Popular article

Your one stop place for everything related to finance and lending

Personal Loan

Hospital Loan: Loan for Hospital Projects for Doctors in India

Medicine is one of the noblest professions. Doctors who have been in practice for a while often want to open their hospitals. But it is easier said than done. A hospital must spend a lot of money to access up-to-date equipment to deliver quality patient treatment. Often, shelling out such a huge amount at once is not possible for everyone. This is where a loan for a hospital project plays an important role. As the hospital owner, you must apply for a hospital loan to help you realise your dream of starting a hospital. What is a hospital loan? What are the most effective methods to receive it? Let’s find out. What is a loan for a hospital project? As the name suggests, these loans are granted for building hospital projects. Many banks and NBFCs offer hospital loans with affordable interest rates. The funds could be used to build a hospital, purchase medical equipment, or any other related purpose. Your hospital project financing will be quickly approved once you’ve shown you’re eligible and the right paperwork has been sent in. Features of loans for hospital projects Here are some of the features of loans for hospital projects that you should be aware of. Collateral free While it varies among different banks, you can find loans for hospital projects that don’t require collateral. Thus, getting loans for hospital projects becomes easier as one of the major criteria gets eliminated. Quick processing Loans for hospital projects don’t require much time. Further, you can now make online applications through the bank's website. All the documents can be uploaded online, and the loan can be processed quickly and efficiently. Flexible repayment Hospital loans come with flexible repayment terms. You are free to choose the tenure that fits your budget. Online account for easy access. Most banks create an online account with a login ID and password. This will allow you to track your loan status, upcoming EMIs, loan amount paid, and loan amounts pending. It also lets you download the relevant documents for your loan, like the sanction letter, repayment schedule, etc. What are loans for hospital projects? Hospital loans are a unique type of loan that can be used to pay for life-saving medical equipment. Important components of medical equipment include hospital beds, oxygen tanks, and the newest imaging and diagnostic technologies, among other things. You might use the money to purchase state-of-the-art medical equipment and provide high-end medical services. This loan for a hospital project can help you develop one of the finest hospitals with modern medical facilities. Types of hospital loans The following are the different types of hospital loans that you can avail of from any bank: Loans for nursing homes To meet the needs of modern society, nursing homes need to be easily accessible and affordable. Your nursing home may enhance the medical services in many ways, such as by getting more beds, better facilities, and the latest technology. Secured hospital loans range from Rs. 2.5 crore to Rs. 5 crore for 12 to 120 months. Unsecured loans, ranging from Rs. 10 to 50 lakhs, can be paid back over 12 to 48 months. Further, corporations, partnerships, limited liability companies, sole proprietorships, and LLPs can avail of these loan facilities. Loan for pathology research As COVID cases have changed over the past two and a half years, testing facilities have had to get bigger. Because of this, there aren’t that many pathology labs around. People living in Tier 2 and Tier 3 cities cannot access medical labs. With hospital loans, a pathology lab can be set up. Pathology labs must meet the following requirements to get money: The borrower must be at least 27 years old when the hospital loan is taken out. The loan must also be paid back within 70 years at most. You must have worked in your field for at least five years. Loans can be accessed by sole proprietorships, limited partnerships, partnership firms, companies, and limited liability partnerships (LLPs). Loans for both dentists and optometrists’ clinics Diseases and problems associated with teeth and eyes are increasing. Setting up a dental or optometry clinic with high-end equipment may require a lot of money. Thus, doctors can go for loans for hospital projects to set up their dental and optometry clinics with the latest technology. For a medical or dental facility to get a loan, the following criteria must be satisfied: The borrower must be at least 27 years old when the hospital loans are taken out. The loan must also be paid back within 70 years at most. One-person businesses, limited partnerships, limited liability partnerships, and limited liability companies are all eligible. Important facts about hospital loans A Hospital Loan gives money to qualified Indian doctors to help establish hospitals. Making something from scratch is like going somewhere you have never been before. This is because the amount needed changes from project to project depending on the type of setup you want to establish. While loans for hospital projects can be obtained without collateral, you can provide collateral to secure a higher loan amount. You can get the loans at an affordable interest rate if you satisfy all the eligibility criteria. [B-02] Conclusion A team of knowledgeable advisers from Piramal Finance is available to assist you at every stage of the application process. This boosts your chances of being accepted and receiving your funds soon. Piramal Finance is one of India’s top NBFCs. It has a specialised staff of professionals accessible 24 hours a day, 7 days a week, to assist existing and new clients.

