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Gold Loan

Which finance is better for a gold loan?

Being a highly coveted metal in the country, gold stands to be of high value and worth. Not only does it have physical significance in everyone’s life, but there is also a strong emotional attachment to the yellow metal amongst the people. For centuries, gold has been used as a medium of exchange for valuable commodities and other precious metals. Gold, besides being used as a metal for making precious ornaments, is also used for a variety of purposes. In India, millennials started using this coveted metal extensively for loans and investments. However, with so many options available in the market, you might face problems while choosing the best gold loan option. It becomes quite tricky when choosing the ideal gold loan financing company. In this article, you will learn about gold loans, their benefits, and some of the best financing options that you should opt for. [B-01] What is a gold loan? What are its objectives and significance? A gold loan is financial assistance that you take from a lender by using physical gold as collateral. This makes the loan a secured form of loan, which provides additional benefits to you as a borrower. The lending institution charges you a specific interest rate for the loan amount it provides. This interest amount is charged on your principal amount, which you must repay through instalments within a set period. You can apply for a gold loan from multiple financial institutions, including banks, non-banking financial companies (NBFCs), private financiers, etc. If you face a financial crunch and need immediate funds, a gold loan is your way out. In India, you can apply for a gold loan with both EMI and overdraft facilities, according to your requirements and convenience. Now that you know what a gold loan is and its purpose, it is time to learn about some of its benefits before learning about the best gold loan financing companies. What are some of the exclusive benefits of taking a gold loan? There are several benefits to taking out a gold loan, and they are as follows: Low rate of interest: Compared to unsecured loans, a gold loan provides you with a low interest rate on the loan amount. India’s gold loan interest rate starts at 7% per annum and goes up to a maximum of 29% per annum. The gold loan interest rate varies from lender to lender and depends on the credentials of the loan applicant. Easy eligibility: Unlike other loans, gold loans can easily be applied for by anyone and do not require a high eligibility benchmark. You can easily meet the eligibility requirement without much documentation by using physical gold as collateral. No requirement of credit history: This is a remarkable advantage of taking a gold loan over other loan forms. You are not required to show your credit history to get a gold loan, as you pose less risk to the lender. Safety: From a security standpoint, your physical gold is kept in a secure environment to prevent theft. As a lender, I must provide safety for your possessions. Most banks use triple-layered safety features to protect your gold from exposure. Anytime Liquidity: Gold is a metal, but gold loans are subject to Anytime Liquidity, or ATL. This means you can use your gold to claim a loan and get the loan amount disbursed within an hour without getting into rigorous paperwork. Some of the best financial companies for gold loans Many financial corporations and financiers provide gold loans to borrowers. However, this list shows some of the most preferable ones. SBI Gold Loans: SBI Gold Loans are one of the best and most preferable financing options for applying for a loan against the hold. The gold loan interest rate is about 7.50% per annum, with 0.5% as the processing fee for the loan. The loan tenure ranges from 3 months to 36 months, depending on your credentials and the loan amount you take. Muthoot Finance: Muthoot Finance is also a very decent gold loan financing option available in the market. The gold loan interest rate is about 11.99% per annum, with an additional 0.25% to 1% as your processing fee. The tenure for the loan against gold in Muthoot Finance ranges from one week to 36 months. Kotak Mahindra Gold Loan: The gold loan interest rate provided by the Kotak Mahindra Bank ranges is about 10.50% per annum with 2% as your processing fee. You must repay the gold loan amount in the form of monthly instalments within 12 to 48 months. Union Bank: Union Bank stands to be one of the best gold loan options available in the market. The interest rate for gold loans starts at 7% per annum and goes up to as high as 12.50% per annum, with 1% as the processing fee. You will be given a maximum of 12 months as the repayment period within which you are bound to repay the loan. ICICI Bank: The gold loan interest rate provided by ICICI Bank is about 10% per annum, with a processing fee of about 1% of the loan amount. The tenure of repayment for the loan against gold ranges between 3 months and 12 months. [B-02] The Bottom Line: Gold loans are one of the most prominent secured loan options available in the market. Not only is it a safe option where you don’t have to pay a higher interest rate, but it also gives you plenty of other features. The best part about getting a gold loan is that the lender does not dictate how you use the money. You can use it to buy a house, buy a car, make a down payment, or even use the loan amount to invest in your business. However, with so many benefits comes an issue that you will face while choosing the right financing company. So, you should do ample research, contact bank officials, and use a gold loan calculator to find the best option. If you want to know more about gold loans and other types of loans like personal loans, housing loans, etc., you should visit Piramal Finance.

