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Home Loan

Discover How to Use a Home Loan Eligibility Calculator

Building a new house or buying one is a big deal and must be an informed decision. Applying for a home loan is preferable, but it often requires proper planning, knowledge of the dos and don’ts, and paperwork. You should also use a home loan interest rate calculator to find out how much interest you will be charged. But don’t worry; all you have to do is read this article to learn about home loans, eligibility criteria, and how to calculate them. In this article, you are going to learn about a home loan, the eligibility you should have to apply for it, and how to use a home loan eligibility calculator. What really is a home loan? A home loan, as the name implies, is financial help you take from a bank to purchase, extend, or renovate your house with the promise of returning the money with some extra returns. It has a fixed interest rate, which you will be charged when you take the money from the bank. However, this house or property for which you have taken the loan remains a mortgage, which means the bank can take it away from you if you fail to repay the money. A home loan is a very profitable option for people who have been dreaming of buying their own house. But, with all that said, you need a home loan interest calculator to help you manage your interest rates and EMIs (equitable monthly instalments). What are the benefits of a home loan? A home loan has a lot of benefits: Helps in reducing taxes: To encourage more and more people to buy their own house, banks provide a tax reduction on the principal amount and the interest rate. Easily payable: Banks often charge low EMIs if you take out a home loan. The amount won’t hurt you, and you can easily repay your loan. In case you feel like tracking down your interests, you can use a home loan interest calculator to keep track of the exact numbers. Saves you from paying rent: Living in a rented house sometimes gets tough, and paying high rent every month is not easy. A home loan helps you build your own home and saves you from rent. The repayment period is long: Often, the repayment period is long and manageable at the same time. So you don’t have to worry about paying a large amount at a time. You can gradually pay off your debts without compromising your expenses. No prepayment penalties: If you pay the installments ahead of time, you will not be charged any additional fees. If you have extra money and are worried about spending it, you can pay it in installments. Besides these, home loans are safe and secure, and you don’t have to worry about any risks. What is the minimum eligibility to apply for a home loan? There aren’t any exact numbers, but the values given below for age group, salary, etc. are nearly common. Age limit: If you are a salaried individual, you must be at least 21 years old and less than 65 years old to apply for a home loan. This might be slightly different for self-employed people, but it is mostly the same. Minimum Salary: If you are a salaried individual, your monthly salary should be at least 10 thousand rupees per month to qualify for a home loan. If you are a business person, you should at least generate 2 lakh rupees per annum to apply for a home loan. Loan term: The maximum loan term is around 30 years, which means that if you apply for a home loan in 2022, the term lasts until 2052. Credit history: Though not always requested, a good credit history is always a plus if you are looking for a home loan. What is a home loan eligibility calculator? A home loan eligibility calculator is a simple, user-friendly online tool that helps you estimate your EMI from your borrowed loan. A home loan calculator calculates the interest you will pay to the bank in return for the debt. The interest is determined by your age, credit history, financial status, etc. How do I use a home loan interest calculator? Using a home loan calculator to determine your estimated EMI is simple. Here are some steps: Put your monthly income in the bar, and if you are an NRI, then you have to put your yearly income in the bar. Next, put the loan time period in the second bar of the home loan interest calculator. Now, enter the interest rate on the home loan that the bank has charged you. Different banks charge different rates, and this varies in almost every case. If you have other loans, put their EMIs in the last bar of the home loan eligibility calculator. This is an optional case. You can leave the space blank if you don't have a previous loan. Now click on “CALCULATE,” and your interest amount will appear on your screen. [B-02] Summing-up A home loan calculator is of great use to estimate your interest, and you should use it quite often to map your current loan status. To keep yourself updated from time to time, you should use a home loan interest calculator. Since the risk is almost nil and the installments are low, a home loan is preferable to get your dream house.

