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Amazon in association with ICICI Bank launched Amazon Pay ICICI Bank Credit Card that makes your shopping more rewarding by providing a reward rate of up to 5% if you are an Amazon Prime member.

You can pay your IndusInd credit card outstanding bills online anytime from the comforts of your home or office. You would just have to go to IndusInd bank official website and follow a few steps for making a payment online

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.

Any Indian citizen 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 needing credit up to Rs. 10 lakhs can approach either a bank or an NBFC for availing a MUDRA loan under Pradhan Mantri MUDRA Yojana(PMMY). The terms and conditions of your lender would have to be followed for availing a loan under PMMY. 

A steady income is important to get any kind of loan and in case you are unemployed, there are still ways to qualify for one. If you are in need of a quick loan, a gold loan will be a good choice. You would just have to pledge your loan as collateral and get the funds you need. Unemployed students wanting to pursue higher education can take an education loan by signing a co-applicant or by pledging collateral. The future income of the student is taken into consideration while when the loan is granted.

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.

A credit score is a 3 digit number that represents the evaluation made on a person's capability to repay loan amounts and other debts like credit card payments. Credit bureaus like CIBILTM, Experian, Equifax, CRIF HighMark provide credit scores that are calculated based on their credit history. Having a good credit score is a must as banks and NBFCs provide you the top credit cards or loans based on your credit score.

Tags:GST

When it comes to GST, there are both positive impacts and challenges that are faced by small and medium enterprises. If a business operates across different states, your business would have required VAT registration, before GST was introduced. Different tax rules in different states incurred high procedural fees. With the introduction of GST, starting a business as well as expansion has become easier, which is an added advantage for SMEs.

Monitoring your credit score doesn’t reduce it. Accessing your credit report doesn’t have any affect on your score. Reviewing your credit score is a soft inquiry. A soft inquiry is made by lenders to check if you are preapproved for a loan or credit card offer, or if a potential employer wants to check your credit report. These inquiries are made with your permission and will not affect your credit score.

Tags:GST

GST (Goods and Service Tax) has a direct link with your working capital and can impact your business's liquidity. With the introduction of GST, inventory management has seen a big change. Earlier, companies had warehouses in each state to avoid cross border taxation costs. Upkeeping all the warehouses would have been cumbersome, with all the different tax structures. Since GST has been introduced, the companies only have to maintain 4-5 warehouses to fulfill demand across all the states in the country. When the goods are moved, they don’t have to pay taxes every time they cross the border. This will save a lot of working capital.

GST is an indirect tax that is levied on goods and services. Business loans have become expensive after the implementation of GST. This is because the GST is levied at the rate of 18%. Thus, the processing fees of these loans make it expensive for borrowers.

High NAV Guaranteed Plans are products that investors see as a safe investment equity product. These funds help investors to get the highest returns from the stock market in the long run. These schemes are structured in such a manner that the collected funds can be invested either in equities or in debt instruments. As per the stock market conditions, the funds will be shifted into debt or equity portfolios.

Tags:Loans

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. 

You can get a credit card with a salary of Rs. 12,000, but you would have limited options. Each lender would have their own criteria of qualifying for a credit card. Lenders would want to know if you will be able to pay your credit card bills on time every month. To know about your repaying capabilities, your credit history will be checked. Having a good credit background would get you better chances of qualifying for a credit card even though your choices may be limited. But having a bad credit background can bring down your chances of getting a credit card.

You can get a credit card with a salary of Rs. 10,000, but you won’t have a wide variety of options when it comes to picking the credit card you want. You might not even be able to get a credit card from a specific lender that you prefer. Only a very few lenders will have credit cards for people who have a salary of Rs. 10,000. Apart from your salary, your credit history will also be checked, if you want to qualify for these credit cards. If you have a good credit score, you have a better chance of getting approved for a reasonable credit limit. 

Personal loans are easy to avail and you wouldn’t need to pledge collateral as they are unsecured loans. Due to this reason, these loans have comparatively high interest rates, when compared to secured loans like home loans and gold loans. The loan amount that you get approved will depend on different factors: your monthly salary, your credit score, your repayment capability, etc. A lender will want to know your monthly salary, so that they have an assurance that you will make your monthly EMIs without any delays or difficulty.

There are a few factors that will be taken into consideration before you qualify for a personal loan. One of the main criteria that will be checked is your monthly salary. The minimum monthly salary you would need to apply for a personal loan will be approximately Rs. 15,000. People who have a salary below that might find it difficult to qualify for a loan. They might have chances of qualifying, but might not get high loan amounts and would have to pay higher interest rates. But banks usually prefer borrowers to have a monthly salary of Rs. 25,000.

Starting to save for the long haul is important. It’s better if you start planning for your future financial needs as early as possible. If you start early, you will be able to save more and create a good corpus amount that you need for your retirement. Financial planning should be kept separate from short term and medium-term goals, such as buying property or for the education of your children. You have to estimate how much you would need for your retirement and separate your savings from short term and medium term spends. 

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