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

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

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

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

Know More

Top Biggest Upcoming IPO For The Year 2022

If you are beginning your investment journey, you might have missed out on the IPOs of Indian companies. These are very popular among investors as they give good returns within a year of their listing on the stock exchange. If you have missed out on these IPOs, you need not worry. In this article, you will find everything about the top 10 upcoming IPOs in India for 2022. These IPOs will offer you a great chance to create a portfolio with high returns. What is an IPO? IPO is the initial public offering of a company’s shares. This process is typically done when a company has become stable, which usually takes about 3-5 years. Many companies will hold their IPO for some time after they have been listed on the stock exchange. In India, a company can list its shares on one of the two public stock exchanges: the BSE, or Bombay Stock Exchange, based out of Mumbai and the NSE, or National Stock Exchange, based out of New Delhi. You can choose from a range of IPOs, based on what you want to achieve through your investment. Top 10 Upcoming IPOs in 2022 Following are the best upcoming IPOs of 2022 that you should consider investing in: 1. MobiKwik As per the latest IPO news, Mobikwik will list itself on the stock market in 2022, and the IPO will be for ₹15,000 mn. The company will list its IPO both on the BSE and NSE. Founded in 2009 by Bipin Preet Singh and Upasana Taku, Mobikwik is an Indian fintech company registered under the name One MobiKwik Systems Pvt Ltd. It provides phone app-based payment services. The Mobikwik Wallet is one of the most prevalent mobile wallets in India. 2. GoAir GoAir is an ultra-low-cost carrier, with a rising share in the Indian market. Its share has risen from 8.8% in the fiscal year 2018 to 10.8% in 2020. The airline currently has 56 aeroplanes, connecting 28 domestic and 9 international destinations. In its initial public offering, the airline plans to list up to ₹3,600 cr in equity. 3. Penna Cement One of India’s leading cement producers, Penna Cement operates out of four cement factories in Telangana, Andhra Pradesh, and Maharashtra. Its total production capacity is 10 mn tons a year. The company is projected to raise ₹1,550 cr through a public equity offering, of which ₹1,300 cr will be raised through a new equity share issue and ₹250 cr through an offer for sale. 4. Arohan Financial Services Arohan Financial Services works in India’s low-income, unexplored states, making it one of the leading NBFC-MFIs in the country and earning it a spot in the top upcoming IPOs in 2022. The company provides a range of credit and insurance products. Under credit, the company offers income-generating loans and other financial aid. It also provides life and health insurance products. Arohan Financial Services plans to raise between ₹1,750 cr and ₹1,800 cr. Through its IPO, ₹850 cr will be sold in fresh issues, and the rest will be sold in a secondary market. 