Urban Money

Piramal Housing Finance Business Loan

Piramal Housing Finance
4.5

Having the services of a no-collateral loan can take care of all these concerns, whether it be the urgent requirement for the installation of new machinery or the past-due payment to your suppliers. We are aware of the downtimes in business and the consequent requirement for business financing. For this reason, we provide you with a non-collateral loan that ranges from INR 3 lakh to INR 10 lakh. The same's 36-month term of employment. This could be the best deal for you if you're looking for a small business loan.

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Business Loan Banks

Interest Rate

Processing Fee

Rating

Loan Amount/Tenure

Piramal Housing Finance Business Loan Interest Rate

Piramal Housing Finance

17%

Up to 4%

4.5

₹25L

Details

Features & Benefits of Piramal Housing Finance Business Loan

Formerly known as Dewan Housing Finance Corporation Limited, Piramal Housing Finance is an established housing finance corporation that also offers various financial products and services. One of their niche products includes the business loan, which allows companies to procure funding opportunities with reasonable interest rates and conditions. Piramal Housing Finance Business Loan helps with the opportunity to use financial assistance to balance business crunches and funding issues. Moreover, getting hands-on machinery, paying employees' salaries, expanding business, etc., can be met with immediate fund disbursal with the Piramal Housing Finance Business Loan.

Loans are not an easy product to design. Banks need to consider many factors, including profitability, customer satisfaction, and so on. Piramal Housing Finance business loan has been designed with various features and benefits to suit the needs and requirements of business owners so they can fulfil their financial goals. Here are some features and benefits of the Piramal Housing Finance business loan.

  • Loan scheme that suits an array of borrowers. This loan scheme is ideal for varied borrowers, including self-employed professionals, future business tycoons, self-employed non-professionals, etc. 
  • Easy and simple loan application procedure. 
  • Facility to apply for a loan online while a customer relationship agent assists the borrowers at their doorstep. 
  • Lucrative loan amount as per the eligibility of the borrower. 
  • Fast customer query address system that assists borrowers with their questions and doubts anytime.

Eligibility Criteria For Piramal Housing Finance Business Loan

With lucrative business loan options, customers are also required to meet certain standards set by the financial institution. These requirements must be met before applying for Piramal Housing Finance business loans. The eligibility criteria for procuring the loan are as mentioned below:

  • The minimum age for the applicant should be 23 years, while the maximum age should be 65. 
  • The acceptable self-employed professions are qualified doctors, CA, and Architects.
  • The acceptable self-employed non-professionals can include Business Owners, Proprietorship, Partners of Partnership firms, and Promoters/Directors of Closely Held Private and Public Limited Companies. 
  • The business should be up and running for at least four years. 
  • Applicant should have at least one property registered in their name. It could be residential or commercial.

Piramal Housing Finance Business Loan Interest Rates

Piramal Housing Finance Business Loan comes with reasonably competitive interest rates that are easy to understand and repay. The housing finance corporation puts efforts into easing customers' need for loans by ensuring that the rates are not excessive and don’t burden borrowers in repayment. This enables the customers to enjoy the benefits of the loan while receiving top-notch customer service. Given below are the Piramal Housing Finance Business Loan Interest Rates.

  • For self-employed borrowers, Piramal Housing Finance Business Loan starts at 17% per annum. 

Factors Affecting Piramal Housing Finance Business Loan Interest Rates

Interest rates are generally set with certain parameters in mind. Financial aiding corporations have various regulations to adhere to while deciding how much they should charge their borrowers for the loan sanction. These regulations also need to be in balance with the market rates not to lose customers. Lastly, it is the borrowers’ profile that influences banks to quote interest rates in a way to match the risk factor.

Some factors that affect the Piramal Housing Finance Business Loan interest rates are mentioned below:

  • Minimum rate standard given by central banks. 
  • Competition in the market.
  • Nature of business of the borrowing company. 
  • CIBIL rating of the company.
  • Performance of the businesses.
  • Whether or not the business has a profitable startup idea.
  • History of the business in terms of repayment of loans. 
  • profit generation.

Piramal Housing Finance Business Loan Fees and Charges

Applying for a Piramal Housing Finance business loan comes with fees and charges that the borrowing company has to bear. These charges primarily include processing fees, default charges, penalties, etc.

Below are the particulars that a customer needs to know before applying for a Piramal Housing Finance business loan.

Schedule of Fees & Other Charges Details
Processing Fees Processing Fees upto 4 % of 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 NA
Prepayment charges 5% of Principal amount being repaid + applicable taxes
Part Payment Charges 5% of Principal amount being repaid + applicable taxes
Cheque Bounce Charges ₹ 500/- + applicable taxes
Collection pickup charges Rs. 250 per visit + applicable taxes
Any Legal cost/charges At actuals + applicable taxes
Recovery related charges At actuals + applicable taxes
Stamp duty charges At actuals + applicable taxes
Statutory Charges At actuals + applicable taxes
Loan Repayment Schedule (only applicable for physical copy of statement) ₹ 500/- + applicable taxes
Change of Loan repayment mode ₹ 500/- + applicable taxes
Duplicate No due Certificate issuance charges (only applicable for physical copy of statement) ₹ 500/- + applicable taxes
Statement of Account (only applicable for physical copy of statement) ₹ 500 + applicable taxes
Cash collection charges 1% of collection amount of Rs.50000 and above in cash + applicable GST
Charges for Copy of any Document ₹ 500/- + applicable taxes

Documents Required for Piramal Housing Finance Business Loan

All businesses, small or large, must produce a few mandatory documents when applying for a business loan. While a PAN card is essential, the other documents required for getting sanctioned Piramal Housing Finance business loan are listed below:

  • Application form with passport-size photographs. 
  • Identification proof can include an Aadhaar card, passport, voter ID card, or driving license. 
  • Proof of Income can include a bank statement of the past six months of your primary bank account and the latest ITR.
  • Proof of residence can include Utility bills-monthly electricity bills, telephone bills, Aadhaar, passport, driving license, or voter ID Card.
  • Co-applicant should be either the spouse or first blood relatives. Other than that, they can be partners, directors, or shareholders.

