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Financial food for thought
Life is unpredictable. You may have planned your monthly budgets, investments, retirement funds and more, but suddenly out of the blue life throws a curveball at us. There are plenty of situations in life, where emergency loans become necessary. A medical emergency in the family, immediate home repairs after the monsoon season, vehicle repairs after an unexpected accident, a sudden trip with friends – are some of the many circumstances, where we require cash fast.
One avails loans to meet various needs in life, like home loans, vehicle loans, personal loans, education loans, business loans and so on. A major responsibility is then to repay these loans. One can go for the more common ‘repayment throughout the entire loan term’ or a few opt for ‘Prepayment or Foreclosure of their loans’.
Large scale industries have never had any difficulty in securing credit for their enterprises, because of the perception that they offer the highest employment opportunities to the general population. It is shocking to find out that, large industries employ only 1.25 crore people countrywide. It is the small scale industries which falls under the unorganized sector that employs around 12 crore people in the country.
The home is where the heart is! This statement holds true and that is why everyone likes to own a beautiful home, with the best fittings and interiors, etc. Many a time it so happens that while going in for home individuals like to be on the conservative end due to the exorbitant cost of owning a home that they do not factor in the cost for the home beautification. The need for beautification or improving a home may also come up a few years down the line, after the purchase of the house.
The SMILE initiative from SIDBI was introduced to give a boost to the ‘Make in India’ campaign. This scheme provides soft term loans to MSME enterprises to meet the debt-equity ratio for their establishment.
The National Minorities Development & Finance Corporation (NMDFC) has numerous financial funding schemes in place to encourage entrepreneurs from the Minority population in setting up their business units. One such scheme is the Term Loan Scheme – Credit Line 2 under the Self Employment Lending Scheme.
Investment in real estate provides a sense of security to many. Moreover, land is limited in supply so there is always a demand for it. But it is quite an illiquid investment which you cannot get money out of your investment in a real estate property as and when you want.
The father of our nation, Mahatma Gandhi, believed that national wealth would be created only by developing and promoting small-scale industries. True to his economic beliefs, the Micro, Small and Medium Enterprises (MSME) sector plays a huge role in offering employment to millions of people and contributing to the GDP of the nation.
India is a nation of small businesses. From small neighbourhood Kirana stores to cottage industries and other local businesses – small enterprises play a crucial role in the Indian economy. According to reports by the Ministry of Micro, Small and Medium Enterprises, small businesses contribute to 30% of the overall GDP of the nation and employ more than 100 million people.
Technology plays a crucial in the success of small enterprises, especially in the manufacturing sector. To make products that meet global and national standards, micro, small and medium enterprises have to invest in machinery and equipment.
MSMEs (micro, small and medium enterprises) are the backbone of the domestic economy and play a crucial role in employing a large sector of the population. Despite their contribution to the nation’s growth, MSMEs have a hard time raising business capital.
As the name implies, working capital loans are used to finance the day-to-day operations of a business. Unlike long-term business loans, working capital loans are generally short-term, usually around 6 – 24 months.
Financial emergencies are almost always unpredictable. These can strike anyone at any time without warning. The situation could be even worse if they strike and you don’t have sufficient personal finance to take care of the emergency. Thankfully, with the availability of short-term loans, you can manage the situation relatively quick.
While good credit score can make you eligible for multiple loan and credit card offers, bad credit can have a negative impact which may prevent you from getting all these credits. However, getting a loan with bad credit is possible if you know where you look for it.
With the festive season on everyone’s minds, there are finance companies who are looking forward to giving consumers a treat. With people looking for the perfect loan with the best interest rates, there are banks who are willing to give out the best deals where they can save money on their loans.
Ahead of festive seasons, it is impossible to avoid the advertisements from lenders, offering loans for shopping and various other needs. Many await this opportunity to grab the best offer to buy a home, car, jewels, etc.at low interest rates.
Providing financial security for the elderly people is one of the main duties of the Government for which there have been several pension schemes launched for both organised and unorganised sectors.
Short-term financial emergencies often pop up, and they are inevitable. Gathering funds instantly at such circumstances could be hard especially when you must apply for a loan from a bank or an NBFC.
The importance of credit in our lives cannot be over-emphasized. Do you dream about possessing the latest SUV in the market, a degree from the best university or a home conveniently located near your work and with all amenities that would make your life easier? Do you realize that it is very difficult to purchase any expensive asset as mentioned above without the help of a loan?
It is a well-understood fact that credit has assumed an important place in our life. Credit helps us own assets that are difficult to own just out of savings. In addition, it also aids us to tide over emergency situations. Loans and Credit Cards are two important types of credit available in the credit market (for individuals).
Credit score is no longer that unknown number which individuals are not aware about. These scores have gained a lot of popularity in the recent past, with more and more number of financial literate checking their credit score. However, we might have many more who are yet to realize the importance or know what the credit score stands for.
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