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Business Loan

How can a corporate which has CIBIL issues get a business loan?

Having adequate money is one of the most critical variables that affect a project’s success. This is critical for the company’s long-term survival. A good CIBIL score is also critical for a company as it is directly related to access to credit. A company’s CIBIL depends upon the owner’s and management’s credit history. Business loans are gaining popularity these days. They help companies manage their working capital requirements and expansion plans. A company should always have more than the minimum CIBIL score for business loan, to ensure that credit facilities are readily available. Every business owner who wishes to manage the company profitably must have a healthy combination of equity and debt. You can think about expanding at any stage but might be short of funds. For this, you might need a loan which is in turn, based on your CIBIL. [B-01] How will your CIBIL score change the process for a business loan? Businesses often don’t get loans based on the credit history of the business owner and the company itself. With CIBIL, financial institutions like banks and lenders can figure out how risky it is to lend money to a borrower. But when the business needs a loan, each owner’s credit and CIBIL scores are considered. If the company has more than one owner or promoter, they must all have high CIBIL scores. If they don’t, the request for a loan can be denied. Banks and NBFCs that lend money look at borrowers’ CIBIL scores to determine how likely they will get their money back. If each partner has a credit score of at least 700, it will be easier to get a loan. The financial profiles of each partner are compared to the business’s creditworthiness. If you need a loan for your business, your CIBIL score will be one of the most important things a lender looks at. If the people who own the company and the industry have good credit, there will be less trouble. This happens when a lender gives you credit because they think you deserve it and your credit history shows that they can trust you to repay the loan. If you have a good credit score, your loan application will be accepted quicker, and the money will be in your account sooner. A steady flow of money in your bank account and a high CIBIL score are significant. The loan application can be turned down if the business needs a reliable way to make money. Minimum CIBIL score for a business loan You may apply for secured or unsecured loans to establish or build your own company. To get a secured loan, a company owner must use valuable assets as collateral. When a borrower fails to repay the loan amount, the CIBIL score for a business loan will take a hit. In this case, the lender may reduce the risk of loss by foreclosing and selling the collateral to make up for the loss. An unsecured loan, on the other hand, does not need collateral. Lenders must consider the company’s creditworthiness and the owner’s. As previously stated, your CIBIL score may range from 300 to 900, although a higher number typically indicates a better profile. A credit score of 750 or better is typically sufficient to get a loan. Even though your CIBIL score is poor, if you fulfil the other standards, the bank or NBFC may offer you a loan. However, if your CIBIL score is less than 650, you may need help to obtain a loan for your firm. How to Get a Better CIBIL Score? Raising your CIBIL score may be more challenging than you anticipate if you want a business loan immediately. You can do a few things to improve your CIBIL score, making it more likely that a lender will give you a loan for your business. Here are some examples of these ways of doing things. You may do the following to raise your poor credit score: Pay off all debts and credit card obligations by making timely EMI payments. Use up to 30% of your available credit at a time. Check your credit report to see if there are any mistakes and if there are, try to get them fixed. You can ask your bank to raise your credit card limit. Don’t ever agree to co-sign or co-borrow on someone else’s loan. Keep all of the bank and credit card accounts you already have open. You should apply for different kinds of credit, but unsecured loans are the most important. Ask only a few questions about how to get money in different ways. Business Loan with Low CIBIL Score There are various methods to correct any issues that may have shown on a CIBIL score, which is great news. Correct any problems you discover: Credit report information may include errors. However, this is only sometimes the case. This might be because certain historical accounts are inaccurate or out of date. It is conceivable for a paid-off debt to appear on someone else’s credit record or vice versa. Check your CIBIL score for errors before applying for a business loan. Improve Your Score: The second option is to strive to improve your score. One method is to pay off some of your debt to ensure that you have a minimum CIBIL score for business loan. You must make monthly principal and interest payments on whatever obligations you have. Gather the facts Some lenders will not even consider loan applications from persons who do not have excellent credit. This applies to any firm that deals with money, but banks are the finest illustration. However, NBFCs are more flexible in this regard. If you check with them, you may be able to acquire a business loan even if you have a poor CIBIL score or rating. [B-02] Conclusion A lender’s decision to provide an unsecured business loan will be heavily influenced by either the business owner’s CIBIL score or the firm’s CIBIL score. It demonstrates the borrower’s dependability in repaying debts. Visit Piramal Finance to get the best deals on business loans. They also have many articles and blogs to help you learn about CIBIL scores and business loans.
08-11-2023
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Tips & Advice

