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Personal Loan

Personal Loan in Jamshedpur – Check Eligibility & Apply Online

Searching for an easy option to purchase a car or property? Waiting for years to finance your child’s higher studies? Want to invest a big amount in your business and take it to another level? Looking for a personal loan in Jamshedpur but doubtful about how to apply and the eligibility process? Well, then this is the article you need. Today we will know everything about the personal loan system, its features and advantages, the eligibility process, and a guide to help you apply online. [B-01] Jamshedpur, a place to look for a personal loan Jamshedpur, the heart and soul of Jharkhand, is the first industrial city in India. It is India’s most important commercial centre and the birthplace of the Tata Group of Industries. Being the hub of so much economic activity, it adds a huge amount of revenue to the state’s economy. Getting a personal loan in Jamshedpur can be tough at times. But not any longer. With the right insights and the correct strategy, you can easily get your loan and fulfil all your dreams. Why a personal loan, and what are its advantages? For people wanting to buy an expensive commodity, a property, or simply meet their medical expenses, it could be tough to carry out everything at once. Some people may find it difficult to finance a marriage or just make a foreign trip and need a large amount. In such cases, a personal loan comes into play. It has low-cost EMIs, which people find easy to repay. It is convenient and doesn’t require a lot of paperwork. A personal loan in Jamshedpur has a lot of advantages. Some of them are: Low-interest rates: If you choose personal loan over other sources like private financiers, firms, etc., you will get a personal loan at low-interest rates. Flexible tenure: For a personal loan in Jamshedpur, you have to repay the loan within a period of 1 to 5 years. As compared to other sources, this is a relatively good amount of time. No security funds or collateral: Banks do not ask for a security deposit while giving you a loan. So, you do not have to worry about managing the funds before getting a loan. Similarly, banks do not require collateral (any property). Quick approval: As soon as you submit all the legal documents, you can get a personal loan in Jamshedpur within a span of 24 hours. You won’t have to wait long for your loan to be approved. Besides this, you get the amount you asked for. You can expect to receive anywhere between INR 10 and INR 25 lakhs. So, that’s a huge benefit of taking a personal loan in Jamshedpur. What is the eligibility for a personal loan in Jamshedpur? As far as eligibility is concerned, the criteria are quite simple. You must fall within the age range of 21 to 65. This might vary a bit, as some banks sanction loans to 18-year-old jobholders as well. The upper limit of age varies from 63 to 67 years in some cases. You should either be employed by a government or private organisation with a fixed salary or a business owner with a fixed annual revenue. To qualify for a personal loan in Jamshedpur, salaried individuals must have at least two years of work experience. For a businessperson, work experience should be around 2–4 years. Income must be 25 thousand for a salaried individual every month and 15 lakhs for a business person per annum. Some banks look at your credit score as well. If you have a good credit score (750 or higher), you are more likely to get a loan at a lower interest rate. Banks sometimes even ask for your current loan status. When you apply for a personal loan in Jamshedpur, they might look at your loan history to get an idea of how much debt you have. What documents are required? There are basic documents for personal loan that every bank asks for. Some of them are your ID proof, address proof, income proof, and bank statements. They ask for your recent IT returns and three months’ worth of transaction reports as well. You will also be asked for your recent passport-size photographs. Requirements are subjective and vary from bank to bank for a personal loan in Jamshedpur. So, you might also be asked for your board certificates, birth certificates, or domicile certificates as well. How to apply for a personal loan in Jamshedpur online? To apply for a personal loan in Jamshedpur through the online mode, follow these steps: Go to the website of the desired bank and click on the application page. Enter your 10-digit mobile number that is linked to your bank account, followed by an OTP. On the next page, enter basic user details such as your full name, date of birth, PAN card, PIN code, address, etc. Fill in all the details correctly, and then move on to the next page. Now the next page is about the type of loan you want, the loan amount, and all the other tailoring options. Fill in the details according to your needs and convenience. Now, when you go to the next page, you have to send in all of your documents in PDF or JPG format. This includes your Aadhar card, your IT returns, photos, and other things. After filling out all the details, verify them carefully before submitting them. After you’re done with verification, click on “Submit.” [B-02] Conclusion Personal loans are in great demand these days as they help people achieve their dreams. But you also have to make sure that you do not miss out on anything from your side. Contact the bank in case you face any difficulties while applying for a personal loan in Jamshedpur. Make sure you are aware of the pros and cons of the loans. Take advice from people who have already taken the loan and are managing it effectively.
08-11-2023
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Personal Loan

