CreditMantri Finserve Private Limited
4th Floor Sudhama, 36 Vijayaraghava Road,T Nagar, Chennai, Tamil Nadu 600017
Have any queries? Click here for more details
All written queries will be responded within 1 working day.
We'd love to help you through every step along the way.
Is your Credit Score >750?
Post your credit related queries and find answers from our experts
Personal loans can be availed by self employed people even if they fail to submit their income proof. Lenders would be willing to provide you secured loans where the applicants would have to submit collateral, for example, property documents to the lender. It’s always better to apply with a lender who you already have opened accounts with, as this will be helpful for you to negotiate for lower interest rates and higher loan amounts.
To create more job opportunities in the MSME sector, the MSMEs will be defined in terms of turnovers instead of the investments put into the business. MSMEs are classified into two categories - Manufacturing enterprises, Service enterprises.
When you are making a purchase the final cost will come along with a GST amount. You can claim input tax credit on the GST paid on the purchases that you make. So when you are purchasing machinery for your business, you would pay GST in addition to its original price. This GST can be claimed as credit in the same way as inputs. But you cannot claim input tax credit if you claim depreciation on the GST paid while purchasing the capital asset.
Goods and Service Tax (GST) is paid by the consumers for the products or services. But the GST will be remitted to the government by the businesses who are providing you with those products and services. This GST will be included in the final price that is to be paid by the consumer and then is passed on to the government by the seller. This system is adapted across the whole country, which means a single tax rate is applied. The objective of introducing GST in India was to eliminate tax on tax(double taxation).
MSME registration is not mandatory but registering will help you reap benefits from the government which include getting credit at low interest rates, incentives on products for export and many other benefits. To make sure that the MSME sector doesn’t get affected by competition in the market, the government has given exclusive rights to manufacture certain products only to this sector. This is called the reservation policy.
Bonds are fixed income securities in which the investor loans the money to an entity such as Government or Corporate companies. The investor can buy the bonds at a fixed or variable interest rate. Most of the bonds by the Government of India are offered at fixed interest rates. The money borrowed from the investor is used for government projects such as raising infrastructure for various sectors and expanding business by the companies.
Managing your finance like anything takes time to understand and improve on. It requires total commitment and financial discipline to master your finances. Here are a few tips to manage your finance effectively.
Financial managers take care of the financial health of an organisation. They produce financial reports, direct investment activities and develop strategies and plans for the long-term financial goals of an organisation. Financial managers monitor financial details that meet legal requirements of the company.
Finance is a field that promises greater earning potential in a wide range of industries. There is an increasing demand for finance professionals across all areas despite the economic slow down. If you are a person interested in business management and accounting, finance can be a right choice for you.
When it comes to financial instruments there are home loans, business loans, overdrafts that are all widely used by borrowers needing finances. There are also borrowers in the market who have unique requirements and will need more complicated financing instruments. Structure finance is a financial instrument which is used by big financial institutes or companies with financial needs which cannot be satisfied by conventional financial products like normal loans. Traditional lenders do not offer structured finance such as Collateralized Debt Obligations (CDOs), Collateralized Bond Obligations(CBO), etc.
When banks turn down your home loan application, you may want to look for some other source for funds to buy the house. On such occasions, you can also request your seller for the financing. Real estate owners who are unable to sell a property also provide such options to home buyers who will return the money as per the agreement.
There are different types of cars in the market. You can buy a car based on your financial capability. Most people purchase a car on financing which lets them buy their favourite vehicle even if they do not have sufficient money. Financing a car means that you are borrowing money from a financing company or a private lender to purchase a car from a car dealer or a private party. The borrowed amount has to be repaid with interest at an agreed installments.
You walk into a car showroom to buy a car. Let’s imagine, you only have half the amount of the value of the car. The car dealer may now ask if you would like to go for car financing for the remaining amount which can be repaid month-on-month at an agreed interest rate and tenure. The car financing is provided by banks, NBFCs and other private lenders. In some cases, the manufacturers themselves provide car financing for the buyer.
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.
Interest rates on MSME loans are between 8.30% and 16.25%. Depending on your lender there will be a limit on the maximum loan amount or some lenders wouldn’t have any such limits. Interest rates will also depend on your credit score. With a good credit background you will be able to get good interest rates and high loan amounts. Your lender would want to make sure that you have a good repayment capability, so that they are assured that you will be able to pay back the EMIs on time.
There are both negative and positive impacts on small businesses when it comes to GST. But when it is considered for the long term, GST has a positive effect. The GST payable is split into SGST, CGST and IGST, but only one single registration is required for all of them. GST registration also doesn’t need physical paperwork as most of the uploads can be managed online and digitally signed.
MSME loans are offered to Micro, Small and Medium Enterprises by financial institutions like banks and NBFCs. MSME loans can also be lent by the government with the help of various schemes like MUDRA loans, CGTMSE, PMEGP, etc. These schemes help upcoming entrepreneurs start a business and can also help businesses who want to expand.
If you are an Indian citizen having a business plan for a non-farm income generating activity, you are eligible for a MUDRA loan. The manufacturing sector or the service sector needing loans up to Rs. 10 lakhs can get a MUDRA loan under Pradhan Mantri MUDRA Yojana(PMMY). The age limit for applying for a MUDRA loan is between 23 and 28 years. The applicant should not be more than 65 years of age, when the loan matures. There might be terms and conditions that your lender would want you to follow.
There is no MSME registration fee, which was has been clarified by the Ministry of MSME. The Udyog Aadhar Memorandum is the official website to sign up your business. The registration process is simple, but if assistance is necessary they can get help from their respective District Industries Centre. The registration is not mandatory, but by registering you will be able to get a lot of benefits.
Before applying for a MUDRA loan, it’s always better to check the eligibility criteria with as many lenders as you can. After checking, apply for the loan with the lender who can provide you with the best loan offer and fits your eligibility. If at all your loan proposal gets rejected, you can figure out why and work towards correcting what went wrong. For example, if your credit score is not what your lender expects, you can try to improve your score.
Indian citizens having a business plan for a non-farm income generating activity is eligible for a MUDRA loan. Businesses from the manufacturing sector or the service sector with loan need up to Rs. 10 lakhs can approach their respective lenders for availing a MUDRA loan under the Pradhan Mantri MUDRA Yojana(PMMY). While the age limit set for applying for a MUDRA loan is between 23 and 28 years, the person should not be more than 65 years of age when the loan matures. The terms and conditions of your lender would have to be followed for availing a loan under PMMY.
Get low interest loans & Lifetime FREE credit cards
Get customized Credit Health Report
Improve your creditworthiness
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.