08-11-2023

Know More

List of all housing Scheme in India

The Indian Government and its subordinates make it easy for you to own a house. A government housing scheme saves you a lot of money while purchasing real estate and provides you with a house for a lower rate. You may visit the Indian banks or HFCs and register for the housing schemes provided by the government. Look into a few of the government housing programs to find out how much less you can pay than the going rate for a property in India. PMAY, or Pradhan Mantri Awas Yojana The PMAY was created to help economically disadvantaged members of society. This comprises economically disadvantaged, middle-income, and low-income people (LIG). It aims to make homeownership more accessible to them. This approach may save INR 2.67 lakh on your home loan interest. You must first qualify as a creditor to take advantage of the program’s benefits. What is the difference between receiving benefits in an urban or rural setting? Urban: Individuals who fall under the Low Income Group, or LIG, with annual household incomes ranging from 3 lakh to 6 lakh INR EWS (Economically Weaker Section) with an annual income of up to 3 lakh INR Under the Middle Income Group, or MIG 1, a person who earns up to Rs 12 lakh annually is qualified for a 4% loan subsidy for loans up to INR 9 lakh. The maximum subsidy offered by CLSS is INR 2.35 lakh. According to the Middle Income Group, or MIG 1, a person earning up to INR 18 lakh can get a 3% subsidy. This subsidy is applied to a loan of up to INR 12 lakh. CLSS provides a maximum subsidy of INR 2.30 lakh. For different sections, the interest subsidy on the PMAY scheme is: 6.40% for the Economically Weaker Section 6.40% for low-income groups 4.00% for Middle Income Group 1 3.00% for Middle Income Group 2 Rural: The Gram Sabha itself will decide who gets what. They decide who is qualified based on data gathered at the federal level. They compile a list of the socially and economically marginalised groups in the country. The recipients’ list is then divided into groups according to the PMAY rural program. If the applicant’s name appears on the Gram Sabha’s publicly accessible list, they are eligible to apply for a house loan via the PMAY rural program. The Scheme of the Maharashtra Housing and Area Development Authority A fixed number of residences have been reserved for the scheme. They are distributed based on each applicant’s income. You can apply for a house loan under the program if you are a Maharashtra resident with a valid domicile certificate. You must be at least 18 years old, possess a PAN card, and have a consistent source of income. The income categories for flats are: Lower Income Groups (LIG), for people earning between INR 25,001 and 50,000 per month .Middle-Income Groups (MIG), for people who earn between INR 50,001 and 75,000 per month. High-Income Groups (HIG), for people who make more than INR 75,000 per month. How Do You Apply? Go to the Maharashtra Housing and Area Development Authority’s website. Fill out the application and choose your income level and lottery scheme. Then, print your application acknowledgment form and submit your online lottery registration payment. You can apply for the PMAY scheme if you wish to boost your property's affordability. The following documents must be submitted: ID card, Aadhaar certificate of domicile the voter ID card birth registration a driving licence a diploma from a school Card PAN Passport The DDA Housing Scheme Residents of Delhi are provided with schemes to afford a house of their own based on their income, like in other states. The DDA programme was initiated in March 2019. It offers five thousand flats in some parts of South Delhi. These parts include Vasant Kunj, Rohini Sector 34, and Kalkaji. If you are of Indian origin and over the age of 18, you may apply for this scheme. You should belong to one of the categories among LIG, EWS, MIG, and HIG. There are different banks listed on the DDA website. You can submit your application for this scheme at one of those banks. Enter the DDA website, complete the application form, and then make payment. Different registration fees apply depending on your category. For different categories of flats, the registration fee is listed below: For HIG flats, the fee is INR 2 lakh. For MIG flats, the fee is INR 2 lakh. For LIG flats, the fee is INR 1 lakh. For 1 BHK Flats, the fee is INR 15,000 For Janta Flats, the fee is INR 10,000. For EWS-reserved flats, the fee is INR 25,000. If you prevail at the draw, you can quickly take ownership of the apartment. To complete the necessary formalities, you can submit documents like your PAN card, Aadhaar card, voter’s ID card, bank statements, and ITR report. NTR Urban Housing Scheme The NTR Housing Scheme was initiated in 2016. It aims to assist underprivileged sections of Andhra Pradesh. They can take advantage of this by purchasing affordable housing. In 2018–19, the Andhra Pradesh government distributed 15,091 houses through the Pradhan Mantri Awas Yojana (PMAY) and NTR (Urban) Nagar schemes. Any resident of Andhra Pradesh not availing of a government-funded housing scheme can take advantage of this scheme. They are eligible to apply for this housing scheme. You must hold a valid BPL or white ration card if you wish to apply for this housing plan. Under this program, you’ll get a subsidy of INR 2.5 lakh. In addition, if you are an SC or ST beneficiary, you will receive an additional INR 50,000. Haryana Housing Board Housing Scheme This scheme aims to help the sections of society that are weak economically. This plan offers freehold residential and commercial building lots for allotment and construction within the state. You must enter a lottery according to the conditions and deadlines to benefit from the housing program. You must pay a participation fee. Your family’s annual income cannot exceed INR 3 lakh. You will have access to a freehold plot if you win the drawing. Kerala Housing Board housing scheme The Kerala State Housing Board was established in 1971. The board implemented various housing construction and home loan schemes designed to assist the economically disadvantaged in meeting their housing needs. Go to their official website to learn more about the Kerala Housing Board housing scheme. [B-02] Summing Up The government implements various government housing schemes to assist citizens. These schemes provide many subsidies and financial assistance to citizens, which can aid them in purchasing their first home. Different states have different criteria for selecting the beneficiaries of the scheme. To read in-depth, you should go to their official website. Take advice from professionals like Piramal Finance to better understand the eligibility criteria and compare the different home loan offers so that you can make an informed decision.

08-11-2023

Schemes

How Does the Pradhan Mantri Awas Yojana Work in India?

