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Home Loan

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

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

08-11-2023

Personal Loan

Everything You Need to Know About Used Car Loans in India

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

08-11-2023

Personal Loan

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

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

08-11-2023

Business Loan

Finding a Loan for Your Business Needs in 2025

No matter how big or small a business is, it needs money to do everything it needs to do. Funding is required not only as a one-time investment but also regularly as working capital. Not everyone will always have enough money to invest in a business when needed. Also, some days you’ll need a lot of money, and others you won’t. You would all like to get a loan for business with a lower interest rate. This article will provide information about small business loans and interest rates for business loans. [B-01] Average business loan interest rate in India The typical interest rate for business loans varies depending on the loan type. Business loan interest rates typically range from 15% to 24% annually. Since many business loan types are available for clients with a wide range of credit scores, interest rates are ambiguous. Types of Business Loan Interest Rates There are two main interest rates for business loans: those that go down over time and those that stay the same. These are fully explained here: Reducing interest rate Reducing interest rate is the rate that is calculated monthly on the remaining loan value. In this method, the EMI includes the principal and the interest due each month on the loan amount still owed. With each EMI payment, the amount still owed on the loan goes down. So, the interest rate for the next month is based only on the loan amount that is still owed. This interest is calculated by multiplying the interest rate per payment by the remaining loan amount. Flat interest rate A flat interest rate is the interest rate calculated on the total loan amount over the life of the loan without considering that the monthly payments will reduce the principal amount and, in turn, the interest rate. So, the effective interest rate is much higher than the nominal flat rate. This is how you figure out a fixed rate of interest. The formula for figuring out a fixed interest rate is Interest Payable per Payment = (Original Loan Amount Number of Years Interest Rate p.a.) / Number of Payments. Reasons Why You Want to Take a Loan for Business Getting a loan for a business can be a good idea. You can buy new products or hire more people with the extra money. This will help your business make more money and grow. Let’s look at why you might want to take out a loan for business: Starting a New Business Before a business can take its first step, there are a lot of things that need to be done and things that need to be set up. Capital is essential to pay for all of these, and a small business loan can make it easier on the owners. For business growth If a business is doing well and the owners want to grow it, a loan for the business would be beneficial. It can be used to pay for the creation of new products, hiring, promotion, marketing, and many other things. For Renovations It is essential always to update your office space so that you can get more customers. Getting a loan for business is the best thing to do if you want to fix up the place and add new, high-tech equipment. To get new business opportunities If you want to take advantage of a business opportunity on the market, you might need money. Loans for business can help you get money no matter where or when you need it. To stand out from your competitors Today, there is competition in every field, so it is essential to stay ahead of your rivals. Using a loan for business, you can install high-tech machines, digitise your business, switch to better software, etc. Minimum Personal Credit Scores for Small Business Loans Here’s how your credit score affects your chances of getting a small business loan. Remember that this is only one of many factors considered by lenders during the approval process. A credit score of 550 or lower When small business owners have credit scores in this range, most lenders refuse to offer them credit. Sometimes you have to be eligible for a loan from a specialised lender. But the interest rates will likely be very high. You may also be able to obtain merchant cash advances or invoice financing. But do your research and proceed with caution, as always. A credit score between 550 and 600 Most banks cannot approve your loan for business at this point. The interest rates will still be high even if you have access to alternative lenders. A credit score between 640 and 700 This is still too low to meet the criteria for most banks’ loans. There are a lot of lenders available to you that offer reduced costs. But the interest rates will still be higher than they would be for traditional loans. A credit score between 700 and 750 Here, you can apply for traditional bank loans and loans for business. Most financing options are still available. But you will usually need vast documents and proof of your company’s ability to pay. A credit score of 750 or higher You’re in the best possible position with low interest rates and useful repayment terms. With this high credit score, you can obtain affordable financing. [B-02] Conclusion Loans for business are an effective tool for funding, launching, and growing your business. As a firm owner, you may seek funding to keep your firm running, expand your locations, buy new assets, or recruit additional staff. All of this is made possible by a small business loan. Cash flow management is a vital part of every firm. For most small firms, timely access to financing is critical to survival. But how can you get loans when you currently need operating capital? If you need a small business loan in India, the internet can deliver the finest loan offers from around the nation right to your door.

