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Best Resale Value Cars in India: A Complete Guide

When buying a car, most people focus on the price, features, and fuel efficiency. But one equally important factor is resale value. Cars that hold their value well over time help you recover a bigger portion of your investment when you decide to sell or upgrade. The best resale value cars in India are usually models from trusted brands with strong demand, low maintenance costs, and excellent reliability. In this blog, we’ll look at the top cars with the highest resale value cars, why resale value matters, and tips to get the best deal when selling or buying. Key Takeaways • Best resale value cars retain their worth better than others in the market.• Factors like brand reputation, mileage, maintenance, and demand influence resale prices.• Choosing the best resale value cars in India helps you save money in the long run.• A good resale car also makes applying for a used car loan easier. Table of Contents Top Best Resale Value Cars in India Why Resale Value Matters in India Factors That Affect Resale Value SUVs with the Highest Resale Value Cars Hatchbacks Known for Strong Resale Sedans That Retain Value Well How to Get the Best Resale Price Resale Value and Used Car Loans Final Thoughts FAQs Top Best Resale Value Cars in India Here are some of the best resale value cars in India based on current market demand:• Maruti Suzuki Swift: A hatchback loved for mileage, low costs, and popularity.• Toyota Innova Crysta: Known for durability and strong demand even after years.• Honda City: A sedan that has been a favorite for decades.• Hyundai Creta: A mid-size SUV that holds value due to high demand.• Maruti Suzuki Baleno: Premium hatchback with a strong resale record. SUVs with the Highest Resale Value Cars SUVs dominate the Indian market, and some models are particularly strong in resale:• Toyota Fortuner: Known as one of the highest resale value cars in India.• Mahindra XUV500: Reliable SUV with wide popularity.• Hyundai Venue: Compact SUV with modern features and solid resale potential.For families, you may also want to look at 7 seater cars in India, which often fall into the LMV category and enjoy strong resale. Hatchbacks Known for Strong Resale Hatchbacks are budget-friendly and in high demand, making them strong contenders in resale:• Maruti Suzuki Alto: Affordable and reliable, with good resale value.• Hyundai i20: Premium hatchback that balances features and demand.• Tata Tiago: Low running costs and strong build make it a good choice.These cars remain some of the best resale value cars in the small-car segment. Sedans That Retain Value Well Though sedans face competition from SUVs, some still hold resale strength:• Honda Amaze: Affordable compact sedan with steady demand.• Skoda Octavia: Premium sedan with a loyal customer base.• Maruti Dzire: One of the most popular sedans in India, ensuring resale advantage. Why Resale Value Matters in India India is one of the largest car markets in the world, and buyers here often consider long-term savings. Owning a car with good resale value ensures that when you upgrade, you recover a fair portion of your investment.For example, if you own a hatchback known for being one of the best resale value cars, you’ll be able to sell it more easily and at a better price than a car with limited demand. Factors That Affect Resale Value Several factors determine whether a car will give you strong resale returns:• Brand Reputation: Cars from Maruti, Toyota, and Honda generally retain value.• Fuel Efficiency: Mileage-conscious buyers prefer efficient cars.• Maintenance Costs: Lower service and repair costs boost demand.• Market Demand: Popular body types like SUVs often rank as highest resale value cars.• Condition of the Vehicle: Accident-free cars with good maintenance records sell faster.When evaluating resale, also check the vehicle identification number to verify authenticity and ownership. How to Get the Best Resale Price If you want to maximize your car’s resale value, follow these tips:• Keep service records updated.• Maintain the car’s exterior and interior.• Avoid major modifications that reduce buyer appeal.• Choose popular colors (like white, silver, or grey).• Verify ownership documents and download insurance copy by vehicle number to share with buyers. Resale Value and Used Car Loans When applying for a used car loan, lenders also consider the car’s resale value. Cars with stronger resale prospects are easier to finance because they are less risky for banks and NBFCs.So, if you choose the best resale value cars in India, you’re not only securing a better price at resale but also making financing smoother and quicker. Final Thoughts Buying a car is a long-term investment, and choosing the best resale value cars ensures that you get strong returns when it’s time to upgrade. Popular brands like Maruti, Toyota, Hyundai, and Honda dominate the resale charts because of their reliability and widespread service networks.Whether it’s hatchbacks, sedans, or SUVs, selecting cars with the highest resale value cars helps you save money, enjoy peace of mind, and simplify the process of applying for a car loan or selling your vehicle. FAQs What does resale value in cars mean? It is the price you can get when selling your car after a few years of use. Which cars have the best resale value in India? Models like Maruti Swift, Toyota Innova, and Hyundai Creta are among the best resale value cars in India. Do SUVs have better resale value than hatchbacks? Yes, SUVs generally retain value better due to higher demand. How does maintenance affect resale value? Cars with low-cost, regular maintenance have stronger resale prospects. Can resale value affect car loans? Yes, lenders prefer financing cars with strong resale value since they pose less risk. What documents are needed for resale? RC, insurance, pollution certificate, and service records are essential. How do I check my car’s authenticity before selling? Cross-check the vehicle identification number with RC and insurance documents. Does brand reputation matter in resale? Absolutely. Cars from reliable brands fetch higher resale prices.

