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Refinancing your house, that is, transferring an existing loan to another lender can help you get the best interest rates and better terms of repayment. You would have to meet a few conditions like you should have paid at least the minimum number of EMIs and the property must be ready to occupy or already occupied.

The EMI holiday is applicable for both the principal of the loan amount and the interest. The moratorium will not provide a waiver and the interest will continue to accrue on your EMIs during this 3 month period (from March 1,2020 to May 31,2020) and it will also get added to your outstanding amount. If you have already made payments for the month of March, the EMI holiday will only benefit you for the months of April and May.

The government started the MSME scheme to promote small scale industries with their businesses. Only manufacturing and service companies can register and get benefits provided by the scheme.

People who are employed and have a good credit score wouldn’t have a problem of availing any kind of loan. With a high credit score they would even be able to get low interest loans and high loan amounts. But lenders options are limited when it comes to self employed people. But there are lenders who will be willing to provide funds for your business. A Personal loan is an easy way for a self employed person to procure money for his/her business. As long as you have a good credit score your lender will trust you to make the repayments on time and thus lend to you. These loans are also collateral free.


Small Industries Development Bank of India (SIDBI) and Franchise India has been collaborating to provide financial support to established franchisors as well as to start-up franchisors. This collaboration was started as a funding initiative to help entrepreneurs make franchising models of businesses, which are less intimidating. SIDBI is an institution that helps franchisors procure funds for their business. NBFCs would also be willing to lend to businesses who need funds to expand.

GST is not applicable on loan interest. Before the introduction of GST, service taxes were levied on loans. The rate of service taxes were 15%, whereas the rate of GST is 18%. As there was a 3% increase due to the change in the tax scheme, some people might have assumed that interest rates would also be affected. But GST is not levied on EMIs of the loan or on the payment of interest on the loan. It will be levied only on the processing charges and other charges that your lender would be charging you.

Lenders would want an assurance that you would be able to repay your loans. So they will check your monthly income, to determine whether you’ll be able to pay back your loan in instalments on time. Since unemployed people wouldn’t have an income at the moment, it would be hard for lenders to judge their creditworthiness. And thus getting loan approval without having a job becomes nearly impossible. But payday loans are loans that are not provided by conventional lenders and these lenders grant you loans without credit assessment.


People with unstable jobs or source of income can opt for an unemployed loan. However, the credit terms will be different for an unemployed loan as compared to loans provided to people with a regular income. An unemployed person can avail one of the below loans to start a new business that will generate regular income.


People with unstable jobs or source of income can find it difficult to get an instant loan; instead they can opt for an unemployed loan. However, the credit terms will be different for an unemployed loan as compared to the loans provided to people with a regular income.

GST will not affect your loan repayments. Before the introduction of GST, service taxes were being levied on loans. The rate of service taxes were 15%, whereas the rate of GST is 18%. People might think that the EMI costs will be affected because the rate of GSTs increased by 3%. But GST is not levied on repayment of the loan or on the payment of interest on the loan. It will be levied only on the processing charges and other charges that your lender would be imposing, excluding the repayment amounts and the interest amounts. Charges like the loan processing charges or the prepayment charges.

If you are applying for a MUDRA loan, you would need 2 years of Income Tax Returns(ITRs) to be submitted as proof. While applying for a business loan, your eligibility and quantum of the loan would depend on your income which is established through filed ITRs. ITRs give you a detailed picture of your total income and the taxes paid during a year. 

Pradhan Mantri MUDRA Yojana is a scheme that was launched by the Prime Minister of India for providing loans to micro enterprises. This scheme is aimed to increase the entrepreneurial activities of small businesses. These loans are classified as MUDRA loans and are given by commercial banks, NBFCs, MFIs etc. To avail a MUDRA loan you can approach your lender or you can apply through an online portal called UdyamiMitra. Under PMMY, MUDRA has created three products: Shishu, Kishore and Tarun.  

The Pradhan Mantri Mudra Yojana(PMMY) scheme doesn’t provide subsidies for any loans availed. However it would be an exception, if the loan proposed by the applicant is linked to a government scheme and given a government capital subsidy. This will be eligible under the PMMY. A subsidy is money provided by the government to a business. The price of the product made by the business will be reduced. And this will be done for the welfare of the society. 

The Pradhan Mantri MUDRA Yojana (PMMY) provides loans to small businesses for a maximum amount of Rs. 10 lakhs. You can apply for a MUDRA loan either directly from any bank, NBFC, MFIs, etc. Borrowers also have the option of applying through an online portal. To apply for a MUDRA loan you would need to keep your necessary documents ready before approaching your financial institution. Fill in the loan application form and submit it to your lender. The Shishu scheme covers loans up to Rs. 50,000 for startups. Kishore scheme covers loans up to Rs. 5 lakhs for established businesses. Tarun scheme covers loans of up to Rs. 10 lakhs for well established businesses who are eligible.

Applying for a loan while being unemployed might not get you high approval chances for the loan you are looking for. Lenders would need to see a source of income, so that they will have an assurance that you will make your payments on time. Having a guarantor will give you a better chance of qualifying for the loan. But even though if you don’t sign a guarantor you can always go for a secured loan.


The loan amount you can get depends on the type of loan you want to avail and it also depends on the lenders criteria. When it comes to personal loans, the approximate maximum amount that you can borrow will be Rs. 140000. Personal loan interest rates are always higher compared to the interest rates of other loans and the repayment period would also be shorter. So, generally, lenders resort to providing lower. 

A loan is itself a debt. To pay off your existing debt, taking a loan can increase your debt burden as a loan comes with interest payment. However, it also depends on the type of debt you have at the moment. For example, in case you want to consolidate all your debts and pay off as a single one, you can opt for a debt consolidation loan. This can help you make a single payment each month to one lender. However, you need to compare the interest rates on existing loans and the new loan. Higher interest on new loan means higher repayment.


Every lender has a set of eligibility criteria that borrowers must meet to get a loan. While salary and good credit score are the major criteria, the lender also prescribes a minimum income requirement, which may vary among different lenders. Although Rs. 16,000 will qualify with certain lenders, some may not approve your loan application especially if you live in metro cities. You need to check with the respective lender about the details. 

Most of the banks and NBFCs provide MSME loans to Micro, Small and Medium Enterprises. The interest rates on the MSME loans range from 8.50% to 17% depending on the business profile and internal policies of the lender. The best bank for MSME loans can be the one that caters to your requirement at lower interest rates. It purely depends on your business credit profile and the lender’s policies. The following are the interest rates offered on MSME loans by various lenders.

Yes, a housewife can get a state pension by signing up for ‘Atal Pension Yojana’ which was launched by the government in 2015. The scheme can be availed by all citizens, including housewives between the age limit of 18 to 40. The subscriber should have a savings account which will be linked to the pension scheme. The premium can be paid from the savings account through an auto-debit facility or other payment methods.

For all types of loans (secured and unsecured), the applicant must show proof of income so that lenders can evaluate your repaying ability. Although a housewife works hard for the family’s well-being, she is still treated as a non-earning member. Despite this, there are options to become eligible for loans.

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