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Unsecured Personal Loan
Unsecured Personal Loan by Piramal Finance is an initiative that helps you meet your financial needs, without undertaking any security deposits.
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Features and Benefits
At Piramal Finance, we prioritise a simple, safe, and quick approach to the unsecured personal loan process. Here are the key features and benefits of Piramal Finance’s Best Unsecured Personal Loans.
- No Collateral & Security Requirements To get an unsecured personal loan, you don’t need to submit any collateral or assets for security. This ensures a simple borrowing process with financial flexibility.
- End-to-end Digital Process The overall loan application process is 100% online and requires minimum documentation. Also, our dedicated team of financial experts is available to guide you throughout the loan application process.
- Fast Approvals We offer quick approvals online to eliminate unnecessary delays. Also, the unsecured personal loan online process allows the issuing of funds within 24 hours.
- Zero Paperwork Upload your documents digitally to process your claims faster. We primarily focus on a quick loan application process that does not require any physical documentation.
- Flexibility in Loan Options Choose your loan amount and repayment period according to your needs & situation. We are offering customised loan options, which help you to manage finances in a better way.
- Active Customer Service For your loan application-related queries and issues, you can contact our 24/7 customer support, who will help you to make your loan experience smooth and easy.
- Avoid Hidden Costs We maintain complete transparency and avoid any type of hidden charge in the loan application process. For other applicable charges & terms, we ensure that you are already well informed.
Eligibility Criteria
The process to apply for an unsecured personal loan is simple & easy, allowing you to borrow funds quickly. Here are our eligibility criteria for Unsecured Personal Loan.
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- Criteria
- Conditions
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- Loan Amount
- ₹25,000 to ₹5,00,000
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- Repayment Tenures
- 6 to 60 Months
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- Applicable Age
- 25 to 58 Years
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- Credit Score
- Minimum 750 (or above)
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- Employment Status
- Salaried Individuals Only
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- Minimum Income
- ₹25,000/- Monthly
Our eligibility verification is a quick process that allows you to instantly decide whether you are entitled to the loan amount.
Step-by-Step Process For Unsecured Personal Loan Online Application
Follow these simple steps to complete the Unsecured Loan Application process online.
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- Steps
- Instructions
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- Step 1: Registration
- Visit Piramal Finance’s official website and click on the “Apply Now” button. Enter your mobile number in the required section and then enter the OTP generated.
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- Step 2 : Basic Information
- Fill in your PAN details and enter your monthly salary in the required section.
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- Step 3 : KYC Details
- Enter your full name and proper address.
Confirm your address.
Upload your selfie for identity verification purposes.
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- Step 4 : Bank Details
- Add the account number & IFSC code of the bank account, where you want the loan amount to be credited.
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- Step 5 : Employment Details
- Enter the name of your current company and your work email id for employment verification.
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- Step 6 : Income Proof
- Upload your last three months’ bank account statement to verify your income status.
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- Step 7 : E-Mandate & E-Signature
- Enable the auto-repayment option for your EMIs and confirm your loan amount by
entering your E-signature.
Documentation Process for Loan Approval
For a hassle-free and simplified unsecured personal loan application process, we ask for a few of your documents.
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- Purpose
- Documents Required
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- KYC Verification
- Aadhar Card, PAN card, Voter ID card or Passport
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- Address Verification
- Latest Utility bill, Rent agreement papers, or Passport
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- Income Proof
- Salary Slips (last 3 months) or IT returns
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- Bank Statement
- The previous 3 months’ bank statements
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- Proof of Employment
- Offer Letter, Work ID, or HR Verification
We also provide end-to-end assistance for you, allowing quick loan approvals and processing.
Interest Rate & Processing Fee Details
We emphasise transparency and ensure that you are aware of all the applicable charges for the unsecured personal loan.