08-11-2023

Personal Loan

Everything You Need to Know About Small Personal Loan Online

In recent years, a growing number of people have turned to personal loans as a method of financing expenditures. They pay for it in 12 equal monthly instalments (EMIs). Personal loans can be put to a variety of uses, including buying a home or automobile, providing financial help for a child’s college education, or covering medical expenses. A pile of bills you didn’t expect? Not able to stock up on food until you get paid? Simply visit a personal loan agency like Piramal Finance to apply for a small personal loan. If you are in urgent need of help but do not have a lot of money to put toward the repayment of a loan, you may want to get a small loan, which is a form of an unsecured personal loan. Because these loans are for relatively modest sums, the terms are often for a shorter period. If you need a modest loan and have decent credit, many lenders will allow you to select how long you have to pay the loan back, giving you more flexibility in your situation. [B-01] How does a personal loan for a small sum help? The majority of people resort to getting smaller loans to cover their more manageable out-of-pocket costs, including but not limited to: Home expenses Latest gadgets Medical expenditures Bills that were not expected Small loan varieties available in India Payday loans A payday loan is a short-term, unsecured loan that is often taken out for 1 month and paid back in full, with interest, when the borrower gets their next paycheck. When looking for a payday loan, the interest rate you end up paying may be different from one lender to the next. Small personal loan Most personal loans have longer terms for paying them back (anything from 2 months to 5 years). If this is the case, you can change the amount of time you have to pay back the loan. The interest rates on payday loans are very high, while the rates on small personal loans are usually much lower. Line of credit loan A line of credit loan is also called revolving credit. This is a type of short-term, unsecured loan in which a lender gives you a credit line for a certain amount. If you need money, you can borrow as much as you want from this line of credit and pay it back each month with interest. You can take out as many small loans as you need with this line of credit, up to your credit limit. Interest is figured out based on how much you borrowed and not on your total credit limit. Perks of a small personal loan Getting a personal loan can be useful in many different kinds of circumstances. There are many advantages to obtaining a personal loan with a low-interest rate, including the following: People are turning to small online loans because they make it possible for them to obtain funds at interest rates that are far lower than those offered by traditional lending institutions like banks and credit unions. When you borrow a small amount of money through a personal loan, you can get the money you need without worrying as much about the interest rate. Since they are unsecured loans, the majority of Indian lenders make it simple to obtain approval for a modest loan. Once you’ve chosen a lender, you can apply for a loan online through their website, as long as you meet all of their requirements. When asking for a small loan online, one of the most beneficial aspects is the fact that the majority of online lenders offer flexible repayment terms. It is possible to adjust the term of the loan so that it is suitable for your financial situation. For a personal loan, unlike with other kinds of loans, you won’t have to put up an asset as collateral to get the money you need. Things to keep in mind before applying for a small personal loan Keep your credit history in good standing Analyse the difference between the various market interest rates Assess all costs When deciding how much of a loan is appropriate for you, you should think about your needs Examine how well you can afford to pay back the loan Stay away from deals that seem too good to be true Why should you choose Piramal Finance for small personal loans? Discover the actual ease of a personal loan from Piramal Finance, with no fees for foreclosure. Our loan is the one-stop shop for all your financial needs, whether they be for a vacation, the purchase of a dream gadget, the payment of school tuition, or the financing of a dream wedding. If you need help with any part of the application process, our team of seasoned advisors is here to help. We’ve introduced Piramal Suvidha EMI to help you pay off your loan in monthly instalments. In contrast to similar products, this one allows you to split your monthly payments in half and make them on the 16th and 1st of every month. Since the loan is being repaid in smaller chunks, the monthly payments will be easier to handle. A selection of highlights from our wide variety of personal loans It is possible to foreclose on the property or prepay it without incurring any penalties A financial aid package that ranges from Rs. 10 lakh to Rs. 1 crore Minimum paperwork Monthly payments that are both affordable and timely There is a choice of payment terms, ranging from 12 months up to 60 months Making use of many incomes to boost one’s chances of being approved for a loan [B-02] Conclusion You could run out of cash at any time and need help right away. In this situation, the best way to get the money you need is to fill out a small personal loan application. Personal loans that don’t need collateral are easy to get and don’t take long to get approved.

