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Personal Loan

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

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

08-11-2023

Personal Loan

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

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

08-11-2023

Know More

What Is Third Party Insurance For Two Wheelers?

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

08-11-2023

Schemes

Pradhan Mantri Awas Yojana Documents Required

The Pradhan Mantri Awas Yojana (PMAY) was launched in 2015 with the mission of "Housing for All", aiming to provide affordable housing to millions of people across India. The scheme offers a Credit-Linked Subsidy Scheme (CLSS), providing home loan interest subsidies of up to 6.5% for eligible applicants. PMAY applications can be submitted both online and offline, provided that you submit all the documents required for pradhanmantri awas yojana. This guide will cover all the pm awas yojana documents required to successfully avail the home loan subsidy. Documents Required for PMAY Application To apply for Pradhan Mantri Awas Yojana, you must provide the following documents: Identity Proof (Any One) Aadhaar Card (Mandatory) PAN Card Voter ID Passport Driving License Address Proof (Any One) Aadhaar Card Ration Card Latest Utility Bill (Electricity, Water, or Gas) Rental Agreement Income Proof For Salaried Applicants Salary Slips (Last 3 months) Bank Statement (Last 6 months) Form 16 or Latest Income Tax Return (ITR) For Self-Employed Applicants Income Tax Returns (Last 2-3 years) Business Registration Certificate Bank Statements (Last 6 months) Property-Related Documents Agreement to Sale or Title Deed Approved Building Plan No Objection Certificate (NOC) from Society or Builder Additional Documents (If Applicable) Declaration stating the applicant does not own a permanent house Minority or Disability Certificate Having the above mentioned documents for PMAY application, you can now go ahead with the steps to apply for Pradhan Mantri Awas Yojana. Documents Required for PMAY-Urban (PMAY-U) Identity Proof: Aadhaar Card, PAN Card, Voter ID, Passport, or Driving License Address Proof: Aadhaar Card, Ration Card, Utility Bill, or Rental Agreement Income Proof: Salary Slips, ITR, or Bank Statements Property Documents: Sale Agreement, Approved Building Plan, or NOC from Society Documents Required for PMAY-Gramin (PMAY-G) Identity Proof: Aadhaar Card, Voter ID, PAN Card, or MNREGA Job Card Address Proof: Aadhaar Card, Ration Card, or Utility Bill Income Proof: Self-declaration, MNREGA Job Card, or Bank Statement Land/Property Documents: Land Ownership Proof or Panchayat Certificate The documents mentioned above are essentially required depending on how the Pradhan Mantri Awas Yojana works. PMAY Eligibility Criteria To qualify for PMAY, you must belong to one of the following categories: Category Annual Income Range Loan Subsidy Available Economically Weaker Section (EWS) Up to ₹3 lakh 6.5% interest subsidy (loan up to ₹6 lakh) Lower Income Group (LIG) ₹3 lakh – ₹6 lakh 6.5% interest subsidy (loan up to ₹6 lakh) Middle Income Group I (MIG-I) ₹6 lakh – ₹12 lakh 4% interest subsidy (loan up to ₹9 lakh) Middle Income Group II (MIG-II) ₹12 lakh – ₹18 lakh 3% interest subsidy (loan up to ₹12 lakh) Other Eligibility Conditions The applicant or any family member must not own a permanent (pucca) house in India. Women co-ownership is mandatory for EWS & LIG categories. The property must be in an approved urban or rural area. If applying for PMAY Rural, check the official PMAY Gramin beneficiary list. How to Apply for PMAY Online Application Process Visit the official PMAY website Enter your Aadhaar number for verification Fill out the PMAY application form with personal & income details Upload all the necessary documents Submit the application and save the reference number Offline Application Process Visit a Common Service Centre (CSC) or designated bank Collect and fill out the PMAY application form Attach self-attested copies of required documents Submit your form and collect an acknowledgment receipt Latest PMAY Updates (2025) PMAY extended till 2025 – More homes to be built under the scheme. Increased Budget Allocation – Higher investments in urban and rural housing. More Subsidies for EWS & LIG – Additional support for lower-income groups. Conclusion Every single one of us has a goal of owning a lovely house. A home is one of the most major buys a person can make. It is still a huge investment whether the house is tiny or big, in a city or a distant suburb. The Pradhan Mantri Awas Yojana (PMAY) is a state system to help people who cannot acquire a house on their own. It is a federal funding welfare plan that seeks to enhance the quality of life for urban and rural residents struggling financially. The PMAY plan aims to provide eco-friendly, sound housing that is fair to low-income urban and rural residents. To learn more about the Pradhan Mantri Awas Yojana, visit Piramal Finance for related blogs and explore their products and services. Frequently Asked Questions (FAQs) Can I apply for PMAY if I already have a home loan?Yes, but only if you have not availed any other government housing subsidy. Is Aadhaar mandatory for PMAY?Yes, Aadhaar is required for the online application process. Can a single woman apply for PMAY?Yes, single women are eligible to apply for the scheme.