22-08-2025

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Write Off vs Waive Off in Loan: Key Differences

When it comes to loans and repayments, you may have come across the terms “write off” and “waive off.” At first glance, they might sound similar, but in reality, they carry very different meanings. For borrowers and even for those simply trying to understand the financial world better, it is important to know the difference. Let’s break it down in simple terms. What Does “Write Off” in Loan Mean? A loan write-off happens when a lender (such as a bank or financial institution) decides that the borrower is unlikely to repay the loan. Instead of keeping the unpaid loan amount as an asset in their books, the lender removes it from their active accounts. Key Point: The borrower still owes the money, even if the loan is written off. Why it happens: Usually, it happens when the borrower defaults for a long time and recovery looks difficult. Impact on borrower: The loan remains due, and recovery agencies or legal action may still be pursued. The borrower’s credit score is negatively impacted. Think of it as the lender saying: “This money is no longer part of our expected income, but we’ll still try to recover it.” What Does “Waive Off” in Loan Mean? A loan waive-off is different. In this case, the lender completely forgives the loan amount, and the borrower is no longer legally bound to repay. Key Point: The borrower does not need to repay the waived amount. Why it happens: Waivers are usually given in special cases, such as natural disasters, farmer relief schemes, or government-mandated programs. Impact on borrower: The obligation is removed, but in most cases, a waiver is rare and only happens under extraordinary conditions. Think of it as the lender saying: “You don’t need to pay this money anymore.” Write Off vs Waive Off in Loan: The Core Difference Feature Loan Write Off Loan Waive Off Meaning Amount is removed from lender’s books but still recoverable Amount is forgiven completely Borrower’s Obligation Still has to repay No repayment needed Common Reason Non-performing asset (NPA), default, bad debt Government relief, disaster impact, special schemes Credit Score Impact Negative impact Usually no negative impact since borrower is not treated as a defaulter Who Benefits Lender manages accounts Borrower gets relief Why Is This Important for You? Understanding the difference between a write-off and a waive-off helps borrowers manage expectations and avoid confusion: A write-off does not mean your loan is cancelled. You still owe the money. A waive-off gives complete relief, but such cases are rare and mostly policy-driven. Final Thoughts · The terms write off vs waive off in loan are often misunderstood, but the difference is crucial. If your loan is written off, you remain responsible for repayment. A waive-off, on the other hand, is a complete relief from repayment obligations. · As a borrower, always track your loan status, maintain timely repayments, and avoid falling into default to protect your credit score and financial health. FAQs on Write Off vs Waive Off in Loan Q1. Is a loan write-off the same as loan cancellation?No. A write-off does not cancel the loan. You still have to repay, and recovery action can continue. Q2. Does a loan write-off affect credit score?Yes. A loan write-off negatively impacts your credit score, as it indicates non-repayment. Q3. Does a loan waive-off affect credit score?Generally no. Since the loan is forgiven, the borrower is not treated as a defaulter. Q4. Who decides on a loan waive-off?Waive-offs are usually decided by the government, especially during farmer relief schemes, natural calamities, or special policy announcements. Q5. Can I request my lender to waive off my loan?In most cases, no. Waive-offs are not given on individual requests but are part of larger schemes.

22-08-2025

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What Is NMI in Loan?