08-11-2023

Know More

Everything you need to know about fixed rates in India

Are you worried about the interest rates going up? Then it would be best if you study more about fixed-rate loans. By applying for a fixed-rate loan, you can fix your interest rate. Then you will be able to enjoy a fixed EMI for your loan term. Fixed-rate loans are best if you want to keep a tab on your EMIs. It also allows you to calculate the interest you’ll pay throughout the loan. If you take a fixed-rate loan, you will also know how much you will repay. Fixed-rate in India is a loan product where the interest rate is the same for a specific period. Fixed-rate loans are meant to be simple and practical. Several banks in India offer fixed loans, which are a popular choice for borrowers who want to lock in a low interest rate. Read on to learn more about fixed-rate loans. What is a fixed-rate loan? A fixed-rate loan has a fixed interest rate. Experts explain a fixed rate as an interest rate set to stay identical for a loan term. It provides the borrower with an option to forecast their EMIs. Unlike variable interest rates, a fixed rate is easier to calculate and predict repayment. The loan is given at a fixed interest rate for a set period. As you know the overall interest cost, you can calculate the EMIs easily. A fixed interest rate is mostly given on instruments like mortgages, corporate bonds, etc. You will mostly see the fixed interest in percentage per annum. Fixed-rate loans in India are a good option for borrowers who want certainty about their payments. There’s no guessing about your interest rate throughout the life of the loan. There’s no need to make extra repayments or borrow more money to keep up with repayments. Fixed-rate loans are great if you are looking for a backup to face new financial challenges. It can also help in critical financial situations like buying a house or starting a business. How does a fixed-rate loan work? Borrowers are usually most attracted to loans with fixed rates as they do not fancy non-static interest rates during the loan period. This is because there is an increase in interest payments, which will extend to mortgage fees. With this rate, you can avoid the risks associated with variable interest rates. When you choose a variable interest rate, the interest on the loan will change periodically. The change depends on an index or base interest rate, which is uncertain. On the other hand, a fixed rate is always certain and stays constant throughout the loan tenure. It’s easy to calculate the cost overall of a fixed-interest rate loan. All you have to do is put the following into consideration; Amount of the loan, Applicable fixed rate. Loan repayment tenure. Once you know all these three factors, you can calculate your interest rate. Advantages and disadvantages of taking fixed-rate loans Generally, when considering a loan, there are a lot of things you should keep in mind. Some of these things can range from the present economy to when and how the mortgage can be fixed. Fixed-rate loans are more favourable to borrowers than lenders. Advantages of fixed-rate loans: Here are some of the known advantages of taking a fixed-rate loan; Predictability: With fixed interest rates, you can predict your monthly loan fees as the payments are static from month to month. Reduced rates: A fixed-interest rate loan comes with low interest rates, which are constant. Costs computing: It is much easier to calculate the lifetime borrowing cost of a fixed-interest rate loan as the cost is always constant. Certainty in interest rates: The fixed interest rates ensure clarity on the expected amounts to be paid, as it is constant. No movement in interest rates: Fixed rates protect the borrower from unexpected rate increments and ensure that the borrower is prone to market volatility. Disadvantages of fixed-rate loans Even though there are numerous advantages from the borrower’s perspective. There are also some disadvantages of taking a fixed-rate interest loan. Here are some of the drawbacks; Higher interest rates: Sometimes, a fixed-rate loan may come with a higher interest rate if you compare it with a flexible-rate loan. Dwindling rates: In some cases where there is a decline in the fixed interest rate, you will still be compelled to pay your usual interest rate, which will be higher at the time. Refinancing: Refinancing from a fixed-rate loan to another or a variable-rate loan can be profitable when interest rates drop. Although it may take too long, the accrued gain may be significant. Early payback charge: If you need to exit a fixed loan contract before the expiration of the contract term, you will be charged an early repayment fee. Thus, early payment of fixed-rate loans can be expensive. So, you must make this payment only if the savings exceed the foreclosure fee. [B-02] Conclusion In conclusion, getting a fixed-rate loan in India is very helpful, especially in favorable conditions. Moreover, Piramal Finance India is your best option if you are looking for a reliable source to get your fixed-rate loan. Piramal Finance offers the best services and plans for fixed-rate interest loans, business and housing loans, etc. They are always ready and available to you. To know more about this, visit their website today. They have many articles and blogs related to the topic that can help you improve your finance skills.