5. Delhivery In the fiscal year 2021, Delhivery was one of India’s largest and fastest-growing fully integrated logistics service providers. The company provides a wide range of logistics services, including heavy goods delivery, express parcel delivery, partial truckload and truckload freight, warehousing, and supply chain solutions. According to the latest IPO news, it will sell an offering of new shares worth ₹5,000 cr while a simultaneous offer to sell (OFS) component worth ₹2,460 cr. 6. Fincare Small Finance Bank With a focus on unbanked and under-banked clients in rural and semi-urban areas, Fincare is a digital-first small finance bank. Their business model highlights financial inclusion and provides affordable financial products and services to people and firms. A ₹1,300 cr Fincare IPO will include a new issue of equity shares of ₹330 cr and an OFS of up to ₹1,000 cr. 7. Seven Island Shipping Incorporated in 2002, Seven Island Shipping trades petrochemical lubricants, crude oil, and other commodities. One of the top priorities of this company is to offer safe transportation while also being clean and efficient. As one of the top upcoming IPOs in 2022, the company plans to raise funds worth ₹600 cr, with a fresh issue of ₹400 cr and OFS worth ₹200 cr. 8. SREI Equipment Finance SREI Infrastructure Finance Ltd owns and operates this Kolkata-based company, SREI Equipment Finance. It provides loans to buy equipment for construction, irrigation, water supply, mining, IT infrastructure, healthcare, and farming. A total of ₹2,000 cr will be raised through its IPO, which consists of equity shares of ₹1,100 cr and OFS of ₹900 cr. 9. ESAF Small Finance Bank Among the small businesses in India, ESAF Small Finance Bank is the principal bank in terms of the number of clients, average earnings, interest rates, payments from deposits, loans to rural areas, and the number of loans offered. A new issue of ₹800 cr worth of shares will be made, which will include an OFS worth ₹200 cr. 10. Inspira Enterprise India Inspira Enterprise India works on digital transformation services in the cybersecurity industry. As one of India’s leading firms in this field, Inspira is known for providing only the best to its clients. The company’s IPO includes a public share sale of ₹300 cr, followed by an OFS for equity shares of ₹500 cr. [B-02] Conclusion The top upcoming IPOs in 2022 look very exciting for investors. These IPOs show that the Indian economy is thriving. With so many new companies going public, consumers can enjoy more options and lower prices. If you’re interested in investing or want to learn about some of these great companies, you should read more articles like this on Piramal Finance. While there, you should also take a look at their financial products and services to help you build your plan your finances better.