When applying for a loan, lenders carefully assess your repayment capacity before approving it. One of the key factors they check is NMI, which stands for Net Monthly Income. Understanding NMI is important because it directly impacts your loan eligibility, whether it’s a home loan, car loan, or personal loan. Meaning of NMI in Loan NMI refers to the income you actually take home every month after deducting taxes, provident fund contributions, and other mandatory expenses. Simply put, it is your disposable income that can be used for daily expenses, savings, and loan repayments. For example, if your monthly salary is ₹60,000 and after deductions you receive ₹50,000 in hand, then your NMI is ₹50,000. Why Is NMI Important for Loans? Lenders use NMI to decide how much loan you can afford. The higher your NMI, the greater your loan eligibility. This helps lenders reduce the risk of default and ensures you are not burdened with EMIs that are difficult to pay. Loan Eligibility Based on NMI Typically, banks and NBFCs follow this guideline: Around 40–50% of your NMI can be considered for EMIs. The remaining amount should cover your living expenses and other financial commitments. For instance, if your NMI is ₹50,000 per month, lenders may allow EMIs up to ₹20,000–₹25,000 depending on your profile. This means you may qualify for a personal loan or other loans that match this repayment capacity. Factors That Affect NMI Calculation Salary Structure – Higher deductions reduce your NMI. Existing Loans – Ongoing EMIs are subtracted from your NMI. Additional Income – Incentives, bonuses, or rental income may boost your NMI. Fixed Obligations – Any commitments like insurance premiums or credit card dues are also considered. Final Thoughts NMI (Net Monthly Income) is one of the most important parameters that decides your loan eligibility. Maintaining a healthy income-to-obligation ratio not only improves your chances of loan approval but also ensures you can comfortably manage EMIs without financial stress. Whether it’s a home loan, car loan, or personal loan, understanding your NMI helps you plan better and borrow responsibly. FAQs on NMI in Loan Q1. How is NMI different from Gross Income?Gross income is your total salary before deductions, while NMI is the actual in-hand salary you receive after all deductions. Q2. What is the minimum NMI required for a personal loan?While it varies by lender, many financial institutions prefer a minimum NMI of ₹15,000–₹25,000 per month for personal loan eligibility. Q3. Does a higher NMI guarantee a bigger loan amount?Not always. Lenders also consider your credit score, job stability, and existing obligations along with your NMI. Q4. Can additional income sources be included in NMI?Yes, rental income, bonuses, incentives, or freelance earnings may be considered if they are consistent and verifiable.

22-08-2025

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Difference Between Loans & Bonds

When individuals or companies need money, they often turn to loans or bonds as two common financing options. While both involve borrowing, the way they work, who provides the money, and how repayment is managed are very different. Understanding these differences can help you make smarter financial decisions. What is a Loan? A loan is money borrowed from a bank, financial institution, or lender with the agreement to repay it over time, usually with interest. Loans are more personalized and flexible, designed to suit the borrower’s needs. Types of loans: personal loan, home loan, car loan, business loan. Repayment: Paid in monthly instalments (EMIs). Lender: Usually banks, NBFCs, or online lenders. For example, if you need quick funds for travel, medical expenses, or weddings, you may apply for a personal loan that provides lump-sum money with fixed EMIs. What is a Bond? A bond is a type of debt instrument issued by governments, corporations, or institutions to raise funds. When you buy a bond, you are essentially lending money to the issuer in exchange for periodic interest payments (called coupons) and the return of the principal at maturity. Types of bonds: government bonds, corporate bonds, municipal bonds. Repayment: Periodic interest + lump-sum repayment at maturity. Lender: Investors (individuals, mutual funds, or institutions). For example, when a government wants to fund infrastructure projects, it may issue bonds to the public. Key Differences Between Loans & Bonds Feature Loan Bond Source of Funds Borrowed from banks, NBFCs, or lenders Raised from public investors Repayment Monthly EMIs (principal + interest) Periodic interest + principal at maturity Flexibility Can be customized (loan amount, tenure, EMI structure) Standardized terms, not flexible Tradability Non-transferable (loan is between borrower & lender) Bonds can be traded in the market Borrower Individuals or companies Governments, corporations, institutions Lender/Investor Bank or financial institution Public investors, funds, or institutions Risk Higher default risk on individuals Lower risk (esp. government bonds) Which is Better? Loans are better for individuals and businesses who need immediate, structured financing with clear repayment plans. Bonds are better for large organizations seeking to raise large amounts of capital from the public, and for investors who want safer, interest-earning instruments. Final Thoughts While both loans and bonds involve borrowing money, the scale and process differ greatly. Loans are more suitable for individuals and small businesses looking for flexibility, while bonds are designed for large-scale fundraising by corporations or governments.

