How Can One's Check Eligibility Criteria For Personal Loan?

You suddenly got an idea about personal loans but don’t know if you meet the criteria or not, right? Don’t worry, just read along and you are going to know everything about it. 

Personal loans are really of great help at times when you don’t have the minutest amount of faith to get any solution to your problem. Through banks or institutes, personal loans offer you a fixed amount of money at a certain interest rate for a set period of time. 

Eligibility of Personal loans varies by lender, but there are a few factors that financial institutions always consider when reviewing applicants, such as credit score and income. 

Before you begin looking for a personal loan, you have to become acquainted with the common qualifications you'll need to meet as well as the documentation you have to provide with it. Let’s check that out!  

What is Piramal Finance Personal Loan?

Piramal is an Indian financial service retail lending firm that offers its customers personal loans, business loans, housing loans, and other consumer-focused finance products.

With Piramal, you can easily get a personal loan without any prepayment or foreclosure fees.

Piramal Finance provides the best personal loan offers and is the one-stop shop for all your immediate financial needs, whether it is planning a tour, purchasing your favourite appliance, paying off educational expenses, etc. 

Their team of expert advisors can guide you through the entire application process, ensuring quick approvals and disbursement into your account. 

Key Benefits of getting a Piramal Finance Loan: 

While getting a Piramal Finance loan, you’ll be getting a range of benefits. These includes: 

• Precise Documentation 

• Quick approval and immediate disbursement 

• Loans ranging from Rs. 1 lakh to Rs. 10 lakh are available.

• No prepayment or foreclosure penalties.

• User-Friendly Monthly EMIs 

• Flexible repayment terms ranging from 12 to 60 months 

• Income pooling for increased loan eligibility 

Eligibility Criteria While Registering For Piramal Personal Loan: 

The eligibility criteria for applying for Piramal Personal Loan include the sector of people who are eligible: 

1. Every Salary Individual working under Government Institutions, Private & Public Sector, Multinational Corporations (MNCs), Proprietorship and Partnership Firms can apply for Piramal Personal loans. 

2. In addition, their age ranges vary from 21 to 60 years. 

3. Further, their minimum salary should be starting from 25,000 per month. 

4. Their work experience should include a least 6 months in the above-mentioned organizations.

Using Piramal Finance Loan Eligibility Calculator For Personal Loan: 

You may check your online eligibility for a housing loan using Piramal Finance's home loan eligibility calculator. You can do this online. 

As you are applying for Piramal Personal Loan you will choose the salaried position for yourself. 

Then you should be aware of your gross monthly income as you’ll need to be entering there. Further, you should know the time period of the loan you want to set. 

What are the Documents & Charges Required for Registering for Piramal Personal Loan: 

For the documents, you require identity, address and income proof and co-applicant. 

In the identity proof, you might need one of the following including a passport, driving license, Aadhar or voter’s identity card. 

For address proof, you require to have one of the following a registered leave and lease agreement, passport, driving license, Aadhar or Voter’s identity card and utility bills of 3 months. 

For income proof, you need at least 1 month of salary slips and bank statements from the previous three months. 

While applying for increased loan eligibility, a co-applicant is required and it can be your spouse with the same document requirement as the applicant.

 If you are an individual, you can include your parents, spouse, or even your major children as co-applicants. Non-individual organisations such as a partnership firm, an LLP, and a private limited company may also be co-applicants.

Regarding the interest charges, you have to 12.99% every year. There are no pre-installation and foreclosure charges, however, there are some additional charges which you have to pay during the application process.

Potential Risks While Registering For Piramal Personal Loan: 

The potential risk is stated to the customers using Piramal personal loans and how much they are responsible for the documents they provide to the team. The lending facility indicates that the ‘loan taker/s’ are informed that the company adopts the following strategy and takes the following risks into account for each Borrower:

• The borrower's background and standing in the market, as well as the application of internal credit rating models that leverage conventional methods

• the intrinsic characteristics of the product, the kind/nature of the facility, the options for refinancing, and whether or not the loan qualifies for bank financing.

• length of the relationship with the borrower and history of payments.

• Overall customer yield, potential for growth, and ability to repay the debt based on the borrower's cash flows and other debt obligations

• Nature and value of primary and secondary collateral and security

• The kind of asset being funded, the purpose of the loan as indicated by the collateral,

• any applicable regulations and any additional elements that might be important in a particular situation.

• The duration, amount, frequency, and format of the requested loan.

• Depending on a combination of one or more of the following elements, different clients' interest rates for the same tenor may vary.

How to apply for Piramal Personal Loans? 

You just have to visit Piramal Website and go to the personal loan section. There you can find the ‘quick apply’ button which will enable you to fill out the quick apply form and get a call direct call from their team.  

Conclusion: 

From the article, you might have clear thoughts about the eligibility criteria for getting a personal loan and the benefits and risks that come with it. If you are a salaried person and you are applying for the personal loan position you should get applied at Parimal to get the most out of it.