08-11-2023

Gold Loan

Why Gold Loan demands are scaling up in India?

You all know that gold is one of the precious metals Indians consume in abundance. It is evident that at hard times Indians rely on gold. What could be the reasons behind the popularity of the gold loan? How can you apply for gold loan? What are their features, and whom can you trust when it comes to gold loans? Go through the article for a detailed explanation covering all the things that you need to know about gold loans. [B-01] What is gold loan and what is its utility? These Loans are under security because the gold acts as collateral between the borrower and lender. The Lender keeps the gold during the loan period. In this way, you are ready to secure the loan by giving possession of your gold. You can get the gold back after returning the whole amount. Gold loan tenure usually lasts between 6 months and 1 year and is mainly short-term. Since you give gold as collateral, you can get attractive gold loan interest rates from the lenders. Most banks and non-banking financial companies offer gold loans at low interest rates. Various purposes of availing gold loans are: To finance gold investments For business expansion purposes Other business needs like funding and purchasing raw materials Other unprecedented expenses Gold loan interest rates start at approximately 10% per annum. Features of Gold Loans You can fund your various needs by availing of gold loans, such as education fees and medical expenses. The gold the borrower gives to the lender serves as the security or collateral for providing the loan. The tenure of the gold loan can be between 3 months and 48 months. You may have to give additional fees in the form of processing charges, late payment penalties, and charges for non-payment as per gold loan interest rates. Lenders usually offer three options for repaying the gold loan: You can repay the loan in Equated Monthly Instalments (EMI). You can pay back the principal loan amount at the end of the gold loan tenure. You can pay the interest rate on your gold loan on a monthly basis. 6. You can also avail of discounts if you regularly pay the interest rates. You can get a 1% or 2% off on the original interest rate. The reasons behind the growth and expansion of demands Indian gold loan market is rising gradually with increasing demand. And the reasons behind the rise of the gold loan market are factors like the smooth accessibility of loans, comparatively lower interest rates, easy loan processes, and flexibility in the repayment of loans. The Reserve Bank of India also plays a prominent role in the rise of the gold loan market. It has introduced borrower-friendly options such as Gold Monetization Scheme (GMS) and Gold Deposit Scheme (GDS). Plans like this have made the process of availing of gold loans easier for borrowers. You can mobilize the gold kept at your home or a bank locker. Find the amount of loan you can avail against your gold using the Gold Loan Calculator. Things to keep in my mind before availing of Gold Loans To secure the best gold loan, you need to be conscious of certain things like: You should know the minimum and maximum amount of Loan Amounts before availing of a gold loan. And you should ensure that you have enough gold for that particular amount you want. When you compare secured and unsecured loans, it is clear that gold loans have lower interest rates. You should also keep in mind the fact that these interest rates can vary from lender to lender. So, before deciding to avail of a loan, you must compare the interest rates lenders charge and choose the best one. You should pay additional charges like- processing and documentation fees, payment failure fees, and appraiser charges. These additional charges plus; the interest rate can increase the total amount of the loan. So, you should keep the amount that lender levies in your mind before pursuing a loan. As we said earlier, the repayment of the gold loan tenure longs between 3 months and 48 months. So, you should acknowledge your ability to repay within that time before proceeding with the loan. Another vital thing to notice is the credibility of the lender. If you can rely on them for your gold is a question of concern that you should consider. Check the safety measures the lender takes and ensure the lender gets the best reviews from borrowers. Gold loan repayments are often flexible. You should consider the payment structure lenders offer before pursuing the loan and go for the one that suits you. Loan features, benefits, and requirements may be different for various lenders. So, you should give a keen comparison before choosing to proceed with the loan with a particular lender. Also, before applying for a gold loan, you should check whether you are eligible for that particular loan. Benefits of Gold Loans Some benefits of securing gold loans are listed below: Since gold loans are short-term, their tenure ends quickly. Only a few documents are required, and the loan process is easy to understand. There are no prepayment charges in specific cases. You can avail of the best gold loans at lower interest rates than unsecured loans. [B-02] Final thoughts We hope you got a clear picture of the demand, benefits, and other important factors related to gold loans that a potential borrower must know. Now you can use your jewellery that is idly sitting in your house lockers and can use it for meeting your needs. You can also build your finances by securing loans at low interest rates. For further doubts and queries, you can consult help from financial experts like Piramal Finances. They provide efficient guidance and solutions to people regarding finance matters.

08-11-2023

Gold Loan

How to Get the Lowest Interest on Gold Loan in India?

