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Personal Loan

Personal Loan in Ranchi - Check Eligibility and Apply Online

Sometimes you need more cash but need help avoiding dipping into your savings. Consider taking a personal loan in Ranchi if you are based in the city or live in Jharkhand. Your reason for taking the loan could be anything: You may want to reconstruct a part of your home, for instance, and find yourself needing more than the allocated amount. Also, consider paying off your credit card loans or meeting your medical expenses in one go. It is better to be safe than sorry, right? Well, a personal loan can help you eliminate your financial woes at the earliest opportunity. [B-01] What is a personal loan? It is important to remember that the RBI standards guide personal loans in Ranchi. It is similar to the process relevant elsewhere in India. In short, this kind of loan is an unsecured loan. In other words, you do not have to provide collateral such as property, gold, or any other asset to get the specified sum. The lender cannot auction your land or home or retain your gold ornaments should you fail to repay the loan. Only some things are advantageous for you, however. You will be aghast to find that the interest rate for taking a personal loan in Ranchi is considerably higher than the interest for a home or car loan. Well, it is common for the lender to cover the risks by providing you with the required sum as and when you need it. The no-questions-asked approach justifies the increased rate of interest. Personal loan providers You may feel anxious when you are unaware of the providers to approach when you need to get the money as soon as possible. But you will be happy to learn that banks and non-banking financial companies are willing to give personal loans in Ranchi. The rate of interest and the criteria for eligibility vary based on the amount of the loan. Therefore, you may compare the terms of different providers before connecting with the most suitable one. Eligibility There are no fixed eligibility requirements for you to take note of when you are eager to apply for a personal loan in Ranchi. However, it is vital to check the following facts before proceeding with the process: Age: You must be an adult, i.e., over 18 years of age. Most banks and NBFCs deny loans to individuals who are 60 years old! However, a few financial institutions are willing to provide personal loans to 60 or more individuals too. It is advisable to check with the concerned bank or NBFC to know whether you fit the criteria. Nationality: You must be an Indian to obtain a personal loan in Ranchi. However, you don’t need to reside mainly in Ranchi. Occupation: It is essential to be salaried to obtain a personal loan. However, even self-employed individuals or professionals such as doctors, engineers, lawyers, and chartered accountants are eligible. Business owners with a good turnaround can also expect a personal loan from the top financial institutions in the city. Obtaining a personal loan in Ranchi is easier when you work for one of these firms: Steel Authority of India, Tata Motors, State Bank of India, Coal India, Mecon, Microsoft, Wipro, Nestlé, Govt. of Jharkhand, BSNL, Tata Steel, Central Mine Planning & Design Institute, Johnson & Johnson, Vodafone, or HCL Infosystems. Income: A higher income indicates that you can repay the loan quickly. Most banks will provide the loan when the borrower earns at least Rs. 15,000 per month. Business owners and self-employed individuals must prove that they make a gross income of Rs. 2,00,000 annually. Documents Simply stating that you are eligible will not do. You must have the proof handy too. So, if you want to get a personal loan in Ranchi, make sure to give the lender the following: Proof of identity Address proof Income Proof: A recent salary slip and bank statement revealing details of monetary transactions for the last three months. Certified copies of the professional degree(s) along with the license or registration number. These are mandatory for self-employed professionals seeking a loan. How to apply for a personal loan in Ranchi Submitting an application requesting a personal loan has become incredibly easy. To finish the paperwork, you can go to the nearest bank branch or the office of the NBFC you want as a lender. Be sure to have all the documents, along with proof of your identity and address. Then, send the correct form to the authority and wait a few days for the requested amount to be transferred to your account. Alternatively, you may choose a speedier option without physically visiting the bank or NBFC. Just log in to the bank’s official website and proceed with the following steps: Go through the features associated with the personal loan. Check your eligibility by clicking on the specific tab. Find out more about the interest rate(s) and processing fee. Upload the documents and click on the “submit” button. You would be pleased to find the money in your bank account within hours, especially with prior approval. Then, you’ll have to wait a week for the bank or NBFC to finish evaluating your documents and checking your details before the loan is paid out. [B-02] Conclusion A personal loan in Ranchi will help you overcome the difficulties and keep your life on track. The process has become more straightforward now, thanks to online applications. However, check your eligibility before applying. Solve your money problems in a hassle-free manner.
08-11-2023
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Personal Loan

