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GST

All About GST on Laptops in India

Laptop users must be aware of laptop taxes. Since the tax was first levied on laptops, there have been inquiries on the applicability of GST on laptops and computer devices. We will discuss the various aspects of GST on laptops and computer accessories in India. From the brief history of laptop tax to the present day, we will cover everything you need to know about the taxation of laptops in India. [B-01] GST Rates on Computer and Laptop with Accessories The Goods and Services Tax (GST) is a new tax that was implemented in India on July 1, 2017. With GST, there are different rates for different types of items. For computer hardware and accessories, the tax rate is 18%. The final rate applies to all other items, including laptop computers. So, now that you know the basics, it’s time to head to the store and start stocking up on tax-free items. How Was a Tax Levied on Laptops in the Pre-GST Era? Before the introduction of the Goods and Services Tax (GST) on July 1, 2017, laptops and computer accessories in India were taxed under multiple indirect tax systems. Value Added Tax (VAT) - 5% to 14.5%, depending on the state in which the laptop was purchased. Excise Duty - A 12.5% excise duty was applicable on laptops manufactured in India. Central Sales Tax (CST) - If a laptop was sold across state borders, a 2% CST was levied (if the buyer had a valid tax registration) else, full state VAT applied. Customs Duty (for Imported Laptops) - Imported laptops were charged a 10% Basic Customs Duty (BCD). An additional Countervailing Duty (CVD) of 12.5% was applied (to offset excise duty on local manufacturers). Special Additional Duty (SAD) of 4% was levied to neutralize VAT impact. What is the Applicability of GST on Laptops? With the Goods and Services Tax (GST) implementation in India, many people wonder what this tax will apply to. Thankfully, laptop computers are included under the tax rules. As of now, the GST will apply to all electronics. This includes laptop computers, tablets, smartphones, and other electronic equipment. Buying a laptop for personal use or business purposes, the GST applicable will be 18%. However in case of business, you can claim Input Tax Credit (ITC) on the GST paid, reducing the tax liability. How are GST Rates Determined? Goods and services in India are subject to the GST (Goods and Services Tax). This tax is applied at 10% on the value of the goods or services, whichever is greater. This means you don’t have to worry about paying GST on items that cost less than 100 rupees. However, if an item costs more than 100 rupees, you must include the product’s full price in your GST calculations. This is important to remember, as it can save you a lot of money in the long run. If you’re looking to buy any new items, it’s important to consider this tax and factor it in during your calculations. What is the HSN Code for Laptops and Computer Devices? When buying a laptop or computer device in India, it’s important to know the HSN code. This code is a unique tax identifier for laptops and other computer devices and is required by the government of India. It helps businesses to classify their products so as to determine the tax on them. You can use the HSN code to look up certain specifications about your device, like the processor type or RAM size. Impact of GST on Other IT Accessories The impact of the Goods and Services Tax (GST) on other IT accessories has been far-reaching. Most items previously taxed at a 5% rate now fall under the 18% GST bracket. This includes digital devices like smartphones, laptops, tablets, and e-readers. So, whether you’re looking to save on your tech accessories or know someone who is, keep up with the latest tax news. How is GST Calculated on Laptops? GST is a tax that applies to most consumer goods in India. When you purchase a laptop, the GST amount will be shown on the invoice. You need to pay the GST to the vendor before taking possession of your laptop. Basic GST breakup for LaptopsThe GST rate on laptops is 18%, which includes: CGST (Central GST) = 9% SGST (State GST) = 9% (if purchased within the same state) IGST (Integrated GST) = 18% (if purchased from another state) Let's say you buy a laptop with a base price of ₹50,000. According to 18% standard rate the gst applied will be 18% i.e Rs 9000 and hence the laptop will cost you Rs. 59000. Here if the laptop is purchased in the same state, the sgst and CGST would be Rs. 4500 each and if its purchased from another state the IGST will be Rs. 9000. Types of GST Applicable to Laptops, Computers, and Accessories For starters, the GST is a federal indirect tax that applies to laptops, computers, and accessories. This means that the tax rate, value of the goods, and other specifications are all listed on the GST website. Additionally, if you’re buying a laptop or computer in India and it’s not explicitly mentioned on the invoice/bill/receipt – then it’s likely subject to GST. Keep this in mind when shopping, and be prepared to pay the tax on your purchase. [B-02] Conclusion This blog has provided you with a comprehensive understanding of the tax implications when purchasing laptops in India. You now have insights into the applicable GST rates for laptops, computers, and accessories, as well as the HSN (Harmonized System Number) codes. Staying informed about these tax details can help you make smarter financial decisions. If you are looking to buy a laptop, whether you're a student, a professional, or a business owner, you can apply for Piramal Finance personal loan and choose flexible options to help you finance your purchase with ease. Apply today and take home your dream laptop without financial stress!

