6 Reasons to Get an Instant Personal Loan From Piramal Finance This Diwali
As Diwali approaches, events and celebrations are just around the corner. Some of you might have had the chance to save for the special day in advance. But others might have some last-minute expenses to take care of. Personal loans can take care of such emergent costs and expenses. This way, you can manage all events smoothly.
Getting a personal loan is a hassle-free process as it requires minimal paperwork. Also, there’s no trouble with assets or security. A loan from an authentic and reliable financial institution will go a long way in helping you manage your finances.
There are thousands of lenders and banks on the market. This makes selecting the best option quite hard. This article will discuss the benefits of getting personal loans from Piramal Finance. So without further ado, let’s dive into the details.
Personal Loans: How to Identify The Best One For You?
Personal loans are convenient and quicker to avail. But you must go through these tips before you select a lender.
- Compare interest rates
When you go to a bank, they will try their best to make you believe they offer the lowest interest rates. No matter how much they try to convince you, it would be best if you did your research.
For example, if a bank offers you a 14% interest rate, you might think this is a great deal for you. But, you must compare the interest charges with other available options in the market.
Contact lending institutions for their offers. Also, check various rates on the official websites of banks or lenders. Otherwise, you can refer to credible financial sources for rate comparisons.
- Check loan charges or fees
Getting the right rate for an instant loan is vital. But one must also check the other fees charged by the lender.
Some of the standard fees or charges for personal loans are:
- Processing fees
- Penalties for a late payment
- Charges to cancel the loan
- Charges for a bounced cheque
- Delayed payment fees
- Service tax
Generally, banks charge a processing fee of 1% to 3% on personal loans. Still, researching can help you find a lender that charges less than the standard market rate.
Why Choose Piramal Finance to Get Personal Loans This Diwali
Piramal Finance is one of the leading housing banking firms. Here are six great reasons why you should get personal loans from them.
- No Pre-Payment or Foreclosure Charges
Pre-payment or foreclosure is a vital feature to look for. It is one of the best ways to get out of paying those extra charges with every installment. Sometimes you must pay an extra fee to prepay the entire loan sum. It might demotivate you to repay your loan before the term ends.
So it is always better to opt for a financial institute that does not charge fees for repaying the loan early. This way, you can save all the money spent on interest charges and end your loan as soon as possible.
- Avail of Personal Loans Starting From Rs. 1 Lakh
Most of you take out loans because of a crisis. Others might need them when someone wants to avoid giving an asset showcase to the bank or lender. Since these loans help relieve urgent expenses, it makes sense to borrow only what you need.
Hence, you must get an instant personal loan of lower sums. You can ensure you are not getting into more debt than you should and can repay the loan on time, without any hassle.
- Minimal Paperwork Needed
Piramal Finance requires minimal paperwork. It enables you to avail yourself of enough funds without spending time worrying about paperwork. This Diwali can be grand even without a salaried job or a profit-making business. And your Diwali celebrations do not have to wait. Provide identity and address proof for your personal loan. Once your papers are verified, you will have the entire loan sum.
- Instant Release of the Loan Sum
Since Diwali is near, you might have plans to buy exclusive gifts for your loved ones. However, exclusivity in products comes at a high cost. The issue with purchasing one-of-a-kind gifts is that they can go out of stock at any time. Luckily, personal loans at Piramal Finance disburse quickly.
Quick disbursals also help in vital times. For example, your loved one is battling accident injuries and needs quick treatment. Then, you need a banking firm that can give loans quickly.
- Flexible Repayment Tenure
Understanding the repayment flexibility of your loan is vital. The time flexibility enables you to pay your loan in small sums. This is usually done in the form of EMIs.
At Piramal Finance, personal loans have a tenure of 12 to 60 months. So, you can decide the repayment period of your loan as per your preferences. During the term of your loan, you can make the agreed-upon instalments with interest. Otherwise, repay the loan early according to your financial capacity.
- Combine Your Income to Avail of a Higher Loan sum
You may need a hefty loan sum. But sometimes, more than one source of income is vital. You can then combine the many wage sources to avail yourself of a larger loan.
Piramal gives you the perk of pooling wages from different sources. You can show the combined salary and opt for a higher loan sum.
This perk can help you get enough funds for an investment opportunity. Also, you can even afford more vital costs, like buying a car this Diwali.
Conclusion
Everyone has their way of celebrating Diwali. But one common thing is the joy of giving your loved ones something exclusive. Personal loans are the perfect choice for handling your costs this holiday season. Also, you will have ample funds without disturbing your finances.
With Piramal Finance’s personal loans, you can get low rates. With the extra perk of time flexibility, you can decide how much time you need to clear your loan. There are several other perks that you can take advantage of.
Piramal Finance has more personal loan blogs that you must look at. You may also take a look at the many financial products and services they offer.