Author: SMFG India Credit

SMFG India Credit http://financenews.wordpress.com SMFG India Credit Co. Ltd. (Formerly Fullerton India Credit Co. Ltd.), is registered as an NBFC - Investment and Credit Company (NBFC-ICC) with the Reserve Bank of India, and is a member of SMBC Group. SMFG India Credit started its India operations in 2007, and is today a leading NBFC with a pan India presence. Working together with over 16,500 employees, we reach our market by connecting with around 3.2 million customers, be it in cities, towns or villages, right at their doorstep. We penetrate deep inside the market through more than 729 branches, covering 600 towns and approximately 65,000 villages.

How To Make Sure Your Personal Loan Gets Approved?

Are you planning to enrol in a professional course? Or you might have to undergo an emergency operation. In any case, a personal loan can be your saviour. You can get it instantly with minimum documents.

However, there are slight chances of your application getting rejected. When you choose the ‘personal loan online apply’ option, your application will get scrutinised. Let us look at how you can increase your chances of approval.

Tips To Increase Chances Of Personal Loan Approval

Submit all the necessary documents. Read the requirements before you apply. Make sure you do not miss out on anything. That will ensure your application gets processed faster.
Make sure you have an exceptional credit history. Whenever you take a loan, make sure that you repay it on time. That will make a good impression when you apply for a new personal loan.
Show all your income sources. Do you have a part-time job apart from your regular source of income? List all your income sources to your lender. It will increase the chances of your application getting approved.

Moreover, you also have to do your research before you apply for a loan. It will help you to get the best personal loan interest rate.

The Bottom Line

If you want to get instant approval of your personal loan, Fullerton India is your destination. You can calculate your EMI using their personal loan calculator. Moreover, you will get low interest rates that will make your instalments affordable.

Must Read: 5 Game-Changing Trends In The Personal Loan Market In India

When To Take A Personal Loan?

Personal loans are the easiest to take. There are no hassles of any collateral or a rigorous verification process. You can take a personal loan anytime. However, does that mean You will take a personal loan for indulging in luxury? Well, that is never a wise thing to do. After all, you will have to repay the money with high interest.

But personal loans are an excellent way to meet your emergency financial requirements. These days you can apply for an instant personal loan online. It will take no time to get approved, and you will receive the amount in your account. Here are some situations when you can take a personal loan.

Finance Your Higher Education With A Personal Loan

Several professional courses require a lot of money that might be difficult for a middle-class family to afford. What can be a better option to fund your course than a personal loan? You can repay the entire loan once you get a decent job offer.

Take A Personal Loan To Meet Medical Emergencies

Diseases do not come informed. If you do not have health insurance, personal loans are the best way to cover your medical expenses. You will get the money instantly so that there is no delay in the treatment.

To Meet The Expenses Of Marriage

Marriages come with a lot of pomp and show. Thus, they involve huge expenses. It is not always possible to fall back on your savings. You can go for a low-interest personal loan. You can get the lowest personal loan rates if you are ready to offer collateral.

Visit the website of Fullerton India to get a bunch of options on personal loans. The fully digital process will ensure that you do not have to wait for long.

Must Read: Here are 5 Requirements to Apply for a Personal Loan Online

How To Fund Your Startup?

Have you got a superb business idea? Well, before starting your dream business, you need the funds. It is not an easy task to finance your startup in the initial ways. But you have no reason to worry. We will guide you on how to fund your dream business and take it to great heights.

Take A Start-Up Loan

Start-up loans are an excellent way to kick start your business. You can approach a credible financial institution with your business plan and documents. If they find it convincing, they will lend you the money.

Borrow From Your Friends And Family

It is none of the most common ways to fund your startup. Your trusted friends will be more than happy to help you start your dream business. Guess what? You will not need any security if you borrow money from your near ones. However, take care to repay on time. Otherwise, it can affect your relationship.

Dig Into Your Savings

It is not the best idea. But if you have saved enough, why not use it for something fruitful? People even mortgage their assets to get loans for their business. You will start getting your returns as your business starts growing.

However, there cannot be anything better than a start-up loan. Check the business loan documents you require before applying.

Get A Start-Up Loan From Fullerton India

Fullerton India offers business loans for startups without collateral. You can take up to Rs 50 lakhs of unsecured loans, that too, with minimum documents. So, why are you still waiting? Go ahead and give wings to your business.