08-11-2023

Personal Loan

Who is Responsible for a Personal Loan Amount if the Borrower Dies

Each bank’s and NBFC’s agreement for a personal loan has a section that says what happens to the personal loan on death of borrower. In this situation, the loan balance is usually paid for by the legal heir of the family. If the borrower died and had life insurance in his/her name, the insurance company would pay back the personal loan. The borrower’s family wouldn’t have to worry about the money. [B-01] Types of Loan Home and car loans are secured loans, while credit card payments and monthly instalments (EMIs) on personal loans are unsecured loans. Let’s look at each case to see if the bank can force the borrower’s family to repay the personal loan on death of borrower. Home loan In the event of a joint house loan, the other co-applicant would be exclusively liable for loan repayment if the primary applicant passes away. Auto loan If the borrower dies, their family must pay back the car loan. If the family can’t repay the loan, the bank takes the car and sells it at auction to compensate for its loss. Personal loan / Credit card Unsecured loans include personal loans and credit card debt. If a person dies without making payments on a personal loan or credit card account, the bank cannot ask the person’s family or legal heir to pay the debt. Since the loan is unsecured, there is no security for it, so the property can’t be taken. The bank writes it off in this case and adds it to an ” NPA account.” What Takes Place if the Personal Loan is Taken in the Borrower’s Name? When there is no valid will and the personal loan is only in the borrower’s name, the loan administrator would take care of the obligation. Bank would use the borrower’s assets to pay off the loan, not the administrator, who will not lose money on his own. What Steps Must be Taken to Repay a Personal Loan on Death of Borrower? Notify the creditor or lender of a personal loan if the borrower dies. If you don’t, the EMIs will be thought to have been paid in the usual way. Ask the lender how much money you need to pay back. Check to see if the borrower has a personal loan or life insurance. It could be used to pay off the debt. If there is no insurance, the person in charge of the loan should ask the borrower about any property, real estate, or land they may have owned with their family. Only if the borrower’s name is on the personal loan will the remaining debt likely be written off if the borrower’s assets are not enough to pay off the debts. When a Borrower Dies, How Would Lenders Get Their Money Back From a Personal Loan? Lenders never demand repayment of an unsecured loan, except secured loans or personal loan on death of borrower from a legal heir or any living family member. Since there is no security on this credit, lenders can’t seize and sell real assets to get their money back. Whenever this happens, lenders usually write off the outstanding debt or add this to an “NPA account.” Similarly, family members should know what to do if a person with a personal loan dies. On the other hand, if a co-applicant and co-signer are engaged in a personal loan, then the individual would have to pay off the sum if the main borrower dies. But this rule doesn’t say that the borrower’s legal heirs must pay back the debt. They can or could take the things. The Bank’s Method for Recovering the Loan No matter what caused the death, a loan must be paid back when someone dies. In this case, the loan will have to be paid for by the guarantor. The bank gets in touch with the legal heirs to ask them to pay off the loan based on how much they own of the asset and property without a co-borrower or collateral. If the legal heirs don’t pay back the loan, the bank could take possession of an asset like a house or car and then sell it at auction to get their money back. Most responsibility for paying back the loan falls on the co-borrower or guarantor. What is Personal Loan Insurance? Personal loan insurance lets you pay back the loan if you get hurt, sick, or die before the loan is due. For debt consolidation, the insurance company would pay your loan back. Personal Loan Insurance has rules and terms that the borrower must follow. But if their loan was insured, which means they had insurance, the insurance company would have to pay back the loan amount. Almost all loans today come with insurance because if the borrower lost money, the bank would have no way to get it back. Getting insurance with your loan is almost a must if you want to ensure your family doesn’t suffer if you have bad luck. The lender needs to know that you will pay back the loan. Protecting Loved Ones After Death The simplest strategy to prevent heirs from obtaining personal loans after a death is to prepare a will that details how the assets would be distributed. It is illegal for debt collectors to require surviving relatives to pay for a deceased person’s loans, except for joint or co-signed accounts, including loans. They will still attempt, so you’ll be aware of your rights. Accounts containing recipients who are still alive are also immune to creditors (life insurance, retirement accounts, trusts, etc.). A family won’t need to inquire about what occurs to personal loan on death of borrower. If they are prepared and aware of what to do. [B-02] Conclusion Families who have lost their main income earner are worried about how they will pay off any debts or credit card balances. The last thing they would have wanted to do was talk to people from the collection agency. Financial institutions’ steps to get back money that hasn’t been paid depend on the type of loan. In some cases, like a home loan, the law makes it easier for lenders to get their money back. In some situations, like a personal loan, a lender has no legal options.