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- Interest Rate
- Processing Fee Details
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- Interest Rates
- 12.7% P.A
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- Loan Amount
- ₹25,000 to ₹5,00,000
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- Processing fees
- Applicable Taxes + up to 5 % of the loan
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- Part Pre-payment
- 3% of outstanding principal + GST
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- Loan Pre-Closure Costs
- 3% of outstanding principal + GST
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- Stamp Duty
- As per expenses + Applicable taxes
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- Cash/Overdue EMI/PEMII Collection Charges
- ₹500 + applicable taxes
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- EMI Date Changes
- ₹1,000 + applicable taxes
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- Loan Repayment Instrument Dishonor Costs
- ₹750/-
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- Loan Cancellation Post Disbursal
- ₹3,000 + Interest accrued & due + applicable taxes
Tips for approving loan successfully
Here are a few major suggestions for you to obtain your loan successfully through quick approvals
- Maintaining a Good Credit Score A good credit score can guarantee you successful loan approvals in a quick time. So ensure that you have a minimum credit score of 750 (or more) to get your loans approved quickly. Also, review your credit score regularly to ensure there are no errors or discrepancies, that could impact your credit score negatively.
- Strategic Loan Applications Applying for multiple loans can affect your credit score negatively. To avoid this, plan your loan application strategically by comparing the lenders & understanding the eligibility criteria before applying. This will increase your chances of getting loans approved.
- Settle Your Existing Loans: Paying your current or pending loans off improves your DTI (debt-to-income) ratio and increases your loan eligibility. Clearing all your existing loans increases your eligibility for personal loans.
- Choosing the perfect loan amount: Never apply for a loan amount that is higher in comparison to your income. This will lead to rejection of your loan application. To calculate the perfect loan amount according to your income, use Piramal Finance’s EMI calculator.
- Financial Stability: The most crucial aspect while applying for a loan is ensuring a stable monthly income. This will reflect that you can repay the loan successfully. So before applying for a loan, avoid changing jobs as employment or financial stability can easily affect your loan eligibility.
Piramal Finance’s Unsecured Personal Loan EMI Calculator
Using the unsecured personal loan EMI calculator, you can strategise an accurate loan application by calculating applicable EMIs and repayment tenure.
Benefits of Unsecured Personal Loans by Piramal Finance
- Reliable & Trustworthy Our main focus at Piramal Finance is quick loan approvals and a stress-free approval process. We guide you through every step of the process, being your perfect financial partner.
- Fully Digitalised Process Applying for an unsecured personal loan, uploading documents, and getting quick approvals, every process is completely online. We commit to avoiding any type of physical documentation and unnecessary delays.
- Professional Support Our designated team of financial experts will guide you throughout the loan application process, to ensure a seamless overall experience.
- Most Dependable Brand Piramal Finance is a brand built on trust and transparency, with a legacy of adding value to customer’s life through integrity & professionalism.
Frequently asked questions
What is an Unsecured Personal Loan?
Unsecured Personal Loan allows funds without any requirements of collaterals or security deposits from the borrower. It’s sanctioned depending on the income & credit score.
How much loan amount can be applied for?
Depending on your requirements, you can apply for a loan amount ranging from ₹25,000 to ₹5,00,000. It also depends on your eligibility.
What is the loan repayment tenure?
You can decide the loan replay tenure between 6 to 60 months.
What is the documentation process to apply for a loan?
You need basic KYC Documents, Income Proof, and Employment proof to apply for the loan.
Is there a guarantor required for a loan?
You can apply for an unsecured personal loan without any guarantor.
What is the minimum income requirement for the loan?
₹25,000 is the minimum requirement to be eligible for an unsecured personal loan.
How much time it takes for loan approval?
The unsecured personal loans have a quick online process, disbursing the loan amount within 24 hours only post loan approval.
Can I pay my loan back before the repayment tenure ends?
Yes, you can prepay your loan before the repayment tenure ends. However, a 3% prepayment charge is applied to the outstanding principal amount.
Will I be charged with any hidden costs?
Piramal Finance ensures full transparency with the customers by avoiding any hidden charges.
How can I apply for an unsecured personal loan?
You can visit the Piramal Finance online website and follow the simple digital application process.