go up to 24.0%. A loan amount of Rs. 40 lakhs is the most that can be borrowed. In Jaipur, personal loans are to be paid back in 12 to 60 months. Eligibility Criteria for Personal Loans in Jaipur One may get a personal loan in Jaipur based on the following points: A minimum age of 21 years and a maximum age of 60 years is required. It is mandatory for the applicant to be a resident of Jaipur. It is essential that the applicant has a regular income source. A good credit history of the applicant is required. Documents Required for Personal Loans in Jaipur To go for a personal loan in Jaipur, you will need these documents: PAN card, Aadhar card, Passport, etc., are all acceptable forms of identity. Aadhar cards, passports, electricity bills, etc., are acceptable proofs of address. A salary slip or bank statement can serve as proof of income. Documents proving your age, such as your Aadhar card or passport. Photocopies of photographs Personal Loans: How to Apply For Online and Offline? In Jaipur, you can go for a personal loan offline or online. Banks, NBFCs, and lending platforms offer online loan application forms. Loan agents or bank branches can submit offline applications. 1. Jaipur personal loans can be applied for online by following the steps below: You can apply online by visiting the lender’s website. Upload the necessary documents. You will receive the loan amount once the lender approves the documents. 2. Offline applications for a personal loan in Jaipur are as follows: Fill out an application at the lender’s branch. Documents must be submitted. Your loan amount will be credited once the documents are approved. a) Personal Loan Interest Rates in Jaipur A personal loan in Jaipur can be taken out for as little as 10.99% and as much as 24%. A borrower’s credit score, income, and employment history determine their interest rate. b) Personal Loan EMI Calculator in Jaipur EMI calculators allow you to calculate monthly payments towards a loan. Use the personal loan EMI calculator to calculate monthly instalments. Jaipur Personal Loan Repayment You need to pay the EMI when you have to repay a loan. You will be charged an EMI from your account on a per-month basis. This is done till the loan is fully paid. A loan’s EMI is composed of two parts. The parts are the principal amount and the interest rate. Set up an EMI calculator for your personal loan in Jaipur to ensure timely repayment. Plan your repayment accordingly by calculating your EMIs in advance. Factors Affecting Personal Loan Interest Rates in Jaipur Credit score: High credit scores indicate a low risk for lenders, hence low-interest rates. Income: Low-interest rates are associated with high incomes. Employment history: An excellent employment history makes the lender believe the applicant is low risk. Loan amount: A high loan amount has a low-interest rate. Loan tenure: Long-term loans have low-interest rates. Security: Collateral secures the loan and lowers the interest rate. Personal Loan Fees and Charges in Jaipur The fees and charges present with personal loans in Jaipur are as follows: Processing fee: Lenders charge processing fees for loan applications. 1% of the loan amount is the processing fee. Prepayment charges: If you repay the loan early, you will be charged a prepayment charge. There is usually a 5% prepayment charge. Late payment charges: Lenders charge late payment charges if EMIs are not paid on time. Late payment charges are typically 2% of the outstanding amount. Collateral charges: The lender will charge collateral if the loan is secured by collateral. 1% of the loan amount is usually charged as collateral. Personal Loan Balance Transfer in Jaipur The balance not paid is transferred from one lender to another in a personal loan balance transfer. Saving on interest payments is possible when the interest rate is lower. You can transfer balances online and offline. Online balance transfers for personal loans in Jaipur are performed as follows: Apply online at the new lender’s website. Documents must be uploaded. Documents will be verified, and the new lender will process the loan. Upon loan approval, the outstanding balance will be transferred to the new lender. In Jaipur, you can transfer your personal loan balance offline by following the steps below: Fill out the application at the branch of the new lender. Documents must be submitted. Documents will be verified, and the new lender will process the loan. A new lender will receive the outstanding balance once approved. [B-02] Conclusion We hope that you have gained a better understanding of personal loans and all they are about. It is said to follow the procedures in the manual above to get the financial goals you have set for yourself. Making the most of what is good for you and what you need can give you an extra edge over your requirements. If you have issues with your loan, you may seek assistance from a prime financial company such as Piramal Finance.
