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Piramal Finance Personal Loan Highlights |
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| Interest rates | 12.99% p.a onwards |
| Loan amount | Up to Rs 50 lakh |
| Loan tenure | Up to 5 years |
| Processing Fees | Up to 4% of total loan amount + applicable taxes (payable before loan disbursement) |
Note: Interest rates as on 11th April 2024
Table of Contents
Piramal Finance Personal Loan Interest Rates
Piramal Finance Personal Loan interest rates start from 12.99% p.a onwards. Although Piramal Finance has not disclosed offering different personal loan interest rates for its loan applicants based on factors like credit scores, monthly income, occupation profile, employer’s profile, etc., most lenders consider these factors while setting the personal loan interest rates of their loan applicants.
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Compare Interest Rate for Personal Loans from Top Banks and NBFCs
HDFC Bank
Up to ₹40L
10.85% - 24%
Upto 6 Years
₹6,500
Axis Bank
Up to ₹10L
11.25% - 22%
Upto 5 Years
Upto 2%
Kotak Mahindra Bank
Up to ₹40L
10.99% - 36%
Upto 6 Years
Upto 3%
IDFC First Bank
Up to ₹10L
10.99% - 23.99%
Upto 5 Years
Upto 2%
ICICI Bank
Up to ₹50L
10.85% - 16.25%
1-6 Years
Upto 2%
Fees and Charges for Availing Piramal Finance Personal Loan
The processing fees and other charges for availing Piramal Finance Personal Loans are as follows:
Processing Fees
| Loan Product | Interest rates (p.a.) |
| Processing fees | Up to 4% of total loan amount + applicable taxes (payable before loan disbursement) |
| Application/login processing fees (Non-refundable) | Rs 3,500 + applicable taxes |
Prepayment/Foreclosure Charges
| Loan Product | Interest rates (p.a.) |
| Processing fees | Up to 4% of total loan amount + applicable taxes (payable before loan disbursement) |
| Part-prepayment / pre closure charges |
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| Default interest rates | 2% per month on default of PEMII/EMI from date of default till date of actual payment. |
| Application/login processing fees (Non-refundable) | Rs 3,500 + applicable taxes |
Other Charges for availing personal loans from Piramal Finance
| Loan Product | Interest rates (p.a.) |
| Default interest rates | 2% per month on default of PEMII/EMI from date of default till date of actual payment. |
| Rate of Interest conversion charges | 0.50% of the Loan outstanding + applicable taxes |
| Instrument dishonor charges for loan repayment | Rs 500 plus applicable taxes |
| CERSAI charges | Rs 500 plus applicable taxes |
| Loan Pre-closure Statement | Rs 1,000 plus applicable taxes |
| List of documents deposited with the lender | Rs 1,000 plus applicable taxes |
| Repayment schedule (applicable only for physical copies) | Rs 500 plus applicable taxes |
| Change of loan repayment mode | Rs 500 plus applicable taxes |
| Loan cancellation after cheque handover | Interest accrued & due + applicable taxes |
Check: Personal Loan Processing Fees and Charges
Types of Piramal Finance Personal Loan
Personal Loan for Marriage
- Purpose: Piramal Finance offers personal loans to loan applicants to manage their marriage related expenses with quick loan processing and disbursal within 3 to 4 working days
- Interest Rate: 12.99% p.a. onwards
- Loan Amount: Rs 1 lakh to Rs 10 lakh
- Loan Tenure: Up to 5 years
Personal Loan for Travel
- Purpose: Piramal Finance offers personal loans to loan applicants for travel related expenditure with quick loan processing and disbursal within 24 hours.
- Interest Rate: 12.99% p.a. onwards
- Loan Amount: Rs 1 lakh to Rs 10 lakh
- Loan Tenure: Up to 5 years
Personal Loan for Emergency
- Purpose: The lender offers personal loans to loan applicants, for planned medical expenses as well as for unplanned medical emergencies, with loan disbursal within 2 days of approval.
- Interest Rate: 12.99% p.a. onwards
- Loan Amount: Rs 1 lakh to Rs 10 lakh
- Loan Tenure: Up to 5 years
Personal Loan for Debt Consolidation
- Purpose: Piramal Finance offers personal loans for debt consolidation to prospective applicants looking to consolidate their multiple credit card or loan obligations into a single personal loan. Piramal Finance Personal Loan for debt consolidation allows loan applicants to reduce their interest costs along with saving time on tracking the EMIs and due dates of their existing loans.
- Interest Rate: 12.99% p.a. onwards
- Loan Amount: Rs 1 lakh to Rs 10 lakh
- Loan Tenure: Up to 5 years
Personal Loan for Pensioners
- Purpose: The lender provides personal loans for pensioners to meet their financial needs related to medical expenses, travel, children’s marriage and other day-to-day expenses.
- Interest Rate: 12.99% p.a. onwards
- Loan Amount: Rs 50,000 to Rs 10 lakh
- Loan Tenure: Up to 5 years
Personal Loan for Women
- Purpose: Piramal Finance provides personal loans for women to meet their financial needs like wedding, travel, higher education, debt consolidation, business-related expenses or other unplanned emergencies.