08-11-2023

Home Loan

Top Home Loan Festival Offers by Piramal Finance

Do you still have a house in your dreams today? Piramal Finance, one of the most economical home loan solution providers, can help you get started on the construction of your own dream home. If high-interest rates are preventing you from moving right now, you will find more calming and affordable home loan offers during this festival. Piramal Finance offers a wide range of affordable and buyer-friendly home loan solutions to help its customers build their dream homes without any worry. You can be confident that Piramal Finance will work with you to make your dream of home ownership a reality. Our goal at Piramal Finance is to make this transition as easy and comfortable as possible. The best home loan deals are available during the holiday season for both new loans and balance transfers. Additionally, throughout the festival, salaried and self-employed people can apply for home loans and take advantage of the top home loan deals. Let’s look at Piramal Finance’s “Buyer’s Favorite” festival offers’. [B-01] Best Festival Offers for Home Loan Buyers – Piramal Finance Hassle-Free Documentation During Festive Offers: It only requires the barest amount of paperwork to further ensure a straightforward and trouble-free process for a home loan application during festival offers. Pocket-Friendly Festive Scheme: When you choose a home loan during seasonal deals, Piramal Finance gives you the option of choosing a floating or a fixed interest rate, making paying back your loan even more straightforward. You are so much closer to realizing your dream now. Open-to-All: Piramal Finance provides the greatest home loan offers to everyone throughout the festival season, whether they are salaried workers or independent contractors. Low-Interest Rates: This holiday season, Piramal Finance has created the best home loan deal. It has reduced interest rates by offering discounts (check the website) and waiving processing charges (check the website). Repayment Flexibility: There are many options available at Piramal Finance when it comes to creating a home loan structure that suits your requirements. Piramal Finance allows a lot of flexibility in the loan tenure, prepayment and foreclosure as well. Offer to Avail Benefits with Fewer Procedures: Simply complete the application form and provide the required documentation to Piramal Finance to apply for a home loan. A relationship manager will get in touch with you shortly and begin the process at your convenience. Many financial companies today claim to offer the lowest house loan rates in India. Even though many bargains could seem alluring, it’s best to avoid choosing businesses simply because they’re providing low-interest mortgages. A home loan is a long-term commitment, so you must be cautious and wise when choosing one. In the financial industry, Piramal Finance is a reputable and well-known name. Having been in this industry for a while, the company is familiar with the requirements of a borrower and provides one of the lowest loan interest rates in India. Factors to consider before applying for a home loan Before you apply for a home loan, make sure you know how much the fees will cost and how much the interest will be. It is important to understand these costs so you can calculate the overall cost of your loan and prevent yourself from selecting a high-priced loan that you will pay back over time. Here are some important costs to be aware of if you are a first-time applicant: Interest charges for late payments or failure to pay Charges for documentation EMI bounce fees Additional applicable/relevant fees Process charges Advantages of a home loan during the festive season With these loans, you may get the conveniences of your own home now for a good price without having to pay a large amount of money all at once. This makes it easier to handle any unplanned expenses. Companies like Piramal Finance also allow you to reorganize your EMIs if your investment goals change; for example, you can lengthen the repayment period and shorten the EMI if necessary. Your income, lifestyle, and financial security all genuinely improve when you reside in a safe home with improved facilities. So rather than waiting forever or taking a chance on nothing for the same, it is far better to take out a home loan and buy the home of your choice right away. Major home loan schemes by Piramal Finance 1. Piramal Self-Construction Home Loans For the building of bungalows, independent houses, row houses, etc. Up to 90% of the cost of real estate, including land, is supported. Construction can last for up to two years. 30-year maximum term, subject to retirement age. 2. Piramal Super Loans 20% greater eligibility. 10% to 15% off EMI. Land and property costs totaling up to 90% are financed. Top-ups are possible with more EMIs. Applications from both individuals and groups are accepted. Starting annual interest rates are 9%. 3. Piramal New Purchase Home Loan Suitable for usage with ready-to-move-in, under-construction, and resale property. Assistance with confirmed properties is available through advisory services. Agreements with top insurance companies to cover the loan and the property. Process turnaround time for processing is quick. Tailored programs for physicians, accountants, and other professionals. Starting annual interest rates are 9.65%. [B-02] Additionally, consider the repayment period because it directly affects the amount you pay each month (or EMI). You will have enough time to repay a significant home loan amount if your term is longer. In this manner, defaults are prevented. Part-payment and default policies on home loans should also be considered. You can prepay your loan more quickly in the future when you have extra funds. You can now apply for a home loan online here to take advantage of the discounts mentioned above. This shows that the whole process of Piramal Finance’s home application is relatively simple. Having a few required documents and meeting minimum eligibility criteria can make completing a home loan application easier.