08-11-2023

Personal Loan

The process to get a personal loan to buy a second-hand car in India

Having a car of your own is probably one of the best experiences you will ever have. It is still a dream come true experience for many people because of high financial requirements. However, getting a car, be it second-hand, is difficult without any financial assistance. In such cases, people go to apply for loans to help them accomplish their needs. Since buying a second-hand car is a personal requirement, you can go for a personal loan. A personal loan can help you cover all your personal needs without putting much financial burden on your monthly budget. It is one of the most popular loan options that can touch upon a variety of subjects like buying a car, or a house, funding higher education, making a down payment, or even financing a wedding. Personal loans are also easy to apply for and can be quickly sanctioned to borrowers. Do you want to buy a secondhand car using a personal loan amount? Then Read on to answer all your queries related to personal loans. This will help you know about personal loans, their eligibility, papers, and the process to get a second-hand car. [B-01] Personal loan: What is the meaning of a personal loan? A personal loan is a financial aid that you get from a lender to meet your financial requirements. The lender can be a conventional source like a Bank or an NBFC or even a private financier. You will be charged with a rate of interest which you have to repay within a tenure. You don’t have to pay the total amount of the loan upfront or make any down payment. You will only be required to repay the debt through the EMI. Since personal loans are unsecured, you don’t require an asset like a property or shares to pledge to get a loan amount. You can apply for it and get sanctioned even if you do not have collateral. The loan amount is often high so that you can easily cover your needs and still not experience any financial burden. There is high flexibility in terms and conditions to help you have the liberty to choose the best for yourself according to your goals and requirements. Now that you have known the meaning and significance of going for a personal loan, it is time to know about some of its features. What are some of the exclusive features of a personal loan to buy a second-hand car? There are several features of a personal loan which make it stand out from all other types of loans. Rate of interest Even if a personal loan is an unsecured form of loan, you still are charged a higher rate of interest, provided that you are creditworthy to the lender. Banks and NBFCs charge an interest rate of about 10.45 per cent per annum to 24 per cent per annum on personal loans in India. The interest rates solely depend on your credibility, credit score, and financial muscle to repay the loan. Disbursal The disbursal period on most personal loans is often within a day to ensure that the borrower doesn’t face any delay. Documentation The documentation requirement is also minimal to avoid unnecessary paperwork and prevent any type of delays just asked to show some basic documents like your KYC details, income proof, etc. Loan amount The loan amount sanctioned on most personal loans is also high, ensuring that the borrower gets to accomplish the requirement. The loan amount ranges between Rs. 20 lakhs to Rs. 30 lakhs and sometimes, can even go up, as high as Rs. 40 lakhs. Tenure Tenure is another factor which is very important when choosing a personal loan. The tenure of repayment on most of these loans ranges between 12 months to 60 months and in some cases even goes up to 84 months. This gives you the liberty to choose the best for you and plan your finances accordingly. Eligibility to buy a secondhand car using a personal loan. The eligibility criteria to get a personal loan to buy a second-hand car are easy and basic. You need to belong to the age group of 21-60 years to get a loan for a second-hand car. You must be either a salaried individual or a self-employed person, holding a work experience of about 1 to 3 years. You should have a decent credit score to get a personal loan for a second-hand car, usually 750 or more. In addition, you need to show some documents like your Photo ID, signed application form with 3 passport-sized photographs, residential proof, and income proof. How to get a personal loan to go for a second-hand car? Most people buy a pre-owned car for two reasons, either to learn to drive or if they are experiencing any financial burden. In both these cases, you can go for a personal loan to have a second-hand car at a decent interest rate. Before you apply for a personal loan to buy a secondhand car, you should at least have a decent credit score (750 or more), and a stable income. You should be able to arrange all the required documents beforehand and understand the mechanism of financing at a dealer to get a better offer. Moreover, you should try to make a down payment, as much as you can, to avoid higher interest rates on finance. [B-02] Wrapping it Up A second-hand car is the best choice for you if you are going through financial troubles or you want to learn how to drive. In both these, cases, you need financial aid that is going to help you have a second-hand car. So here, a personal loan comes to your rescue which you can get at a lower interest rate. But, before applying for it, you should make sure that your credit score is up to the mark, you qualify for the eligibility criteria, and you are capable enough to make a down payment. If you want to know more about personal loans and want to apply for them, you should visit Piramal Finance.