PMAY, generally recognized as Pradhan Mantri Awas Yojana, is an initiative by the government of India to provide affordable housing. This scheme has been specially developed to help the urban poor. This scheme falls under a “credit-linked subsidy scheme” (CLSS) that targets the middle-income group as its beneficiaries. The interest rate for PMAY is 6.50% per annum, which can be repaid over 20 years. This scheme was first introduced on June 25, 2015, but it has now been extended until December 31, 2024. Although this scheme aimed to provide houses to everyone on the beneficiary list by March 2022. There is also a Pradhan Mantri Awas Yojana—Gramin (PMAY-G) named the Indira Awas Yojana earlier. This scheme was started in 2016 with the main objective of developing housing units for beneficiaries in rural regions. This scheme is available across the nation except for Delhi and Chandigarh. In this category of PMAY, the central government and the respective state governments will share the expense of making these house units. The ratio for the plain region is 60:40 for the plain and 90:10 for the northeastern and hilly regions. Features of PMAY One of its highlights is that if you are a senior citizen or a differently abled person, you will be assigned to the scheme’s ground floors. In the Pradhan Mantri Awas Yojana, the government provides a subsidy rate of 6.50% p.a. on a 20-year housing loan. The PMAY scheme in India covers urban areas. These comprise 500 class 1 cities and 4000+ statutory towns. The initial plan was to implement this scheme in three phases. In PMAY, the government emphasized using sustainable development principles, eco-friendly technologies, and modern development mechanisms. This scheme is only for those who don’t have their own home. If you own a house, then you will not be eligible to apply for PMAY. Although you can use this scheme even if you already own a home, if you want to upgrade to a Pucca house, Categories of Subsidies on Pradhan Mantri Awas Yojana This scheme has been developed by considering the earnings of the various segments of the country. Accordingly, the beneficiaries of PAMY are divided into four segments. Economically Weaker Section (EWS) – Annual income of less than ₹3 lakhs This category in PMAY can benefit up to 6 lakhs with an interest subsidy of 6.50%. If your family is in the category of the EWS section, then you can buy a house with a maximum of 30 square meters of carpet area. Lower Income Group (LIG) – Annual income of ₹3 to ₹6 lakhs. In the lower income category, families can avail of a loan up to Rs. 6 lakhs with a 6.50% p.a. subsidy on the interest rate. In this category, your family can also purchase a house with a maximum carpet area of 30 square meters. Middle Income Group 1 (MIG 1) – Annual income of ₹6 -₹12 lakhs. Under the Pradhan Mantri Awas Yojana, families in the middle-income category (Category 1) may get a loan of up to Rs. 9 lakhs, on which there is an interest subsidy of 4.00% p.a. If your family falls under the MIG 1 category, you can purchase a house with a maximum carpet area of 160 square meters. Middle Income Group 2 (MIG 2) – Annual income of ₹12 – ₹18 lakhs. Under Pradhan Mantri Jan Awas Yojana, the middle-income group category II, your family may get a loan of up to 9 lakhs, on which there is an interest subsidy of 3.00% p.a. If your family falls under the MIG 2 category, then you can purchase a house with a maximum carpet area of 200 square meters. How Does PMAY Work? The Pradhan Mantri Awas Yojana benefits can be availed if you want to buy a new house from a developer and acquire a house from the secondary market. You can also take out loans under this scheme to upgrade your kaccha houses to pucca houses. For example, assume you fall under MIG category 2 and your family wants to buy a house for ₹ 60 lakh. In the usual scenario, you will have to make the mandatory minimum down payment of 20 percent, i.e., ₹12 lakh, and take a loan for the remaining ₹48 lakh. Whereas under the Pradhan Mantri Awas Yojana, you will get a subsidy of 3 percent up to ₹12 lakh, so the home loan interest rate will be applicable only on the remaining ₹36 lakh. How do I apply for the Pradhan Mantri Awas Yojana? There are several options for applying for PMAY, such as Pradhan Mantri Awas Yojana Gramin online. There aren’t many complications involved in applying for this scheme. The application process for PMAY is very easy, and the interface for the online portal is also very user-friendly. You only require a few documents to apply for this scheme, such as your Aadhar card number, PAN card, etc. As soon as you open the portal, all you need to do is open the screen and follow the directions. Fill out the application per the instructions, and you will be eligible for the PMAY scheme. [B-02] Conclusion Everybody deserves to live under a good, safe roof they can call home. The government has been trying to help people buy their dream homes. This is why they started the credit-linked scheme for people who couldn’t afford to buy homes alone. This scheme has been really helpful in eliminating poverty and homelessness in India. The government’s efforts should always be complemented by those of private companies.