22-08-2025

Personal Loan

How to Get Personal Loan in Karimnagar

Karimnagar, a vibrant city in Telangana, has seen rapid growth in infrastructure, education, and small businesses over the past few years. With this economic development, the need for personal loans in Karimnagar has also increased, whether it's for home renovation, medical emergencies, weddings, travel, or managing seasonal business expenses. Thanks to growing financial inclusion, residents of Karimnagar now have access to a variety of personal loan options from both banks and NBFCs. Whether you're salaried, self-employed, or running a small business, there are solutions tailored for your needs. What is a Personal Loan? A personal loan is an unsecured loan provided by banks or financial institutions to help individuals meet their personal financial needs. It requires minimal personal loan documentation, doesn’t need collateral, and is usually disbursed quickly. Key features: Loan amount: ₹10,000 to ₹40 lakh Tenure: 12 to 72 months Interest rates: Starting from 10.5% per annum. Usage: No restriction on end-use (can be used for weddings, education, travel, etc.) Who Can Apply for a Personal Loan in Karimnagar? You are eligible for a personal loan in Karimnagar if you fall into one of these categories: 1. Salaried individuals Working in government, private, or public-sector firms Minimum income usually ₹15,000–₹25,000 per month At least 1 year of work experience 2. Self-employed professionals or business owners Traders, shopkeepers, service providers, etc. Should have a stable source of income and basic documentation. 3. Farmers or rural borrowers (with documentation and credit history) Some NBFCs or rural-focused financial institutions also provide tailored loan products. You can also consider NBFCs like Piramal Finance NBFCs are becoming increasingly relevant in cities like Karimnagar. Piramal Finance, for instance, caters to aspirational borrowers who may not have traditional documentation or high credit scores but have a stable income. Why NBFCs are suitable for many Karimnagar residents: Simple eligibility criteria Faster approvals with fewer documents Branch support for assisted applications Tailored loan options for self-employed individuals, small business owners, or informal earners Documents Required for Personal Loan in Karimnagar The exact list may vary by lender, but here are the commonly required documents: Identity proof (Aadhaar card, PAN card, voter ID) Address proof (utility bill, Aadhaar, rental agreement) Income proof: Salaried: Salary slips, bank statement, Form 16 Self-employed: ITR, business registration, bank statement Passport-size photographs PAN Card (mandatory for loan processing) How to Apply for a Personal Loan in Karimnagar You can apply for a personal loan through multiple channels: 1. Via branchesVisit your nearest lender branch with the required documents. 2. Online application portalsMost banks and NBFCs have digital application processes with instant approval and disbursal. Tips to Get the Best Loan Deal in Karimnagar Check your credit score before applying. A score of 750+ gives you access to better rates. Compare interest rates from multiple lenders before choosing. Negotiate processing fees – especially if you’re a pre-approved or existing customer. Don’t borrow more than you need – this keeps your EMIs affordable. Go for shorter tenures if your budget allows – it reduces total interest outflow. Final Thoughts Getting a personal loan in Karimnagar today is easier than ever. With the presence of national banks, local branches, digital-first NBFCs, and improved access to credit, residents have multiple financing options at their fingertips. If you’re planning to apply for a loan, do your research, compare offers, and choose a lender that matches your needs, whether that’s a large bank or a flexible NBFC like Piramal Finance that understands the unique financial journey of small-town India.