Must Read: Get Quick Funds for your start up loans with Fullerton India

Why Take a SME Loan From NBFCS?

Are you thinking of starting your dream business? You might be worried about the capital. Keep all your tensions at bay. Now, you can take a quick business loan from an NBFC.

An SME loan is the perfect way to begin your startup. It will provide you with the necessary funding for your small business. Moreover, it is also easy to get.

Benefits Of Taking SME Loan From NBFCs

NBFCS are Non-Banking Financial Institutions. Does that mean you cannot trust them? Well, there is nothing to worry about. They have got recognition from the RBI. Let us look at some of their advantages.

You Can Get A Loan With Minimum Documents.

You only need to register your business as an SME with the government of India. Along with that, you need your business proposal. Forget the hassle of submitting multiple documents.

Your Loan Will Get Approved Instantly

We know it is hard to control your excitement when you are starting your new business. Waiting for days to receive the funds is the last thing you want. NBFCs will approve your loan within a couple of days.

You Will Get Greater Flexibility

You can compare the business loan interest rate offered by various NBFCs. It will let you make a better decision. Moreover, you will also have several options for repayment. Isn’t that superb?

Are you still waiting? Go ahead and start planning for your dream business.

Must Read: What are the Actual Crucial Differences Between a SMB vs SME?

How To Get A Quick MSME Loan?

Micro, small, and medium-sized enterprises play a significant role in our economy. They have shown resilience in the face of constant economic downturns. So if you have an excellent business idea, you must go ahead with it.

But how will you manage the funds? Well, you can invest in your business from your savings. However, that might not always be possible. In that case, you can apply for an MSME loan. With the growing number of NBFCs, it has become easier to get one.

Steps To Apply For MSME Loans

Find Out The Purpose Of Your Loan

You might require a business loan for several purposes. Buying machinery and equipment is one of the main reasons. You have to explain the purpose to your lender.

Do Your Research About The Financial Institution

Several; lenders offer MSME loans in the market. However, you have to verify their credentials before applying. Also, check the interest rates and the repayment options.

Keep All Your Documents In Place

Keep a PDF version of all the necessary documents. You will have to upload them while submitting the application form. Keeping them ready will help you get faster approval, saving your precious time.

There you go. Now, you can complete your online application process. Do not forget to check the business loan requirements before you apply.

Final Word

Fullerton India makes it easier to start your dream business. You can get a loan of up to Rs 50 lakhs for your small and medium enterprise. Moreover, you do not require any collateral. Hurry and grab the opportunity to start your dream business.

Must Read: What is the Difference Between a Business Loan and an MSME Loan?

3 Things To Consider Before Taking Loan Against Property

You can take a loan against property by mortgaging your immovable property. It can be a house, a plot of land, or some other commercial property. Since you are offering collateral, these loans have a lower interest rate than personal or business loans. However, you have to keep certain things in mind before taking a loan against p[roperty. Let us take a look.

Check The Eligibility Criteria

Do not forget to check the loan against property eligibility before you apply for one. You will have to own some immovable property. Along with that, you also need to have a stable;e income source.

Check The Value Of Your Property

Before granting your loan, the lender will consider the current market value of your property. That will determine the amount of loan you can take. Usually, NBFCs offer around 60% of the property value.

Do Not Miss Out On Other Benefits Offered By Your Lender

Various financial institutions offer a host of value-added services to their customers. For instance, they might assist you with buying the property. Moreover, they can guide you with insurance. So, ask your lender about these additional services to enhance your borrowing experience.

Lastly, always check your EMI amount with a property loan calculator. That will help you to plan your future expenses.

Final Word

Fullerton India gives you loans against property at competitive rates. Moreover, you will get flexible repayment options. So, why wait? Start planning about your new house now.

Must Read: 6 Things to Check Before Taking a Loan Against Property

3 Things To Consider While Applying For A Two Wheeler Loan

Have you decided to buy a two-wheeler? Well, you do not have to worry about the finances. Even if you have not saved enough money, you can opt for a bike loan to fulfil your dreams. Here are some things to consider while applying for one.

Make Sure You Get The Best Interest Rates

Several lenders offer bike loans these days. Check the two-wheeler loan interest rate before applying. If you have a decent credit score and an excellent track record with your previous loans, you will get a favourable interest rate.