5 Financial Planning Tips For Young Professionals

As a young professional, you may be under the impression that your financial life is still in the future. But the truth is, it’s never too early to start your financial planning. The sooner you start thinking about how much money you need and how much debt is too much, the better off you’ll be when it comes time for retirement. Here are five tips for saving money as a young professional: [B-01] Create a budget and stick to it Whether it’s monthly or biweekly, make sure that each paycheck goes toward paying down debt or building savings. And don’t forget about living expenses like rent, utilities, and groceries! But don’t stop there. Create separate budgets for each of your financial goals (like buying a home). If possible, add more categories as time goes on so that they stay updated with all of the changes that occur throughout life’s journey (such as getting married). Don’t forget to reserve some money for the emergency fund. To make sure you have enough money in case something goes wrong, it’s important to start saving money as soon as possible. Follow further steps in financial planning if you don’t already have a plan and strategy for your finances. Even if you don’t know how much money is enough for you, we suggest that this article serves as a quick reference guide on what steps need to be taken before moving forward with setting up an emergency fund. The first step in creating an emergency savings plan should involve figuring out how much income needs to be saved each month from all sources (including monthly bills). So that when unforeseen circumstances arise (i.e., job loss), there will be enough funds available without any other workarounds necessary. Think long-term It’s easy to get caught up in the moment and focus on what you want right now. But if you’re not saving money, then there will be no money left when your goals are met! If you’re going to start a family or buy a house someday, it makes sense to save up some cash while you can so that those things happen sooner rather than later. You’ll also need money for retirement and college tuition later on. And who knows when those big purchases might come along? A good financial plan should include all three areas: short-term needs (like buying houses), long-term savings goals (like retirement), and early stages of business ventures. These could be starting an online shop or creating an app on top of social media platforms like Facebook or Instagram. Invest Investing is the process of committing money to earn a profit. There are many different types of investments. These include stocks, bonds, and mutual funds. You can also choose to invest in real estate or other property. It’s important to remember that investing carries some risk. You could lose your entire investment if an investor doesn’t do well or if the market changes unexpectedly. However, there are ways to reduce these risks by buying low-risk investments that pay off over time—like Treasury bills—and avoiding high-risk ones like stocks when possible. This isn’t always possible, though. One of the easiest ways to save money is by putting your money in a high-interest account. High-interest accounts are great for short-term savings. This is because they offer relatively low rates. If you’re going to be saving for a specific purpose, like buying a car or paying off debt, then it makes sense not to put all of your money in one place. Have a good life insurance plan Life insurance is an important part of financial planning. It helps you protect your family and assets. It can also help pay for expenses in the event of your death. What’s a good amount? We recommend that you get enough life insurance to cover at least three times your annual income (or two times if you have limited savings). You also need some sort of disability coverage. Most employers offer this through their plans. If possible, add additional term life coverage so that if something happens within the first 10 years after getting it, there’s still money available for additional funds during those years as well! Start saving for retirement early, even if it’s just a little bit Start saving for retirement early, even if it’s just a little bit. Starting to save for your future is one of the most important financial planning tips for young professionals. You’ll want to start building up some money to fund your lifestyle after you leave school, or if you’re already out of college and working full-time (or even part-time), then start planning on how much money will be necessary so that you can retire someday. The best way to do this is by saving every month with an automatic payroll deduction from each paycheck. Ensure that it goes directly into an account where it can grow over time without any interference from other people or outside forces like taxes! Once this has been established, we’d recommend doing the following: Contribute as much as possible each month; Diversify investments across different types of accounts (i.e., stocks vs. bonds); Investing should always be done carefully. This is because there are no guarantees when investing in stocks, bonds, mutual funds, etc., but at least try not to make bad decisions; Do not make withdrawals unless necessary. [B-02] Conclusion Whether you’re a young professional or someone who has been in the workforce for years, financial planning can be a complex process. It’s important to take it seriously and get started early on! Start by creating a budget, keeping track of your income and expenditures, and making sure that your money is invested wisely. And don’t forget about life insurance. It’s one of the best ways to protect yourself from unexpected events like job loss or disability. And lastly, retirement planning needs to start earlier than ever before.
08-11-2023
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Personal Loan