08-11-2023

Personal Loan

8 Reasons for getting a Personal Loan in India

You may often need money when you are least ready for it. In times of financial trouble, personal loans can be a lifesaver. They are available immediately and fall under unsecured loans, meaning they do not require collateral and can be repaid quickly. In the past, borrowing money required a visit to the borrower, but now everything can be done online. Personal loans cover all the financial needs of a person. You may decide to look for a loan due to several factors. Taking a personal loan in India is simple and can be done for any need. [B-01] Even though there are many uses for personal loans, some reasons are popular and almost universal. Let’s talk about some of the most common reasons to get a personal loan in India. 1. Easy application and approval In the past, Indian lenders and banks took too long to approve personal loans. One had to fill out a lot of paperwork and wait for days, and even then, there was no guarantee that the instant loan application would be accepted or that the funds would be distributed in India on time. However, today’s online lenders make it possible to apply for a personal loan in India and get it in just a few hours. You can quickly apply for a loan online by immediately visiting the website and uploading your documents in minutes. In addition, the loan amount is deposited into your account once your application is approved. The entire process is done online, from applying for a loan to getting the money. This way, you can apply for a loan and get your money without having to talk to your lender. You will also be able to meet your urgent requirements quickly with fast loan disbursal. 2. Medical Emergencies Medical emergencies are unpredictable and can put immense financial strain on individuals and families. From sudden hospitalizations and surgeries to critical treatments and post-operative care, the costs can escalate quickly. In such situations, a personal loan serves as a quick and hassle-free solution, ensuring you get the necessary funds without depleting your savings. With the rising cost of healthcare in India, having immediate access to funds can be a lifesaver. Many financial institutions and NBFCs offer personal loans specifically for medical emergencies, covering everything from doctor consultations and diagnostic tests to ICU charges and expensive medications. If you require instant financial assistance, you can opt for an online instant loan, which offers quick disbursal—generally within a few hours. 3. No usage restrictions The primary advantage of personal loans is that you can use them for any purpose. On the other hand, home and car loans can only be used for a specific purpose. In this way, they are not similar to a home loan, which you must use to purchase real estate, and a vehicle loan, which you must use to buy a vehicle. You can use individual credit to meet any financial need. You can use personal loan in India to pay for things like vacation expenses, house renovations, new furniture and appliances, wedding expenses, unexpected health care expenses, education expenses, buying a used car, etc. 4. No Collateral One of the main reasons why personal loan in India is becoming more popular in this country is that you can obtain them without any collateral. Since individual loans are unstable advances, you do not have to give any security, guarantee, or insurers to get a loan confirmation. When approving a personal loan in India, the only factor considered is your ability to repay the loan within the stipulated time. 5. Flexible terms The typical repayment period for an instant loan is between 12 and 60 months. You can choose the maturity period that suits you best. However, remember that a personal loan in India comes with extended repayment periods and has significantly higher interest rates than loans with shorter repayment periods. Features like low EMIs and flexible repayment terms make loan repayments simple. Your credit score will also increase if you take an instant loan and make your EMI payments on time. Remember that while the loan has a longer tenure, the EMIs are lower, but the total interest paid is higher. As a result, you can be flexible and choose repayment strategies that suit your preferences and financial situation. 6. Personal loan for weddings In every Indian household, a wedding is one of the most significant occasions. You want to complete every step, whether it’s your or your children’s wedding. Taking out a personal loan in India will get you everything you want, but suddenly your savings will run out. Several financial institutions offer attractive terms and interest rates for wedding-related personal loans. 7. Higher education expenses Whereas you can cover school fees with an education loan, You still need a lot of money for related expenses. Some basic costs associated with higher education include travel, insurance premiums, book costs, and housing deposits. One can pay these costs and realize your dream of studying at a good school by getting a personal loan. Traditional education loans come with some conditions and restrictions. For example, some loans can only be used if you get into a particular type of college. In addition, they have strict repayment requirements, and it takes years for students to become debt free. In such cases, a personal loan in India is generally a better option as there are no essential elements for drawing such an advance. [B-02] Conclusion It does not matter for what reason you are taking a personal loan in India; what matters is that you pay your debts on time and have a good credit history. A personal loan in India can help prepare for any financial needs and to deal with life’s uncertainties. If you are looking for an Indian financial services company offering personal loans, you should go for Piramal Finance, as it offers customizable personal loans with longer tenure and reasonable interest rates. Moreover, the costs and fees are not too high, and there is no collateral or security requirement. With Piramal Finance, you can choose the EMI amount that suits you best and free yourself from the burden of high repayment costs.

08-11-2023

Personal Loan

How To Extend Personal Loan Repayment Tenure; What Are The Effects Of It?