08-11-2023

Dream Mobile

Best Phones under 30000 in India - Price & Specs

Searching for the best phones under ₹30,000 in India? Whether you're a gamer, a photography enthusiast, or someone who values long-term software support, this guide will help you discover top smartphones that deliver premium features without the premium price.With so many new launches, mobile phone market has always been competitive. Hence, this article lists some of the best phones under 30000 to help you make the best choice. Best Smart Phone Under 30000 1. Samsung Galaxy A55 5G2. Nothing Phone (3a) Pro3. Motorola Edge 60 Pro4. Vivo T3 Ultra5. iQOO Neo 10R6. OnePlus Nord 47. Realme 14 Pro Plus 5G8. Vivo V50e Samsung Galaxy A55 5G Price (India): ₹25,999 – ₹31,000 (varies by storage/RAM configuration; often available for around ₹27,999 during sales) Features: Display: 6.6-inch Super AMOLED, 120Hz refresh rate, HDR10+ support, Full HD+ resolution Processor: Samsung Exynos 1480 (4nm) with Xclipse 530 GPU Battery: 5000 mAh with 25W fast charging Storage: Options of 128GB or 256GB (expandable via microSD) RAM: 8GB / 12GB Camera: Front Camera: 32MP Rear Camera: Triple setup – 50MP (OIS) + 12MP (ultrawide) + 5MP (macro) Pros: Bright, smooth AMOLED screen Solid build quality with IP67 rating and Gorilla Glass Victus+ Dual stereo speakers and memory expansion support Cons: No support for wireless charging Display resolution could be better for the price Review:This phone is a dependable choice in the mid-range category, delivering excellent visuals, solid battery life, and long-term durability. However, the camera and charging speed are just average. Nothing Phone (3a) Pro Price (India): Around ₹33,999 (estimated from European pricing) Features Display: Approx. 6.77-inch LTPO AMOLED, 120Hz refresh rate, peak brightness ~1300 nits Processor: Snapdragon 7s Gen 3 with Adreno 710 GPU Battery: 5000mAh with 50W wired fast charging Storage: 256GB RAM: 12GB Camera: Front Camera: 50MP Rear Camera: Triple setup – 50MP (main with OIS) + 50MP periscope zoom + 8MP ultrawide Pros: Transparent design and unique Glyph interface Excellent camera range, especially for zoom and portraits Long battery life with fast charging Cons: Optical zoom lacks perfect stability No IP68 rating or wireless charging Review:A stylish and camera-centric device, it stands out for its design and versatility. Ideal for content creators and those seeking premium aesthetics without crossing flagship pricing. Motorola Edge 60 Pr Price: ₹33,999 Features: Display: 6.7-inch OLED, 120Hz refresh rate Processor: Snapdragon 8+ Gen 1 Battery: 5000mAh with 33W TurboPower fast charging Storage: 256GB RAM: 12GB Camera: Front Camera: 50MP Rear Camera: Triple setup with telephoto lens (likely 50MP + ultrawide + telephoto) Pros: Near-flagship performance Smooth user interface with near-stock Android Reliable camera system including telephoto Cons: Battery could perform better Software updates not as prompt as competitors Review:Great for