Personal Loan Balance Transfer: Everything About Interest Rate and Fees

In times of financial hardship, your finances take a hit. Your immediate financial needs force you to take out a personal loan. In that case, you may want to ease your financial stress by decreasing your interest payments and EMI. So, can you do a personal loan balance transfer? Keep reading to find out! [B-01] What is a Personal Loan Balance Transfer? A balance transfer is a procedure by which a lender transfers the total amount owed on a personal loan. The lender transfers the amount from one lender to another lender. This often occurs when people switch banks for lesser interest rates on the current loan. A decrease in total debt is the major goal of a personal loan transfer. Suppose you want to reduce the interest you’ll pay on your loan. In that case, you must check each balance transfer offer before deciding which one to use. Also, you don’t need to submit collateral when transferring loans. How does Personal Loan Balance Transfer work? Suppose you transfer your personal loan from one lender to the other. Then, the newer bank will pay off the old loan. And, if your existing loan has a foreclosure fee, you may have to pay it. But if you could reduce your interest rate, your funds will be more than these costs. Personal Loan Balance Transfer Interest Rates The interest rates by your current lender are always higher than those given by new lenders. Yet, the interest rate on a new personal loan will depend on various factors. These factors are: The money you owe How long you’ve had the loan Your creditworthiness, your salary The lender’s risk assessment Balance Transfer Processing Fees and Charges Suppose you took out a personal loan with a set interest rate. In that case, your loan provider can levy a foreclosure fee. A fee of up to 5% of the remaining loan balance if you switch lenders. Suppose you take the example of unsecured loans with variable interest rates. In that case, lenders will not impose a prepayment penalty. But when transferring a personal loan balance, expect to pay a service charge of between Rs. 500 and 4% of the principal amount. Benefits of a Personal Loan Balance Transfer Here are some benefits of a personal loan balance transfer: Better Rate of Interest Lowering the interest rate is the primary benefit of transferring a personal loan. That’s because it reduces the total amount of interest paid over the life of the loan. Hence, if the borrower transfers their loan to a different lender, they can get a better interest rate. Yes, your new financial institution will raise your interest rate. But institutions like Piramal Finance decrease interest rates after reviewing your financial history. Extended Duration on the Loan When switching personal loans, you can renegotiate the loan’s repayment terms. Depending on the talks, there is some negotiation room in the EMIs and lending rates. Also, it is not necessary to have collateral to transfer a personal loan amount. Yet, banks can charge small fees, such as foreclosure fees and administrative costs. They can also charge credit agreement stamp duties. Added Features Income, credit, and payment history are all considered when determining eligibility for features. Some lenders give more attractive terms. Terms like: No initial costs Cheaper interest rate Cancelled last EMI Also, you can lower your personal loan interest. And, you can use the balance transfer option and qualify for enhanced loan terms. Increase in Credit Line When transferring a personal loan, several banks also have the option to add funds. Also, the interest rates on newer personal loans are among the lowest. Plus, several lenders and banks offer top-ups among the lowest in the industry. Transferring your personal loan can help your economic situation. Also, it can help you make better repayment decisions. Things to Consider When Opting for a Personal Loan Balance Transfer Here are some things to think about before deciding on a balance transfer for your personal loan: Check the New Offer It’s important to figure out how much payment you’ll have to make. Also, to figure out how much the balance transfer would save you. You must use a personal loan balance transfer calculator to find your cost savings. As with the previous, this is accessible over the internet. Cost Involved Transferring a personal loan from one institution to another often has fees. Personal loan foreclosure fees and balance transfer fees are possible. Thus, when calculating the balance transfer facility’s worth, include these expenses. Terms and Conditions Before saying yes to a balance transfer on a loan, it is vital to understand all terms and conditions. So, read the terms to ensure you understand all important points and fees. Offer vs. Need If a balance transfer option is available, you should only use it if it meets your individual needs. For example, some clients don’t need a balance transfer facility’s top-up loan options. To make the best decision, you must weigh the balance transfer offer’s future benefits. [B-02] Conclusion You should find a personal loan balance transfer and go with a new lender. But do this only if you find that the interest rates on your current loan are too high. There’s tough rivalry in the lending industry. Hence, you can shop for the most vital interest rates and policies to your advantage. Personal loans can be quite helpful when money is tight. Plus, by transferring your loan, you can get lower rates and better terms in the future.
08-11-2023
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Personal Loan

Everything You Need to Know about Government Instant Personal Loan Scheme for Women