08-11-2023

GST

Things You Should Know About Mahagst in India

If you are an entrepreneur, you know the importance of GST. The GST has streamlined the whole tax filing procedure for businesses. Since its inception in 2017, the GST portal has made revolutionary changes in the taxation domain. Now, companies can register for GST, file taxes and refunds, and cancel GST registration online. Following the Union government’s GST portal, Maharashtra has also created a similar portal called MAHA GST. As Mumbai is the country’s financial capital, having a separate website for filing taxes in this region makes sense. So, let’s see everything you should know about Maha GST in India. What is Maha GST? As already mentioned, the Maha GST is the GST portal launched by the government of Maharastra. While the Indian government already has another portal, www.gst.gov.in, the Maha GST portal is specifically for businesses registered in Maharashtra. After the launch of this portal, the ease of doing business has significantly improved in Maharashtra. Furthermore, the Maha GST portal has increased the number of GST taxpayers in Maharashtra. Who should use the MahaGST portal? Businesses operating in Maharashtra need to register on the Maha GST portal. There are also specific registration criteria on the MahaGST website. If the business: It has an aggregate turnover of more than Rs 20 lakh yearly. Supplies goods and products worth Rs 40 lakh in a year. It is available on an e-commerce website and does transactions of goods countrywide. Besides businesses, individuals may also get registered on the MahaGST portal if they are: A casual taxable person who takes a temporary supply of goods through another business or shop. Registered under another taxation system such as VAT, Excuse duty, etc. Validity of Maha GST registration Usually, the Maha GST registration is valid in the state until it isn’t cancelled. However, you may apply for cancellation if you want to withdraw your Maha GST. For non-resident Indians or casual tax-paying individuals, the GST registration is temporary. In this case, the GST registration expires after a certain period. To register on the Maha GST portal, you will need a permanent account number (PAN). This PAN is mandatory for every taxpayer in India, whether they are foreigners, proprietors, partners, or LLPs. How to register on the Maha GST portal? As said earlier, every business registered in Maharashtra must have a GST registration. The complete process is online, from registration to getting a GST number. You don’t need to visit any office during the entire process. Here are the steps you need to follow to register on the mahaGST portal. Go to the official website of mahaGST (www.mahagst.gov.in). The homepage of the Maharashtra GST portal will be opened on your screen. Click on the other acts’ registration. Choose the new dealer registration option. Now click on the new dealer registration under various acts. Read the process and documents required for registration. Now click the “Next” button on the screen’s bottom right. Then, click on New Dealer and select “Next” from the screen again. A dialogue box will appear; fill in the PAN details and follow the instructions. Documents required for registering on the MahaGST portal To register on the MahaGST portal, you will need the following documents: Keep these documents ready before applying for registration. If you are the sole proprietor of your company or registering as an Individual, you will require the following: PAN card Aadhar card Address proof Bank account detail Passport-size photo in JPEG format under 100kb. If you are registering your business in a partnership, including LLP, you will require these documents: PAN card of all partners Aadhar card of all partners. Passport-size photographs, JPEG under 100kb Bank account details of the firm Address proof of primary business location. Address proofs of all partners. If the GST registration is for a Hindu Undivided Family (HUF), you will require the following: PAN and Aadhar cards of HUF and Karta. Photograph of Karta, JPEG under 100kb. Bank account details of the firm Address proof of primary business location. If you are registering as a company, the required documents are: PAN card of the company Memorandum of Association and Articles of Association Account details of the company The company's authorised signatory uses PAN and Aadhar cards. Benefits of registering at Maharastra GST portal There are various benefits to registering at the mahaGST portal. The Maharashtra GST portal lets taxpayers register for GST, file GST returns, and inquire about GSTIN. Moreover, taxpayers can get the latest GST rules and notifications. Once you get a GST registration number from the MahaGST portal, you can create a challan, initiate Mahagst payments, and pay your taxes in a single place. The benefits of the Maha GST portal: Uniform rate of taxes on goods and services throughout the nation. No overlapping or cascading effect of taxes. Composition scheme for small companies and businesses. Easy to comply High exemption limit for small businesses and goods. Transparency in tax filing and returns. The whole process is streamlined and online. MahaGST e payment facility. The composition scheme for small businesses: The government has launched a GST composition scheme for small businesses to simplify the GST filing process and reduce compliance costs. Businesses with an annual turnover of fewer than Rs 75 lakhs are eligible for this scheme. Under this scheme, Maharastra businesses must fill out the CMP-08 form quarterly and GSTR 4 form annually. The composition scheme is annual, and businesses must pay quarterly tax at a certain percentage of their turnover. [B-02] Conclusion: The MahaGST portal is one of the Maharashtra government's most innovative ideas for streamlining the GST process. For businesses, the portal has made it easy to comply with the government's directions and is updated with new notifications. On the other hand, for the government, the portal has reduced tax evasion. The portal has created a win-win situation for businesses and the government.

08-11-2023

Know More

Which Trading Account Is Best for Beginners?