08-11-2023
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Personal Loan

Get Your Home Renovated This Festive Season with a Festival Loan

People hold celebrations and give and receive gifts during the festive season. It is also seen as a good time to make big purchases like buying a new car, jewellery or tech gadgets. A lot of people also want to renovate their houses right before the holidays to add some brightness to the festivities. But, fixing up a home can cost a lot of money. Fortunately, banks offer reasonable interest rates and can even help people get a festive loan online during the holidays. A home that looks nice and is built well is a source of comfort and satisfaction. Guests will also have a good impression if a house is well-built and well-kept. With the holidays coming up and events underway, there is a general rise in house renovations. With affordable festive loans, people can redecorate their houses with easily-accessible finances. A festival loan is frequently used by people for home improvements. [B-01] What are the Pros of Getting a Festive Loan? It can cost a lot to make changes to your home right before a big event or festival. During the festival season, people have to worry about more than just the cost of home renovations. They also need to make purchases for giving gifts, holding large gatherings and buying new clothes. Along with the costs of remodelling their home, these extra holiday expenses can make a dent in a person’s budget or force them to cut back on their overall spending. Dealing with these financial problems is made easier by getting a festival loan. Applying for a festival loan can help people afford to make their house the place of their dreams during the festive season. With the finances from a festival loan, they can afford to purchase multiple items from fresh paint to new furniture. Here are some of the best reasons to get a festive loan around the holidays: Offers and Deals People often wait for the festive season to start before they begin their purchases. This means more people are shopping during the festival season. Lenders offer low interest rates and other advantages to attract customers. For example, some lenders do not even charge fees to process loans. This makes it possible for the borrower to get a festival loan at a much lower cost. If someone wants to save while upgrading their house, they can take advantage of these, and other, festive season deals. Festival Budget Increases Festival loans are specially launched during the festive season with special deals and low interest rates. So, those who need loans can make their money go a little further. They will not have to choose between buying a brand-new sofa set or a smart refrigerator. Because of the opportune loan conditions during the festive season, they can buy both. Easy Applications and Repayment Most festive loans are paid back over 5 years or so. As people have more time to repay the loan, the EMI is also easier to handle. Many lenders will not charge people a fee if they repay their loans early. So, for those who want to repay their debt before the 5-year period is over, they can easily do so without worrying about penalties. But this clause is different for each loan provider, so the borrower should check if they will be charged a fee for repaying their festival loan early. Most of the time, a person can get a home renovation loan to help pay for home improvements. This loan has a reduced interest rate, but it can take 10 to 15 days to collect the money. On the other hand, if someone meets the requirements, they can get a festival loan right away and begin their home renovations at the time they desire. Features of Festival loans These are the features and characteristics of a festival loan: No Collateral There is no need to provide security for a festival loan. Your CIBIL score and income will be enough for banks to decide if you can get a festival loan. Different Uses A festival loan can be used for many different things, unlike a home loan or a car loan, which can only be used to buy a house or a car, respectively. A person can get a festival loan to renovate their house or pay for unforeseen expenses. The lender does not limit how someone can use the money from the festival loan. Easy Paperwork It is easy to get a festival loan right away with an online application. A long and complicated process is not required for a personal or festive loan. One can get a festival loan almost immediately by showing the appropriate documents on income, address and identification. The money from the loan will be sent to their account within three to four business days, if not sooner. More Money A person can be sure that their insurance will cover even expensive home improvements that involve building work. The amount of the loan someone gets depends on their CIBIL score, monthly income, age, employer’s reputation, and other factors. [B-02] Conclusion A festive loan is a great way to get the money you need for home improvements. A festive loan can also help you pay for all of your other festival expenses in addition to your home renovation. During the festival season, banks offer special deals to help people apply for a festival loan. That is why a festival loan with a low interest rate is the ideal option for people in need of funds during the festive season. Keeping the festive loan in mind, Piramal Finance can help people get access to the finances they need during the holidays.
08-11-2023
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