A loan is basically for a person who is looking for some kind of financial help and tenure or longevity plays a vital role in every loan. It also includes personal loans, which can be taken for a maximum of 5 years. Initially, an individual should choose an appropriate personal loan tenure, that is it should not be too long or too short. In this way, the overall interest experiences a substantial reduction. And life is certainly unpredictable and therefore some uncertainties will surely come in the path. Sometimes it can become quite difficult to pay off the personal loan EMI and in that case, a person would surely prefer the EMI to be lower. And this can only happen if the personal loan repayment tenure can be extended. [B-01] Here are Some of the Key Components of Personal Loan Repayment Tenure 1. Tracking Loan Repayment The repayment schedule will determine if indeed the running private loan arrangement has to be modified. When you ask the creditor to extend the personal loan’s term, they would initially review the repayment history to consider how consistently you have made EMI payments. The lender will look at the payment history going back at least 9 to 12 months. If the company notices areas where payments are falling behind schedule, it may think about extending the term to lower the EMI cost and help you make the on-time payment. 2. The Debt to Income Ratio The EMI on a private loan might have been less than 50% of the monthly gross earnings at the time of credit application and the implication of this is that it must have prompted the creditor to authorize the mortgage without hesitation. However, as time passes, a person might need some new loans which in turn would increase the debt in proportion to income. Also if the person has repaid the loans and the overall debt obligations exceed 60% of your wages, the creditor may increase the personal loan repayment tenure to avoid a hypothetical fallback issue in the future. 3. Revenue Evaluation If a person hasn’t signed out any additional debt but is still having difficulty making personal loan repayments on time, then it possibly can be the case that your earnings are not increasing with the growing inflation. In such cases, it should be discussed with the lender, when pursuing an extension on personal loan repayment. The lender will keep track of this and request payroll stubs and bank account numbers. When a person applies for a new personal loan, the lender will need the past three months’ salary slips as well as the last six months’ bank details. However, the lender may want you to present income details dating back a year or longer. 4. Your Life Stage Someone set to retire soon may have difficulty extending the term of their personal loan repayment. The argument is that extending the term further than the age of retirement may raise the likelihood of failing to pay. The creditor will preserve the term inside their pensionable age to avoid such occurrences. However, if superannuation is a long way off, the lending institution may consider extending the term if you are experiencing legitimate loan payment difficulties. Effects of personal loan repayment tenure Mentioned below are some of the effects of extending a personal loan repayment tenure: 1. The possibility of applying for a larger loan balance The mortgage balance users’ desire to borrow is the foremost important thing to think about when applying for private loan repayment. It is established by your financial requirements and accessibility. A longer amortization period permits you to borrow more bonuses based on their liabilities ratio. When it regards personal loans, all microfinance companies recommend an equity ratio of 35-40%. This indicates that the monthly liabilities, including prior EMIs and current EMIs, should account for 35-40% of your monthly income. Choosing a longer loan term might lower your DTI ratio by increasing your repayment capacity. As a result, you will be able to borrow more money. 2. It aids in the growth of a better credit history. The credit score is an important consideration in the mortgage application procedure. However, establishing a good credit score requires time and consistency. You have an exceptional possibility to accomplish this with a long-term conventional mortgage if you complete your EMIs on time. 3. Make room in your budget for extra things. One could save money for those other scheduled and unanticipated costs because your EMI repayments are reduced due to the longer repayment term. Users can then apply the excess funds to any additional requirements. If a person has a credit card, for example, a long-term loan with reduced EMIs can allow him to put this extra money toward its settlement. Furthermore, a person might employ this income in investments to obtain bigger returns for their long-term personal planning. [B-02] Conclusion Now that you’ve learned about the factors that can assist you to extend your personal loan repayment term and lower your EMI, put them into action with caution. Many people prefer to prolong the tenancy to the point where they ultimately pay significantly more to lower weekly payments. Because personal borrowing costs are still normally high, extending the loans for a prolonged period might dramatically increase your payments. When you’re facing a loan obligation, keep in mind you designate your earnings accordingly so you don’t find yourself having to ask the banker to extend the personal loan repayment tenure.

08-11-2023

Personal Loan

Personal Loan in Nagpur: Apply Online @ Low Interest Rate

Do you lack the funds to fulfil your obligations? Are you looking for a low-interest-rate loan that will solve your problems? Then, a personal loan is a solution for you. A personal loan is the best way to meet financial liabilities without pledging any assets for collateral. These are unsecured loans and are sanctioned quickly. You can apply for personal loan for many reasons like paying off medical bills, renovating a home, wedding expenses, purchasing expensive appliances, travel expenses, or even paying off existing debts. In this article, you will learn how you can get the best personal loan in Nagpur at a low interest rate. [B-01] Features of a personal loan Some of the most common features of a personal loan are as follows. Interest rates of a personal loan in Nagpur start from 12.99%* per annum. Personal loans have flexible repayment tenures ranging from 12 to 60 months. You can apply for any amount between Rs. 1 lakh to Rs. 10 lakhs. There are no or low pre-payment and foreclosure charges. Personal loans in Nagpur have pocket-friendly monthly EMIs. The documentation process and disbursal of personal loans are quick. You can club your and your spouse’s income for higher loan eligibility/ No collateral is required. What are the eligibility criteria for a personal loan in Nagpur? To be eligible for a personal loan in Nagpur, you should meet the following criteria. You must be a resident of India to apply for a personal loan in Nagpur. Your age must be between 21 and 70. A salaried employee, a self-employed professional or non-professional, an employee of the State, Central, or Local government, or an employee of the public or private sector can apply for a personal loan in Nagpur. You must maintain a credit score of 750 or above to be eligible for lower interest rates. What documents do I need to submit for a personal loan in Nagpur? You have to submit the following documents. Identity proof: Voter ID, Aadhar card, PAN Card, driving license, or passport. Proof of residence: You can submit a copy of your Aadhar card, ration card, driving license, passport, voter ID, electricity bills, and gas connection bills. Proof of Age: PAN card, Aadhar card, birth certificate, SSC certificate, voter ID or any government-issued document can be used as age proof. Loan application document with your signature. Bank statement (past six months). Additional documents required for salaried applicants: Salary slips (past three months) Income tax returns or Form 16 (past three months) Additional documents required for self-employed individuals: ITR (past three years) Balance sheets and P/L statements for the past three years How can you apply for a personal loan in Nagpur? You can apply for a personal loan in two ways. You can apply online. Direct online applications are accepted at the bank’s or NBFC’s website. All documents can be uploaded with the application form. You can apply in person at your nearby branch by going there with the necessary documentation. You will be assessed with all the documentation. How to get a personal loan in Nagpur at lower interest rates? Before you start searching for a personal loan in Nagpur with a low interest rate, there are a few things to consider. Pick a lender who can offer you loan terms that are adapted to your specific circumstances. Make sure you have a high credit score before applying for a personal loan in Nagpur as this determines the interest rate you will pay. If your credit score is low, the interest rate on a personal loan will be higher. Also, before applying for a personal loan in Nagpur, evaluate your requirements and the amount you need for the expense. If you do not calculate your needs, you might borrow more money than you need. You will be required to pay interest on the higher loan amount. If you get a loan for less than you need, you might be forced to get another loan. The second loan may have a higher interest rate. This will also affect your credit score. Weigh the advantages and disadvantages of several personal loan possibilities before selecting any one of them. Compare all terms before making a selection. Research the interest rates for each loan before choosing a loan that suits your needs and preferences. The most effective way to compare different personal loan interest rates is by using online calculators. The planning will help you have a straightforward borrowing experience. It will allow you to make an error-free decision. If your employer has a loan or other financial product partnership with a bank or non-banking financial institution, you can approach this lender because you might get exceptional interest rates on your loan. [B-02] Conclusion Availing of a personal loan may be the best way to acquire funds for your urgent requirements. However, some people find it difficult to get a personal loan because they are unsure whether they are eligible for such loans. Applying for a loan is not a complicated process. Personal loans in Nagpur are approved swiftly once you provide the required documentation. If you do not know where to begin, it is best to consult an expert. Piramal Finance can help you to get low-interest-rate personal loans in Nagpur. We can assist you in everything ranging from documentation to disbursal of loans. We offer ease of access, convenience, a 100% transparent process, and customer support. We also provide online services to help you obtain a personal loan hassle-free and from the comfort of your home. Contact us now to get started.