Thanks to technological and financial advancements. Because of them, loans are much simpler to get these days than they were a few years ago. Many of us need to take out student loans to finish college. And those loans can be difficult to manage after we start earning money. Also, for many of us, buying a house is a desire. It’s a large commitment, yet most of us can’t afford to do it without a loan. [B-01] Automobile fanatics are willing to take out a loan to finance a vehicle they can’t afford. Gold loan is a quick alternative to personal loans. They have shorter repayment terms and higher interest rates. As we begin making payments on the gold loan, we realize that our interest rate is too high. Hence, the high-interest results in a significant increase in our monthly outlay. In this post, we’ll look at seven ways to get the lowest gold loan interest rate in India. How to Get the Lowest Gold Loan Interest Rate in India? Set-Up Auto Pay for Your Gold Loan If you don’t make your EMI or other payment on time, you’ll have more debt and possibly have to pay late fees. Borrowers may be in serious financial trouble as interest and fees increase. You must make all payments on time to avoid late fees and interest charges. Not paying your bills on time can also harm your credit rating. By signing up for a debit mandate, you can rest assured that your EMI payments will be processed on time, every time. Also, the EMI can be paid in advance from the linked bank account using a debit mandate. Reduce the Duration of the Gold Loan Many debtors mistakenly believe they cannot negotiate their loan terms. But, if you have a solid credit history, you may be able to negotiate better conditions with your lender. If you can, reduce your loan term and increase your monthly payments to reduce your debt more quickly. Additionally, the interest you pay will be less if you have a shorter loan term. It is better to shorten the loan term and pay higher EMIs. This is especially better if your income has increased since you first took out the loan. Although the shorter loan term may sound appealing, it will result in higher EMIs. Suppose you cannot make your EMI payments on time due to various factors. In that case, you will be subject to late fees and negative marks on your credit report. As a result, loan terms should be selected and adjusted with care. Make Partial Payments You will save a lot of money if you can pay your loan in full or even in part. For example, suppose you receive extra money, either as a bonus or some other unexpected source of income. In that case, it’s better to put that money toward paying down your loan. Yet, before making any prepayments, you should confirm the fees with your lender. That’s because some impose fees after a specific amount or number of partial payments. On the other hand, others do not. When it comes to loans, lenders can waive fees for certain things. For example, making a down payment of a specific amount on loans with a variable interest rate. Opt for a Gold Loan Transfer When deciding on a lender, compare their: Interest rates Other fees Maximum loan amount Eligibility requirements, terms and conditions, and more to find the best option for you. Due to intense market competition, lenders continue to offer competitive interest rates and other fees. When deciding whether or not to accept a loan transfer offer from a new lender, it is important to weigh the pros and cons and determine how much money you can expect to save after factoring in the old and new interest rates, the remaining loan balance, any fees associated with the transfer or prepayment, etc. If you can save a lot of money by switching to a new loan, you should do so instead of keeping the expensive one. Considering the size of a typical mortgage, the interest savings from transferring your balance could be large. Consolidate Your Gold Loan To consolidate debt, one obtains a new loan to pay off existing debts, typically at a reduced interest rate. The result is a lighter financial load and better debt management. A debt consolidation loan is a form of debt refinancing. As a result, you can get a better interest rate, repayment period, and other terms by taking out a new loan to pay off all your other loans. The interest you pay over the life of the loan will go down if you consolidate your debt. A secured debt consolidation loan makes sense because its interest rate is lower than that of an unsecured debt consolidation loan. Develop Good and Loyal Relations with the Bank Some of the best banks in the country provide discounted rates to their most loyal and long-standing customers. But you can’t take advantage of their deals if you don’t have a checking or savings account with them. Therefore, we suggest you start banking with a major financial institution that provides such perks. You should save money, but don’t open too many separate savings accounts, or you’ll have difficulty keeping track of everything. Invoke Interest Deductions The interest paid on certain loans, including mortgages and student loans, can be deducted from your taxable income. Tax credits are a great way to reduce your taxable income. Consequently, don’t forget to factor in any mortgage or tuition deductions while calculating your tax refund. [B-02] Conclusion Increased market competitiveness has resulted in many enticing interest rate proposals from banks. And that’s true even if your credit is only mediocre. Shopping around online and finding the best deal possible is important when looking for a loan. This includes comparing interest rates, processing costs, prepayment and partial payment fees, fees for late payments, and other loan terms. It’s in your best interest to maintain doing your homework even after you’ve gotten the loan so you may be well-informed and reap the benefits of any better deal that may come along. Did you find this guide useful? Visit Piramal Finance’s blog for more valuable content!