users looking for top-tier power and clean Android experience. The camera versatility and fast performance make it a standout at this price. Vivo T3 Ultra Price (India): ₹27,999 Features: Display: AMOLED with 120Hz refresh rate Processor: Snapdragon 7 Gen 2 Battery: 5000mAh Storage: 128GB / 256GB RAM: 8GB / 12GB Camera: Front Camera: 16MP Rear Camera: Dual or triple-lens with a 64MP main sensor Pros: Smooth display and user experience Efficient chipset for everyday use Cons: Preloaded bloatware may affect UX Camera performance not class-leading Review:A well-balanced smartphone that delivers reliable performance, smooth UI, and a good display—suitable for everyday users. iQOO Neo 10R Price (India): ₹26,998 Features Display: Likely 6.78-inch AMOLED/LCD, 120Hz Processor: Expected Snapdragon 695 / 778G Battery: 5000mAh with fast charging (44W–66W) Storage: 128GB / 256GB RAM: 8GB / 12GB Camera: 16MP front camera + 64MP main rear camera Pros: Solid gaming performance Rapid charging speeds Cons: Display may not be AMOLED Average camera performance Review:Ideal for budget-conscious gamers and power users. Performance is the focus here, while cameras are decent for casual use. OnePlus Nord 4 Estimated Price (India): ₹30,000 – ₹35,000 Expected Features: AMOLED display, 120Hz refresh rate Snapdragon 7+ Gen 3 5000mAh battery with 80W fast charging 128GB/256GB storage + 8GB/12GB RAM Camera: Triple setup with main 50MP OIS Pros: Clean software experience (OxygenOS) Strong performance Cons: No wireless charging Updates slightly delayed in recent models Review:Anticipated as a solid upgrade in the Nord lineup, this model is expected to bridge the gap between mid-range and premium categories. Realme 14 Pro Plus 5G (To be launched in India) Expected Price: ₹28,000 – ₹30,000 Expected Features: Curved AMOLED display, 120Hz refresh Dimensity 7050 or Snapdragon 7 Gen series 5000mAh battery + fast charging Rear camera: Likely 50MP Sony IMX890 OIS Pros: Premium display and build Sony sensor for flagship-grade photos Cons: Software UI may feel bloated Only 2 years of major updates Review:If camera and design are key, this phone could be a great value-for-money option in the upper mid-range. Vivo V50e Expected Price (India): ₹25,000 – ₹28,000 Expected Features: AMOLED screen, ~120Hz Snapdragon 6 Gen 1 5000mAh battery 8GB RAM / 128GB storage Cameras: Dual setup with 64MP OIS + depth/macro Pros: Light and sleek design OIS-enabled camera for better low-light shots Cons: Not suited for heavy gaming Bloatware in Funtouch OS Review:An elegant device perfect for casual users focused on style, camera stability, and daily multitasking. Conclusion Great battery life, fast charging, and strong performance are key features to look for in the top phones under 30,000. Plus, you won't have to compromise on an average camera when looking for the best phone under 30,000 in India. Visit Piramal Finance if you are interested in more articles about the best-performing electronics in India.