08-11-2023

Business Loan

Smart Business Loan Tips for Entrepreneurs in India

Starting or growing a business in India often requires more than just a great idea—it takes capital. That’s where business loans come in. For entrepreneurs, especially first-time business owners, getting a loan can be both an opportunity and a challenge. The good news? With the right knowledge and preparation, you can increase your chances of getting approved and make better financial decisions for your venture. Here are some essential business loan tips every entrepreneur in India should know. Have a Clear Business Plan Before applying for a business loan, make sure you have a solid business plan in place. Lenders want to see that your business idea is not just exciting, but also feasible. Your plan should clearly explain: What your business does Target market and competition Revenue model and projected earnings How you plan to use the loan amount Repayment strategy A well-thought-out plan increases lender confidence and shows that you're serious about your business. Check and Maintain a Good Credit Score Your credit score is one of the first things lenders check. A good credit score (typically 700 or above) increases your chances of loan approval and may even get you better interest rates. Here’s how to maintain a healthy credit profile: Pay existing EMIs and credit card bills on time Avoid taking too many loans at once Keep your credit utilization low If your score is low, work on improving it before applying. Understand Your Loan Options There are different types of business loans available in India—term loans, working capital loans, equipment financing, overdraft facilities, and more. Each has its purpose: Term loans are for long-term investments like expansion or buying property Working capital loans help manage daily business expenses Machinery or equipment loans are for purchasing business tools and technology Choose the right loan type based on your specific business needs. Compare Interest Rates and Loan Terms Don't settle for the first offer. Different banks and NBFCs offer different interest rates, repayment tenures, processing fees, and prepayment charges. Take time to compare options to find the best fit. Use online loan comparison tools or consult with financial advisors to understand which lender gives you the best deal for your situation. Organize Your Documents in Advance Incomplete documentation can delay or even reject your loan application. Prepare all required paperwork in advance, such as: PAN card and Aadhaar card Business registration or GST certificate Bank statements (6–12 months) Income tax returns Financial statements (balance sheet, P&L, etc.) Having these documents ready shows professionalism and speeds up the process. Borrow Only What You Need It might be tempting to take a larger loan than required, but remember—you have to repay it with interest. Borrowing more than necessary can strain your cash flow and hurt your business in the long run. Assess your business needs honestly and apply only for the amount you truly need. Evaluate Your Repayment Capacity Before signing the loan agreement, ask yourself: Can my business comfortably repay this loan every month? Use EMI calculators to estimate monthly payments and ensure your expected income can support them. If your cash flow is uncertain, consider loans with flexible repayment options or longer tenures. Maintain a Good Relationship with Your Lender Once you get a loan, stay in touch with your lender. Be transparent if you're facing difficulties. Some lenders offer restructuring or flexible repayment options during tough times. Building trust with your lender can help you in the long term, especially when you seek future funding. Use the Loan Wisely Once the loan is disbursed, use the funds strictly for the purpose mentioned in your application—whether it's buying inventory, upgrading equipment, or expanding operations. Misusing funds can lead to financial trouble and hurt your credibility with lenders. Final Thoughts Getting a business loan is a big step for any entrepreneur. With proper planning, smart borrowing, and disciplined repayment, a loan can fuel your growth and turn your vision into reality. Remember, loans are a financial tool—not a shortcut. Use them wisely, and they can be the foundation for long-term success.