21-08-2025

Personal Loan

Reasons to Get an Instant Personal Loan for Diwali

Diwali is when homes shine brighter, families come together, and plans finally turn into purchases of new appliances, travel, gifts, small renovations, business inventory, and more. If cash flow feels tight right before the festival, an instant personal loan can help you spread big costs into easy EMIs while keeping your savings and emergency fund intact. Below is a quick Diwali 2025 schedule, followed by practical reasons to consider a personal loan, an EMI example, and tips to borrow smart. Diwali 2025: Dates & 5-Day Festival Flow (India) Note: Local panchang rules can vary by city/region. Muhurat (puja timing) is usually published closer to the date. Use these as planning dates and confirm locally. Dhanteras (Dhantrayodashi): Saturday, 18 October 2025 Naraka Chaturdashi / Choti Diwali: Sunday, 19 October 2025 (in some regions observed on Monday, 20 October) Main Diwali / Lakshmi Puja (Kartik Amavasya): Monday, 20 October 2025 (in a few places, the main day may be observed on 21 October as per local tithi) Govardhan Puja / Annakut: Wednesday, 22 October 2025 Bhai Dooj: Thursday, 23 October 2025 Why an Instant Personal Loan Makes Sense for Diwali 2025 1) Festive upgrades without draining savings Diwali is peak time for painting, lighting, furniture, electronics, and appliance upgrades. A personal loan lets you buy what you need today and repay over time. Your emergency fund stays untouched. 2) The wedding season follows Diwali Venue advances, catering, photography, outfits, travel wedding costs stack up right after the festival. A personal loan helps you lock bookings early and pay vendors on time, while EMIs keep the monthly outflow predictable. 3) Business inventory & working capital Retailers, home businesses, and online sellers often stock up ahead of Diwali and the winter wedding season. Quick disbursal means you can buy inventory in bulk, meet demand, and repay from sales. 4) Travel homecoming & holidays Air/rail tickets and hotels tend to get pricier as the main day nears. A loan gives you assured funds to book early, avoid last-minute premiums, and plan a comfortable family trip. 5) Gifting & gold If you prefer gifting gold/jewellery or premium items, a budgeted EMI prevents large one-time hits. It’s also a way to avoid rolling expensive credit card balances. 6) Home safety & power efficiency Many households use the festive break to upgrade wiring/MCB/RCDs, add inverters, or switch to LEDs. Financing these upgrades can improve safety and lower electricity bills throughout the season. 7) Consolidate high-interest festive spends If a festival pushes you into multiple BNPL/credit card EMIs, consider a personal loan to consolidate and manage a single, predictable EMI. 8) Medical & travel buffer Festivals are hectic. A small buffer for medical contingencies or urgent travel keeps plans stress-free. Borrow only what you need and prepay early if you can. How Much Should You Borrow for Diwali? A quick checklist to size your loan sensibly: 1. List spends: home upgrades, gifts, travel, business stock, wedding advances. 2. Don’t touch your emergency fund: subtract only the savings you can safely use. 3. Check affordability: aim to keep all EMIs within ~60-65% of your monthly income. 4. Pick the right tenure: balance monthly comfort (EMI) vs. total interest paid. 5. Consider prepayment: if you expect a bonus after Diwali, prepay to save interest. When to Apply (so funds land on time) · About 15 days before Dhanteras is a comfortable window for most shoppers. · Keep KYC, salary slips, bank statements (with salary credits) handy. · If you follow muhurat for major purchases, align disbursal with your city’s timing. Tips to Get a Better Rate & Faster Approval · Check your credit score first; clear small dues and avoid recent missed payments. · Borrow only what you need a right-sized amount often improves eligibility. · Avoid multiple applications in a short time; too many hard pulls can hurt your score. · Compare the APR, not just the headline rate. Ask about processing and prepayment charges. · Choose a realistic tenure, don’t over-stretch your cash flow. Final Word If you’re planning meaningful spends this Diwali, home upgrades, gifts, travel, weddings, or business inventory, an instant personal loan can make things smoother without disturbing your long-term savings. Plan the amount carefully, choose a tenure that fits your budget, and keep documents ready. With clear terms and quick processing, Piramal Finance can help you celebrate confidently and comfortably. Happy Diwali in advance!

