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Financial food for thought
Personal loans are one of the easiest ways to raise cash for emergencies and other miscellaneous expenses. It's readily available to both salaried and self-employed individuals. In India, almost all commercial banks, NBFCs (Non-Banking Financial Corporations), and even digital lenders offer personal loans.
The need for emergency financial assistance can arise at any time – irrespective of whether you are in your 30s or 60s.
A line of credit (LOC) is an open-ended loan which can have multiple uses. It is a kind of revolving loan that is somewhat similar to a credit card.
A lot of individuals take loans at various junctures to meet their different financial requirements. However, when they are faced with a financial crunch during this time, there could be outstanding payments towards these loans.
Debt management is a serious task. With so many loan products in the market, it is very easy to fall into the debt trap, but true brilliance is in staying afloat. Defaulting on your loans is not a pleasant experience.
Energy efficiency and consumption of renewable energy resources have been encouraged throughout the MSME industry. The Government of India, with the objective of incentivizing such MSMEs that promote sustainable energy development, has introduced the Sustainable Finance Scheme (SFS). This scheme is aimed at providing financial aid to such MSMEs that support Environment and Climate Friendly energy consumption and production processes.
Personal loans are a swift way to procure cash for an emergency or any other needs. They have soft terms with respect to the eligibility criteria and the income range of the borrower. They are disbursed as quick as 24 hours to place the required funds in your bank account. However, such alluring financial aids always have a catch.
A personal loan is an unsecured loan taken by individuals from a bank or a non-banking financial company (NBFC) to meet their personal needs. It is provided on the basis of key criteria such as income level, credit and employment history, repayment capacity, etc.
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.
Not many realise the importance of repaying debts taken from banks, NBFCs or online lenders. It’s the primary responsibility of the borrower to make the repayment on-time. Failure to do so can result in barring you from availing any future loans when you need them the most.
A personal loan is an unsecured loan that is quite popular among the borrowers. While the personal loans are availed for varied purposes, the eligibility criteria to get the personal loan generally remain the same.
A personal loan is a popular loan option among all other loans as you can get the funds without any security. As the risks are higher for the lender in a personal loan, the interest rates are also higher. As a result, many feel it a burden to manage along with the monthly expenses. A huge sum of money is paid towards interest to the lender.
Multiple debts can sometimes cause you distress. You may yearn to get out of it as soon as possible. Debt consolidation is a great financial option that can merge multiple credit card bills and loans. This method is very effective especially when you have higher interest loans and credit card debts.
Credit is a wonderful mechanism that can allow you to do and possess assets much beyond your normal means. Understanding the evolving needs of the customers, banks and financial institutions have come up with various modifications to the way the credit is packaged and made it more amenable to the customer.
As humans, we have various needs and wants. Availability of credit is a great bonus that helps you in achieving those needs or wants much beyond what your income or savings can support. Moreover, comparable to varied needs is the availability of various types of credit, each one tailored to cater to a purpose.
A Personal loan is a flexible option to fulfil your personal needs when you are in a financial crunch. They should be borrowed for emergency fund requirements. Lenders are coming up with a variety of workable options within personal loans to make them easily accessible for the customers. You can apply for a personal loan either online or in person. But the key point is: how smartly and carefully you choose to approach a lender for a personal loan.
Time and again we have encountered situations where the defence personnel of our nation have left no stones unturned to keep our nation safe. And not to mention the hardships that they have to face due to their line of work and the conditions that they operate in. They also end up spending a lot of time away from their family.
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.
Loans or any form of credit has become an important part of our modern day life. People have moved over the attitude of fear and reluctance towards credit and are going in for more loans for meeting their needs. Loans, especially personal loans, can help you meet a variety of your needs right from catering to a personal emergency situation to planning a wedding or holiday, buying that latest gadget in the market, for house renovation, or just about anything.
Personal loans are one of the easier forms of loans that can be availed without much documentation and within a shorter processing time. Moreover, personal loans are not bound by a particular purpose like other secured loans. Any other loan like a home loan or a vehicle loan can only be availed for that particular purpose and in addition, the asset purchased out of the loan needs to be hypothecated or pledged with the lender till the loan is cleared off.
A business is established on the premises of the owner seeing value in his/ her idea and expecting growth of the same. To ensure growth of the business, there is need for funds, which could come either from the owner’s pocket or from an external agency.
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