How To Check Your Personal Loan Eligibility Online At Piramal Finance?
Managing finances is tough for everyone, especially when sudden expenses come your way and you have to adjust with limited resources. At such times, a personal loan can be a lifesaver. It is designed to cater to your immediate needs, such as home renovations or medical expenses. You can also use the money for any other purpose that you deem fit. But for this credit, you need to check your eligibility using a personal loan eligibility calculator.
What is a personal loan?
A personal loan helps you borrow money against your credit. The lender will base this decision on your income, employment history, and the amount you request for the loan. Personal loans are unsecured loans, which means that you do not need to use an asset as collateral. The interest rate on personal loans is generally lower than on other types of loans, but the repayment period can be longer.
Unlike a home loan or car loan, personal loans are not restricted to specific purposes. You can spend your personal loan credit on whatever you want. Usually, these loans are taken out to meet short-term expenses like a vacation or a big purchase.
Personal loans are offered by banks, credit unions, and online financers like Piramal Finance; you can make an online application for these loans or apply through a bank employee. Lenders will look at your application with the help of a personal loan eligibility calculator and other criteria.
Personal Loan Eligibility Calculator on Piramal Finance
Any salaried person working in government, public-sector, or private-sector positions is eligible for a personal loan. You must be between 21 and 60 years of age. You must have 6 months of working experience at your current job, and your minimum monthly salary should be Rs 25,000.
To check your personal loan eligibility, you need to submit the following documents:
- Identity proof: PAN card, passport, voter ID, or driving licence
- Address proof: an electricity bill, a telephone bill, a water bill (in the name of the applicant), or a rental agreement (in the name of the applicant)
- One month’s salary slip
- Last three months’ bank statement
You can add a co-applicant if your documents are insufficient or if the personal loan eligibility calculator does not deem you eligible. Your spouse can be added as a co-applicant in such cases.
Steps to Check Your Personal Loan Eligibility
You can use a personal loan eligibility calculator by entering your details. This will give you instant results on whether you can get a personal loan or not. You can also check eligibility by adding some basic details such as age, gender, education, and income.
- Log on to the Piramal Finance website and click on the Personal Loan Eligibility Calculator.
- Enter your details (name, phone number, and email address) and other financial details, such as loan amount and tenure.
- Click on the “calculate my eligibility” button at the bottom of the page to know if you are eligible for a loan.
You can use the online personal loan eligibility calculator or enter your contact details on their website. A representative from Piramal Finance will call you and answer all your questions about getting a personal loan.
Benefits of a Personal Loan from Piramal Finance
Piramal Finance provides low-cost loans to people who have lower credit scores using its online personal loan eligibility calculator. You can expect to receive Rs 1 lakh to Rs 10 lakh as a loan amount to pay for your expenses. Some of the key aspects of personal loans offered by Piramal Finance include
- 0% prepayment charges
- If you wish to repay your loan before the set period, you do not have to pay any prepayment charges. You can pay the loan amount in full at any time without any extra charges. This feature of personal loans at Piramal Finance sets it apart from those at other banks and NBFCs; they charge around 2–3 percent prepayment charges on pre-fixed interest rates.
- Minimum Documentation
- If the personal loan eligibility calculator indicates a sound financial background, you can take out a loan with minimal paperwork. You only need to submit a few documents, like ID proof, residential proof, and some other papers, with your application form.
- Quick Disbursal
- Personal loans at Piramal Finance are disbursed within 24 hours or less. You can get the funds in your bank accounts in such a short time. Other banks and NBFCs take around 2–3 days to disburse the loan amount. Please note that the loan amount is credited to you only after you complete and submit the form and other documents.
- Easy EMI options
- Piramal Finance offers an easy EMI structure for personal loans. The borrowers can pay their EMIs online or through their bank accounts. This will make loan repayment easier and more convenient for you. You can check all these details using the personal loan eligibility calculator on the Piramal Finance website.
- Long Tenure
- Piramal Finance offers a loan tenure of up to 5 years. This makes the personal loan product great for people looking for a long-term financial solution.
- Large-ticket loan
- Piramal Finance provides personal loans up to Rs 10 lakh. You can club your income with your spouse’s income to get approved for higher loan amounts.
As a leading NBFC, Piramal Finance offers many types of loans, of which personal loans are the most popular. Personal loans of up to Rs 10 lakh are available to salaried individuals. There is no need to keep any assets as collateral for your loan. Piramal Finance’s personal loan eligibility calculator does not require you to use any assets as a guarantee.
Piramal Finance is an innovative financial services company offering loans for personal, business, and home use. You can check out all its services or read more about such topics on the Piramal Finance website.
Also Read: FAQs About the COVID-19 Moratorium on Personal Loans
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