08-11-2023

Home Loan

10 Wonderful Tips To Boost Home Loan Eligibility

For most of us, getting a home is a dream come true. Everyone dreams of having their own house someday. But with rising property rates, owning an estate is becoming tougher. A home loan is a wonderful instrument that allows individuals, especially those with low incomes, to own a home. But here’s the twist: You can only get a home loan if you are eligible for one. Financial institutions like banks or independent lenders have specific criteria for giving loans. These criteria help them determine the creditworthiness of the candidate. So, how can you improve your home loan eligibility? That’s what we are going to explore today. Below, we have shared the top tips to boost home loan eligibility. #1 Improve your credit score Banks usually check an individual’s credit score during the home loan evaluation process to evaluate their creditworthiness. You will not be denied a home loan if you have a good credit score. It boosts your home loan eligibility. You need to pay all your loan EMIs on time to improve your credit score. If you are paying your monthly installments and credit card dues on time, your seriousness will be reflected in your CIBIL score. #2 Go for home loans with a longer tenure An important factor directly connected with your EMI amount is the duration of your home loan. Generally, the longer your loan’s duration, the lower the EMI amount. With a lower EMI amount, it would be easier for you to repay the home loan on time. Lenders generally consider this probability when evaluating home loan eligibility. Therefore, try to apply for longer-term loans to boost your eligibility. #3 Opt for joint home loans Instead of taking out regular home loans, consider applying for home loans jointly. Having more than one earning member in your family considerably increases your home loan eligibility. When you co-borrow, it not only improves your loan eligibility but also divides the burden of EMI repayment with additional tax benefits. If you know about home loans, apply for them with your parents or spouse. #4 Maintain your FOIR below 40% Your Fixed Obligation to Income Ratio is a critical parameter that almost all lenders consider while calculating borrowers’ home loan eligibility. Most financial institutions require you to have 40%–50% of your monthly income devoted to living expenses. Ideally, if your house expenses match this requirement, the chances of home loan eligibility greatly improve. #5 Choose the right lender Lenders are the backbone of the overall lending process. However, due to the complex eligibility process, you might not be interested in home loans from banks. That’s when independent lenders come in to fulfill your dream of getting a home. There are a plethora of lenders in the micro market with less complex home loan eligibility criteria. With a little research, you’ll be able to find them. #6 Make patience your friend It’s advised that you not hurry or panic when applying for home loans. Understand the market rather than rushing into any decision. You need to pay proper attention to some things when determining your estimated budget, calculating your income or earnings, and checking for errors in the CIBIL report. Spending time researching the market and evaluating lenders will help you get loans even with low home loan eligibility. #7 Pay off all your debts Your debt-to-income ratio is an essential factor that most lending institutions consider when evaluating the eligibility of applicants. The debt-to-income ratio refers to the total monthly debt you pay on your income. Your home loan eligibility rate will be low if you are already covering some financially heavy bills. Paying off your debts is the best way to ensure you remain eligible for a home loan. When you have no debt or low EMIs, your chances of getting a home loan improve greatly. #8 Mention additional income sources An excellent way to increase your chances of getting your loan approved is by declaring your additional income. Lenders base their lending decisions primarily on income. So, when you declare your additional sources of income, you give lenders surety that you can quickly repay them. Additional income sources, such as rental income, side businesses, freelance income, etc., can help you improve your financial health. Besides, having additional income can also help you get larger loans comfortably. #9 Make a larger down payment Most lenders or financial institutions finance home loans for approximately 75%–90% of your property’s value. You have to bear the cost of your remaining property. Someone can adjust that, but what about the principal value? If you don’t get it in the first place, your overall goal of getting the house will remain a dream. To ensure higher chances of loan approval, try to make a larger down payment. The higher the down payment, the lower the loan value and, therefore, the lower the payable interest. #10 Avoid changing jobs Are you a salaried person trying to get a home loan? If yes, make sure your job profile reflects your experience of not less than 2 years with the same company. Having frequent job changes in your application will hurt lenders. When it comes to salaried applicants, most lenders accept applications when the applicant’s income is stable. In other words, you have to show the lenders that you have a stable income, and having multiple job experiences contradicts that. Therefore, we suggest you show consistent work experience in your application. It will improve your home loan eligibility and, thus, your chances of getting a home loan. [B-02] Conclusion Home loan eligibility is integral to determining whether you will get a loan. To increase your chances of getting a loan, you must improve your eligibility. In today’s blog, you learned the top 10 tips you can follow to boost home loan eligibility. Try them before applying for a home loan, and boost your chances of getting it! Piramal Finance is a renowned finance company. You can choose from various financing options, such as home loans. They offer hassle-free, quick, and easy home loans with no foreclosure charges and zero repayments. So, what are you waiting for? For more details about their home loan process, visit their official website now!