08-11-2023

Other

Pros and Cons of PPF in India

Looking for an ideal way to accumulate long-term savings? Want a steady return, regular and highly safe long-term investment option? Interest Calculator India PPF will assist you in calculating investment returns. It is very flexible, with a lock-in of 15 years. They have tax benefits. It has a higher rate of interest. What is PPF? The Public Provident Fund (PPF) account is one of the most popular ways to save and invest for the long term because it is stable, makes money, and helps you save money on taxes. In 1968, under the Ministry of Finance, the National Savings Institute began offering the PPF to people. Since then, it has become an instrument for generating income for investors. PPF is used by savers to get income. An individual saver will likely favor PPF due to its best interest rates and tax treatment. It’s no surprise that the PPF is so well-liked among investors: it’s among the most secure investment options available. The Indian government protects your money in the fund. PPF beats out many other investment options due to the government-set interest rate, which is updated quarterly. PPF returns are not taxable, and neither are your initial contributions if you make them under Section 80C of the Income Tax Act (ITA). One should learn the ins and outs of the Public Provident Fund (PPF) before putting money into it. Pros of PPF The most secure route for investing The fact that the government is behind a public provident fund is its biggest perk. That’s good news because it implies your principal is safe and won’t be at risk of depreciation. Your initial outlay could be less secure in alternative asset classes like stocks. Long-term investments have a lower risk of loss, but many investors still seek a risk-free, government-backed alternative. Guaranteed PPF return PPF Rates of interest are adjusted quarterly, and the current rate is readily available to everyone. Knowing that your money is secure and earning a guaranteed interest rate can be very reassuring and allow you to get a good night’s rest. Not only that but the returns are compounded annually. Tax benefits When it comes to taxation, the Personal Pension Fund (PPF) is an EEE investment (exempt, exempt, exempt). Investments of up to Rs. 1.5 lakh per year are eligible for tax breaks under Section 80C of the Income Tax Act. Neither the principal nor the interest will be taxed when the bond is redeemed. Investment choices in the PPF Set up a recurring transfer from your savings to your public provident fund account. Doing so will make it easy for you to invest regularly without having to make any major moves as the fiscal year winds down. In addition, you can invest as little or as much as you like by using the lump sum option. Government protection This investment option is the safest possible because the government backs it. Flexible Provides some leeway. An initial investment of 500 Indian rupees (Rs.) is possible. You can pay the investment all at once or in installments. Minor benefits Under the supervision of an adult, a juvenile can open one in his or her name. Under certain circumstances, you may withdraw a portion of your PPF savings. Extend maturity benefit Improve the longevity bonus. When the initial fifteen years are up, account holders can add an additional five years. It is fine with us as long as they are happy doing so. Cons of PPF The level of the accumulated corpus may not be very high While the PPF has a guaranteed interest rate, the accumulated corpus may be lower than it would be with an equity investment or savings plan such as the Equity Linked Savings Plan. Equity mutual funds have historically outperformed other asset classes. Equity mutual funds are a good bet if you are comfortable with uncertainty and would like a larger nest egg. High lock-in period The 15-year commitment period for a provident fund is significantly longer than that of other investment vehicles. Therefore, it is not as liquid as mutual funds or other investment options that do not have a lock-in period. In addition, the lock-in period for an equity-linked savings scheme (ELSS), a tax-saving mutual fund, is the shortest at only three years. Upper limit A maximum of Rs. 1.5 lakh can be contributed to a PPF account annually. Beyond that threshold, your investment will not produce a return. Alternative investment strategies are not capped. Minimal tax benefit Annual minimum deposits are subject to a cap. The annual rate is $30,000 (or 1.5). .A deposit of more than Rs. 1.5 lakhs will be taxed. Poor rate of return Its rate of return is lower than that of other options like the National Pension System (NPS), mutual funds, etc. The interest rate on the offer will not change for a specified duration. Inflation is a significant threat since it can quickly eat away at its value. [B-02] Summing-up: The goal of this article is to look at the Interest Calculator PPF in detail. Whether an investment is the best choice for you or not should be determined carefully by yourself. Before investing, it is also important to be aware of the pros and cons of PPF in India. Investment Reliable does not offer financial advice, but we do provide unbiased information and evaluations on trading, investing, and finance.

08-11-2023

Personal Loan

How to get a quick personal loan during the festive season?