08-11-2023

Personal Loan

Reasons to apply for wedding loan

Weddings are the dream events in life and should be cherished for the remainder of life. One should ensure that no expense is spared when it comes to weddings. Whether splurging on exotic destinations or arranging for a 7-star menu, weddings provide an avenue for couples to showcase their status and ensure that the wedding event is discussed for generations. It is common traditional wisdom that loans should not be taken for weddings. But that is a thing of the past. The times are changing, and we should ensure we do not become an impediment to the frolic of youngsters. When the time comes to fulfil the cherished dreams of your daughter, taking a wedding loan becomes inevitable. [B-01] Thanks to the myriad options available, there need not be any budgetary considerations for the dream wedding. Top 6 Reasons to Apply for a Wedding Loan The top six reasons why taking a wedding loan is the best choice in modern life are listed below. 1. Wedding loans are a wonderful option in the absence of savings. Life is full of unexpected events. The expenses across your life may affect your savings and diminish the funds available to conduct a destination wedding. Worry not! Banks and private financial institutions are enhancing their credit portfolios and giving loans for destination weddings even in the absence of collateral. When the wedding day arrives and your bank accounts are unable to meet the demands of your dream wedding, wedding loans will come to your rescue, removing any obstacles and ensuring that the path to the wedding is paved with roses. One pivotal point before applying for a wedding loan is to ensure that you have a correct idea regarding the quantum of the loan. One should do an incisive financial analysis, and only that loan amount should be borrowed for which comfortable, convenient, and stress-free instalments or EMIs can be made. 2. Swift disbursal of wedding loans in a convenient fashion. Imagine applying for a wedding loan and getting through the process in minutes. Too good to be true? However, this is the reality when it comes to satisfying your lifelong quest to participate in and arrange a destination wedding. The approval status of the wedding loan is conveyed to the applicant in a matter of minutes, and the loan amount will be reflected in the bank account in 2 working days. Depending on the borrower’s credit rating and the interpersonal relationship between the applicant and the bank, some banks go the extra step for elite customers and make sure that the total wedding loan amount is disbursed in 24 hours. 3. Forget about credit cards, as wedding loans demolish them in terms of interest rate. Everyone knows how credit cards become agents of financial ruin when large expenses are incurred. Credit card holders may find it attractive to charge their cards for wedding expenses. Say no to this and go for a wedding loan instead. Why? It’s simply a huge money saver in terms of total interest paid. Wedding loans fall under the ambit of personal loans. For this category, the applied interest rate is lower when compared to the gargantuan interest rates charged by credit card companies. Weddings are moments of great joy and hope. Never make the mistake of turning such a joyful occasion into a bad memory by spiralling into unrecoverable debt. 4. Wedding loans entail attractive repayment options. Forget the hassles of timely repayment of wedding loans. Thanks to the guidelines of RBI, banks are mandated to offer easy and flexible repayment options to the borrowers of wedding loans. However, it is entirely up to the borrowers to determine the repayment structure. If the applicant has a comfortable financial position, they can go for a shorter loan tenure. But it is advised to go for a longer loan tenure because of the extra expenses that may be incidental after a few months to a year after the wedding. 5. Forget about prepayment penalties. Weddings are the source of great collections of funds. Wedding gifts in India constitute a great portion of cash as favours are accumulated over the years through give and take. An Indian wedding may result in the collection of huge cash deposits. The same amount can be used to repay the loan in full and avoid the incidence of interest. This is a win-win situation for both the bank and the applicant. The banks enjoy these cash flows as collateral, and the applicant can remove the financial obligation by clearing the loan quickly. As a matter of abundant precaution, the applicants are strongly advised to go through the contract of the wedding loan to ensure that there are no prepayment penalties. 6. Enjoy the fruits of an enhanced credit score. The young couple will need future finances to build their dream home or go on a destination honeymoon. What better way to build their credit score than by promptly making EMI payments and ensuring their credit score is green? The financial aspects of a good credit score are decreased interest rates and enhanced loan terms, all of which can be a boon in disguise for the couple’s stability after the wedding. Therefore, it is advised not to make a single late payment on your wedding loan. [B-02] Final Thoughts Say goodbye to budget limitations or a dearth of funds for your dream wedding. Wedding loans are the best thing that happened on the Indian wedding scene, as we Indians give much importance to this special event. Savings or no savings, a wedding loan can act as your best friend when meeting various expenses. Make sure to follow financial discipline after availing of the loan and make sure the repayments are made promptly. To read more such blogs, visit Piramal Finance and explore their products and services.