08-11-2023

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Complete guide on how to find the Cheque Number

Although debit and credit cards and various other modes of electronic payment are overshadowing cheques as a dominant mode of payment, cheques haven’t entirely lost their usage. Even today, many people use chequebooks to make payments for various purposes. On the other hand, however, some people do have a chequebook but haven’t used it once. Whether you actively use your chequebook or not, you might have noticed a series of numerals written at the bottom of the cheque. You might have also heard the word ‘cheque number,’ but you might be clueless about it. But you are not the only one who is clueless about these things. Thus, here’s an article that discusses the cheque and its various aspects in detail and how to locate the cheque number on a cheque. Hence, let’s get started! What is a Cheque Number? A cheque number is a unique 6-digit number seen at the bottom of every cheque leaf on the left-hand side. The cheque number is different on each cheque. No two cheques can be found bearing the same cheque number. A 9-digit code, known as the Magnetic link Character Recognition Code(MICR Code), follows the 6-digit cheque number. All the numbers on a cheque are with special magnetic ink. What are the features of a Cheque? Some of the features of a cheque are as follows: Cheques can only be issued by individuals who hold a current or savings account. A cheque is regarded as an unconditional order and not a request. A cheque is payable only on demand. Whenever a cheque is encashed, the payment is made in cash. The maker/drawer of the cheque needs to put his/her signature on the exchequer mandatorily. A cheque is valid only when it is dated and signed. A cheque is invariably drawn on a specific bank. Where can one find the Cheque Number? One can find the cheque number at the bottom on the left-hand side. The 6-digit cheque number always precedes the 9-digit MICR code. What does a Cheque Number signify? The unique cheque number on a particular cheque leaf is used to know the status of that cheque. For example, you have drawn several cheques to different payees. Now, you are curious to know about the status of those cheques. Here comes the role of the unique cheque number. The cheque number will let you know which cheque has already been encashed and which is still left. Thus, the cheque number signifies the status of the cheque. At the bottom of every cheque leaf on the left-hand side is the 6-digit unique cheque number. The Magnetic Ink Character Recognition Code, commonly known as the MICR code, is a 9-digit number. This MICR code indicated the bank and the bank branch from where a particular cheque had been initially issued to the account holder. The first three digits of the MICR code represent the city code, the next 3 digits reflect the bank code, and the last 3-digits represent the code of the bank branch. The MICR code is followed by a 6-digit number, which is a fragment of the cheque issuer’s account number. The last 2 digits that can be seen at the bottom of the cheque are referred to as the transaction ID. This ID