Personal Loans for Dental Treatment

Are you someone who is delaying your dental treatment or your loved ones’ just because of its high cost? You are afraid that it will dig a deep hole in your pocket. We’ve got you. Gone are the days when dental treatments were considered among the cheapest health expenses. In present times, it is as costly as any other health expense. As the consumption of junk and sugary foods is at an all-time high, the same goes for dental problems and the cost of treating those problems. We have a perfect solution for this, personal loans for dental treatment. Yes, you might not have heard it before, but nowadays, many banks and other financial institutions offer personal loans, especially for dental treatments. In this article, we will share detailed information about personal loans for dental treatment that you might need. For example, what are they, how do you get them, why do you need them, and so on.Keep reading for all these details. [B-01] What is a Personal Loan for Dental Treatment? A personal loan for dental treatment, or “dental loan,” is a loan that is specially sanctioned for the treatment of dental problems only. It is usually an unsecured loan, meaning no collateral is needed to avail it. In this case, the interest rate might be a little higher. Need for a Personal Loan for Dental Treatment One may need a personal loan for dental treatment for various reasons, such as: Dental treatments have become very costly, especially in metro areas. Some dental treatments like root canals and dental implants can even cost lakhs. Not everyone can afford them with one-time payments. A lot of health insurance policies do not cover dental treatments. Insurance, especially for dental treatments, is also very limited. Increase in dental health problems, which require more dentist visits. In case of emergencies, many institutions offer advance-salary dental loans, which can be paid once your salary is credited. So, you do not need to request money from relatives or friends. Eligibility Criteria to Get a Personal Loan for Dental Treatment The eligibility criteria are almost the same as for a normal personal loan. Here is the list: You are a resident of India. You are not a minor, which means you are at least 18 years old. A person with a regular salary or a self-employed You have a good credit score. You have all the required documents, like a PAN card, address proof, bank statements for the last 3–6 months, and a salary slip or other income proof. How to Choose a Personal Loan for Dental Treatment While choosing a personal loan for dental treatment, remember the following points. You can give importance to any of the points according to your priorities. The interest rate charged by different financial institutions varies. For some people, the interest rate is the most important pillar. The time taken for the disbursal of the loan: some institutions may charge lower interest rates but take more time for loan disbursal. If it is an emergency, instant approval and quick disbursal are the best choices. The complexity of the application process: some people might prefer a less complex application process even if it means a slightly higher interest rate. The amount of time for the repayment of the loan. Dependency of loan approval on credit scores: people with low credit scores will choose loans with a low dependency on credit scores. How to Apply for a Personal Loan for Dental Treatment You can apply for a personal loan for dental treatment by following the steps below. First, check your credit scores. You can check your credit scores online at various websites. Then, check your loan eligibility and get prequalified if possible. You can use online eligibility calculators for this. Next, compare different lenders and their terms and conditions. Choose the lender according to your needs and requirements. Collect the required documents that you are going to need. Lastly, apply and fill out the application carefully. After the loan has been approved, you will receive your funds and can begin your dental treatment. Credit Card or Personal Loan for Dental Treatment It becomes confusing for many people whether to take out a personal loan for dental treatment or simply use a credit card. You can make this decision while keeping these points in mind. The main thing to consider while choosing between these options is the loan’s interest rate. You should choose the one with a lower interest rate. The next thing to check is the monthly payment. Check if it is a fixed amount or a varying amount. You should have a fixed monthly payment. You should also keep in mind all the other expenses charged to the credit card and the limit of the credit card. Keep in mind not to max out your credit card. If you already have many expenses on your credit card, it’s better to choose a personal loan for dental treatment. What Is the Difference Between a Personal Loan for Dental Treatment and a Regular Personal Loan? The only difference between a personal loan for dental treatment and a normal personal loan is that there is no specific purpose when it comes to a normal personal loan. While you can use a personal loan for any purpose, you can use a personal loan for dental treatment only. [B-02] Can the Loan Be Repaid Before the End of its Tenor? Yes, you can repay the loan before the term ends.You can repay it after approximately 6 months, and there will be no extra charges. Dental problems are not smaller problems anymore that you can ignore. They are the same as other health problems and require the same attention; personal dental treatment loans make that easier. After reading this blog, we hope you are clear about all the information about personal loans for dental treatment. If you need more information about this or want to consult about any other financial issue, consider contacting a good institution like Piramal Finance. With more than 40 years of experience, we are here to help you get loans, financial consultation, etc. We also offer free credit score reports and loan eligibility calculators. Visit our website to learn more.
08-11-2023
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Personal Loan