With so many financial institutions all around us, applying for quick personal loans has never been easier. Mobile phones having gathered popularity over all these years have made sure that paper money is never the same. Even money has become digitalized and you can even apply for loans from the comfort of your phone. Keeping up with the changing generations, times of festivities are also associated with lots of offers and discounts. Most people wait for auspicious moments for buying any new household items. That is when the shops introduce their new schemes in attracting the crowd. For certain items, the price of which fits your budget, you might have already had the money saved. What about commodities that are a necessity but you had not planned for? The launch of new schemes allures your mind to get your hand on the item. Either way, you might start making plans for buying the article next time or you are too worried to lose on the discount. That’s when quick personal loans come to your rescue. [B-01] What do we need a quick personal loan for? Indians are very spiritual. We believe that buying or spending money during auspicious times is bound to be good for us. Let me list down some of the requirements for you so that you understand whether your necessity is listed below before you apply for a quick personal loan. Redecorate your house We should redecorate our house once in a while. The place which we call our home deserves love during the festive time. Before Diwali, special attention is paid to cleaning our house. Giving a complete makeover at that time is bound to make you feel good. What more reasons do you want if you can get a discounted rate for all the expenditure? Ready to throw a party? Get-together and buying gifts Who doesn’t love gifts? How happy it makes you when you receive something from someone? Greater joy comes when you make the person happier in return by gifting them. Nowadays in the fast-paced world, we hardly get time to spend with our family and friends. According to our traditions, we make sure to at least get together with friends and family for a short while and spend the time without worrying about work. That’s the best time to surprise someone with gifts. If the gift is something that the receiver needs, spending money could not have been any sweeter. Investing in gold Buying gold, especially during Dhanteras is considered auspicious. You can buy jewellery or gold coins. Even all the gold shops make sure to give discounts on the making charges during the festivities. They make sure that you come back to them by giving you return gifts. Even lucky draws are organized. What more motivation do you need for a quick personal loan? Vacations Work, work, work. We have become so engrossed in securing money for our livelihood and earning for our family, that we have forgotten to spend quality time with our children, spouse or parents. Taking trips with your family not only helps in your rejuvenation but also aids in bringing your family close. You get to see them in a new light. Your homemaker deserves a break. Your parents are growing old. Your children want to discover the world, so instead of working from home, why not convert your vacation to a workation? New Appliances Most of us look forward to buying the necessary appliances or gadgets. Like I had said earlier, the discounts offered by the market have an alluring effect on us. A quick personal loan is bound to help during unexpected expenditures. Eligibility for getting a quick personal loan To get a quick personal loan it is important to fulfil certain criteria. Only salaried individuals who are between 21 to 60 years of age can apply. You need to have a minimum work experience of 6 months in government, public or private sector, a proprietorship concern, partnership firms, or MNCs. If your salary is more than Rs 25,000 you can go ahead and apply for a quick personal loan. Documents required at the time of application The applicant must have a PAN card and any other identity proof like Aadhar Card, Driving License, Passport or Voter’s Identity Card. For address proof, besides the above-mentioned documents, you can also submit Aadhar Acknowledgement, Registered Leave and Lease Agreement or Utility bills like Electricity and Telephone Bills but not older than 3 months. For a quick personal loan, as your income proof, you need to submit the latest 1 month’s salary slip and the previous 3 months’ bank statements. The good news for married couples, is you are eligible for a higher loan amount. In that case, you need to submit your spouse’s documents too. Hope you have found the article useful. To get a hassle-free quick personal loan with zero pre-payment and foreclosure charges, the expert advisors at Piramal Finance are there at your service – just a call away. You can easily get a quick personal loan amount of 1 lakh to 10 lakhs or higher in case you are clubbing your income under the co-applicant scheme. The personal loan pre-closure calculator helps you to choose the repayment tenure ranging from 12 months to 60 months for the particular loan amount. You can opt for the rate of interest starting from 12.99% per annum which will ensure that the monthly EMIs don’t pinch your pockets. [B-02] In case of more doubts, you can go ahead and check the official website (https://www.piramalfinance.com/personal-loan) for more clarifications. Once you have visited their website, feel free to browse through the other pages so that you have a clear understanding of the products and services that they provide. Who knows that for a future requirement you can always come back to them and for being an existing client, you will be entitled to receive further benefits?

08-11-2023

Personal Loan

Small Personal Loan, Get An Instant Personal Loan

Small personal loans are short-term, unsecured loans given to people with urgent needs. Since you don't have to purchase any collateral, you can easily apply for a small loan online. However, some companies only let their employees use them. A small personal loan can be repaid within 2 to 18 months, making it easy to pay minimal interest on the borrowed amount. With competitive interest rates and a simple application process, it's a convenient option for borrowers. To complete the process, the borrower must submit a few basic documents. There is no application fee, and once approved, the loan amount will be credited to the bank account within a few hours. A small personal loan offers flexibility and can be used for various purposes, such as emergencies, medical bills, tuition fees, home repairs, international travel, or other expenses. It's ideal for meeting immediate or short-term financial needs. Benefits of a Small Personal Loan No Collateral Because small loans are unsecured, you don't have to use anything as collateral to get the money. They are great if you need money immediately but need something to put up as collateral. Minimal Documentation Since there is no need for collateral, you don't have to complete a lot of paperwork to get one of these loans. Your processing time will be low if your documentation matches the bank's criteria. Same-Day Approval Some small loans can be given out quickly and with support on the same day. When you apply for one of these loans, the money is sent to you on the same day your loan is approved. So, you can be sure you will be given the money immediately. Eligibility Criteria for a Small Personal Loan A person applying for small loans online should meet the following requirements: Must be a citizen of India An individual who is self-employed or paid a salary At the time of the loan application, they must be at least 21. Earn at least Rs. 10,000 each month (varies from lender to lender). Must have a current government ID. How to get a Small Loan instantly Personal loans that don't need collateral are a common way to get the cash you need immediately. They can be used for weddings, home improvements, trips, and more. There are no rules about where you can use the money. The person who borrows it can use it for anything. A personal loan can help you build your credit more quickly. Here are some tips given to get a small loan instantly: Apply Online Applying for a small loan online is the fastest and safest way. After the application has been sent, the lender will send a confirmation message with the necessary information and paperwork. After verifying the profile and supporting documents, the lender will decide whether or not to approve the loan. You will get all the required updates in your email from the banks. Once you complete all the required paperwork, the loan approval process usually takes 5 to 7 days. After approval, the lender will send the money within one or two business days. Good credit score The credit score shows how good or bad a person's credit is. A credit score of at least 750 can make it easier to get a small loan, but a score of at least 700 is usually considered good. You must have a good credit score if you want your loan approved. This is the most important thing lenders look at when deciding whether or not to give you a loan. This is especially true for small personal loans, which are not secured and don't need collateral. A good credit score helps you get a better interest rate and lower processing fees, making the loan more likely to be approved quickly. Don't go to many banks for a loan. People who need money quickly often apply for personal loans from multiple banks or NBFCs, believing this increases their chances of getting a loan as soon as possible. Keep the documentation ready. Before applying for a small personal loan, have all the necessary documents. Lenders usually only want a few records since the loan is not backed by anything. One can find the list of required documents on the lender's website or by asking a bank representative. The loan process can be sped up if all the paperwork is ready. The required documents are usually: PAN card, Aadhar Card, and passport for identity proof Aadhar Card, voter ID, or electricity bill for address proof Salary statements from the past three to six months (for salaried people) Current Income Tax Return (ITR) and income computation (for self-employed people) Certification by a Chartered Accountant (CA) for the last two years in the form of a balance sheet and profit and loss statement (for self-employed people). [B-02] Conclusion Getting a small personal loan looks easy, but it is not. The above tips will help one process their loan quickly. Even though most people need a small loan immediately, they should take time to get one. They should do research. Then, they must send the application to the lender who best meets their requirements. The borrower must know all the rules and fees to avoid surprises later. Some of these fees are for processing, prepayment, and foreclosure. Applying for small loans online can be handy for those who need money urgently. Small loans will help them repay the money with manageable monthly installments without burden. Piramal Finance is one of India's largest financial institutions. It funds people in all sectors, like wholesale and retail. It is best suited for small loans and offers its customers many services.

