A personal loan is an unsecured loan that can be used for various purposes, such as consolidation of debt, medical emergency, financing a major purchase or even home renovation.

You can make the payments using E-Nach (National Automated Clearing House). It is the most convenient & secure method of making payment.

Credit Clean-up: You can improve your eligibility by increasing your credit score. A higher credit score makes you a reliable borrower.
Rebalancing your income and debts: Your income-to-debt ratio helps determine the portion of your income that gets contributed toward covering your debts. A low income-to-debt ratio can make you more eligible for Personal loan.
Limit Your Borrowing: If you have too much debt, lenders will see you as a risky borrower. If you plan on taking an instant loan, try repaying your existing loans first.
Choose the Right Lender: Picking the right lender is important. Working with Piramal Finance boosts your chances of getting quick loan approval because our criteria are not too strict.

A CIBIL score of 750 or below is considered a bad score, and a score above 700 is regarded as a good score to avail a personal finance. You can always improve a low credit score, as a good credit score will increase your chances of availing an easy loan from Piramal Finance.

Prepayment refers to paying the outstanding balance of your loan before the end of the tenure. You can make a prepayment either in whole or in part. When you access surplus funds, you should make prepayments and repay your loan faster.

Types of Pre-Payment

Full Pre-Payment: It revolves around pre-paying the entire amount.
Part Pre-payment: It entails prepaying a significant portion of your outstanding principal.

You can manually calculate EMI using the formula: P x R x (1+R)N / [(1+R)N-1].

Where-
· P = Principal loan amount
· N = Loan tenure in months.
· R = Monthly interest rate.
· R = Annual Rate of interest/12/100

However, manually calculating can lead to errors. For accurate results in seconds, use Piramal Finance's online EMI calculator for a personal loan.

To check your loan status and statement, log into the Piramal Finance website or app. Then, click on Application Status Tracker.

If you don’t pay back your loan, you will become a defaulter. In that case, your credit history will suffer damage. So, you will find it challenging to qualify for loans in the future.