signifies whether the cheque issued is payable at par or locally. Whereas a local cheque can be encashed only at the bank from where the cheque has been issued, while the payable at-par cheque can be issued at any branch of the issuing bank. However, most of the issued cheques are payable at par. All of the numbers which have been discussed above are written with special magnetic ink. Thus, these numbers can be read only with the magnetic in the reader. Usually, all banks in India have the same kind of cheque leaf format as discussed above. However, you might notice slight variations in the formats of the cheques issued by different banks. What are the different types of cheques? The various type of cheques are as follows: 1. Bearer Cheque As the name suggests, the bearer cheque is one in which payment is made to the person carrying or bearing the cheque. The words “or bearer” are printed just in front of the payee’s name on a bearer cheque. Anyone carrying the bearer cheque to the bank is eligible to encash it. The banks won’t ask for the issuer’s authorisation while paying this cheque. Bearer cheques are endorsable. 2. Order Cheque Order cheques are the exact opposite of bearer cheques. On this cheque, the words ‘or bearer’ are cancelled out. This means that no one except the person whose name is written on the cheque is eligible to encash it. The bank might verify the payee’s identity before encashing the cheque. Order cheques are non-endorsable. 3. Crossed Cheque These cheques bear 2 parallel sloping lines along with the words ‘a/c payee’ written at the top left corner of the cheque. These parallel lines ensure that irrespective of who presents the cheque to the bank, the payment will be made only to the payee whose name and account number have been mentioned. A crossed cheque can be encashed only at drawee’s bank. Thus these types of cheques are relatively safer. 4. Open Cheque An open cheque is an uncrossed cheque. This means that the top left corner of an open cheque does not bear 2 parallel lines. An open cheque can be encashed either at the drawer’s or the payee’s bank. The original payee of an open cheque can transfer it to another payee. The cheque issuer must put their signature on both sides of the cheque. 5. Self Cheque Self-cheques can be identified by looking at the word ‘self’ written in the drawee column. These cheques can be encashed only at the bank branch where the issuer has an account. The drawer uses these cheques to withdraw money from their bank account. [B-02] Conclusion The cheque number is the most important part of a cheque. You must copy down the cheque number at a safe place. This is extremely important because if someone misplaces their cheque or a payee finds that money has not been credited to their bank account, the cheque number will help track its status. The cheque number might even help one to retrieve lost/stolen money. Many banks and NBFCs disburse loans via cheques. Piramal Finance, an NBFC, is one of them. Piramal Fiance is a renowned finance company that offers its clients quick, hassle-free, and easy loans. It offers various types of loans, including personal, home, business, etc.

