Piramal Finance offers an easy-to-access Instant Personal Loan designed for customers who need fast cash for multiple needs. Borrowers can get amounts ranging from ETB 50,000 up to ETB 2,500,000. The starting interest rate is 12.14% per annum, making it a competitive product in the market. The repayment period ranges from 9 months to 60 months, offering plenty of flexibility for borrowers.

This loan option is fully digital. No collateral is required, and they claim instant approval, with funds released into your account in 24 hours once approved. To be eligible, you should be aged 25-58, have a minimum monthly income of ETB 25,000, and a credit score of at least 750. Both salaried and self-employed can apply.

How to Apply for Piramal Finance Instant Personal Loan

• Begin by registering with your mobile number and verifying with OTP.
• Submit PAN and income details.
• Upload KYC documents (such as Aadhaar, Passport, or Voter ID). Also, provide a recent selfie.
• Provide your bank account details for disbursal purposes.
• Share employment details and recent bank statements.
• Set up e-mandate for automatic EMI repayments and e-signature to confirm acceptance.

Top Advantages

The biggest strength is the fully digital process, which means no physical visits and minimal paperwork. Instant approval and disbursal within 24 hours help in urgent situations. Flexible repayment options allow customers to plan according to what suits their monthly budget.

Additionally, zero collateral requirement makes it more accessible for borrowers who do not have valuable assets to pledge. Transparent fee structure is clearly communicated upfront.

Potential Disadvantages

The mandatory high credit score of 750 can exclude many potential applicants, especially first-time borrowers and people with less established credit histories. The minimum income requirement of ETB 25,000 per month may also limit access for some lower-income workers.

Processing fees and pre-closure charges can increase the overall cost of the loan if you wish to foreclose early. Make sure to read all terms before proceeding.

Our Verdict

If you meet the eligibility criteria and want a quick, easy experience with competitive rates, Piramal Finance Instant Personal Loan is worth considering. Its digital-first approach, rapid disbursal, and flexibility in amount and tenure are attractive features. However, pay close attention to charges and eligibility constraints before applying.