The government’s instant personal loan scheme for women is an innovative and groundbreaking initiative to empower women financially. This scheme provides instant access to personal loans without the need for collateral. It’s a perfect option for women who may not have access to traditional financing products or are looking for a more convenient, low-cost way to access credit. Read the article and utilize this fantastic opportunity to care for your finances and become more independent. Top 7 Instant Loan Schemes for Women From Government Several instant loan schemes are available for women. Below are the top 7 instant personal loan schemes for women. Mudra Loan The government launched this scheme for women. It provides financial support to women business owners. This exciting initiative offers instant personal loans to help women become economically independent. The best part is that the loan is granted under this plan without any collateral. This loan helps women entrepreneurs start or expand their businesses and make their dreams come true. Features The loan amount can range from Rs. 10,000 to Rs. 10 lakhs. No collateral is required. The loan amount is disbursed within three business days. The repayment period can range from 5 to 7 years. Women can also apply for a Mudra loan online. This makes it even more convenient. With this loan, women can purchase equipment, buy raw materials, and invest in their businesses. This loan will help them become self-sufficient and create a better future. So if you’re a woman looking to start your own business, the Mudra loan scheme is a great option to explore. 2. Annapurna scheme The Annapurna scheme is an incredible loan program exclusively available to women. It provides quick and easy access to credit at low interest rates. The Government of India introduced this scheme as part of its mission to empower women financially. This scheme is available to women of all backgrounds and income levels. It offers loans without collateral and interest. Features The loans are available for up to Rs. 50,000 and are approved instantly. You can quickly access funds. You don’t have to go through a lengthy loan application process. You can use the loan to cover any purpose. This can be debt consolidation, medical bills, business expenses, etc. The application process is easy and transparent. It ensures that you get the funds you need as quickly as possible. Once the loan is approved, you don’t have to pay EMI for the first month. Once approved, You must repay the amount in 36 months. The interest rate charged is decided based on the market rate and the relevant bank. 3. Stree Shakti Yojana The Stree Shakti Yojana is an instant personal loan with several benefits. This makes it suitable for all financial needs. With this new loan scheme, women can access easy and convenient credit with minimal paperwork and competitive interest rates. This loan scheme is a revolutionary new loan program for women in India. Features Using this scheme, women can take advantage of an interest concession of 0.05% on loans worth more than Rs. 2 lakh. It is an excellent opportunity for women looking to start their businesses, upgrade their skills, or manage their finances. The loan is available to all women, regardless of their background or financial history. The application process is simple. You can quickly transfer funds to your bank account. There are no hidden fees or extra charges. The interest rate and repayment schedule are clearly stated upfront. Women in India can now access the capital they need to begin or expand their businesses without the hassle and paperwork of traditional loan applications. 4. Dena Shakti scheme The Dena Shakti scheme loan is an instant personal loan. It has been designed specifically for women. This scheme is an incredible opportunity for women who want to start a business, pay for their children’s education, or make necessary investments. Features In this scheme, women can get a loan of up to Rs. 20 lakhs with no collateral. The program offers a concession of 0.25 percent on the interest rate. Under the microcredit category, women business owners can be eligible for a loan of up to Rs. 50,000. The application process is simple. The loan can be approved within minutes. Moreover, the repayment terms are flexible. They allow you to choose the time frame that works best for you. 6. Bhartiya Mahila Bank Business Loan The Bhartiya Mahila Bank Business scheme loan for women is making it easier than ever for female entrepreneurs to get the financing they need. This instant personal loan can be utilized for various business expenses, from working capital to technology and equipment purchases. Features With this loan, you can get up to Rs. 20 crores in funds. This business loan scheme provides different plans, such as Shringaar, Parvarish, and Annapurna. Self-employed women can utilize this Shringaar plan to start their businesses. They don’t have to provide collateral security for this loan. Also, the Parvarish scheme allows self-employed women or homemakers to set up their businesses. 1 crore is the upper limit for this loan without any collateral security. Annapurna loan is available to food entrepreneurs aged 18 to 60 who want to start or grow small businesses. It also does not require any collateral. 7. Mahila Udyam Nidhi Yojana Punjab National Bank and Small Industries Development Bank of India launched the Mahila Udyam Nidhi Scheme. It supports women entrepreneurs. So they can start their small businesses. Also, they can begin their micro-enterprises like retail trade and beauty parlours under this scheme. Features It offers instant personal loans of up to Rs. 10 lakh, which can be repaid in 10 years at a low interest rate. You can use the loan amount to set up a new business or grow an existing one. The repayment period is flexible. The scheme also provides access to business advisory services and digital marketing tools, helping women entrepreneurs reach their target audience more effectively. Women entrepreneurs can also avail other benefits, such as skill development and mentorship programs. These will help them increase their chances of success. Conclusion It can be tempting to go with the first loan program you come across, but you’re better off comparing loan options to find a loan that can meet your specific needs and goals. This article covered the top 7 Instant Personal Loan Scheme For Women. Piramal Finance is one of India’s leading housing finance companies. The company’s commitment to providing quality services focusing on customer service makes it stand out. Their experienced professionals provide expert advice on every aspect of the loan process, making it easy and hassle-free. With its stellar track record, Piramal Finance has become India's go-to choice for housing finance.
08-11-2023
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Personal Loan