Should You Get A Personal Loan To Buy A Second-Hand Car

Sometimes it’s hard to get approved for a loan for a car. It may be challenging to get a car loan if the existing owner is still in possession of the vehicle because banks typically want to inspect and verify the vehicle before approving the loan. Or perhaps you’re still in the market for a car but haven’t made up your mind. You know how much you’ll need to spend on the vehicle you want. Getting a personal loan to go towards the down payment on a used automobile may be the most convenient and best choice. Once you’ve settled on purchasing a new or pre-owned vehicle, the next big question will likely be what financing you should apply for. You can get a personal loan or a loan for a car from a financial institution to pay for it. Select the loan that meets your needs in terms of convenience, affordability, and flexible credit requirements. Given these criteria, which of the two loans remains consistent? Continue reading to find out the same thing. [B-01] Considerations while taking a personal loan Rate of Interest: It determines the overall cost of the loan to the lender. Rates for unsecured personal loans typically range from 11% to 24% annually. Loan Amount: Personal loans can be funded up to the whole deal amount for those who qualify. Depending on the terms of your agreement with the seller, the total cost of the transaction could be the car’s current market value or some other amount. Credit Score: When you apply for a personal loan, the lender will check your credit history. A unique loan application is more likely to be denied if your credit score exceeds 700. A higher interest rate is expected in the event your loan is accepted. However, the requirements for a good credit score may be less stringent when getting a loan for a used car. Loan Disbursal: Faster disbursement is possible for personal loans instead of used cars. Banks often fund borrowers’ accounts for unsecured loans within two to four days. However, personal loans that have already been accepted can typically be distributed within hours of approval. Alternatively, a used car loan could take up to a week to process. Your chosen lender also affects the time it takes for your loan to be disbursed. Documentation Process: The paperwork process while opting for a personal loan for a car is amazingly seamless as compared to a used car loan. You can get a personal loan by submitting your KYC documents, while it may take a few more documents to get a used car loan. Loan Term: Most lenders allow for repayment over a maximum of five years; however, some go as high as seven. So, when you apply for a personal loan to pay for a used car, you can choose a loan term based on your ability to make the monthly payments, no matter how old or in good shape the car is. Quick Approval: Because personal loans are unsecured, getting approved for one is much simpler and faster than getting a car loan. Purchasing a used vehicle from a disorganised operator in the pre-owned auto market might add unnecessary complexity to the loan application process. The application procedure, approval time, and loan disbursement will all be quick and easy. Low-Interest Rates: Personal loans are available from several public-sector institutions at lower interest rates. However, the ultimate personal loan interest rates made available to candidates mainly depend on their credit rating, monthly income, employment status (if employed), and other factors. Banks Interest Rates (p.a.) Personal Loan SBI 10.30% -15.10% Axis Bank 10.75% onwards HDFC Bank 11.00% onwards ICICI Bank 10.75% onwards Bank of Baroda 10.20% – 17.55% Documentation Needed Personal loans will require very little paperwork; the most significant part is that you don’t have to send or upload anything to us. The whole authentication procedure can be completed in a web browser. To apply for a used car personal loan, you’ll need the following items: Completed and submitted the application form. Passport-size photo. Documentation proving one’s identity, such as a driver’s license, passport, or official government ID card. Documentation of residence, such as an Aadhaar card, voter card, passport, driver’s license, etc. Documentation of the monthly paycheck. Personal Loan For Car At first, a personal loan might seem better than a loan for a used car. But if you have a low credit score, your chances of getting a personal loan are much lower. The application process for a personal loan is straightforward and focused on the customer’s needs. Also, the personal loan EMI calculator helps you better organise your budget after you’ve used the eligibility calculator to determine that you qualify for a loan. [B-02] Conclusion Both personal loans and loans for cars have their pros and cons. Personal loans are an option if you want to borrow a larger sum at a reduced interest rate. This may also be effective if you want to buy a car from a friend or if the car is really old and thus doesn’t have particularly favourable interest rates for a used car loan. At Piramal Finance, we are always there to help you if you need help with personal loans while buying a car.
08-11-2023
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Personal Loan