Trading accounts hold investments and securities. A trading account is a good place to keep your stocks and shares safe. It makes it possible to trade and do business online in a way that is quick, easy, and safe. You’ll need a trading account to do this. You’ll need one that is strong, safe, and can meet all your customers’ needs. There are many different ways to open a trading account in India. So, it’s hard to choose the right one. We’ve made a list of the best accounts for trading in India. So, without further ado, let’s get right into it! Top 5 Best Trading Account Options in India for Beginners Zerodha Pros Zero-brokerage No annual maintenance fees Easy money deposits Very easy-to-use Cons The account opening process takes a lot of time. Zerodha’s main goal has always been to give its customers the best service. They do this by using cutting-edge technology solutions. Their Demat service works with three different mobile phone apps. This is the best trading account you can get in India. They pay close attention to every detail. Zerodha has made a great user interface by making it easy to use and useful (UI). The user interface has a lot of features and is easy to use. They have become one of India’s most important trading accounts. In 2010, Zerodha was India's first company to offer discount brokerage services. You can trade stocks, bonds, government securities, currency F&O, commodity F&O, and equity F&O. All can be traded with the Zerodha trading account. Upstox Pros Zero commission Invest with as low as ₹1 Simple interface Quick application processing Cons No recommendations or tips for users Clients can use Upstox to access tools that help them manage their trading accounts. Its brokerage fees are some of the lowest of any trading account. India has several trading accounts from which to choose. However, some of the fastest response times and friendliest staff are at Upstox. As a customer, you can be sure that your problems will be solved quickly and well. All this is because their support team is knowledgeable, helpful, and good at what they do. Because it has so many tips and insights, Upstox is the best trading account in India. These insights keep you updated on your trading account’s business, market, and portfolio. They used to be called RKSV Securities, and now only Zerodha is ahead of them. Almost everything about their brokerage model is the same as Zerodha’s. They used to have unlimited monthly options, but they stopped doing that. They do not charge brokerage fees for trades with delivery. They charge Rs 20 per completed order. Opening an account with them is also free. They have support from well-known people, such as Mr Ratan Tata. Groww Pros Paperless account opening Advanced trading platform Simple UI Can also invest in US markets Cons No support for IPO investments You won’t have to pay anything when you open a trading account with Groww. Also, there are no fees to keep the account open. You can sign up for an online account from the comfort of your home. No brokerage fees are charged. So, their trading account is the best in India. Systematic investment plans, direct mutual funds, and reliable intraday trading are all supported. It’s easy to integrate with other apps and services to improve your workflow. Groww was started in 2016 to help millions of Indians who needed financial help. A Groww trading account is a great way to keep track of your investments. And get news and information about the market and your portfolio. Such information can help you make smart choices about your money. With a Groww trading account, you can trade stocks, index funds, commodities, and other assets. The platform also has charts with market information, which can help you make better decisions. Groww is one of the safest trading programs you can use. As a bonus, there are no fees to trade on Groww. ICICI Direct Demat Account Pros Supports paperless account opening. Detailed watchlist Reliable broker Cons Has annual maintenance charges Investing in equity markets is very easy with an ICICI Direct Demat Account. Equity funds, partial shares, and individual stocks are only some assets you can trade. You can trade the shares of companies worldwide. Also, you can gain market insight with an ICICI Direct Demat Account. The ICICI Direct Demat Account is one of India’s most user-friendly trading accounts. That’s because of the flexibility of its interface. The ICICI Direct trading account can be linked to your ICICI Bank account. It will also give you the convenience of a “3-in-1” trading account. Customers can select from several packages to meet their requirements. This is a great option for current ICICI Bank account holders. Customers with an ICICI Direct Demat Account can access other ICICI services, such as loans, fixed deposits, and more. Angel Broking Pros Can invest in multiple markets Large network of brokers Zero Brokerage Cons Poor customer service Investors can rely on Angel Broking for sound tips based on solid data analytics and expert guidance on allocating their capital. All investors get free access to their investment advice and mobile apps. If you’re looking for a trading account in India, go no further than Angel Broking. Their excellent services, user interface, and Angel One app make them a top choice. More than thirty years ago, it began operating as a discount broker. Customers can select their preferred package among the available options. Their asset management solutions and brokerage services are top-notch. That’s before we even mention how great they are at providing trading accounts. When you open a trading account with Angel Broking, you can do so quickly, easily, and at no cost. Paytm Money Trading Account Pros Great investing insights Easy fund transfers Can invest with as little as Rs. 100 Cons Doesn’t support commodities Regarding low-cost investment options, Paytm Money is the most well-known in India. The services provided by Paytm Money’s trading account are sturdy and trustworthy. Apps are available for Android and iOS, designed to make even the most unskilled trader feel comfortable. The Paytm trading account updates its users on the latest news in certain areas, such as personal finance, the stock market, and more. Getting started in trading requires only Rs. 100, which can be readily deposited into a trading account. You can use your Paytm trading account to invest in multiple products. For example, the stock market, mutual funds, ETFs, IPOs, futures, and options. You can even invest in the National Pension System (NPS). [B-02] Conclusion Time is money, and trading accounts have allowed people to save both. Trading accounts have enabled this by facilitating paperless trading. And remove the need for associated administrative processes. Upstox and Zerodha are two of India's greatest trading accounts. Having the option to buy and sell at any time is crucial during volatile market conditions. A trading account serves this purpose. But, before a beginner can select a trading account, there’s something they should do. They must look for certain helpful features when picking a trading account. For example, educational resources and personalized guidance. Finally, they must ensure that the brokerage fee is minimal.