Personal Loan in Noida: Easy to Compare and Apply Online

Noida is a major city in Uttar Pradesh. It is a part of India’s National Capital Region and a satellite city of Delhi. In Noida, personal loans are freely accessible. You may apply for one online or offline, depending on your preferences. Numerous banks and non-banking financial institutions (NBFCs) in the city provide personal loans with various terms. You can evaluate interest rates, processing costs, and other costs before choosing the loan that best suits your needs and preferences. A personal loan is reasonably priced and conveniently accessible. [B-01] Qualifications for a Personal Loan in Noida You must meet the requirements to apply for a personal loan in Noida. Personal loans are unsecured loans. They don’t need collateral. You get a personal loan from the lender. This depends on your income, job history, age, employment status, where you live, and CIBIL status. You qualify for a personal loan in Noida if you meet these criteria. You work with the best lenders in Noida. They offer you flexible options. Both salaried and self-employed applicants should meet the required criteria. Salaried people should be between the ages of 21 and 60. Self-employed must be between 25 and 65 years of age. At least three months in the job you already have. Salaries must be paid every month. For the self-employed, the business must have been steady for at least a year. Transfer of Funds Using the balance transfer feature, you can move your loan in Noida from one lender to another. Your loan balance is given to the new lender. Your EMI payments, then, start at a new interest rate. If you change your loan amount, you may save money on your EMI and interest payments. If you can’t pay your EMIs because they are too high, it’s time to find a new lender and transfer your balance. Let’s say you took out a personal loan for INR 10 lakh. And the high interest rate of 18% per year makes it hard for you to pay your EMIs. So, after making payments for two years, you find a lender with an interest rate of 12% per year. How to Compare Different Lenders Efficiently Inflation Rate One of the most crucial things to consider is the interest rate, since it impacts how much your mortgage will ultimately cost over time. The rate is affected by the down payment. Quantity of Loan When Compared to Property Value The loan-to-value (LTV) ratio compares the property’s appraised worth to the loan you request. The likelihood of being approved for a competitive mortgage increases when your LTV ratio decreases. This is because you seem less risky to a lender. Term of Loan The terms outline your responsibilities when taking out a loan. These include the time frame for repayment, the interest rate, any loan fees or penalties, and any other terms that could be included depending on the lender. Requirements for a Down Payment The down payment is one of the largest upfront costs when purchasing a property. This is the sum of the purchase price that was paid at closing. The longer the loan is outstanding, the more fees and interest you will have to pay. Mortgage Protection If a borrower misses payments or cannot uphold the terms of the mortgage, mortgage insurance safeguards the lender. What are the pros of getting a personal loan in Noida? Noida has a lot of different options and extra benefits for a personal loan. You don’t have to go to the bank. You can do everything online. You can enjoy the following perks: Instant approval: Many banks in Noida offer instant approval without paperwork. They will help you get a personal loan at the best possible rate. High eligibility: You can find out if you can get a loan in just a few minutes. The process is run by automated technology. You can get the lowest possible EMI. Personal Loan Balance Transfer: If you reduce your loan amount, it will be easier to pay your EMIs. To save money, move the balance of your loan. Some lenders charge a fee to move a balance to another card. Personal Loan Documents Requirement in Noida You can fully digitalize your process using current technologies. Uploading the necessary papers will take a few minutes. Salaried Proof of identities like voter ID, passport, Aadhaar card, driving license, or PAN card. Leave and License Agreement or Utility Bill as Proof of Residence (no more than three months old) Proof of income for a passport: pay stubs from the last three months as well as a bank statement that shows the salary was deposited, Certificate of employment for the past year Two photos the size of a passport Self-employed The KYC paperwork includes proof of who you are, where you live, and when you were born. Leave, and a license agreement can be used as proof of residence. A bill for service (no more than three months old). And, if you have one, a copy of your passport. Proof of income: ITR for the past year Official Address Proof: Proof of your address, along with your email address and phone number Business Continuity Proof: Testimonials showing that your business has been running for the past year. Application for a Personal Loan in Noida Follow the steps below to get a personal loan. One of two things can be done to get a personal loan: Online Application Go to the website of the bank or NBFC where you want to apply. To apply for a personal loan, go to their goods section. Click on the “Apply Now” link. Fill out the form with information about yourself. Fill out the form and send in the necessary papers. Offline Application Go to a bank or NBFC branch near you. Talk to the representative about getting a personal loan. You will be sent a form to fill out. Fill out the form. Send in the form along with the required documents and passport-size photos. Then you have to wait for the lender to respond. If everything goes as planned, the loan will be transferred to your bank account 7 days after approval. [B-02] Conclusion Personal loans in Noida are a blessing. They can help you in any financial situation, especially if you need money quickly. You won’t have to take important documents to banks and wait for days to get a loan. With online loans, the whole process is quick and safe. You can now compare loans from the comfort of your home without spending too much time. Use Piramal Finance if you want a quick online personal loan from a reputable lender. They are one of the most reputable online loan companies in the country.
08-11-2023
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Personal Loan

Best Tips to Pay Off Your Car Loan Faster

Car loans have changed the way people in India think about owning vehicles. Many urban Indians don’t think it’s a big deal to buy a car today since banks and other financial institutions make it easy for them to get car loans. It’s easy to pay car loan EMIs each month in addition to other monthly bills. But, it costs more in interest. If you have the money, you should try to pay off the car loan early to save money on interest. [B-01] Should You Pay Back Your Car Loan Early? It might seem like a good idea to pay off your loans early, but there are some things you should keep in mind: Find out your existing balance and any early repayment penalties Focus on all aspects of your car loan before deciding if you want to pay it off faster. Some lenders make it hard to pay car loans as early as possible, as they’ll get less money in interest. If your lender lets you pay off your loan early, ask if there’s a prepayment penalty. Next, ensure that any additional payments are applied to the loan’s principal by checking your balance and your account. Some financial firms will automatically put extra fees toward interest instead of the principal, or they will hold the money as a credit for your next payment. Calculate how much money you will save Once you know how much you owe and if your lender has prepayment penalties, you can use an auto loan calculator to figure out how much you’ll save if you pay off the loan early. Make sure that the money you save is greater than any prepayment fees you may have to pay. Even if you don’t save much by paying off your loan early, there may be other advantages that make it worth it. For example, paying off your loan early could help you improve your credit score and give you more money to spend each month. Tips for Paying Off Your Car Loan Quickly No matter how much your monthly car payment is, there are five different ways that car owners can pay off their car loans quickly: Reduce your loan duration The length of time a borrower has to pay back the amount borrowed from the bank is called the loan duration. Most terms are measured in months, and they can last anywhere from 24 to 84 months. The longer the term, the less you’ll have to pay each month. But smaller monthly payments don’t mean you’ll pay off your car loan faster. Car loans can take up to seven years to pay off in full, which is a big chunk of your main working life. Choose to shorten your loan’s term to a number that best fits your personal financial goals. Be sure to use a financial calculator to figure out your monthly payments. Try a different budget To pay off a car loan faster, you must put your current income toward your most important financial goals. If you don’t already have a spending plan, sit down and write down all the money you expect to make this month. Make categories for your expenses, like your car loan. Find a Side Hustle The best way to produce wealth is to increase your income. Your ability to pay off your car loan more quickly will increase with your ability to earn more money. Utilize your resources to find ways to increase your monthly income. Ideas for increasing your monthly income include the following: Taking on a second job Freelancing Putting in extra hours or weekends at your primary job Hold a garage sale Creating and promoting products Make sure to pick a sustainable option to lessen exhaustion and burnout. Refinance One of the fastest ways to pay off a car loan with a high-interest rate is to refinance your current auto loan. As a person’s credit history gets longer and their credit score goes up, they may be able to get better, lower interest rates. Pay additional amounts Unless you make extra monthly principal payments, the amount owed on your auto loan won’t be paid off any faster. Most people select one of three methods to make additional payments on their car loans: Paying Twice a Month: Making two payments that are greater than your monthly bill will help you pay off the principal more quickly while also lowering the interest that has accumulated. Paying the Principal: Make principal payments, not interest payments, which reduce the total cost of the vehicle. Rounding Up: Add a monthly payment to the rounded amount of your existing car loan. [B-02] Final Thoughts Paying off your car loan early might not always be the best course of action. The savings won’t be worthwhile if you have to pay prepayment fees or risk affecting your credit score. The two best ways to reduce the length of your car loan are refinancing or simply making more payments. Even if it only amounts to a few extra amounts per month, you can lower your debt and reduce your loan tenure. For more information, you can visit the Piramal Finance website and read more on car loans and car loan EMI.
08-11-2023
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Income tax return