21-08-2025

Personal Loan

10 Mistakes to Avoid While Taking a Personal Loan

Personal loans are one of the most popular credit options in India, thanks to their easy availability, quick disbursal, and no requirement for collateral. Whether it's to cover medical expenses, manage a wedding, fund a dream vacation, or consolidate high-interest debt, a personal loan can be a useful financial tool. But, if not used wisely, it can also become a financial burden. Many borrowers rush into loans without understanding the terms, resulting in stress, high interest payments, or even damage to their credit score. Here are 10 common mistakes to avoid while taking a personal loan so you can borrow smart and stay financially secure. 1. Not Comparing Loan Offers One of the biggest mistakes is taking a loan from the first lender you come across. Interest rates, processing fees, tenures, and prepayment terms vary from lender to lender. Tip: Use loan comparison tools or aggregator websites to evaluate offers from multiple banks and NBFCs. Even a 1% difference in interest rate can save you thousands over the loan tenure. 2. Ignoring the Interest Rate Type Not all personal loans have fixed interest rates. Some may come with floating interest, which can increase over time depending on market trends. Tip: Ask whether the loan has a fixed or variable rate. Fixed rates offer predictability, while floating rates might be riskier over the long term. 3. Borrowing More Than You Need It's tempting to take a higher loan amount just because you're eligible for it. But larger loans mean higher EMIs and more interest. Tip: Calculate your actual need and borrow only what is essential. This will reduce repayment stress and total interest outflow. 4. Choosing the Wrong Loan Tenure Some people pick long tenures to reduce their EMIs, while others choose short terms to close the loan quickly. Both have trade-offs. Longer tenure = lower EMI, but higher total interest Shorter tenure = higher EMI, but lower total interest Tip: Choose a tenure that balances affordability with interest savings. 5. Ignoring Your Credit Score Your credit score directly affects your loan approval and interest rate. A low score can result in rejection or higher interest charges. Tip: Check your credit score before applying. If it’s below 700, consider improving it before taking a loan. 6. Not Reading the Fine Print Many borrowers skip reading the full terms and conditions, which can lead to surprise charges like: Late payment penalties Prepayment or foreclosure fees Insurance charges bundled with the loan. Tip: Read the loan agreement carefully and clarify any doubts with the lender before signing. 7. Overlooking Processing and Hidden Fees Apart from interest, lenders may charge: Processing fees (usually 1%–2.5%) Documentation charges GST on fees Loan cancellation or bounce charges Tip: Factor in all these additional costs while comparing offers. A loan with a lower interest rate but higher fees may not always be cheaper. 8. Applying with Multiple Lenders Simultaneously Applying for personal loans with many lenders at once can hurt your credit score due to multiple hard inquiries. Tip: Use loan comparison tools that offer “soft checks” without affecting your credit score. Apply with 1–2 preferred lenders only. 9. Using the Loan for Non-Essential Spending Using personal loans for lifestyle upgrades or non-essential expenses like gadgets, luxury vacations, or impulsive shopping can strain your budget. Tip: Reserve loans for genuine needs such as medical emergencies, education, or debt consolidation where the benefits outweigh the costs. 10. Missing or Delaying EMIs Late or missed EMI payments can result in: Penalty charges Lower credit score Difficulty in getting future loans Tip: Set up auto-debit or reminders to ensure timely repayment. If you're facing temporary financial issues, inform your lender and explore restructuring options. Final Thoughts Taking a personal loan is a serious financial decision. It can help you when used wisely but can also lead to long-term debt if handled poorly. By avoiding these common mistakes, you can make smarter borrowing decisions and ensure the loan works in your favour. Before you apply: Assess your real financial need. Compare lenders. Understand all charges and terms. Choose tenure wisely. Stay committed to repayment. Personal loans should simplify your financial life, not complicate it. The key is to plan, evaluate, and borrow responsibly.