08-11-2023

Other

PPF Interest Rates - PPF Maturity, Closing, and Withdrawal Rules

The PPF interest rate has always been a popular topic in the world of investment. It's often the first thing people want to know when considering a PPF account. Are you looking for accurate information on PPF interest rates but need help finding the correct numbers? Don't worry—we've got you covered! In today's blog, we'll dive into the current PPF interest rate and explore some key details about PPF that you will want to take advantage of. So, stay tuned as we get started. Let's begin! What is PPF? PPF, also known as the Public Provident Fund, is an exclusive investment scheme. It’s popular among investors due to its various investor-friendly features and multiple benefits. PPF is an investment scheme for the long term. It’s best for investors who believe in long-term gain and wish to earn high but stable returns. Keeping the principal investment amount safe is the primary target for people with a PPF account. In the market today, there are countless investment schemes. But there has never been a scheme that offers as safe returns as PPF. Besides, it’s also considered the best investment for people who are new to investing. Let’s talk about the PPF interest rates now. What are the current PPF interest rates? PPF interest rates aren’t fixed but are of a changing nature. But despite its nature, it doesn’t change much in the long run. Like in 2020, the PPF interest rate was bouncing between 7-8%. Talking about the interest rate, the current rate is 7.1%, compounded annually. PPF interest rates have been stable at this level since the last quarter of 2020. Its stability is what makes it risk-free. Now you might wonder, “How come the rate is so stable?” Well, PPF is backed by the Indian government, allowing it to provide 100% risk-free returns. Additionally, the PPF also falls under EEE status. This means that whatever amount you invest, the interest on your investment, and your maturity amount—all of them are free from tax. You don’t have to pay even a single penny of tax on your investments. Its tax-free features are one of the factors that attract investors to this fund. PPF Maturity, Closing, and Withdrawal Rules If you are new to PPF, understanding the PPF interest rates is the first step. The second step is learning about maturity rates and certain withdrawal rules. So let’s talk about account maturity first. A PPF account only matures after 15 years, starting from the end of the financial year when the account was opened. Investors get an advantage with the maturity date. They can extend it in blocks of five years after maturity. Now a common question asked by many beginner investors is, “Can we prematurely close our PPF account and withdraw all the money?” Yes, you can always withdraw your money from PPF before the maturity date. However, we don’t recommend you do that. But there are some exemptions, such as higher education for children, medical treatment, etc., where you can close your PPF account. But you can close it only after the compilation of five years, not before that. Learn how to make a crore with PPF. PPF is undoubtedly the best and most secure investment scheme for long-term investors. It’s not just about the tax benefits PPF offers; one can indeed make more than Rs. 1 crore with it. As you might know, the PPF interest rate that the government offers is 7.1%, which is compounded annually. Now let’s assume that this rate of return remains the same for the next 20 years. So, if your yearly deposit is 1.5 lakhs a year, it will be approximately 40 lakhs in the next 15 years. As mentioned above, investors can extend their PPF account’s maturity date by a bundle of 5 years after the completion of the 15-year maturity period. If you continue to invest 1.5 lakhs per year for another ten years, your PPF balance will reach a whopping 1 crore. So, the total number of years it took you to get to 1 crore is 25 years, with a consistent PPF rate of 7.1%. But the government tends to revise PPF interest rates every few years. Therefore, with an increased interest rate, you can reach your financial goal faster than you can imagine. Besides, PPF is the safest investment option, so you don’t have to worry about any potential risk of loss. How can you get the most out of your PPF investments? The biggest goal of every PPF investor is to try and make the most out of their investments. So, let us tell you how to do it. PPF interest rates are calculated monthly. However, it’s credited to your PPF account at the end of the fiscal year. Moreover, the amount of monthly interest is calculated for the days between the fifth and last day. So, if you want to maximise your returns, invest in PPF before or on the 5th day of every month. If you follow this approach, you will become more interested in the current month’s balance than the previous one. That’s the case with monthly investments. Now many people prefer lump-sum investments as well. This means they make all of their investments for the year at once. If you are one of them, try making your PPF deposits between April 1 and April 5 of the financial year. This will help you maximise the returns on your lump-sum PPF investments. [B-02] Conclusion PPF is a great investment option, especially for beginners. If you believe in long-term gain and want to earn via compounding income, invest in PPF. The current PPF rate is 7.1%, but it has a high chance of increasing in the future. Unlike other investment options, every time is the right time to invest in PPF. We have tried our best to share every important detail about PPF and PPF interest rates. If you want assistance with any financial-related topic, such as PPF, FD, etc., try Piramal Finance. Their team of experienced financial advisors will help you make ideal financial decisions.

08-11-2023