Everything You Should Know About Income Tax Returns

If you are a taxpayer in India, you may have heard about Income Tax returns. If you are aware of Income Tax returns, that’s good, but if you don’t know what an income tax return is, you might be paying more in taxes than your actual taxes. So, what is an Income Tax Return? Income Tax Return or ITR is a form in which you submit all the information about your annual income from all the sources, tax deductions that you are eligible for, and taxes that you have paid on your income. Moreover, this information is processed by the Income Tax Department of India. And, if you are eligible for a tax refund under the mentioned sections of the Income Tax Act, the IT department will credit your account with the refundable amount. However, the ITR filing is not a very simple process. While filing your ITR, you must declare your income, your tax bracket, and the sections of the IT Act that you want to take advantage of. [B-01] Is it important for you to file Income Tax Returns in India? Yes, filing an income tax return in India is mandatory if your income falls in any of the taxable income brackets. However, if your income falls under the non-taxable income bracket, you can avoid filing ITR returns. But if you fail to file your ITR on time, it will lead to a late payment fee. In addition, there can be other disadvantages to not filing an ITR or failing to file an ITR on time. One of them is the difficulty in getting loans. You may have to face loan application rejection due to the late submission of ITR returns. And if you are a travel enthusiast and love travelling to different countries, then it’s better to file your ITR returns on time. The reason for this is that a late ITR filing makes it difficult to obtain travel visas. Who is required to file an ITR? The Income Tax Act of 1961 clearly defines who is required to file an Income Tax Return. According to the IT Act, if an individual between the ages of 18 and 59 earns 2.5 lakhs or more in a single fiscal year, the individual is required to file the ITR. But to clarify every section, like individuals, companies, NRIs, etc., you can refer to the points below. Individual Below the age of 60 with an annual income of ₹2.5 lakhs or more. Above the age of 60 and below the age of 80 with an annual income of ₹3 lakhs. Above 80 with an annual income of more than ₹5 lakhs. Owning any form of asset in a foreign country. Who wants to carry forward losses from the past eight years to counter the tax eligibility? Registered Company Which generates money whether the company is profitable or not. NRI Earning or accumulating money above 2.5 lakhs in a financial year. How to file an Income Tax Return by yourself? In India, filing ITR returns is considered a very difficult task, and most people approach others to file ITR returns on their behalf. But no more dependency on others for your ITR filing because we covered all the steps for you in the simplest way possible. First, you should know about the ITR forms and the documents important for the ITR returns filing process. There are seven types of ITR forms for various categories. Moreover, these documents are required to fill out the ITR form. PAN Card Form 16A from the employer if the company collects TDS. Form 16B from the buyer if you sold out a property. Form 16C from the tenant if the tenant collects TDS on the rent. Bank statement Salary slips Interest Certificates to avail of benefits Proof of investments for tax savings Form 26AS Procedure to file Income Tax Return After the recent amendment to the Income Tax filing policy, the ITR returns filing procedure has shifted online. It means that you can file your ITR from the official website of the Income Tax Department. To file your ITR, follow these steps: First, register yourself on the official website of the Income Tax Department. (https://eportal.incometax.gov.in/iec/foservices/#/pre-login/register) Sign in to the portal by entering your login credentials and the CAPTCHA code. (https://eportal.incometax.gov.in/iec/foservices/#/login ) After that, choose the financial year and ITR form according to your category, and you will be sent to the main page to fill out the ITR form. Before starting to fill out the forms, read the directions carefully so that you can avoid any kind of mistake. Now, start filling in the details that the form asks for. Also, opt for eligible sections of the IT Act to make your taxes as low as possible and get a refund. Now, preview your ITR form attentively and submit it. After submitting the form, you will have to verify your ITR returns. You can either use your Aadhar card or the OTP that will be sent to your registered mobile number. You will receive an email and an SMS on your registered email and mobile number after the successful ITR returns filing. How to check the status of my ITR online? You can check your income tax return status on the same Income Tax Department website. There are two methods to check the status of your ITR returns. By using your acknowledgement number, you can use the acknowledgement number generated after the successful ITR filing. The acknowledgement number is sent to your registered email. Click on ITR status after signing in to the website. Fill in your acknowledgement number and get the status of the ITR returns. Using your login credentials: you can also simply sign in to the Income Tax Department website. The status will be visible on the dashboard. [B-02] The bottom line If you are a taxpayer in India, filing an ITR is just as important as paying taxes. However, it is also good for you to file ITR returns on time. You can get a refund of the excess tax you paid for a financial year by using various sections of the IT Act. There are a lot of sections that provide benefits to the taxpayers of India. You can deduct the interest of your loans from your yearly income, you can deduct the principal amount of the insurance from your income, and many more. However, you should know the right way to use all these sections. Now that you know the procedure and benefits of filing an ITR, you can apply for a personal loan from our website by clicking here, or you can also contact us at 18002666444.
08-11-2023
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Home Loan