FOIR: Meaning And Effect on Personal Loan Approval

Loan credit managers at financial institutions use different methods to determine loan eligibility and risk factors. In this way, FOIR is a valuable tool for lenders to assess the borrower’s ability to repay the loan and avoid default. The ratio also helps lenders understand applicants’ risk profiles and make better financial decisions. The fixed obligation to income ratio, also known as FOIR, is a metric used to determine your chances of getting a loan. The lower your FOIR, the more likely it is that you will be eligible. [B-01] What Makes FOIR a Vital Parameter? FOIR is also referred to as the Debt Service Coverage Ratio (DSCR). This is the ratio between your monthly income and your monthly debt payments, including all loans and credit card payments. A high FOIR means that you’ll have a harder time getting approved for a loan because it shows that you’re already spending more than you earn. A low FOIR means that you have room in your budget for new debt payments, which makes it easier for lenders to approve your application. What Are Fixed Obligations? Fixed obligations are the bills that you have to pay every month, like your rent or mortgage payment. It also includes debt like home loans, car payments, and credit card bills. Fixed obligations are the most important factors that lenders look at when deciding whether to approve or deny your loan application. If you have too many fixed expenses, it can mean that you won’t be able to afford other financial obligations, like making payments on any new debts you take out. How FOIR is Calculated? The fixed obligation to income ratio, or FOIR, is a measurement of your monthly expenses and income. It’s calculated by taking the total amount that you spend in a month and dividing it by your gross monthly income. While this seems simple enough, certain factors can skew your FOIR calculation and make it difficult to determine if you’ll be approved or not. The first of which is the nature of your expenses, such as mortgage payments, car payments, and credit card bills. Other fixed expenses like rent or utilities are all included in the calculation of FOIR. However, variable expenses like groceries and gas aren’t considered part of this calculation because they fluctuate with usage over time. Another important factor to consider when considering whether or not you’ll qualify for a personal loan is how much money is currently being paid toward debt. If these types of payments are keeping you from having enough money left over after paying the minimums on all debts combined, then it’s unlikely that any lender will approve a new loan. For example, if you make Rs. 50,000 per month and spend Rs. 40,000 on expenses like rent, groceries, and utilities (not including loan repayments), then your FOIR is 80%. This means that you don’t have enough money to cover all of your expenses and would likely be rejected for a loan if you applied now. Factors Affecting FOIR If you want to check whether or not you qualify for a personal loan based on this ratio, then some factors need to be taken into consideration: The first factor in a personal loan is how many dependents you have. The more earning members of your family you have, the better your chances are of getting a loan. The second factor is your current salary and other sources of income. All legitimate income can be combined to decrease FOIR and increase the loan amount. The third factor is whether or not you have any past dues on any previous loans. The fourth factor is whether or not there are any other liabilities on top of your current monthly expenses. The fifth factor is whether or not you have any assets that can be used as collateral for the loan. The sixth factor is your current employment status and how long it has been since you started working. The seventh thing to think about is whether or not you have a steady income that can be used to pay for your monthly bills. What are the ways to reduce your FOIR? There are many ways in which you can reduce your fixed obligation to income ratio. Use a co-applicant. You can consider taking a co-applicant with you to reduce your fixed obligation-to-income ratio. You can also consider applying for a personal loan with someone who has a good credit score and can help you reduce the amount of interest that will be charged on your loan. The co-applicant will be responsible for repaying the debt in case something happens to you. Maintain a Low Credit Utilisation Ratio. The best way to handle your credit is to keep your credit-to-debt ratio low. This means that you should only use about 30% of your available credit at any given time. If you have several cards, make sure that the total amount of money owed on all of them does not exceed this percentage. Your credit utilisation ratio is the amount of debt you have compared to your available credit line. If you use all of your available credit on monthly bills such as rent or mortgage payments, car loans, and student loans, you may be considered a high-risk borrower. Prompt Repayments Another important component of a good credit score is prompt repayment. This means that you should pay your bills on time and in full each month. If you have several credit cards, make sure that the total amount of money owed on all of them does not exceed this percentage. You should make timely payments on your credit card bills. If possible, try to set up automatic payments through your bank so that they are taken out of your account on the due date each month. This way, there is no chance of forgetting to make the payment. Avoid Taking Out Several Loans The best way to improve your credit score is to avoid taking out multiple loans at once. You will be given a credit score based on your history, and if you have recently taken out several loans, it will look like you are in financial trouble. [B-02] Conclusion If you follow these tips, you should be able to reduce your FOIR. It will take some time and effort on your part, but it is well worth the investment. For any help during the process, don’t hesitate to get in touch with the experts at Piramal Finance.
08-11-2023
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Personal Loan