08-11-2023

Personal Loan

How can I Get Instant Approval on a Personal Loan in Ahmedabad?

Personal loans in Ahmedabad are a common way to quickly get the money you need. They are often not tied down to anything. It’s great for weddings, home improvements, trips, and more. This is because you can use it for many different things. And the borrower can use the money for anything they think is right. Personal loans in Ahmedabad may help you build credit faster than other types of credit. This is due to the fact that an unsecured loan comes with a certain amount of risk. To sum up, a personal loan can help with any short-term money problems. [B-01] What are the pros and cons of personal loans? No collateral for personal loans in Ahmedabad One good thing when you apply for a personal loan online is that you don’t have to purchase any collateral. This implies that you don’t have to use anything as collateral to get a loan. This could affect your interest rate. But getting a low-interest personal loan in Ahmedabad should be easy if you meet the requirements. Instantly apply for a personal loan The digital revolution has made it easier to verify and record things. Instant personal loans in Ahmedabad are great for this. This is because they are easy to get. They also don’t require a lot of paperwork. It’s easy to get approved It’s easy and quick to apply for a personal loan and get it. Because of this, it is the safest thing to fall back on when the economy is bad. The process is digital now. So the time it takes to check has also gotten shorter. Ability to do more than one thing You can use a personal loan for anything but legal business. Aside from that, you can use it for any purpose. This is because it is very flexible. Other kinds of credit can only be used for certain things. Personal loans in Ahmedabad can be used to pay for sudden costs. Documents required for personal loans in Ahmedabad Most banks and NBFCs offer personal loans in Ahmedabad. But the terms are very different from bank to bank. On the other hand, banking institutions provide personal loans in Ahmedabad. They must follow the same rules. Both salaried and self-employed people must meet the following requirements to get a personal loan online: Age - 21 years to 58 years Employment Type - Salaried Credit score - Should be 700 or Above Minimum Net Income (Monthly) - ₹15,000 Loan Amount - 25,000 (minimum) and Max ( 12,00,000) Work Experience - Salaried At least 6/12 months employment in current company What do you need to get a personal loan? These are some most common papers needed to get personal loans in Ahmedabad Salaried Professionals Proof of Identity and Age A completed, signed, and photographed application for a personal loan Permanent address Registration Card Documentation of current residency, including but not limited to: a passport, driver’s license, voter identity card, postpaid/landline phone bill, and electric, water, and gas bills. Financial data from the preceding three months (ideally pay account) Paystubs from the past three months Your prior three years’ worth of IRS Form 16s or W-2s Things To Remember Before You Apply For a Personal Loan You should know why you need personal loans in Ahmedabad Personal loans can be used for almost anything, unlike mortgages and more specialized car loans. Use personal loans in Ahmedabad to pay off other debts or meet an unmet financial need, like paying for school or repairing your home. Even though it might not seem like it, getting a Personal Loan to pay off existing debt is a good financial move. Rates for personal loans start at a low of 10.99%. This is a big drop from the average interest rate on credit cards, which is 25% per year. This makes them a much better alternative to credit card debt. You should look around to find the best rate of interest Generally, when you apply for a personal loan, you should describe your financial emergency. This will help you devise and stick to a good plan for paying off your debt. Be sure to shop around and compare interest rates before making a final choice. Even a small drop in interest rates could save you thousands of rupees throughout your loan. Make sure to read all the details of personal loans in Ahmedabad Before deciding on personal loans in Ahmedabad, the most important thing you can do is read the fine print. Please find out how long it will take to hear back from the lender. You must also be aware of how much you can borrow, and how much of your income will be used to repay the loan. Watch out for any processing fees that aren’t obvious. Some loans have very low-interest rates. But the difference is made up by fees to process the loan. Get the most out of any deals When you plan to get a personal loan through an aggregator, you can take advantage of special terms and conditions that the bank doesn’t offer directly. You can compare interest rates from different lenders and agree on an offer you qualify for. This reduces the chance that your loan application will be denied. [B-02] Conclusion When looking for personal loans in Ahmedabad you can contact Piramal Finance. They are the best at seeking out the best loans for you to apply for.