How much home loan can one’s take on a 50k salary

Wall-mounted dressing table Vintage wooden dressers Mirrored Cabinets Wooden table and For many people, a dream is to buy a brand-new house. But buying a house can be expensive, and people on fixed incomes may not always be able to do it. In this case, you may choose a home loan if you meet the requirements. Piramal Financing House will determine if you can get a property loan based on how close your monthly income is to Rs 50,000. Anyone who gets paid can be proud of buying a new house. It gives value but makes you feel like you’ve done something and belong. Even though getting a loan to buy a new house is easy, it’s important to know the eligibility requirements because the amount approved can change depending on the borrower’s qualifications. Most of the time, a salaried person can get a home loan based on age, number of years until retirement, employment status, and monthly income, among other things. Whether or not a borrower can get a mortgage depends on how much money they make every month. Anyone who wants to borrow more money can always ask for a joint application. [B-01] If you made Rs. 50,000 a month, how much of a loan could you get? If you make Rs. 50,000 a month in India, you may wonder how much of a loan you can get. It’s important to consider the type of loan and your credit score when getting approved for a loan in India. Generally speaking, banks will often look at your income and credit history to determine what kind of loan you can receive. Individuals with an income of Rs. 50,000 per month and good credit could likely get a relatively large amount as a loan in India. Banks are willing to offer high amounts because the borrower would be seen as low-risk and able to pay back the money quickly. Loans for homes can sometimes be as much as 60 times a salaried borrower’s net monthly income. If your monthly gross income is 50,000 and your net salary is 40,000 after tax and other deductions, you may qualify for a home loan of up to 24 lakh rupees (60 times Rs 40,000). Consider it in terms of EMIs you feel comfortable making payments on. It’s vital to keep this below 50% of your monthly profits. Therefore, someone generating roughly Rs 50,000 per year would be comfortable paying a monthly payment of Rs 25,000. However, this is the best possible scenario. Numerous additional factors, such as the applicant’s age, employment, income status, fixed commitments, credit score, and property details, play a significant role in determining whether or not they are approved for a home loan. “required mortgage application forms. Provide the following materials throughout the application process: Paystubs from the last six months are stored in the KYC database. Banking records Photos the size of a passport with a white background, supporting paperwork for your Form 16 value, and any other sources of income are required. Mortgage Application Requirements Additional family members’ monthly incomes may be added to your own to reach the maximum allowable monthly salary. Reducing your overall debt is the best way to improve your credit score. If the loan amount is sizable, consider extending the repayment period so that your payments are spread out over a longer period. Mentioning additional income streams in your application might increase your rating and loan eligibility. How do banks decide who gets a house loan and how much they may lend? The criteria for getting a home loan might change from one lending institution to another. The loan amount an applicant is eligible for may be computed using the online home loan eligibility calculator. A few numbers, such as monthly income and total debt, are all needed to start. When deciding whether or not to provide a loan, a lender will look at a borrower’s personal history, income, and credit, among other factors. Some of these variables are: Borrowers’ age is the primary consideration when determining their suitability for a home loan. The typical limit imposed by banks and other lending institutions is the time it takes to retire. Accordingly, it may be difficult for retirees or those near retirement to get a loan with a longer duration unless they can demonstrate a stable revenue stream. Lenders also look at borrowers’ credit scores to see how likely they are to make loan payments. Your CIBIL score is a three-digit number that summarizes your credit history. Since a poor credit score could result in higher interest rates or loan denial, it is suggested to investigate the minimum CIBIL score necessary for a home loan. For instance, loan applications from salaried workers are evaluated based on factors such as the applicant’s income, job history, and stability. Self-employed borrowers have the same opportunity to get a loan as their salaried counterparts, provided they can provide proof of a stable revenue stream. Mortgage companies consider numerous factors before approving a loan, including the age and location of your selected home. It’s the collateral for the loan you took out. The loan application will also be rejected if the tenure is longer than the years left on the property’s remaining term. Therefore, banks often conduct a technical and legal analysis of the property before loan approval. The loan-to-value (LTV) ratio in mortgage financing indicates how much a borrower’s debt exceeds the property’s value. It’s a tool used by financial institutions in risk analysis to lower the frequency and magnitude of defaults. What a bank or other lending organization is prepared to lend toward a home’s purchasing price. The ratio of Debt to Income Financial institutions and lenders see a borrower’s debt-to-income ratio as an indicator of that borrower’s debt-repayment capacity. It is a percentage dividing the net monthly debt payments by the net monthly income. [B-02] Conclusion Commonly, all mortgage providers have the same conditions for qualification. However, certain financial institutions may be subject to additional guidelines and regulations. A successful home loan disbursement relies on the applicant reading and understanding the applicable criteria and qualifying circumstances before applying. To know more, consult with an expert from Piramal Financing House.
08-11-2023
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Personal Loan