EMI Calculation For Piramal Housing Finance Business Loans

EMIs are precalculated monthly payment plan which has to be paid by the borrower on a timely basis. Consequently, this becomes important for a borrower to get acquainted with the figures based on their borrowing as it can help them plan their finances. There are a few ways to make the calculation. They are as follows:

Online EMI Calculator 

Make use of the online Business Loan EMI calculator tool, which is an easy way to calculate the monthly payment plan. One has to provide the loan amount, interest rate, and loan tenure for the tool to compute the EMI breakdown. The tool is available online on various websites, including Urban Money, which provides users with an easy and hassle-free interface. 

Manual

If a borrower refuses to use the online calculator for EMI calculation, they can use the following formula to do the required calculations. However, this is a time-consuming process and is prone to errors.

EMI = P x R x (1+R)N/ (1+R) N - 1 Here,
  • ‘P’ represents the loan amount
  • ‘R’ represents the interest rate
  • ‘N’ represents the tenure

Microsoft Excel 

A borrower can get the desired result by inputting the ‘PMT’ formula in an excel file. Once the formula is in place, the borrower must enter the data in the below-mentioned variables.

  • "Rate" for the interest rate
  • "NPER" for the loan tenure
  • PV is the primary borrowing amount.

Ensure to input these details with the parameters "FV" and "Type" set to 0 and 1, respectively.

How does Piramal Housing Finance compare with other lenders?

Various lenders offer business loans to their customers. However, it is prudent to look around the market for business loan interest rates to be aware of the prevailing trend. An applicant must go through each company and select the one that caters to their needs the most. While the Piramal Housing Finance business loan comes with a minimum of 17% interest rate, here are some other lenders and their interest rates.

Bank or NBFC Offering Business Loan Interest Rate (P.A.)
Poonawalla Fincorp Limited 15% - 28%
HDFC Bank 10.00% - 22.50%
Axis Bank 14.65% - 18.90%
IDFC First Bank 14.50% onwards
Kotak Mahindra Bank 16% - 19.99%
Fullerton Finance 17% - 21%
Bajaj Finserv 15% - 24%
RBL Bank 17.50% - 25%
ICICI Bank 17% onwards
Tata Capital Finance 19% onwards
NeoGrowth Finance 19% - 24%
Hero FinCorp Up to 26%

Piramal Housing Finance Business Loan Customer Care Number

Piramal Housing Finance strives to provide the best customer service possible. They have set up a few options for customers to get in touch with them. They are as follows:

  • Registered Address: 601, 6th Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, Opp. Fire Station, LBS Marg, Kurla (W) Mumbai MH 400070
  • Email - customercare@piramal.com
  • Toll-Free: 1800 266 6444 (This is available from 9:30 am to 6:00 pm except for Sundays being closed) 
  • Branch Visit - Timings are from 10 am to 4 pm (Monday to Saturday. All Saturdays are working except first Saturday). The first Friday is open from 10:00 am to 1:30 pm.

FAQs

From refinancing to reducing your interest, we have the answers right here.

What is the interest rate of a business loan in Piramal Housing Finance?

Piramal Housing Finance offers its customers business loans at a starting interest rate of 17%.

What are the benefits Piramal Housing Finance Provides on a business loan?

Piramal Housing Finance offers business loans with a simplified application process, fast disbursement, timely customer service availability, and affordable interest rates.

Does Piramal Housing Finance have a fixed interest rate on a business loan?

Interest rates for Piramal Housing Finance business loans are fixed. However, depending on the borrower’s profile, there can be negotiations possible. Moreover, users have the provision to repay the interest flexibly.

How to check the business loan Status in Piramal Housing Finance?

Customers can contact the Piramal Housing Finance customer care, which is available on toll-free number 1800 266 6444 (Available from 9:30 am to 6:00 pm except Sundays being closed).

Does Piramal Housing Finance Checks for CIBIL Score for a business loan?

CIBIL ratings are crucial regarding Piramal Housing Finance business loans. The ratings determine the borrower’s creditworthiness and help the lender assess the loan’s credit risk.

What is the maximum and minimum business loan amount I can get from Piramal Housing Finance?

Piramal Housing Finance offers a minimum of INR 3 Lakhs which can go up to INR 10 Lakhs.

What are the KYC documents I must submit to apply for a business loan from Piramal Housing Finance?

KYC documents that are mandatory for applicants to provide include identification documents, residential proof documents, and income proof documents.

What is the processing fee for the Piramal Housing Finance business loan?

The processing fees for Piramal Housing Finance business loan is up to 4% of the loan amount, along with applicable taxes.

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