08-11-2023

Personal Loan

Is Taking a Travel Loan for Your Trip a Smart Choice?

The holiday season is here. It’s time to splurge on the festivities. Be with friends and family. It’s time to plan for the trips that you missed out on for the last two years. Holidays and trips are great. But it is also a little heavy on the pocket. Or you might be just short of the budget for the big trip that you have been planning. When you have planned and anticipated so much, canceling is certainly not your preference. A personal loan for a holiday trip also known as travel loan might just help you. [B-01] What is a Travel Loan? A travel loan is a type of personal loan that can be availed for a holiday trip expenses. Many financial institutions offer personal loans to cover your travel expenses. Not all financial institutions advertise a personal loan as a loan for a holiday, but most personal loans do pay for many travel-related expenses like transportation expenses, hostel fare, car rentals, etc. The loan amount that you can avail of differs from organisation to organization. However, these loans for holiday trips are unsecured. They may have higher interest rates. Why opt for a personal loan for a holiday trip? Whether you are a travel buff or a one-time tripper, finances can sometimes place your plans on hold. A personal loan for a holiday trip helps you pay for your travel expenses. You have to remember that, with the added interest, the overall cost of the trip will be higher than what you would incur without a loan for a holiday trip. On the other hand, you cannot delay that business trip that is around the corner or halt emergency travel. On such an occasion, a personal loan for a holiday trip is the right way to go. Taking out a loan for a once-in-a-lifetime opportunity may not be a big deal for some. The memories that you will make are much more precious than the extra amount spent. Some obvious benefits of taking out a personal loan for travel are: You will spare your savings from spending on travel. You will also get the option to pay back the loan in a small monthly fixed amount. If you are faced with unexpected travel and a cash shortage, a personal loan for a holiday trip can come to the rescue. To minimise your burden of interest, you can check for discounts whose rebate rates are lower than the interest rate of your loan for a holiday trip. Loan for a holiday trip can also prove cheaper than using credit cards. Many loan options have interest rates that are lower than the interest on your credit card spending. If you need a smaller loan amount, you can opt for an instant loan for travel, which you can apply for online and receive quick disbursement for hassle-free travel. Should I be concerned while applying for a personal loan for a holiday trip? The basic idea of a loan is that it should help you grow your asset or pay your dues, like credit card expenses, hospital charges, weddings, home renovations, etc. However, due to their high interest rates, personal loans are the least popular of all kinds of loans. And taking a personal loan for a holiday trip is the least favourable of all options. You take a loan for your holiday trip of one week or 10 days. The interest that you will be charged will increase the expenses many folds than the actual cost of the trip. The result is that for that short trip, you will keep paying for the next two or three years. Travelling comes with many unforeseen expenses, no matter how well you plan. You have already planned your trip by taking a loan. You will pay interest on this. Then there are these additional expenses. You will use your savings or your credit card to pay for these. In such a scenario, your expenses are mounting, and by the end of the trip, you will be burdened with much more than was originally expected. Personal loans can also negatively affect your credit score. If you require another loan, say a home loan, in the period your personal loan is running, it is highly likely that your home loan will be rejected due to a negative credit score. Thus, you will miss out on the opportunity to create an asset. You plan a vacation to relieve stress and enjoy some peaceful days. Now, imagine getting home with a load of money with interest to be paid back. It is stressful. This is just the opposite of what you wanted from your holiday. So instead of returning lighter, you are returning heavier. What should I do? After going through all the positives and negatives of a personal loan for a holiday trip, you have decided to finally opt for one. Here, you need to keep a few things in mind. Be very stringent with your budget. Set a strict limit on your spending and do all it takes not to go over the board. At the same time, keep a percentage of the loan aside to use for any unplanned expenses that may show up. Staying within your budget will keep your mind lighter and your pocket heavier. Check your repayment capacity before you borrow. Never take a loan that you will not be able to repay on time. It will negatively impact your credit score. It will also overburden your monthly expenses. Try to pay your loan for the holiday trip before the final payment is due. You will end up saving a lot on the interest that you were supposed to pay. Some banks may charge a re-payment amount, but rest assured that it will still be lower than all the interest that you will pay. Planning is key when applying for a personal loan for a holiday trip. Check for the interest rates and the number of EMIs that you will be paying. Compare different options. Different financial institutions have different payment options. Choose the option that is best suited to you and provides an option for early repayment without a heavy penalty. [B-02] Personal loans are great for meeting any unseen expenses. If an unexpected travel plan comes up and you are short on cash, a personal loan for travel can bail you out of the situation. However, before you use one, get a proper fact check. Check out Piramal Finance for more information.

