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Financial food for thought
Owning a home is among the top aspirations of individuals. Investment in real estate is often for life and costs a lot, making it difficult to own them just out of your personal funds/ savings. Availability of a home loan comes as a big savior here.
Your credit score is assigned by the credit bureaus on the basis on information provided by your lenders regarding actions related to your credit cards and loans. Each action like application to a loan or card, to prompt payments on loans or credit card outstanding to the closure of the loan or cards, all of them affect your credit score.
It is the dream of majority of Indian folk to buy a house, and it is the single largest and costliest investment that anyone makes in their lifetime. After you purchase a beautiful house, it’s important that you give a complete protection to your assets against any unfortunate incidents. Catastrophic events such as a fire accident, cyclone, flood, earthquake and burglary can throw you in the most difficult situation of your life. In such circumstances, having a house insurance can spare you from the horror of rebuilding your house all over again or getting a refund for the valuable items lost.
Your loan application is rejected’- a message like this could bring a lot of disappointment especially when you need financial aid for an emergency. While there could be ways to get money, not knowing the reasons for the rejection could deter you from taking further steps to improving the chances of getting approved for your upcoming loan application.
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.
Rajeev is a middle-aged banker and has recently started using a credit card. He is a person who is wary of excessive debts and is aware of the interest charges being levied on credit card debt. And some of his family members have advised him to pay off the credit card outstanding as soon as possible, so he does not even wait for the bill date, he ends up making multiple payments during the month.
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.
There may still be a lot of individuals who do not understand what a credit score is and its importance in our lives. And there may be many more who know about credit scores but not about the role it plays. Whether we accept it or deny it, credit score does play a big role in our financial lives, unless someone manages to live their entire life without credit.
According to Global Entrepreneurship Monitor (GEM) report, the entrepreneurship levels are stable and increasing gradually across the globe. There are about 100 million start-ups launched every year worldwide. With the easy access to business loans from banks, NBFCs and online lenders, starting a new business is possible for anyone who has the determination to succeed as an entrepreneur.
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.
Credit score has taken an important place in the financial world off late. To be able to avail any kind of credit, a good credit score above 750 is essential. The requirement for credit could arise at any moment and a low credit score might have grave consequences of a loan rejection.
If you notice, you would not like to lend money or any of your personal belongings to a complete stranger as you have no guarantee over if your money or belongings will be returned or taken care of in the right manner.
Credit Cards bring in a great amount of convenience and ease in making payments, and when used carefully, they can act as a resource to help manage certain periods of cash crunch as well. Credit cards cater to various needs of the individuals, like a card specially catered for online shopping or lifestyle credit cards that reward you for spending in that particular category, etc.
Pradhan Mantri Jan Dhan Yojana is a scheme that was launched by the Government of India to ensure the financial inclusion of all the Indian citizens who do not have a bank account in India. It was a nationwide scheme that was launched in August 2014. This particular scheme aims to provide access to financial services such as banking, saving accounts, deposits, credit, insurance and pensions in an accessible manner to all Indian citizens.
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.
The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) was formerly known as the National Rural Employment Guarantee Act. This Act was notified on the 7th of September, 2005.
A credit report is an important part of any individual's financial journey. It is important because we all come across the need for credit one or the other time in life. It may be for a purchase of an asset like a home or a vehicle, to fund education, meet emergency situations like medical emergencies, funding a wedding, a holiday, or to ease the crunch at the end of the month.
There have been several schemes launched in our country to empower women to become self-reliant and independent. You may have noticed that there are special conveniences offered to women such as separate seating arrangements in public transport, special coaches in trains, reservation in jobs, exclusive scholarships, interest rate concession in education loan schemes and special insurance schemes, etc.
Rajesh is a software professional based out of Hyderabad. He had just started working and had moved to Hyderabad from his town. On his outings to the malls, there were always people asking him to apply for a loan or credit card. Without giving much thought, he applied to all that was offered to him. He even applied for loans offered over the phone or email.
Just after you finish your studies, you enter a job and start you career. Your responsibilities increase, you start to pay your bills and take care of all your expenses. On certain instances, you may have to approach a bank for a loan to manage an immediate financial obligation. Now is the time for you to become familiar with the term ‘Credit Score’.
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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