Piramal Finance – Current Personal Loan Interest Rate
Understanding Personal Loan
A loan is an amount sanctioned by banks according to your creditworthiness. There are different types of loans available on the market. If you are someone looking for a loan that fulfils your one-time needs, a personal loan is the best answer. A personal loan is a loan that requires fewer documents and no collateral. You can use a personal loan to plan a wedding, buy a gadget, pay your child’s fees, fund house renovations, etc.
Do you know the importance of a CIBIL score for a personal loan? The higher the CIBIL score, the higher the chances of getting a personal loan. Know how?
CIBIL Score Required For A Personal Loan
The CIBIL Score, or “credit score,” is a three-digit number showing a borrower’s ability to repay the loan amount. A CIBIL score for a personal loan is created every time you borrow a loan and repay it with timely EMIs and interest. The CIBIL score ranges between 300 and 900. The ideal CIBIL score for a personal loan is 750 and above.
Impact of CIBIL Score on Personal Loan Interest Rate
There is a relationship between the CIBIL score and the personal loan interest rate. The higher the CIBIL score, the higher the chances of getting the loan approved. With a good CIBIL score, there are higher chances of getting the lowest interest rate. The current personal loan interest rate varies between 11% and 28%. With a credit score of 750 and above, there is a lesser chance of loan rejection.
Current Personal Loan Interest Rates and Charges at Piramal Finance
- Interest rates: The interest rate depends on your CIBIL score. The higher the CIBIL score, the higher the chances of getting a low interest rate. The current personal loan interest rates at Piramal Finance start at 12.99%* PA. The current personal loan interest rate may vary at the time you apply for a personal loan.
- Default interest: You may also have to pay default interest if you fail to pay the EMI on the default date. This is also subject to change. There is a default interest rate of 2% per month levied on the default of PEMI or EMI from the date of default until the date of actual payment.
- Prepayment and foreclosure fees: When you apply for a personal loan at Piramal Finance, there are no prepayment or foreclosure fees.
- Other charges: The following charges may apply while applying for a personal loan at Piramal Finance.
| Schedule of Fees & Other Charges | Details |
| Processing Fees | Up to 4 % of the Loan amount + applicable taxes (payable before disbursement of Loan). |
| Default Interest | 2% p.m. on default of PEMII/EMI from the date of default till the date of actual payment. |
| Documentation Charges | Up to 0.5% of loan amount + applicable taxes. |
| Pre-payment charges | Up to 5% of the Principal amount + applicable taxes. |
| Part Payment Charges | Up to 5% of the Principal amount + applicable taxes. |
| Cheque Bounce Charges | Rs. 500/- + applicable taxes. |
| Collection Pickup Charges | Rs. 250 per visit + applicable taxes. |
| Any Legal Costs/Charges | At actuals + applicable takes recovery. |
| Recovery-related Charges | At actuals + applicable taxes stamps. |
| Stamp Duty Charges | At actuals + applicable tax statutory. |
| Statutory Charges | At actuals + applicable taxes |
| Loan Repayment Schedule (only applicable for a physical copy of the statement) | 500/- + applicable taxes |
| Change of Loan Repayment Mode | 500/- + applicable takes duplicate. |
| Duplicate No Due Certificate Issuance Charges | 500/- + applicable taxes. |
| Statement Of Account | 500/- + applicable taxes cash. |
| Cash Collection Charges | 1% of collection amount of Rs.50000 and above in cash + applicable GST. |
Why Should You Apply For A Personal Loan With Piramal Finance?
Primal Finance offers you the following benefits if you wish to apply for a personal loan:
- There are no fees for early repayment or foreclosure.
- Loans start from 1 lakh to 10 lakh.
- Minimal documentation.
- Quick sanctioning and disbursals.
- Easy monthly EMIs.
- Flexible tenure of repayment from 1 year to 5 years.
- Combining the incomes of family members to increase the loan amount
How Do I Apply For A Personal Loan At Piramal Finance?
Follow these steps to apply for a personal loan at Piramal Finance:
- Visit the official website of Piramal Finance.
- Click on the “Personal Loan” tab at the top of the home page.
- Scroll down the page till you find the “How to Apply” heading.
- Select the “Click here” option.
- Fill in all the requested details in the form. Fill in the correct captcha and mark the box for the privacy policy (you may also read about the privacy policy if you wish).
- Press the “Submit” option present at the bottom of the form.
- A relationship manager at Piramal Finance will contact you.
- The relationship manager will guide you through the whole application procedure.
Summing Up
A personal loan is an ideal loan to fulfil your financial needs. Piramal Finance offers you a personal loan with a simple application procedure and prompt disbursals. The current personal loan interest rates start at 12.99% PA and vary according to the loan amount and tenure. Check the extra charges when applying for a personal loan to avoid unexpected future expenses. Apply for a personal loan right away, or call 1800 266 644 to learn more.