08-11-2023

Personal Loan

Everything You Need To Know About Vacation Loans In India

Whether a family or a solo trip, a vacation is necessary for everyone. Visiting and exploring new places and having new experiences have benefits and advantages. But more important than going on vacation is having enough money to finance that vacation. Funds are important to cover travel tickets, food, accommodations, and other miscellaneous expenses. It’s also important to keep a spare for emergencies and unforeseen events. Due to this, taking a vacation loan comes in handy. While planning a vacation in India, securing a vacation loan is always better. It can help you finance your travel with ease. Furthermore, it is easily repayable in installments. But what exactly is a vacation loan? Is it just like a general personal loan? Let’s find out. What is a vacation loan? A vacation loan is identical to a personal loan for travel. However, it is specifically taken to pay for travel-related expenses. It includes hotel fees, meal bills, flight tickets, rental car fees, emergencies, etc. A loan for travel can help you bear the cost of a getaway without causing major changes in your savings. It is one of the best ways to get a lump sum of money you can spend on anything related to a vacation. Importance of a vacation loan Taking a vacation loan is a smart decision while exploring new cities because: A vacation loan allows you and your friends or family to travel far and wide. A vacation loan has zero hassles, as you do not need to put up collateral or find someone who will act as your guarantor. A vacation loan has a relatively low interest rate, making it easy for you to have a fixed repayment plan. There are no restrictions on a vacation loan, as you won’t need to disclose details. After paying for the necessities, you can even buy a gift for loved ones with the remnants of the vacation loans. Vacation loans usually come with very easy and flexible payment options. For example, you can structure the loan to be paid back within 1–5 years. Guides for Securing a Vacation Loan in India There are certain things to consider before applying for a vacation loan. You should be aware of the following factors before taking a vacation loan; Decide your destination: Your destination choice determines a successful vacation. Whether you and your family or friends like to spend time in the mountains or on the beach makes the planning process of applying for a vacation loan much easier. Set a budget: It will be smart to allocate a budget to your vacation loan before planning it. Start by allocating a budget for expenses. Take accommodation, food, sightseeing, and shopping expenses into account. Once you know all these costs, make a list. Knowing how much money you need from a vacation loan can also help. Check the existing fund balance: Assess the funds you have in your savings. It can help you decide the amount you should get as a vacation loan. Fulfill the requirements: There are eligibility criteria to be followed when processing a vacation loan in India. The following are the criteria: You have to be between the ages of 21 and 60. You may need to have stable employment for at least a year. You will need the following documents at hand during the application for the loan: Photo identity proof Current photograph Proof of your address Document of income, which includes Form 16 or a duly filled income tax return Salary slips of at least a year from the date of application Your credit score is an indicator of your creditworthiness. The higher your credit score, the better your chances of getting a low-interest vacation loan. Make sure you only have a few personal loans running simultaneously. Steps for Applying for a Vacation Loan in India Here are the simple steps you should follow to apply for a vacation loan in India: First, check your budget and finalise how much money you need. Then, go to any reputed credit score checker and check your credit score. Finalize where you want to go and create a plan for the vacation. Go around and look for multiple vacation loan offers from banks. Pick the best offer and apply for the loan. Provide the necessary documentation. Accept the vacation loan and finance your trip. Guidelines Issued by the RBI Related to Vacation Loans: The Reserve Bank of India has issued guidelines to both borrowers and lenders. It ensures that the vacation loan process is beneficial and fair to both parties. Given below are salient points to follow when securing a vacation loan: All applications for a vacation loan must be complete and include all the necessary information. It should contain the necessary details about fees and payments. So that borrowers can compare rates and make an informed decision. Verifying the vacation loan application must be done within a reasonable time. If additional information is required, the lender must contact the borrowers immediately. If vacation loans for amounts less than Rs. 2 lakhs are rejected, the applicant must convey the reasons for the rejection in writing. They must ensure the timely disbursement of vacation loans and communicate any changes in terms or conditions to the borrower. If they need to recall, cancel, or request faster repayments, they should provide adequate notice to the borrower. Borrowers should not be discriminated against based on religion, caste, or sex. [B-02] Conclusion Getting a loan to enjoy your vacation has always been a lot of work. A vacation loan in India is the most optimal means to enjoy a holiday without worrying about funds. Gone are the days when you would have to spend months saving money for your dream vacation. A vacation loan from Piramal Finance can help you visit your dream destination. The company allows you to plan your dream holiday with multiple benefits. They offer services like flexible loan repayment tenures and minimal interest rates. For more information, you can visit their website now.

08-11-2023