Do Not Borrow More Than Required

It is not a wise idea to borrow a greater amount. Keep the price of your bike in mind and take the loan accordingly. After all, taking a higher amount will require you to pay a higher interest. Moreover, you will also take a longer time to repay it.

Go For An Option With Less Processing Fees

Apart from the interest payments, there are several extra charges. It includes the processing fees, late payment, etc. You have to check the details of these additional payments before applying. Choose an institution that takes minimum processing fees from its customers. These costs often make your two-wheeler loan more expensive.

Final Word

Fullerton India offers two-wheeler loans at competitive interest rates. Moreover, you can get instant approval, that too with minimum documents. They also have no hidden processing fees. So, hurry up and get your dream bike without further delay.

Additional Read: How to Get an Instant Approval on Two Wheeler Loan Online?

Why Take A Two Wheeler Loan Online?

Are you thinking of buying a two-wheeler? You must be wondering where to get the funds. Don’t worry if you do not have enough savings to buy your dream bike. A two-wheeler loan will have your back.

Several financial institutes are ready to offer a bike loan at affordable interest rates. You require minimum documents. Moreover, you can apply for a loan online without having to go anywhere.

Benefits Of Taking A Bike Loan Online

Greater Number Of Options

Applying for a two-wheeler loan online gives you plenty of options. You can choose one according to your convenience and requirements. It will allow you to compare the features of different loans and make an informed decision.

It Saves Your Time

Forget running about with your documents to get your loan approved. Take your smartphone and apply for a bike loan with a few clicks. It will save your precious time and energy.

It Will Help Improve Your Credit Score

Bike loans are easy to repay. Moreover, it will improve your credit score. That will help you get loans easily in the future. When you take a loan of a higher amount, your lender will ask for your credit score. If you have repaid your earlier loans on time, it will make a good impression.

You can use a bike loan calculator to calculate your EMI. It will give you an idea about the amount you need to pay every month for repaying the loan.

Final Word

Fullerton India provides two-wheeler loans at competitive interest rates. Moreover, you will get instant approval of your loans. So, why are you waiting? Go ahead and get your dream bike.

Must Read: How to Get an Instant Approval on Two Wheeler Loan Online?

Take MSME Loans To Finance Your Small Business

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Small and medium sized firms contribute almost 38 percent of our GDP. Do you realise their huge potential? So if you are planning to start a small business, do not get discouraged.

But you need to have your finances in place. How will you fund your business? Taking an msme loan can be a good idea.

Benefits Of Taking MSME Loan

Low interest rates

Micro, small, and medium enterprises registered with the government of India can apply for MSME loans. You will have to pay a significantly low interest compared to other loans. You can use the money saved on some other fruitful investment.

Income Tax Benefits

An MSME loan will reduce the taxable income of your company. Hence, you can save a lot on your tax payments. Isn’t that great?

Full Control Of The Business

When you approach an investor, they will ask for a share in your business. However, taking an MSME loan will give you full control of your business. It is crucial as an entrepreneur to take your business decisions independently. MSME loans will guarantee that.

Different Options To Choose From

You can get different types of MSME loans in the market. You can opt for one depending on your needs and risk taking capacity. Loans are available to start a business, expand it, or to buy equipment.

Fullerton India offers MSME loan for new business. Your application will get approved within a couple of days. Moreover, you will get super low interest rates.

So, why are you waiting? Visit the Fullerton India website now and start planning to boost your new business.

Must Read: Here’s How to get MSME business loan approval in 59 minutes?

Manage Your Expenses With Instant Personal Loan

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Emergencies strike us when we least expect them to, so we must have a backup plan for managing our expenses. The best option you have is an instant personal loan. An easy and simple loan option that does not require any collateral, an instant personal loan allows individuals to borrow money for various reasons.

Personal Loan Features

Some of the features that make a personal loan the best option for managing your expenses are:

Fund for emergencies: Personal loan application process is simple and easy to apply for. With minimum documentation, the entire process is paperless and helps borrowers get quick fund disbursal.
No collateral: In emergencies situations, you need funds without much fuss, and a personal loan requires no collateral or security to get your loan approved.
Freedom of usage: No matter why you need the funds, a personal loan has you covered with all. Right from wedding planning, to vacation, business, medical situation, education or even house renovation, personal loan funds can be sued for any purpose.
Freedom of repayment: Personal loan is available with just a click, but the repayment tenure is completely flexible. Based on your expenses and earnings, you can choose the tenure that suits you best and repay the amount in small monthly EMIs.