08-11-2023

Personal Loan

Know the Key Points Between an Education Loan And Mortgage Loan

With the growth in the financial market, many banks and NFBCs are offering different types of loans. The type of loan you get depends on your requirements. This article will walk you through two types of loans—an education loan and a mortgage loan—and their differences. An education loan is an unsecured loan borrowed to finance higher education. On the other hand, a mortgage loan is a secured loan offered against collateral and can be used for various purposes like funding your child’s education, renovating your house, etc. Read on to learn how these two loans differ. Education vs Mortgage Loan: Key Differences Here are the 7 key differences between mortgage loans and education loans. 1. Meaning A mortgage loan is a type of secured loan that provides funds in exchange for an immovable asset, such as a house or a piece of real estate. Until you repay the loan, your lender will hold this asset as collateral. It is a contract between you and your lender, in which you consent to the lender’s right to repossess your asset if you fail to repay the loan. An education loan is unsecured, meaning it is often provided without any collateral in exchange. It is a sum of money that is borrowed to fund higher education expenses. Many banks and NFBCs offer education loans to college-going students. 2. Usage You can use a mortgage loan for a range of purposes, like Financing an urgent medical need Paying for the higher education of your children Paying for the wedding of your children Growing your business Renovating a house On the other hand, you can use the sum of an education loan only to pay for your tuition fee and other educational expenses. 3. Loan-to-Value Ratio The amount you get from a loan as compared to the actual worth of property (collateral for a mortgage loan) and course fees (for an education loan) is known as the loan-to-value ratio. Typically, banks and NFBCs offer 60%-70% of the property’s market value in a mortgage loan. In the case of education loans, lenders provide the borrower with the complete sum that pursuing their education might need. The fees may also include tuition fees, accommodation charges, etc. 4. Repayment Schedule In both a mortgage and an education loan, you repay the loan amount in the form of EMIs. The EMI amount is generally decided beforehand. In most cases, banks suggest you the best EMI amount based on your monthly income. But you can even negotiate the EMI amount based on your repayment ability. In a mortgage loan, the repayment schedule begins once the loan amount is transferred to your registered bank account. For instance, if you took a loan at the start or middle of the month, the bank will set a date for the EMI payments in the following month. However, an education loan borrower is a student with no source of income. That is why the repayment is scheduled to begin after the course completion for which the loan was taken. Also, lenders do not ask for repayment right after the course completion; instead, they offer a six-month grace period to find a job. Once you find a job within the grace period, the repayment cycle begins through EMI. If a salaried person opts for an education loan, the repayment schedule is the same as for a mortgage loan. 5. Repayment Tenure The repayment tenure for a mortgage loan can go up to 15 years, as they are offered against collateral. For education loans, the tenure goes up to 8 years, but it varies from lender to lender. 6. Disbursal of Loan Amount For mortgage loans, the lenders disburse the loan amount into the borrower’s registered bank account after the approval of the loan. The borrower is free to use that sum for any purpose. In the case of education loans, the loan amount is not directly handed over to the borrower or transferred to their bank account. Instead, the lenders transfer the loan amount directly to the account of the educational institution from where they will study. 7. Tax Benefit According to Section 24(B) of the Income Tax Act, salaried people can benefit from the income tax deduction for mortgage loans (also known as loans against property). If you use the loan amount to finance a new house or house renovation, you may file for a tax return of up to ₹2 lacs you paid as loan interest. As soon as you begin making repayments for an education loan, you can use Section 80E of the Income Tax Act to claim a deduction in the monthly interest you pay. However, the deduction is not allowed on principal repayments. Benefits of Applying for a Loan at Piramal Finance The following are the benefits of applying for a loan at Piramal Finance: There are little to no charges for foreclosure and early payments Minimal documentation Smooth process with quick approvals and disbursals Affordable monthly EMIs Flexible repayment terms, with the tenure ranging from one to five years Combined incomes for maximised loan eligibility Accessible to both salaried and self-employed individuals [B-02] Conclusion Both mortgage loans and education loans serve different purposes. Get an education loan if you wish to pay for your education in India or abroad. It is simple to obtain and does not need collateral. However, go for a mortgage loan to fund an urgent medical bill, pay for your wedding, expand your business, or renovate your home. To acquire a loan from Piramal Finance, apply here or call 1800 266 644. With Piramal Finance, you can be sure of personalized customer service and customized loan plans. You can also check out other such articles, financial products, and services on their website.