Personal Loan in Jamnagar – Check Eligibility and Apply Online

At any given time, many people are repaying debts, searching for ways to invest in their business ventures, or buying homes. To fulfil all of these goals and more, they require access to loans. For people interested in applying for a personal loan in Jamnagar, there are several eligibility requirements to go through before deciding on applying for a loan. This article will explore various aspects of obtaining a personal loan in Jamnagar, including the documents required for an application, the way to apply online, and the detailed eligibility criteria. [B-01] Applying for a Personal Loan in Jamnagar Located on the western coast, Jamnagar is a city in Gujarat that has oil refineries and contributes to the overall economy of the state. Getting a personal loan in Jamnagar requires the right approach and the correct strategy, including carefully checking loan details before applying. Personal Loans and their Benefits A personal loan is a loan for consumers wherein a person borrows money from a bank to cover his or her personal needs. Banks often charge a rate of interest to individuals who apply for a personal loan. These types of loans are for financing personal needs such as buying a house, going on a foreign trip, or covering medical expenses. For people exploring the option of applying for a personal loan in Jamnagar, there are multiple benefits in addition to receiving finances for the required purpose. These benefits include: Flexible Tenure A personal loan in Jamnagar has a flexible tenure, somewhere between 1 and 5 years. The equated monthly instalment, or EMI, is low and periodic, so people can easily pay off their debt. Affordability In most cases, personal loans are affordable and can be easily repaid within the stipulated time frame. The personal loan interest rate is much lower compared to what private financiers would charge for personal loans in Jamnagar. No Security Deposit While applying for a personal loan in Jamnagar, people are not required to provide security. This is one of the major benefits for those who lack the security amount. No Collateral It is also not required to provide collateral when applying for personal loans. This is a major benefit for those applying for a personal loan in Jamnagar. There will be people who do not have collateral such as a house, property, or other assets. In these cases, people can still easily apply for a personal loan in Jamnagar. Quick Approval In most cases, banks will approve a personal loan in Jamnagar within one or two days. In addition to this, some banks can even agree to an amount as high as Rs. 25 lakh. There are also other benefits that banks provide to personal loan customers, including tailoring the loans according to an individual’s needs. Eligibility for a Personal Loan in Jamnagar Regarding the eligibility requirements to apply for a personal loan in Jamnagar, certain criteria must be met by people seeking to apply for a personal loan. The applicant must be at least 21 years old and not more than 65 years old. The applicant either must have a job in any private or government institution, or they should be self-employed in business. If the applicant is employed, their monthly salary should be at least Rs. 15,000. Sometimes, banks will require a minimum monthly salary of Rs. 25,000. In case the applicant has a business, they should earn at least Rs. 15 lakhs per annum to apply for a personal loan in Jamnagar. The applicant’s work experience should be around two years. For a business professional, the work experience is usually between two to three years. The applicant’s credit score plays an equally important role while applying for a personal loan in Jamnagar. If their credit score is 750 or more, they can be expected to easily get a personal loan. Documents Required for a Personal Loan in Jamnagar To get a personal loan in Jamnagar, a person will need to show the following papers: ID proof Address proof Domicile certificate (this is an option) Income proof Bank statements Recent IT returns Passport-size photographs Some banks might ask for a few additional documents for personal loan. They may request the applicant’s current loan status to check their debt ratio. They may also be required to submit a list of their liabilities. Apply online for a personal loan in Jamnagar. People can easily apply for a personal loan in Jamnagar online or in bank branches. These are the steps to follow to apply for a personal loan online: Visit the application page of the bank (any bank that provides low interest rates). Read the Terms and Conditions thoroughly before clicking on the “Apply” option. After clicking on “Apply,” the applicant will be asked for their 10-digit mobile number, which is linked to their bank, and an OTP for registration. After entering the OTP, general details of the applicant are requested, like their name, address, PAN card details, and more. A window pops up that requests details on the loan amount, mode of repayment, tenure, and loan variants. Adequate research must be done on these details before submitting the information. The last page requests that the documents be uploaded, including KYC documents, bank statements, income proof, address proof, IT returns, and others. [B-02] Conclusion A personal loan is a good way to help people pay for significant expenses like buying a house or vehicle or repaying a large loan. Focusing on getting a good credit score makes it easier to get a personal loan in Jamnagar. People can speak to their bank about the requirements for a personal loan and the risks associated with it as well. People can speak to experts such as Piramal Finance about all the loan-related dos and don’ts, which is crucial before applying for a personal loan in Jamnagar.
08-11-2023
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Personal Loan

