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Financial food for thought
Loans or any kind of credit makes owning various assets easier. In addition, it can also help tide over periods of emergency or also aid during times of shortfall of cash. At present, there are loans that cater to various needs right from buying a home, a four-wheeler or a two-wheeler to funding your business or education.
The earlier generations in our country had shunned loans and credit products. However, with changing times and better income, the perception towards loans have changed. Today, individuals are no more averse towards obtaining loans or credit cards. In fact, it is viewed as a measure that help in achieving many things in life.
India is one of the largest producers of several crops and agricultural products in the world. The abundant produce requires high quality storage solutions until they reach the end consumer
A sudden financial crisis is unavoidable for anyone. Gathering funds to manage such circumstances could have been a challenge when there was no digital lending system. Today, the scenario is completely different. Technology has taken our lives to a whole new level. Getting a loan is possible within a few minutes from the moment you apply for it. Quick loan is a new phenomenon in the financial realm that has become very useful for multitudes to meet all sorts of monetary needs.
When you move into a new house along with your family members, you may need to purchase appliances, electronics and other consumer durables. When ready cash is insufficient to meet such purchases, a loan is ultimately the best solution. Targeting such customers, public and private lenders have come up with consumer durable loan that lets you buy the desired products and repay the amount in easy monthly instalments at a stipulated tenure that is convenient for you.When you move into a new house along with your family members, you may need to purchase appliances, electronics and other consumer durables. When ready cash is insufficient to meet such purchases, a loan is ultimately the best solution. Targeting such customers, public and private lenders have come up with consumer durable loan that lets you buy the desired products and repay the amount in easy monthly instalments at a stipulated tenure that is convenient for you.
The start-up scene in the Indian Economy has seen a lot of activity over the past few years. It is estimated that India is home to about 39000 start-ups and the number is definitely growing by the day. The government has taken cognizance of the fact and has come up with various programs and loans to encourage entrepreneurship. As the start-ups are spread over a number of areas and sectors, the government has also come with many sector-specific and generalized loans.
Entrepreneurship is the buzz word of late. Having seen runaway success of many home-grown companies like Flipkart, PayTM, Zomato and BookMyShow, many individuals look forward to tread the path of entrepreneurship. Though ideas may be in abundance, every enterprise requires funds to move on and grow.
Over our lifetime, we accumulate a number of assets which may include high-value ones like a home, a piece of land or other real estate investments; other assets like gold, vehicles; or investments like stocks and shares, etc. And in life, we face many emergencies and situations where we need money to tide through the crisis.
Establishing and running a business require continuous inflow of cash, both for long-term and short-term use. There are different avenues of financing available for a business owner depending upon their need; be it the duration of financing required, interest rate charged, the ease of obtaining the finance, etc.
Entrepreneurism is certainly on the rise in our country at the moment. Various government incentives and the conducive start-up environment is only making it easier. It is not only men, but women are also joining the start-up and small business bandwagon. To help them through this initiative, various schemes are announced by the Government, banking and other financial institutions.
Loans or credit cards in any form help you in every aspect of your daily life; be it buying assets that you cannot normally buy with your income or savings, meeting emergency situations or even building a better career.
Year 2017: Raj of Mumbai got into financial difficulties and he had availed 2-3 loans for his business. He found it very difficult to pay EMIs on all of them on time. While he somehow managed to clear of 2 of those loans, he just could not pay the third loan. After giving a lot of time, his bank agreed to settle his loan of Rs 50000 by paying Rs 40000 only.
The need for credit could arise at any moment for anyone. While availing big loans like a home loan or vehicle loan, there is some amount of pre-planning that must be done. Also, there may be individuals who are out of work due to a host of reasons like health issues, availing a sabbatical, starting a venture on their own, period of break between two jobs, or maybe have some alternate sources of income.
India, the second most populated country, has 50% of its population below the age of 25 which makes it the youngest nation in the world. If the power of youth is properly channelized, the nation will see unprecedented growth in the economic sector. Education is the basic requirement for the masses that can drive splendid growth across all sectors. Realising this, the Government of India has launched several schemes to provide education for all.
India is the second largest producer of farm products, contributing a major share in the country’s economy. However, agriculture is steadily declining with the country’s broad-based business growth. The reason for decline could also be the lack of funds for sustainability. However, the future seems promising for agriculture with the wide array of loans available from banks.
The used car market in India is booming. According to the reports, the ratio of new cars to used cars is 1:2.2, which means that for every 100 new cars sold, 220 used/pre-owned cars come into the market for sale. The annual volume in the used car market is estimated to be 4 million units, which is 50% more than new car sales.
Entrepreneurism is on the rise in India. Campaigns such as Make In India and the encouragement for startups are making the business environment very conducive. However great an idea may be, it cannot take off without monetary backing. There are many sources of funding available to a business owner.
Personal Loan is an unsecured credit and one of the easiest loans to apply. It does not need exhaustive documentation like Home loans. Moreover, personal loans can be put to use to meet any need, like taking a vacation abroad, meeting a medical emergency, as a down-payment for a home loan, or even for a wedding. The terms and conditions of a personal loan are also easier and simpler to understand.
Credit score has become an integral part of our financial well-being. To be eligible for any kind of credit, a good credit score is essential. But we are humans and it is natural for us to make mistakes. Sometimes, that might cost us our credit score. Once we get into the territory of bad credit scores, getting further credit on the best terms gets increasingly difficult.
Mahesh Kurundwad, a social media analyst based out of Pune, had a lot of responsibilities at home. So most of his salary was utilized in meeting those expenses. To meet other discretionary expenses, he often went in for personal loans or used his credit cards.
To be able to own a home is a matter of great pride, hence owning a home ranks high among the aspirations for a majority of Indians. When you come to think of a home, it is the most expensive asset you own. Therefore, fulfilling the decision to buy might not be possible without the aid of a home loan.
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