08-11-2023

Know More

What Is Third Party Insurance For Two Wheelers?

The most fundamental kind of two-wheeler insurance is Third-Party two-wheeler Insurance. It covers any losses and damages your two-wheeler could incur to a third party’s person or property. Consider running into a person while riding your bike casually. Your bike is ruined and you are injured as well. The second party also suffers harm and requests payment for his losses. There is no way out, and there are serious financial and legal repercussions. Your third-party two-wheeler insurance will be useful in this situation. In certain circumstances, the injured party’s claims can be covered, by your third-party two-wheeler insurance policy. This insurance will ease your financial strain and, in turn, your worry! [B-01] Features/ benefits of Third Party Insurance for Two Wheelers The following are some benefits of having third-party motorbike insurance: Easy Paperwork: The documentation procedure for this plan is simple. It only requires a few formalities to be fulfilled. Because the motorcycle is not covered by this plan, fewer inspections and checks are necessary. Additionally, you may buy this package whenever it is convenient for you. Simple Online Process: Nowadays, almost all insurance firms provide their online services, allowing you to easily buy an insurance policy in less time. An insurance plan may be purchased much simpler and more practically online. Third-party insurance for the two-wheelers plan covers your financial obligations against any damage or loss, caused to any third-party asset or person. Mandated through law: By the Indian Motor Tariff Act, you are required to have bike insurance. At the very least with third-party insurance for two-wheelers. This will guarantee that you are abiding by the law. No Stress: Any time an accident might happen and it causes emotional distress. Especially if it results in financial burdens for others. As a result, knowing that your financial obligations to a third party will be met by your insurance company relieves a great deal of stress. What all is covered under Third Party Insurance for Two Wheelers The third-party/liability-only insurance coverage pays up to Rs. 1 lakh for any third-party property damage brought on by the policyholder’s two-wheeler. A legal court determines the compensation amount in cases of bodily harm or death to third parties. The insurance offers 100% reimbursement in the event of loss of both limbs, both eyesight, permanent handicap, or death of a third person. In contrast, the insurer offers 50% reimbursement in cases of partial impairments such as physical injuries, the loss of one leg, or the loss of one eye. By paying an extra fee for personal accident insurance, one can get coverage for the pillion rider. A mandated Rs. 15 lakh Personal Accident (PA) policy for the driver of the insured two-wheeler How Does the Compensation for Third-Party Bike Insurance Plan Work? The benefits provided to an individual under a 3rd bike insurance policy function as follows: The nominee may seek 100% of the money promised as compensation in the case of the insured person's death. Yet, in the case of an accident involving a bodily part, the proportion covered may differ from insurance provider to insurance provider. In the event of loss of one eye or one leg, 50% of the insured amount is paid. Rs. 1 lakh in compensation is provided if the property is damaged. To get the guaranteed payment, the owner-driver or driver must operate the insured vehicle while possessing a valid License. How to apply for Third Party Insurance for Two Wheelers By following the instructions listed below, you may quickly get third-party bike insurance : Step 1: Go to the Piramal finance website and select the Third-party insurance option for two-wheelers. Step 2: In the “Get Your Quote” column, enter your bike's registration number. If you do not know your bike’s serial number, you may still input information about it. Such as its brand, model, version, registration year, RTO location, etc. Step 3: To receive prices for bike insurance policies, provide your name and cellphone number. Step 4: Select a bike insurance policy quotation based on your requirements and price range. Step 5: Pay for the bike insurance plan you’ve decided on and obtain policy papers through the mail. How Do I Make a Bike Third-Party Insurance Claim? Two Wheeler third-party insurance claims are handled directly. Both the victim and the insurer are eligible to file claims. The claim processes for both sides are listed below: If You Caused the Damage, How to File a Third-Party Bike Insurance Claim Take detailed photographs of the accident-related damage. Note all the necessary information about the damaged car or vehicles. Write down the contact information of any accident witnesses you come across. Tell your insurance company about the incident and follow their instructions. File a First Information Report (FIR) with the local police department. Use legal counsel to submit a Motor Accident Claims Tribunal Court claim. Join the court sessions and explain what happened. And present the necessary paperwork and information. Submit the court’s ruling with the insurance company to obtain payment for the costs of the property damage and bodily injury claims. Final Words According to the Indian Motors Tariff of 2002, every owner of a two-wheeler must obtain at least third-party insurance. The most fundamental insurance protection is a third-party two-wheeler insurance plan. Online third-party insurance coverage purchases are safe and simple. Piramal Finance is an Indian financial services company that is making its foray into retail lending which includes personal loans, business loans, housing loans, and other consumer-focused finance products. [B-02] FAQs Which bicycle insurance provider offers third-party coverage? There is third-party insurance for two-wheeler businesses. It is offered by all General Insurance firms. Can I change my bike’s third-party insurance to zero depreciation insurance? Nope, a third-party bike insurance policy cannot be changed to a zero-depreciation policy. A 0% depreciation add-on is available with both a solo possess bike insurance plan. And a comprehensive bike insurance plan, along with all other add-ons.

08-11-2023