Personal Loan in Indore, Vijay Nagar. Check Eligibility & Apply Online

Vijay Nagar is a residential area located in the heart of Indore. It has many different banks offering personal loans with attractive features. If you are looking for an easy and convenient way to meet your financial requirements, these loans can be a good option to consider. Personal loans can help meet your requirements, such as home renovation, medical, and travel expenses. In addition, you can apply for a personal loan in Indore – Vijay Nagar if you want to buy an expensive gadget or invest in some other profitable business venture. The loan is usually given for a short period of time, from 12 months to 5 years, and the borrower can choose how to pay it back based on their own financial needs. [B-01] How to Get the Best Personal Loan Personal loans are the most convenient and fast way to have cash for different needs. However, there are many things to consider before taking a personal loan in Indore – Vijay Nagar. Here, we will discuss all these points in detail: Personal Loan Comparison You can get various loan offers from different lenders and choose the best one based on your requirements and eligibility. As a first step, compare the various personal loan offers available online. Also, you can use a personal loan comparison tool to find the best deal for yourself. Besides, go through each term and condition carefully while comparing these offers because once you submit your application form, it cannot be changed or edited later. So, make sure there are no mistakes when you fill out online forms to get any type of loan in India, including personal loans. Check Eligibility Criteria The eligibility criteria for a personal loan in Indore – Vijay Nagar is the same as that of other banks. The only difference between lenders is the amount of interest rate and processing fee they charge. You must have an active bank account at any bank or financial institution to get a loan. The lender will check your credit score and CIBIL score, which helps them decide whether you are eligible to avail of a personal loan or not. If your credit score is low, you may have to pay a higher interest rate than people with good credit histories. The lending institution will also consider all your financial details, such as income and expenditure, before approving the loan amount. In addition, you also need to submit documents such as identity proof (like a PAN card), address proof (like an electricity bill), etc. At Piramal Finance you can calculate your personal loan eligibility using our simple calculator. Check Loan Amount The loan amount will be determined based on the borrower’s needs. For instance, if you need a personal loan of Rs 2 lakh to buy a car, then your lender will give you a loan of this amount. Your eligibility will depend on the income you earn and your monthly expenses. If the lender finds that you have enough money to repay your debt, then they will approve your application. The maximum amount of loan that an individual can avail of is usually between Rs 20 lakh to Rs 30 lakh. The maximum amount you can borrow from a lender is the loan amount. The loan amount depends on many factors, including your credit score, CIBIL score (for salaried individuals), age, job profile, and income bracket. Check Interest Rate The interest rate offered by lenders depends on various factors, such as your credit history, occupation, income, etc. You will get low interest rates on personal loan if you have a good credit score and a steady job. You can easily compare the loan offers from multiple lenders and choose one that offers low-interest loans. The interest rate for personal loans can range from 10% to 24%. Check Repayment Term The repayment term for personal loans is usually between 12 and 60 months. You should choose a lender that offers a longer repayment period so that you can pay off your loan in instalments. If you have a good credit history, your lender may offer an interest rate lower than the standard interest rate. Ask About the Processing Fee The processing fee is what your lender charges for processing your application. The lender may charge a small percentage of the loan amount as a processing fee. You should ask about this fee before you apply for a personal loan so that you know how much money will be deducted from your loan amount. Most lenders charge a processing fee of 1% to 5% of the loan amount. How to Apply for a Personal Loan You can apply online for a personal loan in Indore – Vijay Nagar by filling up an application form at the bank’s or lender’s website. You will need to give basic information about yourself, like your name, address, contact information, and employment status. Also, you need to submit all the necessary documents, such as proof of identity and residence, proof of income, a passport-size photograph, and bank account details. If you don’t have access to the internet, you can also bring these documents to the branch of your bank that is closest to you. The lender will review your application and determine whether or not you qualify for the loan. You can expect to receive an approval or rejection within 24 hours of submitting your application. If approved, the lender will deposit the money into your bank account. You can use it to finance any project that you want. [B-02] Conclusion Online money lenders are your best bet if you are looking for a quick and easy way to get cash in hand. They offer flexible repayment options and quick funding at competitive interest rates. Just make sure that you check the eligibility criteria before applying online. All you need is a valid bank account and a good credit score. You should also ensure you have all the required documents before applying for financing. This will help speed up the application process. If you need help applying, ask our experts about taking a personal loan in Indore – Vijay Nagar. At Piramal Finance, we work with you to find a solution that best meets your needs. If you need help, feel free to reach out to us anytime. We have a highly experienced team of advisors that can help you fill out the application form and provide any other assistance you may need.
08-11-2023
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Personal Loan

Personal Loan In Hyderabad, Kukatpally. Check Eligibility & Apply Online.