21-08-2025

Personal Loan

Top 5 Factors That Affect Your Personal Loan Eligibility

If you’re not in a position to borrow through your bank or credit union, personal loans are a great way to receive the cash you require. However, a lot of things can limit your ability to get a personal loan. This guide will be beneficial if you’re seeking one. [B-01] Age The age factor is a crucial aspect of personal loans. It determines the amount you can get, your loan tenure, and the interest rate that you pay. The older you are, the higher your chances are of getting a personal loan. People in their thirties have a better chance of getting a loan than people in their twenties. But your age must be below 80 years old to qualify for this type of loan. Here are some things to consider if you want to know more about how your age affects your eligibility: Age plays an important role in determining the maximum amount of money that can be borrowed from a bank or financial institution, as well as the tenure of the loan and the rate of interest charged on it. For example, if someone were applying for a personal loan with an annual interest rate above 25%, they would qualify only if they were over 18 years old at the time of application but not older than 60 years old because banks prefer dealing with younger customers who tend to repay their debts faster than those who have retired earlier or have other obligations such as family responsibilities that require them to be home most days. This makes it hard for older people, like widows and widowers, to get these kinds of loans because they don’t have much money coming in from investments or other sources. Income The income should be at least 1.5 times the loan amount requested. The borrower must have a stable source of income. In addition to that, it should come from a regular source such as a salary, pension, or any other type of income that is not seasonal or irregular. Income proof: You need to provide documents like bank statements or utility bills; if you don’t have any, then you may use your last 3 months’ bank statement for verification purposes only. Employer Employment status: Your loan eligibility depends on the employment status of your employer. If you work for a company that’s not in business, it’s unlikely that you’ll be considered for a personal loan. Employment history: The longer you’ve been employed by the same employer, the better chance there is that your company will approve your request for a business loan or personal lease. Employment stability: If this is an issue for you, consider how long it has been since your last job change and whether or not this could affect approval rates at banks or other financial institutions. Employment income: While most employers are willing to help employees with their financial needs, it’s important to keep track of the kind of salary someone makes (e.g., monthly). It’s also important to know how much debt each person owes based on those earning levels so that it doesn’t seem like an impossible situation when applying. Location The location of the borrower and lender are two important factors that determine your loan eligibility. If you live in a big city, you can get more loans than if you live in a small town. Similarly, if your credit score is better than someone from another city but they have an outstanding debt on their credit report (which may be because of their job), then their ability to get a personal loan will also depend on this factor. CIBIL Score or Credit Score If you have a good CIBIL score or credit score, you may be eligible for a personal loan. Your credit score is based on the information contained in your credit report, and it can range from 300 to 900 points. The higher your score, the better it will be for your application. The term “credit history” refers to how long it has been since you have had an account with any financial institution (such as a bank). The longer your history goes back, the more likely it is that lenders would approve loans against this data. That’s because there are usually no charges taken against them until they are six months or more than three years past due. Then, interest rates start being built into those accounts, which makes them harder to pay off during periods when money may become tight due to other expenses like rent payments, etc. So, having a good credit history makes it possible for people who might otherwise have trouble making ends meet because of things like medical bills to borrow money. The term “credit score” refers to how many points are associated with each credit history. Lenders will use this information when deciding whether or not to approve your loan application, so you must understand how these factors work together. The higher your score, the better it will be for your application. Importance of personal loan eligibility criteria to determine the amount of eligibility Personal loan eligibility criteria are important. It determines the amount you are eligible for. This is because different lenders have different eligibility criteria. For example, some banks may not approve personal loans to people who have a bad credit history or have been unable to pay back their previous loans in full. It is also worth noting that your loan eligibility will depend on where you live and what kind of job you have. If your job pays well but has low hours per week, then it might not be enough for someone with a poor credit history or few years of work experience. Personal loan eligibility criteria can also vary based on the type of loan you’re applying for. For example, if you need to borrow money for a car or house, lenders may require higher credit scores than for non-home loans, such as personal loans. You can check the personal loan eligibility requirements of different lenders by visiting their websites. In general, you’ll need to have a good credit history. [B-02] Conclusion At Piramal Finance, personal loans start at a competitive 11.9% p.a.* with flexible repayment tenures and quick online processing. Whether you need funds for a wedding, travel, medical emergency, education, or a vehicle, we make borrowing simple and transparent. By understanding these five key factors, you can prepare better and increase your chances of approval, making your loan journey in 2025 smooth and stress-free.

