Piramal Finance India: Loan Options and Services Overview

Piramal Finance, a prominent non-banking financial company (NBFC) in India, offers a range of financial products tailored to meet diverse customer needs. Specializing in personal loans, business financing, and insurance solutions, the company serves individuals, entrepreneurs, and businesses across the country. This article outlines key services, eligibility requirements, interest rates, and the application process for Piramal Finance products.

Piramal Finance Overview

Established as part of the Piramal Group, a well-known conglomerate in India, Piramal Finance operates as a trusted provider of tailored financial solutions. With a focus on quick approvals and competitive rates, the company caters to both short-term and long-term financial requirements. Its services are designed to support personal aspirations, business growth, and secure futures through integrated financial products.

Loan Products Offered

Personal Loans

Piramal Finance personal loans are designed for individuals seeking funds for emergencies, education, travel, or household expenses. Key features include:

• Quick Processing: Loan applications are processed within 24-48 hours.
• Flexible Tenure: Repayment options range from 12 to 60 months.
• Competitive Rates: Interest rates start at 11.99% p.a., varying based on credit profile.

Business Loans

Entrepreneurs and small-to-medium businesses can access business loans for working capital, expansion, or equipment purchases. Highlights include:

• Loan Amounts: Ranges from ₹1 lakh to ₹50 lakh.
• Tenure: Up to 5 years.
• Collateral Options: Unsecured loans available for eligible businesses.

Insurance Solutions

Piramal Finance also partners with leading insurers to offer comprehensive coverage, including:

• Health Insurance: Plans covering hospitalization, critical illnesses, and outpatient treatments.
• Life Insurance: Term plans and endowment policies for long-term financial security.

Eligibility Criteria

Personal Loan Eligibility

• Age: Between 21 and 60 years.
• Income: Minimum monthly salary of ₹25,000 for salaried individuals; business income proof for self-employed.
• CIBIL Score: Minimum score of 685.
• Residency: Must be an Indian citizen with proof of residence.

Business Loan Eligibility

• Business Age: Minimum 2 years of operational history.
• Turnover: Annual turnover should exceed ₹50 lakh.
• KYC Documents: GST registration, business license, and financial statements required.

Interest Rates and Charges

Rate Structure

• Personal Loans: Starting at 11.99% p.a., with a maximum of 24% p.a.
• Business Loans: Rates begin at 14% p.a., depending on creditworthiness and collateral.

Additional Fees

• Processing Fee: 1-2% of the loan amount.
• Prepayment Charge: Up to 5% of the outstanding balance for personal loans.
• Late Payment Penalty: 2-3% of the overdue amount per month.

Application Process

Online Application

Customers can apply for Piramal Finance loans through the official website:

1. Visit the Loans section and select the desired product.
2. Fill in personal and financial details in the online form.
3. Upload required documents: ID proof, address proof, income proof, and bank statements.
4. Submit the application and await confirmation from the loan officer.

Document Verification

Once submitted, the verification team reviews the application and may request additional documents. This step typically takes 2-3 business days.

Disbursement

Upon approval, funds are transferred directly to the applicant’s bank account within 24 hours. For business loans, disbursement timelines may vary based on documentation completeness.

Customer Support and Contact Information

Piramal Finance offers dedicated support through multiple channels:

• Helpline: Available Monday to Saturday, 10 AM to 7 PM.
• Branch Network: Over 50 branches in major Indian cities, including Mumbai, Delhi, Bangalore, and Hyderabad.
• Online Chat: Real-time assistance on the official website.
• Email Support: [email protected]

Customers can also download the mobile app for instant loan tracking, repayment scheduling, and policy management.

Why Choose Piramal Finance?

With a strong reputation for reliability and customer-centric services, Piramal Finance stands out in India’s NBFC landscape. Its transparent policies, quick disbursement, and flexible repayment plans make it a preferred choice for individuals and businesses seeking financial solutions. Whether managing unexpected expenses or funding business growth, Piramal Finance provides tailored products to align with diverse financial goals.