Kukatpally is one of the busiest places in all of Hyderabad. It is in the northwest part of the city. Kukatpally roads make it easy to get to Hitech City and are known for having a wide range of stores, including ones that sell clothes and food. Due to the growth of the retail and information technology industries, Kukatpally has become a major centre for business in recent years. What is a personal loan? Personal loans are a type of unsecured credit that banks give out based on the borrower’s profession, work history, income level, and credit history. A personal loan is another name for a consumer loan. It is a loan that can be used to pay for anything you need right away. Why might you want to get a personal loan in Kukatpally? Medical emergency A medical emergency can happen to anyone at any time, and it can be difficult to borrow money from friends or family. In these cases a medical personal loan is very helpful. You can get a personal loan to pay for your emergency medical costs in 24 to 48 hours. Travel costs If you want to go on a great vacation, one of the best things you can do is apply for a personal loan to travel. Consolidation of debt Personal loans, such as credit card loans or other loans with very low interest rates, may be used to pay off existing debts. Changing residence to a new location You can request a home improvement personal loan if you are moving to a new place and need money for things like buying new furniture, transporting your packages, or moving your vehicle. Cost of the wedding A wedding can cost you a lot. So, if you want a big wedding, you might want to think about getting a marriage personal loan. Benefits and features of getting a personal loan in Hyderabad – Kukatpally Paperless procedure Since the whole process is done online, there is no need for any paperwork or face-to-face contact. Due to digitisation, everything is now easy to do. Flexible tenure You can choose the length of time you want to pay it back. The length of time to pay back the loan can be anywhere from 6 to 60 months. Multi-purpose You can get a personal loan in Hyderabad – Kukatpallly to pay for things like a wedding, a trip, new furniture for your home, medical emergencies, and much more. Zero collateral Personal loans are unsecured loans, so you don’t have to give up anything to get one. Minimum documentation You can get a personal loan with only a few documents. For a personal loan, you need things like a PAN card, an Aadhaar card, and bank statements. You need to check for further requirements and alternatives for each documents needed for personal loan as per applicable. Instant disbursal After getting approved for a loan, you can have the money in your bank account within 24 to 48 hours. Eligibility criteria that need to be met for a personal loan in Hyderabad – Kukatpally You should be an Indian citizen. You should be between the ages of 21 and 60. You should have a monthly income of at least INR 20,000. Your credit score should be more than 750. A minimum of one year of work experience is required. Before applying for a personal loan in Hyderabad – Kukatpally, there are a few things to consider. Valid documents For KYC verification, you need to have all of your documents, like your Aadhaar card, PAN card, and bank account information, ready. If you don’t send the right paperwork, your application will be turned down. Criteria for eligibility Before you can get the loan, you must first meet the requirements listed above. The ratio of debt to income The debt-to-income ratio is the number of your monthly debts as a share of your monthly gross income. It helps show that the borrower has enough money to pay back the new debt. Rates of interest To make sure you get a loan with low interest rates, you should look into the interest rates offered by different lenders. Credit score For your loan to be approved right away, your credit score needs to be at least 750. Also, you are more likely to get a loan with a low interest rate if you have a good credit score. Monthly income Since there is no collateral for a personal loan, the lender will expect you to have a stable job with a fixed income of at least INR 20,000. Once you show the lender that you have a stable income, the loan is approved right away. What are the various documents required to get a personal loan in Hyderabad – Kukapally? For salaried workers, you’ll need the following documents: Proof of identity: Aadhaar card, PAN card, driver’s license, or passport Proof of address: passport, electricity bill, water bill Proof of income: bank statements for the past six months Work experience for employment: certificate of 1-year experience For self-employed people, proof of income is needed: Bank statement for the past 3 months Balance sheet and profit and loss statements audited by CA for the past 3 years Salary slips for 3 months Income tax returns for the last 3 years Avoid these things when applying for a personal loan in Hyderabad – Kukatpally If you apply for more than one personal loan, it could affect your credit score. Don’t just look at the interest rate; also look at the terms and conditions and other fees. [B-02] Final thoughts Applying for a personal loan in Hyderabad – Kukatpally is the best way to quickly get money when you need it. A personal loan can help with many things, like paying for a wedding or a sudden medical need. If you’ve read all of this article, you should now know how to apply for a personal loan in Hyderabad – Kukatpally. If you have questions or aren’t sure where to start, it’s wise to consult a financial firm like Piramal Finance to get individualised loan options.
08-11-2023
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Personal Loan