- Interest Rate: 12.99% p.a. onwards
- Loan Amount: Rs 1 lakh to Rs 10 lakh
- Loan Tenure: Up to 5 years
Personal Loan for Salaried
- Purpose: The lender provides personal loans to salaried applicants for personal or business related expenses with instant loan approval and disbursal for pre-approved customers.
- Interest Rate: 12.99% p.a. onwards
- Loan Amount: Up to Rs 50 lakh
- Loan Tenure: Up to 5 years
Personal Loan for Students
- Purpose: The lender offers personal loans to students to manage their education related expenses.
- Interest Rate: 12.99% p.a. onwards
- Loan Amount: Up to Rs 50 lakh
- Loan Tenure: Up to 5 years
Eligibility Criteria for Availing Piramal Finance Personal Loan
The personal loan eligibility criteria set for loan applicants availing Piramal Finance Personal Loans are as follows:
Personal Loan for Marriage
- Salaried applicants aged between 21 to 60 years and with work experience of minimum 1 year are eligible for availing personal loans from Piramal Finance
- Loan applicants with credit scores of 750 and above have higher chances of availing Piramal Finance Marriage Loans
- The minimum monthly income for both loan applicants availing Piramal Finance Marriage Loan is Rs 25,000.
Personal Loan for Travel
- The lender offers personal loans for travel to applicants aged 21 years and above with minimum work experience of 6 months.
- Loan applicants with credit scores of 750 and above have higher chances of availing Piramal Finance Personal Loans.
- The minimum monthly income for loan applicants availing Piramal Finance Personal Loan for Travel is Rs 25,000.
- Existing customers of Piramal Finance are eligible for availing pre-approved personal loans from the lender.
Personal Loan for Emergency
- Prospective loan applicants aged 21 years and above are eligible for availing personal loans for emergency from Piramal Finance.
- Loan applicants availing Piramal Personal Loan for Medical Emergencies must have minimum monthly is Rs 25,000.
Personal Loan for Pensioners
- For government pensioners: The pensioner should be aged 76 years or below with a well-maintained pension payment order. The guarantor for this loan should be any third party or the applicant’s spouse (family pensioner).
- For family pensioners: The family pensioner should be aged 76 years or below with authorization to receive pension after the death of the original pensioner. He/she should also have access to the pension account details.
- For defence practitioners: The loan applicant should be a pensioner of Indian Armed Forces like the Army, Navy or Air Force. He/she should be aged 76 years or below at the time of applying for the loan with a well-maintained pension payment order.
Personal Loan for Women
- Salaried applicants aged between 21 to 60 years and with work experience of minimum 1 year are eligible for availing this personal loan facility.
- The loan applicants should have credit scores of 750 and above to have higher chances of availing this loan facility.
- The minimum monthly income for both loan applicants availing Piramal Finance Marriage Loan is Rs 25,000.
Personal Loan for Salaried
- Salaried applicants should be Indian residents to avail this personal loan facility. Loan applicants availing this loan should be aged between 21 to 60 years and with work experience of minimum 1 year.
- Loan applicants with credit scores of 750 and above have higher chances of availing Piramal Finance Personal Loans for Salaried.
- The minimum monthly income for both loan applicants availing Piramal Finance Personal Loan for Salaried is Rs 25,000.
Personal Loan for Students
- Loan applicants should be Indian residents with no outstanding education loans to avail this loan facility.
- The course should be approved by the Indian government, UGC or AICTE.
- The loan applicant should also have secured at least 50% marks in his/her board examinations and graduation course.
Piramal Finance Personal Loan Documentation Required
The personal loan documents required for loan applicants availing Piramal Finance Personal Loans are mentioned below:
- PAN card (mandatory)
- Identity proof (any one): Aadhaar, Driving License, Voter’s Identity Card and Passport
- Address proof (any one): Aadhaar, Driving License, Voter’s Identity Card, Passport, and utility bills (telephone, electricity, etc.)
- Income documents (for salaried professionals): Salary slips and Form 16
- Income documents (for self-employed professionals): IT returns, P&L statements and Balance Sheet
- Pension account statement and pension payment order (for pensioners)
- Bank statements from last 6 months
- Passport sized photograph
- In case of a co-applicant (spouse), the lender will require all the above-mentioned documents of the co-applicant at the time of loan application.
Documents Required for Personal Loan for Students
- Demand letter from University
- Loan agreement signed by applicant and co-applicant
- Mark sheets for 10th & 12th standard and college
- Bank statements for last 6 months
- Copy of admission letter
- Proof of identity
- Proof of address
- Proof of income
- Disbursement request form (signed by applicant and co-applicant)
FAQ’s on Piramal Finance Personal Loan
What is the Piramal Finance personal loan eligibility for salaried employees?
Ans. Salaried employees aged between 21-58 years and having credit scores of at least 700 are eligible for availing Piramal Finance Personal Loans. The minimum monthly income requirements for salaried employees for availing Piramal Finance personal loan is Rs 15,000 per month.