Personal Loan In Nagpur. Check Eligibility & Apply Online

Maybe you are in need of some money to help you get back on your feet or maybe you want to buy something nice for yourself, whatever the case may be, banks have got your back. All you have to do is get a personal loan approved under your name and that’s it. You can use this fund to do whatever you want to do. Getting the loan approved can be quite easy if you are eligible, but are you? How can you tell, and which criteria decide your eligibility status? Let’s find out the eligibility criteria and apply for a personal loan in Nagpur. [B-01] Check Eligibility For Personal Loan in Nagpur If you want to clear your personal loan eligibility check, you must meet the following criteria. You have to be an employee of private limited companies or public sector undertakings, whether that’s under the central government, state, or local bodies. You have to be within the age group of 21 and 60 years of age. If you are indeed a working employee, you have to be working with the same employer for a minimum of 1 year. You must be earning a minimum salary of 25,000 per month. Personal Loan Eligible Amount Check Various online personal loan eligibility calculators are designed specifically for personal loan eligibility checks. You can search for a personal loan eligibility calculator online or just check out the eligibility calculator of your bank. Here are steps on how to use eligibility calculators. The calculator will ask you to enter the city you live in. You will have to enter your date of birth and the monthly salary or income that you earn from your employer. Calculate your monthly expenses, such as rent, bills, and daily expenses, and enter the figure on the calculator. You will also have to mention the name of the firm where you work. Once you enter all the details, the website will show you if you are eligible for the personal loan. Features of a Personal Loan in Nagpur Check the features of a personal loan in Nagpur: Receive funds within a minute or two if you already have an account at the same bank. In case, you don’t have an account, then you will receive the said loan amount in 4-7 working days. The procedure for applying for a personal loan in Nagpur has been simplified. You may also get the opportunity to apply for a loan insurance security in case of accidental death. Interest Rates And Charges The personal loan interest rates and charges vary from bank to bank, so be sure to check the interest rates and charges of the bank you will be applying for a loan. Here are some of the general interest rates and charges when it comes to personal loans. Fee Amount To Be Paid Rack Interest Rate Salaried – 10% to 21% Processing fee / Loan Processing Charges Up to Rs 4999/- Stamp Duty & Any Other Charges Varies from bank to bank How To Apply For a Personal Loan in Nagpur? Applying for a personal loan in Nagpur is easier than ever now, thanks to the simplified process and helpful bank staff who will help you out with any queries that you may have. Ask your bank that you want to apply for a personal loan, and they will hand over a form that you will have to fill up. The bank staff will also ask some questions about why you are looking for a loan, the amount of the loan required, what you do for a living, and so on. Answer all the questions and hand over the filled form. The bank staff will also ask for some documents to verify the details that are entered in the form. You will have to submit copies of your identity document, address proof, PAN, employment slips, etc. If you are eligible for the said loan, your loan will be approved. You will receive the loan amount almost immediately if you already have an account at that bank. If you don’t, you will have to wait for 4-7 working days. You can either visit the nearest branch of your bank to do that, but if case you don’t want to go, you can apply for a personal loan in Nagpur online as well. To apply for a personal loan in Nagpur online, search for the bank’s website. Go to that website and look for a personal loan tab. Now, fill out the online application with all the requisite details such as your date of birth, the amount of loan, where you work, and so on. After that, you will be asked to upload some documents required for personal loan, including identity documents, address proof, PAN, employment slips, etc. After submission, the bank’s system will verify the details. Click on the “Submit form” button now, and wait for the loan application approval. [B-02] Bottom Line If you are looking to apply for a personal loan in Nagpur then conduct thorough research analysing which bank offers the loan at the better interest rate. You can also visit the website of Piramal Finance to get a better idea of personal loans. They have uploaded informative articles on various topics. These might prove to be beneficial for you. Scroll through their website and read about various products and services they deal in.
08-11-2023
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Personal Loan

Apply Online For Personal Loans In Ahmedabad With Instant Approval

Ahmedabad is one of the world’s ten fastest-growing cities. The city’s strong growth in the IT, real estate, and healthcare sectors has attracted many people. Along with the growth of the city comes the rise in living costs. In the event of a sudden need for finances, a person’s savings, whether they are salaried or self-employed, can run low. An instant personal loan is an easy and convenient way to meet your money needs, both now and in the future. Applying for personal loans in Ahmedabad online helps many people meet their financial obligations with just a few clicks on their smartphone or laptop. [B-01] Who Is Eligible For Personal Loans in Ahmedabad? If a person wants to apply for personal loans in Ahmedabad, these are the eligibility requirements: The minimum age should be 21. The maximum allowed age is 70 years. The applicant must be an Indian citizen or resident. If the applicant’s credit score is 750 or above, they have a better chance of getting a personal loan with a lower interest rate. The applicant can be salaried, self-employed, employed by the public or private sectors, or a member of the staff of the state, federal, or local governments. Documents Needed to Apply for Personal Loans in Ahmedabad These are the following documents that are needed to apply for personal loans: Completed application form Identification documents such as a PAN card, voter’s ID, driving licence, Aadhaar card, passport, or ration card Documents to prove age, such as an Aadhaar card, birth certificate, SSC certificate, voter’s ID, or PAN card Income Tax Form 16 for the last 3 years Last 3 months’ salary slips Bank account statement for around 6 months Uses of personal loans in Ahmedabad A personal loan may be taken out for a variety of reasons, such as medical bills, wedding costs, essential items, vacation costs, or other financial needs. An instant personal loan is a good option for those who need quick access to money without having to wait a long time for their bank to approve the loan. Since the interest rates for personal loans are lower than those of other types of loans, including credit cards, it may help you to apply for personal loans and save money in the long run. Features of Personal Loans in Ahmedabad These are the features of an instant personal loan: Loan amounts between Rs. 25,000 and Rs. 25 lakh A quick and easy online loan application process 1 to 5 years of adaptable loan tenure Interest rates suited to each customer based on their profile Starting interest rate of 10.75% for a personal loan Less documentation is needed Low EMIs Average Annual Salary for Personal Loans in Ahmedabad A monthly income is essential to qualify for a personal loan in Ahmedabad. Your salary per month should be at least Rs. 15,000. The annual salary criteria will vary depending on the bank that is issuing the personal loan. If you are applying for personal loans as a self-employed person, then the annual profit that your company has earned needs to be at least Rs. 1 to 2 lakh. Personal loans are also granted to those who have a low salary at a low rate of interest. Benefits of Personal Loans in Ahmedabad There are multiple benefits to applying for an instant personal loan, including: Used for Various Purposes: A personal loan can be used to meet any kind of financial need. There are no restrictions on how the money can be used. Quick Approval: Personal loans are granted quickly in comparison to home loans or car loans. This is partly because the application process is straightforward and is mostly offered online. No Collateral Needed: Since an instant personal loan is an unsecured loan, no collateral or other security is needed. Less Documentation: Most lenders require only minimal documentation such as address proof, ID proof, income proof, and other documents. To apply for personal loans, less documentation is required, compared to other loans. Relaxed Repayment Terms: Personal loans have easy payback terms of up to 7 years. This gives you the freedom to select the loan tenure that is convenient for you. Complete Online Process: Since the application and processing are done online, more people find it easy and convenient to apply for personal loans in Ahmedabad. All that is required is to go to the bank’s website, complete the online application form, upload all the required documents, and click submit. The funds are transferred to your account within a few minutes or hours. Tenure: For repaying the loan, the tenure can be spread out over a year or more, making it easier to plan your EMI repayments. Assistance: Some banks also have phone or online representatives who can assist you at any point throughout the loan application process. [B-02] Conclusion Personal loans in Ahmedabad are easier to get today than they have ever been in the city’s history. This is mainly because finding out about loans and applying for loans are completely conducted online. Since the process to obtain an instant personal loan is easy, more people find it convenient to apply for personal loan in Ahmedabad online for their various needs. Once the loan is approved, the money is sent to the person within 24 hours or even less. Furthermore, the payment terms are simple for customers to adhere to. Banks and other lending institutions have made it easy to get an instant personal loan. If you need advice on where to apply for a loan, the application process, the documents required, and information on EMIs and other repayment details.
08-11-2023
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Tax Savings