Can You Get A Personal Loan With A Credit Score Of 550-600

You need a high CIBIL score to get a personal loan or another form of a loan. A high CIBIL score signifies a strong repayment history and credibility. With a CIBIL score of 750 or higher, not only are you guaranteed a fast loan, but you also qualify for favourable terms and circumstances. You can turn to an unsecured personal loan to cover unexpected costs like medical bills, urgent vacation plans, or other unexpected costs. Factors, including income, CIBIL score, etc., play a role in deciding whether or not to grant you this loan. You can get an urgent and quick loan in India, regardless of your CIBIL score. Sadly, a high CIBIL score is not easy to achieve or keep. A low credit score can result from unforeseen financial difficulties or careless handling of money. [B-01] Personal Loan for Credit Score 550-600 There is a massive demand for unsecured personal loans as they need little security to be given to the bank. Also, one can get these loans in no time. But, as these are unsecured loans, the interest rates are higher, and the eligibility criteria are stricter than other secured loans, such as home loans and auto loans. A minimum credit score of 750 is typically required for personal loan approval. But, there are a few lenders who offer personal loans to even those whose CIBIL scores are on the lower end of the spectrum, as long as it is above 600. The next question would be if you can get a personal loan for a CIBIL score of 600 in India. It will be tough. While you may find lenders who give a personal loan for a CIBIL score of 550, the terms and conditions will not be very favourable. It is because the lender will have no faith in such a borrower’s repayment ability and will thus avoid giving a loan. If the loan is sanctioned, the interest rates will be higher, even going above 40% per annum, and the repayment term will also be low. Also, you should not expect a large loan amount. Personal Loans for a Low Credit Score People take out personal loans for many things, from paying a debt to financing big-ticket purchases like cars and home renovations to life events like weddings, trips, or honeymoons. In addition to work and income, your credit history also plays a role in whether or not you are approved for a loan. If you have a low credit score, the chances of your personal loan approval would be lower, but not reduced completely. This report provides a more in-depth look at your financial past. A good credit record indicates good financial behavior and an absence of risk as a potential borrower. How to Get Personal Loan Approval With a Low Credit Score It may be difficult, but not impossible, to secure a personal loan with a low credit score. You can still get a personal loan, even with a low credit score of 550 and sometimes even with a score as low as 500. Here are some options to consider if you need a personal loan but have a low credit score: Request for a Small Loan Amount Some lenders may be more willing to approve loans for lower amounts. However, the lender’s risk increases with a larger loan amount. This is why, if your credit score isn’t up to par, applying for a modest loan could make it simpler for you to get approved. Determine How Low Your Credit Score Is The CIBIL report isn’t always up-to-date. This impacts your credit score. Regularly checking one’s CIBIL score is essential for catching any mistakes and fixing them. You can even check your CIBIL score online on the official websites of the credit bureaus. Apply with A Co-applicant A person with a poor credit score may have more success getting a loan if there is a co-applicant with a good CIBIL score. A co-applicant repays the loan in the event of your default. You can get a personal loan in this manner with convenient repayment conditions. Provide Proof of Income The ability to make loan payments is directly proportional to your monthly income, as the banks or lenders check the source of income of the person applying for a loan. Therefore, having high-paying work, the second source of income or consistent cash flows can improve a loan application’s chances of approval. Mostly, having the financial resources to repay a loan is a simple matter of comparing the monthly payment amount to the borrower’s income. Thus, it is possible to have a personal loan approved even with a low credit score. [B-02] The Bottom Line While applying for a loan, you must keep in mind that the banks consider a CIBIL score ranging between 500 to 600 a poor score. There are only a few lenders who will give you a loan with such a low CIBIL score. Also, if you manage to get a loan, your credit score could affect the interest you pay on a personal loan. Now, you can use your newfound knowledge to qualify for a personal loan with a credit score of 600 or better. By checking your CIBIL score frequently, you can take quick action that will help you maintain or improve your score. The CIBIL website, as well as those of individual lenders, will display your credit rating. Piramal Finance provides access to a variety of financing options and tools for monitoring and enhancing financial standing. To read more such informative articles, visit https://www.piramalfinance.com/ right now.
08-11-2023
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Personal Loan

Gold Loan vs. Personal Loan: Which Option is Better?