08-11-2023

Know More

All you Need to Know About the Gratuity Rule

You must be wondering about your gratuity entitlement if you are an employee. You may have heard about it but need clarification on what it means or how much you can get as an employee. This article will discuss the gratuity rule and how it applies to you as an employee. Keep reading to gather more knowledge about this. This blog post will teach you useful information about it. [B-01] The gratuity law can be claimed by employees who have completed five or more years of service. The gratuity law can be claimed by employees who have completed five or more years of service. This is usually taken as the end of their employment. With an employer and is paid to them on retirement or exit from the job. The gratuity amount that an employer pays to an employee after completing five years of service (or more) is called gratuity. It may be taxable in the employee’s hands if it exceeds Rs 50 lakhs per year. Or such other amount prescribed by law as per Section 32(c) of the Income Tax Act of 1961. The gratuity amount is the last drawn salary multiplied by the years of service completed. The gratuity amount that an employee receives is not taxable in your hands. And will be transferred to you after deducting an appropriate sum for provident fund contributions. Employers pay it to employees on retirement or when they leave their jobs. In the Indian context, gratuity is paid to employees who have completed five or more years of service. It is calculated as the last drawn salary multiplied by the number of years completed. Completed in service, and it is not taxable in the hands of an employee. The amount may be increased if there are exceptional circumstances, such as death due to accidents or natural causes. Retirement on grounds other than age; resignation with one month’s notice, etc., up to a legal maximum (currently Rs 200000/-) . Tax-Related Benefits of Gratuity ● The income tax that one can save from this goes up to 20%. ● With recent modifications to Section 10, gratuity is tax-free up to Rs. 20 lakh (10). ● It is a one-time cash payment made to the worker upon retirement. ● It is a tax-free amount paid by the company, not the employee. ● Statutory gratuities are the only payments free from income taxes. A gratuity is a sum of money given by an employer to a worker in recognition of their efforts, according to the Income Tax Act of 1961, which has exempted them from income tax ever since gratuities are not taxable. The maximum annual gratuity is determined based on the age at which you retire or leave your employer’s employment. It is calculated as below: The gratuity is calculated as follows: ● Last drawn salary ● 15/26 of the last drawn salary (for conductors) or 15/30 of the last drawn salary (for non-conductors). ● This can be reduced by up to 50% if there has been a long illness, maternity leave, or other circumstances. If you have worked for more than ten years with the same employer, you are not entitled to any other benefits. Like medical reimbursement, you may get more monetary relief instead of a pension plan, depending on your position within that organization. ● If you have retired from service, your gratuity will depend upon whether you were an employee during all these years, exactly as per the above calculation methodologies. Last Drawn Salary: 15/30 Number of Completed Years ● Last drawn salary: The average of the last ten months’ salary ● 15/30: The ratio of gratuity to last drawn salary NWC (number of completed years): The number of years you have worked for the company divided by 16. The gratuity limit has been raised from Rs 10 lakh to Rs 20 lakh in March 2018. The gratuity limit was raised from Rs 10 lakh to Rs 20 lakh in March 2018. This is the maximum amount an employee can claim as gratuity, and it’s a fixed amount, not a percentage of their salary. Gratuity is also a gift or parting payment, but it does not have to be paid in cash. Most companies encourage employees to use their savings or tax-free bonds. Gratuity rules for 2021 The 2021 gratuity rules went into effect on April 1, 2021. The following changes that are mentioned below were made. The following items previously considered will be excluded from salary per the new definition under the gratuity rules 2021: ● Bonus, pension, PF contributions, transportation allowance, HRA, overtime, and gratuity. ● Employees’ in-hand pay may be reduced due to these new laws taking effect. The deduction for social security programmes like the Provident Fund (PF) will go up. ● Due to the new law’s restriction, an employee’s allowances cannot exceed 50% of their base pay. Employers must raise employees’ basic salaries by 50%; it will be done to comply with this rule by limiting the allowance to 50% of the total salary. The employer will also pay more in staff gratuities, which are given to employees who have been with the business for more than five years. Employees will receive more benefits than before upon retirement as a result. Retirees should know their gratuity entitlement under the law. ● The gratuity law applies to all employees, regardless of age or service length. ● Employees who have completed five or more years of service are entitled to a gratuity of one month’s salary for every year worked over five years. ● The gratuity amount is the last drawn salary multiplied by the years completed in service (i.e., $80,000 x 6 = $480,000). [B-02] Conclusion This article has helped you better understand the gratuity rule. Gratuity entitlement is a critical topic in India. And we should all be well informed about it to make informed decisions regarding our future. The gratuity rules 2021bought Some significant changes in the gratuity rules have been explained in this article. For additional reading, you should head to Piramal Finance and increase your financial literacy. Keep reading to enhance your knowledge.

08-11-2023