08-11-2023

Personal Loan

Key Perks of a Used Car Loan

A used car loan helps you drive home your dream vehicle without draining your savings, offering flexible repayment options, lower interest rates compared to unsecured loans, and the chance to build or strengthen your credit. Whether you’re a first-time buyer or looking to upgrade smartly, understanding the benefits of a used car loan can make your purchase both convenient and financially savvy. Benefits of a Used Car Loan from Piramal Finance Getting a used car loan to pay for your dream car is now quite simple. With Piramal Finance’s used car loan, you can benefit from a simple process, faster loan approval, and total freedom. The top five perks of a used car loan are as follows: Flexible Repayment Choices Piramal Finance allows you to determine your loan sum, payback term, and EMI period. In this manner, you can manage your budget and buy a used car when it is most suitable for you. Attractive Interest Rates Because the cost of a used car is less than that of a new one, Piramal Finance offers low-interest car loans for buying a car. The used car interest rate charged by Piramal Finance is highly tempting, which allows you to prepare your budget before finalising the purchase of a used car. Fast Approvals Buying a used car is now quite simple since you can complete the loan process online. The loan approval and payment processes are quite rapid and easy, making the whole loan procedure very simple. Simple Paperwork The paperwork needed is quite basic and modest, making the paperwork process simple. The paperwork needed for loan requests differs depending on the funder. Valid identity verification, salary proof, property proof, valid address proof, and picture proof are usually required when asking for a used car loan from Piramal Finance. Small Down Payment Some banking firms give 100% funding on used cars, generally known as a loan on used cars with no down payment. You are likely to get the whole loan amount if the value of the used car is less than the loan sum. How to Pick a Used Car Loan? Here are a few elements to check while looking for a used car loan: Interest Rates Like any other loan, one of the most vital aspects of a used car loan is the interest rate. Interest rates on used car loans are higher than those on new cars and may vary from 10 to 17 percent depending of various factors like credit history, nature of employment etc.. Picking the Loan Sum When looking for a car, consider how much you would have spent on a new vehicle and then seek similar types of used cars. Keep your loan sum modest and refrain from extending your budget to get a high-end car whose used price is fair. Note that high-end cars need more upkeep. As a result, it is vital to avoid taking out a large used car loan. Make a Greater Down Payment After deciding on the loan sum, it is vital to make a sizable down payment. Used car loans can offer you credit for up to 85% of the automobile’s purchase price. However, keep in mind that used car loan rates of interest are on the high end. As a result, you will wind up paying more interest. In addition, a used car will be less costly than a new car. Make as large a down payment as possible when applying for a used car loan. This will keep your EMIs modest. Picking a Tenure Most used car loans have a maximum duration of 5 years, while certain lenders may offer up to 7 years. Yet, make it a goal not to extend your term too much. Because the interest rate is higher, you will end up paying more in interest on a loan with a longer term. Try to limit your loan term to under 3 years. Calculate Your EMI with a Loan Calculator When getting a Piramal Finance loan, it is vital to figure out the monthly EMI. The EMI outgo must be such that you can pay those payments each month without affecting your budget. You may use a debt calculator for this. Enter your loan sum, duration, and interest rate, as well as the calculator, which will calculate your EMI. [B-02] Conclusion Using a Piramal Finance loan to pay for a used car might present you with a plethora of perks. One of the main perks you will enjoy is a lower car price. A used car will always be less costly than a new one. As a result, your loan’s principal will be reduced. As a consequence, your auto loan interest rate will be lower. Another key advantage of buying a used car with a loan is that you may still benefit from a car loan tax deduction. However, keep in mind that the auto loan tax deduction is only applicable for cars used for business purposes under Section 80E of the Income Tax Act of India.

08-11-2023

Home Loan

Important Things to Take Care of While Applying for Property Loan in India

A need for money can arise at any point in time. Though, it is possible that you may not have enough savings to help you tide through. This is where you must explore the option of raising funds from an external source. You can apply for a property loan based on the amount you need. To avail of this loan, you must own a property in your name, and it should be free from any lien. A loan against property is secured, as you must pledge your asset (land or house) with the lender. Many banks and NBFCs offer this loan at low-interest rates, for they have lesser risk here. You can use the money for any needs you may have, as the lenders have no rules to restrict the usage of the loan amount. The interest rate on this loan is low compared to other loans, as it is a secured loan. There is no upper limit to the money you can raise as a property loan. Many lenders offer up to 5 crores as a loan against property based on your profile. Read on to learn about things you must take care of when you apply for a property loan. How to Apply for a Property Loan? You can apply for a loan against property with any bank or NBFC you prefer. Here are the steps you need to follow to apply for a property loan: Do your research and find a suitable lender whose offer meets your needs. You can find details about property loans on their website. You must then visit the website or the lender or use a mobile app per your preferences. You need to click on the link for ‘Loan Against Property’. You must find the link for ‘Apply Online’ and click on it. You now need to enter your personal details such as name, age, income, contact details etc. As this loan involves property, the process cannot be finished online. Hence, a team member from the lender will contact you. You need to fill out the loan form, provide the papers, and complete other formalities as the need may be. Then the lender will send a valuer to verify your property. The valuer will also decide the property’s value per the present market condition. You will be given a loan offer if your credit score and profile meet the lender’s rules. Most lender offer between 60% to 80% of the property value as a loan against property. You will need to submit the original papers of the property to the lender. You must sign the loan agreement if you agree with the offer. You will also need to sign the mortgage register. This would help the lender create a charge against the property. Then the lender will send the money to your bank account. You will also get the loan schedule and other details on your email id. You can now use the money as you prefer. You will need to pay the EMIs as per the loan schedule. Crucial Facts Related to a Property Loan Before you apply for a loan against property, here are some crucial facts that you must know: Tenure: A property loan comes with a long tenure. Most lenders will offer you up to 20 years to repay the loan. This will allow you to get an EMI amount you can easily afford every month. But while opting for a loan tenure, keep in mind the interest cost. The longer the tenure, the higher the interest cost and vice-versa. So, select an EMI amount you can afford that will keep the interest burden under control. Property: You can get a property loan against a commercial or residential property. But the property must be in your name and free from any lien. If the property is not in your name, you must get the owner as a co-applicant. Keep in mind that the lender will conduct a legal and technical study of the property. So, you must be sure about all the facts and share them with the lender upfront. Interest Rate: Every loan comes with an interest cost. The same is the case with a property loan. Though, it is vital to note that it is a secured loan. Hence, the interest rates are lower. You can get a loan against property from as low as 11.5% per annum. Low-interest cost means lower EMIs which further reduces the chances of any default on a loan. Loan Amount: A loan against property is a high-value loan. The maximum amount you can get as a loan is related to the property’s value. Most lenders offer up to 80% of the property’s value as a loan. This means you can easily get as high as Rs. 3 crores as a property loan. There are no limits on how you can use this loan. But make it a point that you borrow only that much you need and can repay. Do not get into a debt trap by going for the maximum amount. Some lenders may also offer this loan as a line of credit. Herein, you will need to pay interest only on the money you use and not the entire amount. [B-02] Summing up A loan against property is a good way to meet your urgent money needs. It is vital to select a lender that will give you the best offer in terms of a high loan amount, long repayment tenure, and low-interest rates. This is where Piramal Finance emerges as a leading option. It is a leading NBFC that offers the best offers on a property loan to help you meet all your money needs.