There are times when individuals may need a surplus amount of money urgently. Loans have made it possible for many people to buy things they couldn’t afford. Even if a person does not have collateral, they can still receive loans. Although some may say that taking loans is risky, the likelihood of defaults decreases when one makes an informed choice. Today, there are many different types of loans available. Gold loans and personal loans have become increasingly popular. However, how does one decide which loan is the best? Here is a guide to help you understand all about gold loans and personal loans. [B-01] What is a Gold Loan? It is a type of secured loan where borrowers are required to submit gold as collateral. The loan amount depends on a certain percentage of gold and is based on the market value of the collateral. What is the tenure of a gold loan? Gold loans have a short borrowing time period. It may range from 1 month to 5 years. However, the duration can be fixed according to one’s lender. What is the rate of interest levied on gold loans? Interest rates on gold loans range from 9% to 17%. But again, it all depends on the flexibility of the lender. Since many lenders provide gold loans, borrowers are advised to compare interest rates, tenure, processing fees, late payment charges, etc. before taking a gold loan. What are the documents required for a gold loan? You will need to submit passport-size coloured photographs, Identity proof, and address proof. What are the things to keep in mind before taking a gold loan? Gold loans are secured loans. The amount of money one receives depends on the value of the gold kept as collateral. One must be careful and only borrow an amount that can be paid comfortably. What happens when someone is unable to pay back the due amount? In such cases, the action taken against defaulters depends on and is different for each lender. Some may charge a higher rate of interest on the remaining amount. Others would issue a notice. Borrowers will have to pay the loan amount by the final date mentioned on the notice. If they fail to do so, the lender has the right to recover their money by auctioning off the gold. Some of the basic questions regarding gold loans were answered above. Here is a list of reasons why one should opt for a gold loan: It is quickly disbursed. there is no lengthy process and once the documents are approved, the loan is processed. Borrowers can take gold loans and use them for any purpose. Gold ornaments are the only security you will have to make. The interest rates are relatively lower than personal loans because gold is kept as collateral. What is a personal loan? Personal loans are unsecured loans and can be used to repay debt, buy a house, plan a wedding, take a vacation, etc. Hence, it is also known as the ‘All Purpose Loan’. These loans do not require any collateral and are disbursed on the capacity of the borrower. Who is eligible for a personal loan? Following are the essential factors to pass eligiblity for personal loan CIBIL Score and report Employment status and earning capacity Annual income Frequency of EMI payments and any defaults What is the rate of interest applicable on personal loans? The rate of interest varies from lender to lender and is determined by comparing the loan amount to your income, the tenure chosen by the borrower, and finally, the credit profile of the borrower. What is the period for which a personal loan is issued? Personal loan can be issued for anywhere from 12 months to 60 months. It depends on the loan amount, rate of interest, and the borrower’s ability to pay back the amount. What are the documents required for a personal loan? If you’re a self-employed individual, you need to present proof of identity, residence, income, office, and your bank statement for the last six months. Those who are salaried individuals are also required to present the same documents, in addition to their last three months’ salary slip. What are the things to keep in mind before taking a personal loan? Repayment of a personal loan is a long and exhausting process. One must evaluate their repayment capacity with complete honesty before borrowing large amounts. In cases where borrowers default on repayment, their CIBIL score and credit history are affected. People must study all options and make the best choice for themselves. Why should you take a personal loan? One should choose a personal loan for the following reasons: It allows you to pay off smaller debts such as credit card bills. The disbursal is quick. You do not have to give anything as collateral. A personal loan is also a line of credit. If you do not default on repayments, it can improve your credit score even more. Although it takes 2-7 business days to process personal loans, it is now possible to get instant loans. These loans are issued instantly upon document verification. The entire process is smooth and can also happen online. However, the loan amount is relatively lesser than compared to personal loans. [B-02] Conclusion If you are looking to secure a loan with collateral and improve your credit score, you should opt for personal loans. However, if you wish to liquidate idle assets such as gold and generate money against them, opt for gold loans. While most criteria are the same for both loans, sometimes, the rate of interest might be lower for gold loans. To say that one is better than the other depends entirely on the borrower’s needs. To learn more about personal loans and instant personal loans, visit the Piramal finance website.
08-11-2023
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Personal Loan

How Much Personal Loan Can You Get With a CIBIL Score of 550?