The List Of Top Personal Loan Finance Companies In India

Financial institutions offer many different kinds of personal loans to meet different needs. Technology has made applying for a loan faster and better over time. People may now find it easy to get loans. The most common type of loan in India’s debt market is the personal loan. In India, this is true of more than 78% of credit requests. Several people who want to borrow money choose these loans because they don’t require collateral. A personal loan is money you borrow from a bank, an online lender or your credit union. After you get the money, you follow a plan to pay back the lender until the loan is paid in full. [B-01] Things to consider before choosing a Personal Loan Interest A lot of people are interested. It depends on the person’s profile, ranging from 10 to 22%. Loan Amount When it comes to personal loans, the amount of the loan can be pretty big. It depends on how much money the person makes and their credit history. Funds Disbursement The money is given all at once. The lender sends the money straight to the account of the borrower. Charges There are many different fees that banks charge, such as processing fees and late fees. Top Companies for Personal Loans AXIS Bank Axis Bank gives personal loans to salaried people, experts, and self-employed people. They have a very simple system for processing loans, and they can approve loans quickly and with little paperwork. Axis Bank’s loan is called “Personal Power,” It comes with an interest rate of 15% for salaried employees and 23% for self-employed people. UCO Bank The personal loan from UCO Bank could be paid back in 48 equal monthly payments, and it could be used to pay for things like travel, a wedding, or medical bills. They offer personal loans with a minimum term of 12 years and an interest rate of 13.5%. They also respond to consumer requests for personal loans in just 7 days. State Bank of India The State Bank of India gives out personal loans to help people pay for different personal costs. At a competitive interest rate, you can get a personal loan like this without paying any fees or penalties for paying it back early. SBI also gives out personal loans with easy terms for paying them back. ICICI Bank Personal loans from ICICI Bank are easy to get, have low-interest rates, and can be paid back over 12 to 60 months. They offered term and personal loans with maximum and minimum interest rates of 12% and 14%, respectively, for salaried employees and 22% and 24%, respectively, for self-employed employees. Punjab National Bank Punjab National Bank gives personal loans to people who work for the state or federal government, for the ITBP, CISF, CRPG, BSF, or who are permanent members of the armed forces. These workers can pay back their loans for the rest of their jobs or in 60 equal monthly payments, whichever comes first. Andhra Bank Andhra Bank, which has offices in Hyderabad, Telangana, and has since merged with Corporation Bank to become Union Bank of India, covers all personal expenses. The annual interest rate offered is between 15.75 and 16%. The amount of the loan is between 50,000 and 15,000,000. After 12 years, you can pay back the loan in full. Mahindra Finance Mahindra Finance is one of the best NBFCs but has the least competitive numbers in the market (Non-Banking Financial Companies). The interest rates on their loans could be as high as 26% per year. Up to INR 3 lakh can be borrowed, and the longest time that can be borrowed is also not very long. Canara Bank Canara Bank has a personal loan for teachers that is made just for them. The teacher’s loan is perfect for people who are just starting as teachers and are currently unemployed. At 12.40% p.a., the interest rate is pretty high. The most you can borrow is INR 3 lakh, or if that’s less, 10 months of gross income. For a personal loan, you can borrow up to INR 3 lakh or your gross salary for six months, whichever is less. The loan interest rate is between 11.30% and 12.30% per year. Piramal Finance Piramal Finance, which used to be called Dewan Housing Finance Corporation Ltd., is a wholly-owned subsidiary of Piramal Enterprises Limited, the main company of the Piramal Group. Piramal Finance is involved in several financial services businesses. It is only signed up as a housing finance company with National Housing Bank (NHB). It gives businesses opportunities for both small and large investments. The site offers housing finance and other ways to pay for real estate, including construction finance, senior secured debt, structured debt, and rental discounts for flexi-leases. Keep in Mind Points to be noted Before you apply for a personal loan, it’s best to check your credit report: It’s important to make and stick to a budget. You should only borrow money when needed; you shouldn’t borrow more than you need. Before applying for a personal loan, consider how much interest the company charges. Look into the fees the business charges for sending payments, as some of these fees are for early payments. Make sure you can repay a personal loan before asking for one. [B-02] Conclusion Even if you go through the whole list and pick the best loan provider, it won’t matter if your credit history or credit score is hurt. When you borrow money, you need to think about and evaluate every part of it. Along with their money, the people who lend you money also give you their trust, which is very fragile and fragile. So, if you want a good experience, you need to take responsibility for your loans and credits. If you want more information about a personal loan, you should go to Piramal Finance.
08-11-2023
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