Easy Steps to Avail Tax Benefits On Personal Loan

Taking out a personal loan is an easy option to secure quick money for all your financial demands. A loan for personal use will cover all of your needs, whether you need to pay for medical expenses, fund travel, organize a wedding, or support your child’s education. Another benefit of these flexible loans that can be paid out quickly is that you may be able to get a tax break for them. Although the Income Tax Act doesn’t make any particular provisions for these loans, you can deduct your loan payments from your taxes if you use the money for the following: [B-01] Purchasing a business acquiring, constructing, or remodeling a residence Purchasing assets Let’s examine how to claim tax deductions in these three scenarios. But first, let’s work on the basics. What is a Personal Loan? A personal loan is a type of loan that provides financing for a person’s individual financial needs, such as funding for a wedding or a trip. Personal loans typically have a shorter term and a higher interest rate than other types of borrowing. However, a personal loan has considerably more lenient requirements and is much simpler to apply for. Many people might not be aware of the additional benefit of personal loans, which is the possibility of receiving tax advantages. The Indian government offers tax breaks for loan repayment. Let’s learn more about the tax advantages associated with personal loans. Tax Deductions for Personal Loans The Indian Income Tax Act makes no mention of any particular tax deductions for personal loans, but there are tax deductions for other normal loans like home loans and education loans. However, this does not imply that borrowers of personal loans cannot receive tax benefits. The purpose for which the personal loan was obtained will be considered to qualify for tax deductions for a personal loan since there is no specific mention of tax deductions for personal loans in the Indian Income Tax Act. In the case of a personal loan, tax breaks are only possible if the loan was taken out for a reason that qualifies for a tax deduction. Property Purchase Investment A borrower might qualify for tax advantages if they used personal loan funds to purchase or construct a residential property. According to Section 24 of the Income Tax Act of 1961, you may be eligible for tax breaks for repaying loan interest. The maximum amount that can be deducted from taxes for a house the borrower lives in is Rs. 2,000,000. No maximum amount may be claimed if the home has been rented out to another person. You must be the owner of the property to enjoy tax advantages. Business Investment The interest paid on a personal loan used for business purposes may be deducted from income. As a result, both the borrower’s tax obligation and the invested capital company’s net taxable earnings will decrease. The sum that may be claimed in this instance has no upper limit. Education Investment Under Section 80E of the Income Tax Act, you might be entitled to deduct the cost of a personal loan you accept to fund your education. The interest amount that can be written off has no limit, but this benefit only applies to interest payments made on loans, not principal. Section 80E of the tax code already allows for up to Rs. 1.5 lakhs in tax deductions for expenses related to your own, your spouse’s, or your children’s education. You can also claim deductions if you are the legal guardian of a student and borrowed money in their name to help pay for school. Quick Points to Note Deductions for loan interest repayment are allowed under Section 24 and Section 80EE. However, you may deduct payments made for the principal balance of your mortgage under Section 80C. There is an Rs. 1.5 lakh exemption cap under Section 80C. The mortgage has been used to build or purchase new real estate. The house hasn’t been sold in the five years since it was bought. The taxpayer will be required to pay back the exemptions claimed on the mortgage in the year the property was sold if it is sold within five years. Any amount paid in interest can be deducted if you have taken out a student loan. The loan must be taken out in the taxpayer’s name to pay for either the taxpayer’s own higher education or the higher education of a relative. Only eight years are allowed for deduction claims. On house loans obtained for a property on which you are currently residing, Section 24 is applicable. The deduction is available when loan interest is repaid, and the exemption amount is limited to Rs. 2 lacs. [B-02] Conclusion Additionally, if you take out a personal loan for commercial purposes, you can deduct the interest from your loan repayment. The interest is subtracted from the business’s profits, which lowers the total amount of taxes owed. On the other hand, the interest component of a personal loan can be deducted from the cost of acquiring an asset, such as real estate, jewelry, or stocks, which results in lower capital gains when the item is sold. As a result, your tax liability is reduced. Likewise, you will not be eligible for any tax advantages if you use the loan amount for anything other than these four uses. However, if you are qualified for these tax breaks, take advantage of them to avoid paying taxes on your hard-earned money. Have the advantages persuaded you to take out a loan for your own use? If so, Piramal Finance can provide you with all the necessary knowledge. Find out more about the requirements for your personal loans.
08-11-2023
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Personal Loan