08-11-2023

Personal Loan

Everything You Need to Know About Used Car Loans in India

You may own a good used car with a used car loan. Used vehicle loans are offered with low interest rates and payback terms of up to 7 years. Some banks offer loans of up to 100% of the car’s value. Most banks and non-bank financial firms give used car loans. A used car loan in India is offered to self-employed and salaried workers. Notably, if you’re looking for a used car loan in India, there are plenty of options. Yet, as more regulated players enter the used vehicle market, things are getting simpler. So, here’s what you should know about securing a used car loan in India. [B-01] 7 Things to Consider Before Asking for a Used Car Loan in India Below are the aspects to consider when seeking a used car loan in India: 1. Gone are the days when buying a used car required you to pay the whole amount in one stroke. You may now fund it totally, just as you would a new car. Many banks and financial firms are now offering used car loans in India, which may be taken directly or via listed banks and NBFCs from a trusted used car seller. 2. Set a budget for your car and look for the relevant options. If you wait long enough, you may be able to purchase your desired car as a new vehicle that was previously out of your price range. When you discover it, physically inspect it for any faults or flaws. 3. Attempt to get an exact appraisal of your chosen car. Knowing the brand, model, and number of kilometres driven, among other things, will help you figure out the correct value of the car, which will be vital when asking for a used car loan in India. While organised entrants will already have a car price, some web platforms include a price calculator. Get the insurance list of cases, which will assist you in determining if there have been any past claims on the car. 4. Once you’ve calculated the car’s worth, pick the choices that best suit your needs. All lenders now want 1% of the automobile’s total cost as a down payment, the same as when buying a new car. While a bank may offer you 100% funding in rare cases, most banks offer loans ranging from 80–85%. In rare cases, it may even be as low as 60%. The rest will be your down payment. 5. The rate of interest (ROI) follows next. Various banking firms will offer varying ROIs on auto loans, which may vary based on vehicle model, credit history, client profile, and other factors. Today, the interest rate on used cars in India is about 11–18% per year, slightly more than the ROI on new cars, which is around 7.5%. Some banks will give a set ROI, while others may offer a fluctuating ROI. 6. The loan term is next. A used car often has a loan duration of 3–4 years, unlike a new car, which may have a term of 5–7 years. This is mostly due to the lower loan sum in the former case. The cost gap between the two might sometimes be more than 50%. 7. A combo of the loan sum, interest rate, and loan term will now decide your equated monthly instalment (EMI). Since the interest rate on a used car in India is higher than on a new car, it’s ideal to pay off the debt as soon as possible. Therefore, pick a shorter term. This will assist in lowering the total interest load. Also, look for a loan option that does not charge an early loan payback fee. Things to Consider When Getting a Used Car Some of the most vital factors to consider while buying a used car are as follows: Examine The Car Make certain that the car is fully checked. You may have a mechanic inspect the vehicle. If the car has any problems, you may haggle the price. Drive the car in a less busy area to check for shocks. Examine the papers carefully. It is vital to inspect the insurance paperwork and the registration certificate correctly. Check that the engine and chassis numbers on the vehicle match the ones on the copies. Knowing if the car has been in any accidents is also vital. History of the Car Before buying a car, it is vital to look into its history. You may find the car’s specs online. Checking the car history will help you determine whether the vehicle has been in any accidents or had any servicing problems. The registration certificate must be transferred. Once you’ve bought the car, ensure the registration certificate (RC) is transferred to your name. A NOC is needed if the vehicle is listed in another state. A NOC is also needed if the car was bought on credit by the former owner. Insurance Transfer The automobile insurance plan must be promptly changed to your name. Even though the RC is in your name, the insurance plan is null and void if it is held in the prior owner’s name. Maintain the Car It is crucial that the car be fixed before you begin using it. It must be repaired if it rusts. Before using the car for the first time, replace the lubricants and wash the car. [B-02] Conclusion A used car loan in India may greatly assist you in making your goal of buying a car a reality. Yet, it is vital to examine loan packages from many lenders and pick the best-suited used auto loan for you. While used car loan interest rates in India are higher than new car loan interest rates, your EMIs will be lower since the loan sum will also be lower. If you don’t want to take out a used car loan in India, look at other options for funding a used car. These may include taking out a personal loan, a loan against land, a gold loan, etc. If you want to know more about 0% car loans in India, visit Piramal Finance. You may also explore their products and services.