In the modern age, many financial institutions are willing to lend money to people with good credit scores. If you have a good credit score and a stable income, it won’t be a hassle to get a personal loan. However, it might not be ideal for those with poor credit scores or who don’t earn much money from their jobs. In such cases, banks will only be willing to extend small loans to help you deal with certain obligations or urgent expenses. Obviously, this is not the best option since it can cause trouble in the future when you need more money and your credit score isn’t as great as before. Therefore, if you still want to take out a personal loan even though your credit score isn’t very high, what factors will determine how much you can borrow? [B-01] What is a personal loan? Personal loans are one of the many financial solutions to help you get out of debt or boost your savings. A personal loan is a loan given to an individual for personal use. Most of the time, this loan is used to pay for small expenses like buying a car, fixing up the house, paying for school, etc. Besides helping you get out of debt or save money, most personal loans can also help you with your finances if you use them responsibly. Therefore, understanding how much credit you can get from a lender and what type of loan it is—that’s the question! We’ll talk about some general information about personal loans and what lenders look at when deciding whether to give them. What is the importance of a CIBIL score for a personal loan? A CIBIL score is an index that shows a good credit history. It is used to evaluate the economic situation of the applicant. It is calculated using the past six years of available data, such as credit history, current assets, and any ones used for borrowing money. The CIBIL score ranges from 0 to 100. A high CIBIL score means that you have a good credit history. This makes it easier for you to get a loan in less time. The CIBIL score plays a significant role in personal loans. A CIBIL score for a personal loan is used to determine whether applicants will be eligible for a loan or not. In addition, it helps lenders assess the risk associated with the loan. This way, they can help you get a better deal. Eligibility to take a personal loan For Salaried Individuals: There are three eligibility factors for those working for an organisation. These are The minimum age of the applicant must be 21, and the maximum age must be below 60 at the time of maturity of any loan. The applicant must have worked for at least 2 years, out of which they must have worked in the same organisation for the past year. The applicant must be earning at least Rs. 7,500 per month. For entrepreneurs or self-employed individuals: These are the following eligibility factors for self-employed individuals: The minimum age of the applicant must be 25, and the maximum age must be below 65 at the time of maturity of any loan. The applicant must have worked in the same field or business for at least 3 years. The applicant must be earning at least Rs. 100000 per month. With a CIBIL score of 550, how much loan can you get? A CIBIL score measures a borrower’s financial strength. Lenders use CIBIL scores to gauge the likelihood of default among borrowers. A high CIBIL score indicates that the borrower is likely to make timely payments, while a low score suggests the risk of default. This is how getting a personal loan with a low CIBIL score is difficult. If you’re looking for a personal loan for CIBIL score of 550, that will be one factor that impacts your ability to get approved for financing. Lenders are increasingly using CIBIL scores to determine whether or not to approve you for a loan, so you must keep track of your financial situation and remain as transparent as possible throughout the process. With a credit score of 550, it could be difficult to get approved for a loan. This can put you at a disadvantage when it comes time to negotiate the terms of the loan and pay off interest over time. However, you can still get a loan between Rs 1,00,000 and Rs 5,00,000. Some lenders will allow borrowers with lower credit scores to pay over time instead of upfront. This lets borrowers make their payments easier to handle over time and could save them money on interest. [B-02] Conclusion Personal loans are one of the most popular options to help you through hard times. Personal loans are easy to get; they don’t require a lot of paperwork and can be paid back quickly. However, personal loans come with big risks, so it’s important to do your research before getting one. It can be difficult to get approved for a personal loan. As a result, some people may be surprised to learn that they have been approved for a loan even though they have low credit scores and little to no income. If you’re looking for a personal loan for CIBIL score of 550, that will be one factor that impacts your ability to get approved for financing. Lenders are increasingly using CIBIL scores to determine whether or not to approve you for a loan, so you must keep track of your financial situation and remain as transparent as possible throughout the process. Piramal Finance offers easy personal loans with zero payment and foreclosure charges to help those with lower CIBIL scores. Any salaried employee with a minimum monthly income of Rs 7500 can apply.
08-11-2023
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Personal Loan

How to Get an Instant Personal Loan at Piramal Finance?

What is a Personal Loan? Are you finding it difficult to fund your expenses? Well, if yes, you have landed in the right place. You can apply for Instant personal loan online with minimal documentation and zero security or collateral. Before you do so, it is necessary to understand what a personal loan is and how you can get one. A personal loan is an amount that a bank sanctions without any security or collateral. This loan needs minimal documentation, making it easy for anyone to get personal loan. You can use the approved loan amount for any purpose. You must pay the loan amount back according to the terms set forth by the bank, like any other loan. The easiest way to repay is through EMIs. The repayment through EMIs can be done in a few months or years, along with some amount of interest paid per annum. What is the Purpose of a Personal Loan? A personal loan is used for various purposes. A few of them are listed below: Repay previous liabilities or debt. Pay for home renovations. Plan your dream wedding. Pay for medical treatment. Finance your children’s education. Buy a gadget. Fund a holiday, etc. How Does a Personal Loan Work? Personal loans are almost the same as other types of loans. Follow these steps if you wish to get an instant personal loan: You may apply for a personal loan online by filling in your basic details. Submit the necessary documents. The bank checks your creditworthiness. Based on your creditworthiness, the bank makes a loan offer. If you accept it, the bank disburses the loan amount into your bank account. You can use the loan amount as you wish. Once the bank transfers the loan amount into your bank account, the interest cycle begins. In general, you repay the loan in easy and equal monthly instalments (EMI). This often depends on factors such as tenure, loan amount, and interest rate. How to get an instant personal loan at Piramal Finance? Follow the steps to get an instant personal loan at Piramal Finance. Visit the official website of Piramal Finance. Click on the “Personal Loan” tab at the top of the home page. Scroll down the page till you find the “How to Apply” heading. Select the “Click here” option. Fill in all the requested details in the form. Fill in the correct captcha and mark the box for the privacy policy. (You may also read about the privacy policy if you wish.) Press the “Submit” option present at the bottom of the form. A relationship manager at Piramal Finance will contact you. The relationship manager will guide you through the whole application procedure. Who can apply for a personal loan online at Piramal Finance? A few eligibility criteria apply if you wish to apply for personal loan online. Read on to learn the criteria in detail. Salaried individuals working in the following areas may apply: Government Institution MNCs or related companies Partnership Firms Proprietorship concern Private sector Public sector Age Requirements. 21 years to 60 years Income Terms. A monthly salary of Rs. 25,000 or more. Work Experience Condition. At least six months of experience in the present organization. Features and Benefits of Personal Loans at Piramal Finance Reading about the features or benefits of getting a personal loan is necessary. Primal Finance offers you the following benefits if you wish to get an instant personal loan: There are no fees for early repayment or foreclosure. Loans start from 1 lakh to 10 lakhs. Minimal documentation. Quick sanctioning and disbursals. Easy monthly EMIs. Flexible tenure of repayment from 1 year to 5 years. Combining incomes to increase loan eligibility. Paperwork Required to Get a Personal Loan You must be aware of the necessary documents required to apply for a personal loan. The documents necessary to get an instant personal loan are listed here: PAN Card (Mandatory) Identity Proof (any one of the below) Passport Driving License Aadhaar Voter’s Identity Card Address Proof (any one of the below ) Registered Leave and Lease Agreement Passport Driving License Aadhaar Card Voter’s Card Telephone/electricity bill, etc. (less than 3 months old) Income proof Latest month’s salary slip Bank statements that are not more than three months old Interest Rates and Charges Before applying for a loan, it is important to get the details on the interest rate and charges. Check the interest rates of Piramal Finance’s personal loan below: Interest rates start at 12.99%* per annum. There are no fees for early repayment or foreclosure. Visit the Piramal Finance website to learn about the fees and other charges to get a personal loan. [B-02] Wrapping up Getting a personal loan from Piramal Finance has many benefits. You do not have to pay any foreclosure charges, and there is zero prepayment. You can get a personal loan starting from Rs 50,000 thousand to Rs 5 lakh. EMIs are set with your ease in mind. So why are you still waiting? Apply and get a personal loan right away, or call 1800 266 644 to learn more about how to get an instant personal loan from Piramal Finance.
08-11-2023
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Personal Loan