08-11-2023

Other

How do you use a PPF interest calculator online?

After the recent COVID-19 global pandemic, saving money has become crucial. Also, the increasing cost of living makes people look for investment options that help with long-term savings and building wealth. An investor must look for genuine investment schemes that save and grow money. Fixed deposits, recurring deposits, and mutual funds are a few popular options known. There are also a few schemes that the government offers. Public Provident Fund (PPF) is one such offering that gives guaranteed, high returns. Let us understand how PPF returns can be calculated online using a PPF interest calculator. What is PPF? PPF is a long-term savings offering in India. It is popular among those who want to save money and tax. It was first introduced to the public sector in 1968 and, since then, has been famous as a long-term saving-cum-investment product. PPF is an excellent tool for creating long-term wealth and building a retirement corpus. You can invest a minimum of Rs. 500 and a maximum of Rs. 1,50,000 in a financial year. The returns will be on the amount you invest at the end of the year. Investment in PPF is exempt under section 80C of the Income Tax Act (ITA), and the returns from PPF are also not taxable. A PPF account has a tenure of 15 years. You can extend the duration by blocks for five years. How does a PPF account function? You can open a PPF account online and offline. Each individual can have only one PPF account. A PPF account can be opened for minors accompanied by an adult guardian. The procedure of opening a PPF account is similar to how one submits information and proofs for a savings account. What are the benefits of a PPF account? The Central Government guarantees a PPF scheme. Therefore, many investors, including those with a low appetite for risk, find it an ideal way to invest and save. Here are some features of a PPF account. The returns are safe and guaranteed. It has a lock-in period of 15 years. It is suitable for people with long-term financial goals. It is ideal for those who want to improve their retirement portfolio. Investment in PPF helps you get tax exemption. The interest or returns earned on the invested sum is not taxable. How Does the PPF Interest Calculator Work? The interest on your PPF investment is determined by the Central Government of India and is reviewed every quarter. You can use an online PPF calculator to find how much return you will get on your investment. After you have decided on an amount to put in PPF, the PPF interest calculator will calculate the returns on the 15-year tenure and the current interest rate. How do you use a PPF interest calculator online? Many people need help with calculations. There are many PPF interest calculators online, and you can use the one that makes the job easiest for you and suits you best. The formula for PPF interest calculation is M= P [{(1+t)^n} -1)/ i] x (1+i). Here, M= maturity value, P= annual payments, i= interest rate, and n= number of years or duration. Using a PPF interest calculator online is more accessible. To use an online calculator, you need to enter the following information: Choose the number of years you want to invest in PPF Enter how often you wish to deposit (monthly, quarterly, half-yearly, and yearly). Enter the amount you plan to deposit in your PPF account over a financial year. The interest rate will be provided by default. After you enter the required information or values in the given fields, the calculator will reflect the total maturity amount based on the data. Remember that if you invest from the 1st of April, the interest rates applicable will be based on the financial year. Interest rates are also subject to inflation. What are the advantages of using a PPF interest calculator? Some people might find the formula for calculating the return in a PPF complex. Complex calculations often keep us from keeping track of our investments. Therefore, using a PPF interest calculator online is advantageous. An online PPF interest calculator lets the system run the formula once you have entered the details. However, you must remember to put in the correct information for accurate results. The calculator shows how much tax will be saved in the current year and over the long investment period. It helps you plan your annual savings budget by showing where to direct your savings. [B-02] Conclusion The Public Provident Fund (PPF) is a popular savings-cum-tax-saving instrument in India. The interest is compounded annually in a PPF account. PPF is a safe investment scheme if you are looking for something with low risk. The longer duration ensures that investors get significant returns. It is easy to open a PPF account online and offline. You can also take a loan against PPF between the third and the fifth years. The 15-year lock-in period ensures that the principal amount is safe. A PPF account calculator can help you calculate PPF interest in minutes. You can find more informative blogs and hassle-free personal loan offerings on Piramal Finance.