Personal Loan in Noida. Check Eligibility & Apply Online

Noida is a major city in northern India that is part of the state of Uttar Pradesh. Noida is home to a large number of companies from across the world. These companies need many workers for various tasks; therefore, Noida is home to many people who work as employees in these firms. If you also live in Noida, you might face an urgent need for money. This is where a personal loan in Noida can come to your aid. You can get a personal loan in Noida from many banks or NBFCs. There is no requirement for security, and you can use the money as you want. You need to meet the lenders’ rules to be eligible for a personal loan in Noida, and you can finish the entire loan process online in a few steps. If your profile meets the lender’s criteria, you can get the loan money in your account in a few hours. Eligibility for Personal Loan in Noida Before you apply for a personal loan in Noida, you must check if you meet the rules of the bank or NBFC for personal loans. Here are some vital aspects that you must satisfy to be eligible for a personal loan in Noida: – Credit Score: You must have a CIBIL score of 750 or more to get a personal loan in Noida. Some banks or NBFCs also accept lower CIBIL scores of 700 or more. If your CIBIL score is lower than this limit, then you might not be able to get a personal loan. Age: You must be more than 21 years old and less than 60 years old to get a personal loan in Noida. Work: You must be an employee of a company to get a personal loan in Noida. Your employer can be a public or private entity. Work experience: You should have work experience of 12 months or more to be eligible. Out of this, the last six months must have been with the present employer. Salary: Your salary must be at least Rs. 25,000 per month. You need to provide salary slips for three months as proof. Documents: To get a personal loan in Noida, you will need to provide some documents to the lender. These will be vital to verify your details. How to Improve the Eligibility Here are some vital tips to boost your profile for a personal loan in Noida: Pay the dues: You must pay off all the loans or credit card bills in your name. This will improve your CIBIL score and prove your ability to pay the EMIs on time. If you have too many loans or credit card bills, your odds of getting a personal loan in Noida will be lower. Work experience: You must have more than one year of work experience to get a personal loan in Noida. You should be working for at least six months to a year. This will prove that you have a stable income. Higher Income: To prove your ability to pay the EMIs on time, you must have a regular income. You can take on other part-time gigs to boost your income. You must insist that the employer send your salary every month on time to your bank account only. Apply for one loan: To improve your chances of getting a loan, you must not apply for several loans at the same time. This will reflect poorly on your credit score. Apply for one loan at a time and do not apply for many loans with various lenders. Increase your CIBIL score: The higher your CIBIL score, the better your chances of getting a personal loan in Noida. You can follow some simple tips to have a higher CIBIL score and improve your chances of getting a loan. Get a co-applicant: You can get your mother, father, spouse, or non-dependent child to sign as a co-applicant. This will improve your chances of getting a personal loan in Noida. How to Apply for a Personal Loan in Noida You no longer have to wait many days to get a personal loan in Noida. Most banks and NBFCs offer loans through their website or mobile app. This facility allows you to complete the process in a few minutes and get the money in a few hours. Here are the steps you must follow to apply for a personal loan in Noida: Open the official site or mobile app of the bank or NBFC. Now, locate the link for personal loans and click on it. You will see a form where you must enter some details on your screen. So, enter your name, age, income, work history, employer, loan amount, loan tenure, etc. You may also have to upload some documents to process the loan. After you have entered all the details, click on the “submit” button. You will get a reference number. You can use it to track the loan process. Now the lender will process the loan application. If there is a need, a representative will contact you for more details or documentation. After the lender verifies all the details and your loan is approved, you will get a message through SMS or email. The money will then be sent to your bank account, and you may use it for your needs. You must pay the EMIs every month to repay the loan. [B-02] The process to get a personal loan in Noida is easy. You can complete it online in a few minutes and get the money in less time. For the best deals on personal loans, get in touch with Piramal Finance, which offers the best deals and low-interest rates.
08-11-2023
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Personal Loan