08-11-2023

Personal Loan

Most Important Things to Consider Before Getting a Car Loan in Festive Season

Buying a car is no longer as costly as it once was. The modern consumer is astute and understands how to take advantage of funding options. Furthermore, because banks and financial firms offer so many car choices, it is now simpler for you to make an informed choice. However, key factors must be considered before making your final choice to get the most out of your car loan offer. [B-01] Things to Consider When Selecting a Car Loan During Diwali Offer Below are the vital aspects to consider when selecting a car loan in Diwali offer: CIBIL Score Look up your CIBIL score before applying for a car loan on Diwali offer. The bank or lender will assess your eligibility and the loan’s interest rate based on your score. While a high CIBIL score will allow you to obtain a low-interest loan, a low score will lead to a higher interest rate and, in some cases, denial. Banks prefer credit scores of 750 or higher. However, if your credit score falls below this threshold, you may still be able to get a loan. Depending on your profile, some lenders will lend you a car loan with a lower credit score. Interest rates are low. The interest rate defines the EMIs you must pay over the loan’s term. Before making any choices, look at the rates given by different banks to seek the most reliable choice. Though the process can be time-consuming, it is vital because car loan interest rates are not standard. After analysing your profile and repayment ability, various banks offer varying interest rates. Furthermore, the rates vary because there are two kinds of interest rates: floating and fixed. Remember that even minor differences in interest rates can significantly impact the EMIs you must pay for your loan, so consider even minor differences to find the best one. Fine for pre-closure or foreclosure Pre-closing your debt means that you have repaid your loan before the preset time and saved a large sum of cash that you would have had to pay as interest. Yet, if you pay a lump sum of cash to the bank against the auto loan before the real payback time, the bank may assess a pre-closure fine on the remaining loan sum, which might dampen your delight. As a result, before picking a bank, find out whether the bank imposes any penalties for pre-closure or foreclosure. Choose carefully, as each bank’s interest rate is different. Pick banks that either do not charge a fee or charge a minimal sum. Tax on Service Most car loan debtors are unaware of the service tax. Banks levy this standard charge on their customers in exchange for their services, and it cannot be contested or bargained. However, the bank may often request that you pay the tax, and if you’ve already consented to the bank’s terms and conditions, you cannot refuse them. Furthermore, while a few banks charge service tax only once, others charge it annually. So, before consenting to the bank’s terms for paying service tax on the loan, inquire how frequently you will be required to do so. If you accept the terms, you must enter into a contract. Processing Charge Almost every bank charges a flat fee to process your car loan request. Even when banks and other entities offer low-interest car loans, they levy a high handling fee. The handling fee varies from bank to bank, and you should ask whether or not the bank charges a processing fee. Banks typically levy a charge ranging from Rs. 2,000 to Rs. 5,000. Even so, you may end up paying a sizable handling fee because banks cost 0.5% to 1% of the loan sum if you borrow Rs. 5 lakh to buy a car. So try to bargain with the bank to lower the fee. During festivals and special offers, some banks will waive up to 100% of handling fees. When seeking a loan, keep an eye out for such offers. Offers and Schemes Don’t be in a rush when applying for a car loan in this Diwali offer. Instead, be patient and keep an eye out for special offers and plans to save some funds. Most banks offer special Diwali offers on car loans or during specific times of the year. Reap the benefits of such offers, including handling fee and pre-closure fine waivers, 100% financing on the vehicle, low-interest rates, special gift cards, and so on. With good credit and a solid profile, you may qualify for customised car loan deals from banks. You might even get lucky and get a car loan with 0% interest. So, before making a final decision, don’t miss checking the offers and plans. Car Insurance When you apply for a car loan in this Diwali offer, lenders may try to persuade you to purchase credit insurance and other extra insurance to make a profit. Even though an insurance policy can be useful for covering your loan payments, purchasing it from a car loan lender is not a good idea. You will not be able to get the best deal on insurance premiums because they will only get insurance from banks and agencies with which they are affiliated. As a result, when choosing a car loan in this Diwali offer, don’t be swayed by the insurance plans given by the lender. Instead, conduct a market study, compare and contrast different policies, and then choose your best offer. If you need to consult with an insurance agent, ensure that the agent has no ties to your credit lender. [B-02] Conclusion Purchasing a car is a significant financial investment that should be cautiously approached. That is why you must consider these factors before applying for a car loan in this Diwali offer. Because financial planning is essential when taking out a car loan in this Diwali offer, you should research the best EMI plans available and ensure that you can repay the loan comfortably. Now that you’re well informed, you can select the best car loan offer option on the market and take a significant step toward owning the car of your dreams. If you want to know more about the best car loans during Diwali offers, visit Piramal Finance. You may also explore their products and services.

08-11-2023