08-11-2023

Personal Loan

3 Easy Steps to Get Instant Personal Loan

A personal loan is the kind of fiscal help you seek when you need money for personal reasons. Its substantial defining trait is that you may use it for your own needs without placing any limits on the end-user. Home loans, auto loans, school loans, agricultural loans, equipment loans, and other loans are available. However, the final use of the borrowed sum limits these loans. On the other hand, a personal loan is not subject to this limit. You may use loan money for several goals. It includes wedding costs, vacations, house repairs, further education, etc. You may also seek a personal loan to pay off some of your high-cost debts, such as credit card payments. Personal loans are the most sought-after item on the market due to their flexibility in end-use and rapid access. What Exactly is an Instant Personal Loan? An instant personal loan is a debt a bank grants within a short period. This debt can be approved and disbursed without the time-consuming step of going to the lender for many days and giving piles of paperwork. Instead, if you already have a relationship with the bank, you may seek this instant loan online via the bank’s website or internet banking profile. You can get a quick loan and get it paid back quickly, often within hours of the day you ask for the loan. How Can You Get an Instant Personal Loan in India? Get an instant personal loan in three simple steps. Check to see whether you are qualified. You must check your loan eligibility. The criteria are usually: Be a paid employee or self-employed person Your age should be between 21 and 60 Have a CIBIL score of a minimum of 600 points to get a personal loan quickly An instant personal loan eligibility calculator will help you determine your loan eligibility. You can also check the highest loan sums, personal loan rate of interest, and loan payback terms. Start the loan request procedure You may now start the loan request process. Go to the bank’s website for the instant loan area. When you click the button, a fresh page with an online application will appear. You must complete the online application, including basic information such as your name, residence, contact details, net monthly salary, etc. Submit the paperwork and wait for approval After completing the application, you must send digital copies of your paperwork to KYC. You will have to provide a scanned copy of the PAN card and any other government-issued ID and address verification papers. You must also provide the most recent bank records or wage slips as income and credit score evidence. Add these papers to your online form, submit it, and pay the one-time loan application cost. The bank will check your form; if approved, you will receive a personal loan promptly. How Can You Boost Personal Loan Eligibility? You may increase personal loan eligibility with a few easy steps: Inspect your credit score frequently. It will help you get a feel for your credit situation. Attempt to raise your credit rating. That is feasible if you make on-time payments on your EMIs and credit card bills. By calling the credit agency, you may have any inaccuracies or incorrect items on your credit report fixed. Make an effort to reduce the “income-to-debt ratio.” Close those long-term debts that are draining your monthly cash flow. If you have any spare cash, put it to good use by repaying these debts. You are more likely to be selected for a personal loan if you have less debt. Submit all papers requested by the lender. Make a list of the papers you’ll need before filing a request. It is essential for a quicker process. Provide a co-applicant who is also employed. The debtor has a greater repayment capability when their wages are included in the application. Rejection rates are lower, and you may be able to borrow more money. Avoid frequent work shifts. Several job changes will hurt your application. Even if you have valid reasons for it, the lender may take a different approach when reviewing your loan application. What Are the Advantages of Taking Out a Personal Loan? Quick Approval and Payout: Personal loans are approved and completed within hours. You may apply with a single tap on the bank’s site. Most banks approve your loan within 24 hours, sending the money directly into your account. This enables you to respond to emergencies quickly. Very Little Documentation Personal loans are often approved depending on your income. As a result, lenders only need a few documents for loan processing. In addition, if you are already a client, you may be eligible for a personal loan with no paperwork. Duration of Repayment Personal loans are neither short-term nor long-term. You may repay your loan over a reasonable period of up to 60 months, enabling adequate cash flow planning each month. Transparent Lending Procedure The personal loan application process is quite transparent. Fees and other costs are clearly stated ahead of time. This is so that you may make an informed decision. Furthermore, many lenders provide online account access to your loan account. It allows you to monitor your loan account from anywhere at any time. [B-02] Conclusion You may apply for a personal loan now that you know how to get one quickly to cover emergency or leisure costs. Banks normally give swift loan disbursements, and you will get quick cash in your savings account. Loan approval and disbursement occur within hours for pre-approved loan clients. You may repay the debt in EMIs over terms of up to 5 years.