Personal Loan in Nashik. Check Eligibility and Apply Online

Want to apply for a personal loan to pay off your debts, buy that dream house, or go on a vacation with your family? Want to apply for a personal loan in Nashik but are worried about the paperwork, eligibility criteria, and, most importantly, the application process? In today’s article, we will learn what a personal loan means, its benefits, eligibility criteria, documentation, and how to apply for it online. Like every other form of loan, a personal loan gives you financial assistance. A personal loan is monetary support you get from a lender who helps you meet your needs, and you have to pay some interest to the lender. Once you borrow the money, you pay it back in equitable monthly instalments (EMI). [B-01] Where Should You Apply For A Personal Loan In Nashik? There are two preferable sources to apply for a personal loan in Nashik. Banks: Banks are the preferred option for a personal loan application. They don’t charge you a high rate of interest and often let you pay in smaller chunks over a longer period. They are highly valued by people all over because no one gives you the level of assurance that banks do. Private financiers Private financiers are the second option to look for when applying for a personal loan. Most of them have comparatively higher rates of interest, usually more than what banks will offer you. Some of them have “hidden interest”, which is difficult to catch sometimes. But liable private financiers are a good option to look for. Make sure you check the ratings before you take a loan from a private financier. Nashik, being one of the fastest-growing cities in India, generates a huge amount of revenue from wineries and tourism. There is also a trend in the rise of many BPO companies in Nashik. The infrastructure has taken a huge leap, and no wonder it is called one of the fastest-growing cities in the country. Benefits of Applying for a Personal Loan in Nashik You get quick approval on your loan, and if you have a good credit score, you will have your work done within 24 hours. A low rate of interest is another benefit of applying for a personal loan in Nashik. Banks often charge you a decent interest rate so that you can pay it back comfortably. Most banks allow you to borrow up to Rs 35–40 lakhs as a loan amount, which is a huge advantage. You don’t have to worry about the paperwork because it is minimal in nature and doesn’t cost you a day. There is high flexibility in the period in which you have to repay the loan. The majority of it is spread out over 5 years in small instalments. Eligibility Criteria For Applying For A Personal Loan In Nashik The eligibility criteria are quite basic and simple: Age limit You should be at least 21 years old to be eligible to apply for a personal loan in Nashik. On the upper limit, you should not be more than 65 years old. These numbers vary from one bank to another. Employment Either you should be a job holder in any private or government institution, or you must be a self-employed individual who has a well-functioning business. Income proof If you are a salaried individual, your income should be at least Rs 25,000 per month. If you work for yourself, your annual income should be at least Rs 5 lakhs. These numbers, too, vary, and the above-mentioned numbers are only averages. Work experience For salaried individuals, the work experience ranges from 1 to 3 years. For self-employed individuals, work experience ranges from 2 to 4 years. Credit score You may not be aware of this, but individuals who have a good credit score (750 or more) have a high chance of getting better interest rates on loans. Documents required to apply for a personal loan in Nashik ID proof: This includes all the KYC documents that prove your identity, like your Aadhaar card, voter ID, PAN card, etc. Address proof: Any legal document that proves your address, like your Aadhaar card, voter ID, domicile certificate (optional), etc. Income proof: Anything that proves your income to the bank, that is, your bank statements of the financial year, your recent IT returns, etc. Two recent passport-size photographs and the signed application form are also required at the time of filling out the application. Besides this, some banks might ask for your previous loan history to check your repayment history. [B-02] Wrapping up The interest rate on a personal loan in Nashik is somewhere between 8.5% and 31.5%, with a repayment period of 1 to 6 years. So, before giving it a go, make sure you talk to your advisors and bank executives to make an informed decision. Do you like these types of blogs and articles that talk about finance, personal loans, investment, and SIPs? Then, you should probably check out Piramal Finance, where they have engaging write-ups on all of the above-mentioned topics and more.
08-11-2023
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