21-08-2025

Personal Loan

Best Offers You Can Get on Instant Personal Loan in Diwali 2025

Diwali, the festival of lights, is not just a celebration of prosperity and joy but also a peak season for shopping, travel, and major life decisions like home renovation, weddings, or gadget upgrades. With all this excitement comes the need for additional funds — and that’s where instant personal loans become a go-to option. Financial institutions and NBFCs across India often launch attractive Diwali loan offers to tap into the festive sentiment. From reduced interest rates to zero processing fees and pre-approved loans, borrowers can make the most of the season by choosing a deal that suits their needs. In this article, we’ll break down: Why Diwali is the best time for personal loan offers Types of offers usually available during the festive season Factors to consider before opting for a loan Tips to get the best deal A quick look at what to expect in Diwali 2025 Why Are Personal Loan Offers Better During Diwali? Festive Demand Spike: Consumer spending spikes during festivals — especially Diwali — driving financial institutions to launch special festive offers. Intense Competition: Banks and NBFCs compete aggressively to capture market share, resulting in borrower-friendly offers. Targeted Campaigns: Offers are often designed for salaried professionals, self-employed individuals, and even pre-approved customers with good credit scores. Quick Disbursements: Most Diwali campaigns include instant or same-day loan disbursals to match the urgency of festive shopping and celebrations. Common Personal Loan Offers During Diwali 1. Reduced Interest Rates Lenders typically reduce interest rates during Diwali to attract borrowers. While personal loan interest rates normally range from 10.5% to 24%, festive offers can bring this down to as low as 9.99%, especially for salaried professionals with high credit scores. Example:Some banks may offer special rates like 9.75% for loan amounts above ₹5 lakh with tenure up to 5 years. 2. Zero or Waived Processing Fees Processing fees usually range from 1% to 2.5% of the loan amount. During Diwali, lenders may offer: Flat ₹0 processing fee Discounted processing charges (e.g., ₹999 only) Rebates on digital loan applications Tip: Always calculate the processing fee savings in absolute numbers — it could easily mean ₹2,000–₹6,000 in savings. 3. Pre-Approved Loans If you have a good credit score or a long-standing relationship with your bank, you might receive a pre-approved personal loan offer during Diwali: Instant approval Minimal documentation Disbursal in a few minutes or hours Bonus: Pre-approved offers sometimes come with exclusive Diwali rates or gifts. 4. Gift Vouchers & Cashback To stand out, many lenders tie up with e-commerce platforms like Amazon, Flipkart, or Croma to offer: Cashback on disbursed amounts E-vouchers worth ₹2,000–₹10,000 EMI holiday period (no EMI for first 3 months) Check the fine print: Often these gifts are applicable only if you meet the disbursal and tenure conditions. 5. Flexible Repayment Options Some institutions allow: EMI-free periods Step-up EMIs (lower EMIs initially) Part-payment options without charges This helps people manage their budget better during the festive season when expenses are already high. How to Make the Most of Diwali Loan Offers Here are a few things to keep in mind: Compare Offers Online Use aggregator sites to compare interest rates, processing fees, and tenure across lenders. Don't fall for the first “festive offer” that lands in your inbox. Check Your Credit Score Your CIBIL score is the single most important factor. A score of 750+ usually qualifies you for the best Diwali offers. Evaluate Loan Tenure Longer tenure means lower EMI but higher total interest. Choose based on your repayment capability. Go for Digital Applications Many Diwali offers are exclusive to online loan applications — these often come with faster approval and special rate cuts. Watch for Hidden Charges Be cautious of festive schemes that offer gifts or cashback but hide higher rates or fees elsewhere. Anticipated Trends for Diwali 2025 Looking at previous years, here’s what you can expect during Diwali 2025: Offer Type Expected Range/Benefit Interest Rates 9.75% – 13.5% Processing Fees ₹0 – ₹999 Loan Tenure Up to 6 years Loan Amount ₹50,000 – ₹25 lakhs Disbursal Time Within 24 hours Bonuses Cashback, Amazon vouchers, EMI holidays With increasing digitalization and competition among fintech lenders, expect more app-based personal loan disbursals, real-time KYC, and customized offers based on location, income, and past repayment behaviour. Smart Borrowing Tips for the Festive Season Don’t borrow for non-essentials: A festive mood often triggers impulse borrowing. Ensure you’re borrowing for real needs — not just shopping or social validation. Read the offer terms carefully: Don’t go by headlines. Offers may be applicable only for specific tenures or customer categories. Stick to your EMI budget: Use EMI calculators to understand your monthly obligations before signing up. Prioritize trusted lenders: While new fintech players may offer tempting rates, ensure the NBFC or bank is RBI-registered and has good customer service. Final Thoughts Diwali 2025 could be a great time to avail a personal loan if you’ve been planning a big expense — be it for home renovation, travel, medical needs, or consolidating debt. From reduced rates to cashback deals and festive perks, lenders will roll out competitive offers. However, remember that a personal loan is still a financial liability. Choose wisely, borrow what you need, and pay on time to maintain your financial health. If you're comparing options, start early — most festive personal loan offers go live from early October and run until mid-November.

21-08-2025