08-11-2023

Personal Loan

How to Personal Loan Application Status Online

While technology is evolving like never before, banks and NBFCs have also shifted most of their services to online portals. All thanks to this shift, they now have quicker and simpler ways to solve their customers’ issues. This helps save time and effort for both the banks and the customers. Now, you can apply for a personal loan online and even check its status with the click of a button. Have you applied for a personal loan and visited the bank now and then to know its status? It is now easier to track your loan application status in less than 5 minutes through your mobile phone without making frequent visits to the bank. Learn how you can check your loan status online with the help of this article. [B-01] What is a personal loan? A personal loan is an amount borrowed from a lender at a certain interest rate to meet certain urgent expenses, such as a child’s education or the purchase of a car, or a sudden tragedy, such as any medical emergency for which you need urgent funds. Personal loans are given by commercial banks and non-banking financial institutions (NBFC) to help one meet their personal financial needs. Since you do not have to pledge your assets against a personal loan, it is an unsecured loan. Personal loans are also easier to apply for than other types of loans and take less time to complete because there are fewer steps involved. Features of a personal loan: Source of emergency funds: A personal loan is a good source of urgent funds because it requires fewer documents and is quicker to get. Simple to obtain: Personal loans are also easy to apply for and take less time since there is not much documentation involved. No collateral is required: When taking a personal loan, you will not be asked to pledge your assets against it as collateral. Interest rates: As it is a collateral-free loan, interest rates are also higher. Loan amount: The loan amount is quite small compared to company or business loans since they do not have any land or assets pledged that could fix the loan amount. Eligibility: To qualify for a personal loan, you must have a good credit score. How can you check the status of your loan online? Most banks and other lenders have started giving their customers e-banking services. Tracking your loan status online is now easy and hassle-free, saving you the time and effort of travelling to the bank. Once you are done with your loan application and the KYC checks that the bank conducts, you are given your loan ID and other details. And after all documents and procedures are in place, you can check your loan status using the bank’s and NBFC’s official websites. Many banks often have different ways of offering this facility. While few banks use just a mobile number and an OTP (one-time password) sent to it to log in to their customer portal, other banks might ask for a reference number, PAN card number, or other such details. Once you enter the details asked and they match correctly, you will be taken to your account, which you can use to check the loan status and retrieve other related data from here. You might be asked any or all of the following data while trying to access your account: Reference Number PAN Card Date of Birth Mobile Number Portals for your help: Net Banking Mobile Number or Toll-Free Number Customer Service executives via chat or call both Mobile Application Website How is the online banking facility useful? It is a quick and easy way to access your loan status. It is an easy way to rectify any errors in the application you gave to the bank. It does not charge you any fee for using your account and checking your data. It gives all the data you may need about any service the bank provides aside from loans. Tips to follow for safe banking online With the rise in cyber crimes and fraud, it is crucial to be alert while using any e-banking service, such as checking your loan status. Follow these tips and be safe. If you want to use your bank account on an online bank portal, use private Internet. Avoid using internet cafes or “cyber booths” for net banking. No bank or NBFC would call you and ask for any data about your account, Beware of any such traps. In any case, do not share any bank details like your ATM pin, account number, Aadhar card number, or OTP sent to your mobile number. Also, read the advice from the Central Bank of India: The Guidelines of the RBI on Internet Banking. [B-02] In conclusion: In today’s era, everything is going online, including banking services, making it more convenient, user-friendly, and time-saving for you. If you have applied for a personal loan and wish to know its status, whether approved, rejected, or on hold, you no longer have to visit the bank, wait for your turn, and seek the banker’s advice. You can access your loan approval status using your lender’s website or app. This will help you save yourself time and effort. If needed, take help from wise people you trust or the bank or NBFC, who are always ready to help their customers in every possible way. Piramal Finance has made all your loan and bank-related data just a click away. Also, we strive to make your online banking experience a safe and secure one. We know everything you want to know! Read more about other finance-related topics and make yourself aware of all the related articles on our website. Visit Piramal Finance and explore the finance world on your mobile phone right now!