Best Personal Loan for Travel in India

The economy is starting to recover after the tough times caused by COVID-19. Many businesses are reopening, and one of the sectors bouncing back is tourism. People have spent too much time at home, and many are eager to travel again. If you worry about money for your travels, personal loans can help. What are travel loans? Travel loans are a type of personal loan specifically used for traveling. Many banks and financial companies provide these loans for both local vacations and trips abroad. The interest rates for travel loans start at 10.75% per year, and you can repay them over a period of up to six years. You can borrow as much as Rs. 40 lakhs. Why should you take personal loans? Here are some reasons why you may consider getting a travel loan: - You don’t want to pay a lot of money for a fancy vacation. - You want to spend time with your family and don’t want to wait to take a trip because you don’t have enough money. - You prefer not to sell off your savings or investments, like fixed deposits or government savings schemes. What should you know before taking personal loans for travel? If you are thinking about taking a travel loan, here are eight important things to keep in mind: 1. Online process: You can apply for a travel loan online without having to go to a bank. You can find all the information and complete your application from home. 2. Unsecured loan: Travel loans do not require you to offer any assets, like property, as security. You don’t need a guarantor either to get the loan. 3. Straightforward process: The entire process of applying for and getting the loan is simple and digital. You can track your application online, and only a few documents are needed, which can also be submitted digitally. 4. Limited amount: Since it is an unsecured loan, you cannot borrow any amount you want. The amount you can get is based on your monthly salary, credit history, and job type. 5. Flexible uses: People often think travel loans only cover flight tickets, but they can actually be used for other travel costs too. This includes hotel bills, sightseeing expenses, meals, and even shopping on your trip. 6. Low-interest rates: While using a credit card can be quick, the interest rates and fees for credit card loans are generally higher. In comparison, travel loans can be obtained at lower interest rates, allowing you to borrow more. 7. Flexible repayment time: Travel loans offer flexible repayment options. You can choose to repay the loan in easy monthly installments (EMIs) within 12 to 60 months (1 to 5 years). If you want to pay off your loan earlier, you can do so without a penalty. 8. Easy repayment: You can repay your travel loan through electronic payments or by sending post-dated cheques. You can also set up a bank transfer to automatically pay back the loan. Which are some of the best personal loans for travel in India? 1. HDFC Bank Travel Loan: HDFC offers personal loans with low-interest rates. They accept different payment methods like cash, checks, and online transfers. There is a processing fee of 2.5% of the total loan amount. 2. Tata Capital Travel Loan: Tata Capital can transfer the loan amount to your bank account within only two days. You can qualify if you have a monthly income of at least Rs. 20,000. There is no need for any extra security to get this loan, and the processing fee is 2% of the loan amount. 3. Axis Bank Travel Loan: This travel loan has a two-month pause period, meaning no EMIs are charged for the first two months. It is available for salaried individuals with a minimum monthly salary of Rs. 15,000. The processing fee is determined by the bank. Conclusion Now that you understand travel loans better, you can think about using this option to help fund your holiday, whether it’s domestic or international. Check out the Piramal Finance website to see their services and learn more about the terms of loans available.
08-11-2023
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