A personal loan is a type of loan which can be used for many different things. For instance, you could use a personal loan to repay your debt, fix up your house, or plan your dream marriage. You have to pay back the loan amount you borrow over time usually with interest. Personal loans may also have fees.
A personal loan is similar to most other loans. You apply for a loan, send in the paperwork, check your creditworthiness, and then hope to get a loan. When it’s processed, the money will be paid to your bank account, and you can use it however you want.
When Should You Take Out a Personal Loan from Piramal Finance?
Here are a few of the most common reasons to take out a personal loan from Piramal Finance:
- Fund a Purchase
Funding a buy is determined by whether it is a desire or a necessity. If you’re planning to take out a loan anyhow, acquiring a personal loan and paying the vendor in cash may be a better bargain than financing via the seller. Yet, never decide on funding on the spur of the moment. Ask the vendor for a discount and contrast it to what you might get with a personal loan from Piramal Finance. Then you can pick which is the best option.
- A Marriage or a Large Ceremony
Any major event, like a wedding, counts if you end up placing all related expenses on your bank card and are unable to pay them off in a month. If your loan has a cheaper rate of interest than your credit card, you might save a lot of money on interest.
- Debt Reduction
If you owe cash on credit cards with higher interest rates, you may repay it with a personal loan that has a reduced rate of interest. You can pay off debt quicker since less of each monthly payment goes toward interest rates.
There are instances when lending is the only choice. For instance, a personal loan can make sense if you have medical bills or need safe transportation to keep on working.
Factors to Consider for a Personal Loan from Piramal Finance
Here are some things to think about before getting a personal loan from Piramal Finance:
- Personal Loan Interest Rates
When you take out a personal loan from Piramal Finance, the interest rate is one of the most vital deciding aspects. The interest rate is determined by several aspects, including your age, stable income, the total count of years of work encounter, credit score, established EMIs (if any), ability to repay, as well as loan tenure, among others. The interest expense defines your EMI and has an impact on your budget and long-term fiscal well-being.
- Loan Duration
A personal loan from Piramal Finance typically has a maximum term of 5 years. However, the shorter the duration of a personal loan, the better it is. A longer duration may decrease your EMIs, rendering repayments more affordable, but a shorter tenure (say, 2 to 3 years) raises your EMI. You will pay a greater interest rate on the personal loan.
- Other Charges
Piramal Finance imposes 4% in processing fees and other expenses in addition to interest rates when you take out a personal loan. The process cost is a one-time cost levied as a percentage of the personal loan sum based on a minimum sum.
- Flexibility in Repayment
Apart from the above-explained key factors, check whether Piramal Finance allows you to return your loan sooner and how much this will cost you. This flexibility might help you pay off the debt sooner and give you respite during difficult times. However, it is vital to practise fiscal stability to return the personal loan on time and keep your financial health in the black at all times. Piramal Finance offers 12 to 60 months of flexible repayment terms.
- Customer Service
Pick Piramal Finance as its customer service meets your high standards. Customer service is a key method of ensuring that you are happy with the services provided by Piramal Finance. Piramal Finance has specialised customer care teams that help consumers that contact them. The customer support team’s tasks include connecting with you by phone, fax, email, and mail to give solutions to your problems and react to your inquiries.
- Terms and Conditions
To make an educated decision, read the terms and conditions thoroughly. This will prevent problems later on and provide a trouble-free experience.
Piramal Finance’s Personal Loan Benefits
- No Restrictions on End Usage
The first and most vital advantage of a personal loan from Piramal Finance is that it may be utilised for any reason, unlike a house loan. There are no restrictions on how you may use the personal loan.
- Rapid Payment
If you match the qualifying standards and have a strong credit score, you may acquire a personal loan from Piramal Finance in 72 hours. Piramal Finance provides digital approval of personal loans to current clients.
- No Collateral Needed
You are not required to prepare any collateral as the loan is unprotected. As a result, getting it is simple via Piramal Finance.
- Offers the Ability to Pick the Loan Tenure
A personal loan has a maximum term of up to 7 years. Piramal Finance gives you the freedom to pick the term that works best for you. Longer tenure equals lower EMI, and vice versa. As a result, after calculating the EMI, you may decide on tenure. To calculate the EMI, you can use their EMI Calculator.
- Low Interest Rates
Piramal Finance provides inexpensive personal loan rates on a declining basis, making it among the most popular lenders for personal loans. Piramal Finance now offers personal loans at a base rate starting from 12.99% per year.
Getting the right personal loan in India may be a tough and complicated task. On the contrary, Piramal Finance gives a broad choice of loans, such as personal loans, making it much simpler for you to get funds quickly. You may calculate your monthly EMI payments using Piramal Finance’s EMI calculator.
If you want to know more about personal loans, visit Piramal Finance for related blogs and explore their products and services.