08-11-2023

Personal Loan

Personal Loans For Low-income Individuals

Any established financial house provides an option for a personal loan, that persons can avail of. The eligibility depends on several factors including disposable income, employment status, etc. that will be discussed in this article in detail. However, the chief determining factor is the borrower’s capacity to pay the monthly EMIs. Hence, availing of personal loans for low-income may seem to be challenging. But if an individual meets the minimum requirements set by the bank, they can successfully borrow money from any financial establishment. This part of the article will discuss, in detail, what makes a person eligible for low salary personal loan. One has to keep in mind a person’s employment status is a top priority when processing a loan. If they have a high salary, the loan amount they can borrow is proportionately higher. [B-01] There is a lot of emphasis on their ability to repay the loan. So, even if a person comes from a low-income background, they need to have a stable source of income. They can be government, MNCs, private, or a public sector employee. Here are some other primary conditions one has to fulfil while applying for a personal loan for low-income earners. Eligibility criteria for a Low-Salary Personal Loan The nationality of the borrower should be Indian. Their age must be between 21-60 years. Work experience of one year is necessary (six months of mandatory work at the current organisation). The minimum credit score requirement is between 720-750. Hence, one has to pay off any dues on time to maintain a good credit score. Can Self-employed People apply for Low-salary Personal Loans? Self-employed persons can take a personal loan once they meet the bank’s minimum income criteria. The said amount varies from city to city. The rest of the requirement is the same as employed people. The bank may also require the person to produce financial documents as proof of steady income. What are the documents required to apply for a Low-salary Personal Loan? The necessary documents to apply for a personal loan for low-income individuals are as follows: Personal loan application form, with the necessary details filled in. Identity and age proof. A person can use their KYC documents (PAN Card, Aadhar Card, Voter ID Card, passport, or driving license.) to prove the same. Address proof. The mentioned KYC documents, plus the electricity/utility bill, can serve as address proof. For employed persons – latest salary slips, along with form 16. And for self-employed persons – their Income Tax returns. Additionally, self-employed persons need to submit their latest bank account statements. Recent passport-sized photographs. Signature proof. List of Financial Houses that provide Personal Loans for Low-income Individuals: State Bank of India (SBI Express Credit Personal Loan Plan) This scheme allows persons with an income of fifteen thousand rupees to apply for a personal loan. The maximum loan amount is twenty lakh rupees under this scheme. To apply for this loan, the person has to have a salary account at any State Bank branch. Borrowers can only apply for a second loan after a gap of one year. They can borrow only after the repayment of the first loan. HDFC Bank Personal Loan This scheme allows a person with a net income of twenty-five thousand to apply for a loan. It comes with a lucrative interest rate. The eligible applicants must be at least 21 years of age. They must also have two years of work experience. IDBI Bank Personal Loan People with a monthly income of fifteen thousand rupees can avail of this loan. Applicants need to hold a corporate salary account at the said bank. As with other banks, applicants need to be more than 21 years to apply for this loan. Current borrowers can apply for a second top-up plan. What are the conditions one needs to keep in mind before applying for a Personal Loan for Low-income Persons? Most private banks offer an interest rate of 10.25% and a payment window of 12 to 60 months. Before applying for a loan, a person always needs to consider the interest rate. Whether or not they can afford it. There are several other charges involved, apart from interest. For instance, bank levy a late payment fee, if a person fails to make their payment on time. Usually, the amount is 2 percent per month. Additionally, late charges also affect a person’s credit score. Apart from that, banks also charge processing fees. It can range anywhere between 0.25% to 3.03% of the loan amount. Know more about Low-salary Personal Loans at Piramal Finance Piramal Finance offers personal loan plans with zero foreclosure charges. We provide expert advice and assistance to guide every individual through the application process. Some benefits of applying for personal loans at Piramal include: No charges for repayment or foreclosure. Quick approval of the loan amount. Nominal EMI rates. Flexible repayment time window, from 12 to 60 months. Borrow any amount between one lakh to ten lakh. The company allows clubbing of income so that one can be eligible for a higher loan. What are the eligibility criteria for a loan application at Piramal Finance Limited? Apart from the above-mentioned criteria, there are certain exceptions and additional conditions that a person needs to satisfy before applying for a personal loan – Only salaried individuals can apply for a personal loan. Salaried individuals working for the following institutions can apply for the loan. The institutions are as follows: Government Institutions, Private and Public Sectors, Partnership Firms, MNCs, and Proprietorships. The minimum income requirement is twenty-five thousand. Interested applicants can get in touch with the relationship manager by following this link. What are the Interest Rates and Other Charges? The interest rates are 12.99% per annum. As mentioned, there will be no foreclosure or repayment charges. To find out details about the charges associated with the personal loan process, click here. [B-02] Conclusion At Piramal Finance, a person can easily apply online for a personal loan with a salary as low as fifteen thousand rupees: Click on the link. Select “How to Apply?” Follow the link and fill-up the form. Enter the name, mobile, e-mail, and other necessary details. Enter the exact loan amount that is needed. Submit the form, to get in touch with their relationship manager.

08-11-2023