Get The Lowest Personal Loan Interest Rate with Piramal Finance
Piramal Finance started in 2010. It’s an NBFC that offers many loans to a range of customers. Piramal Finance is a member of the National Housing Bank. They provide flexible credit plans to retail and wholesale clients. The major goal is to offer structured financing plans for businesses as well as individuals. The NBFCs’ lowest personal loan interest rate for various lending plans stays at about 9%. You may return the loan with interest over a period of up to 30 years (home loan).
When it comes to personal loans, picking the right plan is vital. Piramal Finance provides you with a variety of packages. Employ their online calculator to get the best personal loan with the lowest interest rate for your budget.
Best Way to Get a Lowest Interest Rate Personal Loan from Piramal Finance
Here are some tips and tricks that will help you get a personal loan at the lowest interest rate possible from Piramal finance.
- Boost Your Credit Rating.
Your credit score shows how credit-worthy you are. With a high credit score, you will receive the best deals on your debts in terms of the interest rate charged, loan fees, etc. So, before asking for a loan from Piramal Finance, you should always monitor your credit score.
- Prevent Skipping Repayments.
Your credit score may suffer if you don’t make a loan or credit card payment on time. Before deciding the interest rate for a loan, Piramal Finance typically considers your history of timely repayments. A personal loan with lower interest rate will likely be offered to those who have a history of making timely EMI and credit card payments.
- Employer.
Many lenders base the interest rates on the employer account of the loan seeker. Salaried people pay lower rates than self-employed people because the income is more predictable. State and PSU workers receive lower rates than salaried people because of their higher job safety. The next group of users for loans are those who work for MNCs and other reputable firms. These groups are thought to have a higher chance of surviving recessions than other listed firms.
- Keep an Eye Out for Offers.
During festivals, Piramal Finance typically provides special borrowing costs. Make the best of this opportunity. While such a promotion is active, you might be given a personal loan with a lower interest rate.
- Compare Lowest Interest Rates for Personal Loans.
Try comparing the borrowing costs charged by Piramal Finance before requesting a personal loan. This will help you get a personal loan easily at a reasonable interest rate.
- Talk to Piramal Finance About The Loan.
If you are an existing client/customer of Piramal Finance or have a good relation with them, you can bargain to get an easy personal loan with the lowest rate. It is advised to send the loan provider a formal, written request when doing this.
Interest Rate of a Personal Loan from Piramal Finance
The interest rate on your loan is defined by three factors: the loan sum, the loan term, and the rate of interest. Personal loan rates differ from person to person.
The sum you pay monthly will also be decided by the term of the personal loan. The shorter term will result in bigger payouts, whereas a longer one will result in lesser payments. With a shorter loan term, your overall interest payments will be cheaper. A longer-term means larger interest payments.
Advantages of Using a Piramal Finance Personal Loan
- Quick Approval.
Get digital approval in minutes with minimum paperwork. Go to the site, input your data, and upload your papers.
- Borrow in Parts.
You may borrow any sum from Rs. 3,000 to your credit limit as and when you want it. You don’t pay interest on funds you don’t utilise.
- Save Money On Interest.
As interest is paid only on the sum utilised and not on the total allowed limits, you may save a lot of money on interest when compared to typical personal loans. Piramal Finance’s interest rates start as low as 12.99% per annum.
- Adjustable Repayments.
You may set your payback plan. Pick flexible EMI choices of 2-36 months and make payments when best for you.
- Manage Loans, Repayments, & Fund Transfers Through Their Website.
Everything you want is at your fingertips. Manage your account from the comfort of your home with Piramal Finance’s website.
Factors Influencing Piramal Finance’s Personal Loan Rates
Piramal Finance has developed guidelines for a low-interest rate personal loan. They base their interest rate offers on those guidelines. The following factors influence Piramal Finance’s personal loan rates:
- Loan Amount.
The most vital factor Piramal Finance considers is your required loan amount. The loan value given to you is set by your income and the sector in which you work.
- Repayment Period.
The duration of the line of credit directly affects the interest rate. The tried-to-offer rates would then reduce as the tenure lengthened.
- Borrower’s Earnings.
The loan interest is dictated by your income. If you have a great salary and a steady income stream, Piramal Finance will ensure that you can make timely loan payments. You will benefit from lower rates and an easy personal loan if you make this impression.
- Potential for Repayment.
The capacity of the person to repay the loan is key in assessing interest rates. Piramal Finance believes that you will repay the loan on time if you have no other debt obligations.
- Rating of Credit
Your credit score influences how much you can finance and the rate of interest. As a result, if you possess a credit score of least 750 and no defaults, interest rates can be much lower.
Conclusion
Personal loan rates are determined using the declining balance approach. Your monthly interest burden will be decided by the main sum left after prior repayments. With each payment, the amount left reduces, as does your interest load. You may calculate your monthly EMI payments using Piramal Finance’s EMI calculator.
If you want to know more about the lowest personal loan interest rates, visit Piramal Finance for related blogs and explore their products and services.