Conclusion

With so many benefits, an instant personal loan is a great option for instant funds. Make sure you choose the lender wisely. It can be done by reading how to calculate EMI for a personal loan. It will help you make the right decision, without hampering your savings or financial stability.

Must Read: Here Are The 4 Best Loan Options For The Emergency

How To Apply For Personal Loan Online?

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A personal loan is an instant credit financial tool that allows individuals to borrow money for incurring all their expenses. During an emergency when you require instant funds for a wedding, vacation, medical emergency, education or any other purpose, a personal loan offers the freedom to use the funds as you please.

How to Apply for a Personal Loan Online?

Step 1: Browse to the Fullerton India website and click on the ‘Personal loan’ tab.

Step 2: On the personal loan page, read the terms and conditions and click apply for loan here: https://www.fullertonindia.com/personal-loan.aspx

Step 3: You will be asked to log in through your mobile number, which will be reverified through an OTP.

Step 4: You will be redirected to the application form of Fullerton India, where you will have to fill in the details like: Personal, professional and income. You also need to mention the loan amount you are applying for.

Step 5: You will be required to upload some documents like:

Duly filled and signed application form
Proof of identity
Proof of address
Proof of age
Salary slips for the last three months (for salaried)
Bank statement for the last six months
Income tax returns or form 16
Proof of Income / financial statements (for self-employed)

Step 5: Recheck all the mentioned details and submit the form.

Once the above process is done, your application will be analysed and based on that you will receive a call from the customer care executive, who will inform you about the loan terms.

Conclusion

A personal loan is available for both salaried as well as a self-employed individual. Based on the loan terms offered, you can pick the lender of your choice.

Must Read: Get Online Instant Cash With An Instant Personal Loan From Fullerton India

How To Choose Personal Loan Tenure Smartly?

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While a personal loan is a great tool to get instant funds, it is important to manage it properly to ensure that it does not impact your finances. For management, there are three main factors: Loan amount, interest rate, personal loan tenure. (Checkout personal loan Interest rate here)

While the loan amount and interest rate are in the hands of the lender, you can choose the loan tenure with some simple tips.

Tips to Follow While Choosing Personal Loan Tenure:

Assess your monthly budget:

One of the biggest factors which will help smartly planning the loan tenure is understanding your monthly budget. Take a note of your monthly commitments, bills and the earning, it will give you a better idea of how much EMI you can pay.

Evaluate your existing liabilities:

You must evaluate your existing liabilities, another factor, must be looked into is your existing liabilities.

Use an EMI calculator:

If you know the loan amount, the interest rate, the EMI calculator will help you in calculating the loan tenure. An EMI calculator is a key tool that must be used while choosing personal loan tenure.

Assess your financial aspects:

Whether you are a salaried individual or a businessperson, make sure to assess your monthly burden, to accommodate a higher EMI every month.

Calculate the interest cost:

Once the interest rate has been fixed, calculate your interest cost. The more the tenure, the more will be the interest you pay. So, make sure to optimise your interest cost, by using various combinations of tenure options.

Conclusion

A personal loan is one of the easiest financial tools in times of emergencies, however, it is important to maintain a strict repayment routine to ensure that it does not become a financial burden. So choose your loan tenure wisely.

Additional Read: Close your high interest loans by taking a personal loan from Fullerton India

Advantages of Registering your Business as an MSME

As per the Ministry of MSME report, the MSME sector contributes 45% of India’s total industrial employment, 95% of all industrial units and 50% of India’s total exports. Thus, the MSME sector is the backbone of the Indian economy.

You can get your business registered as an MSME if you fulfil the below criteria:

Micro Enterprise: investment less than Rs 25 Lakhs for Manufacturing and Less than Rs 10 Lakhs for service.
Small Enterprise: investment between Rs 25 Lakhs to Rs 5 Crore for Manufacturing and between Rs 10 Lakhs to Rs 2 Crore for service.
Medium Enterprise: investment between Rs 5 Crore to Rs 10 crore for Manufacturing and Rs 2 Crore to Rs 5 Crore for the service sector.

Why register as MSME?

If you are wondering about the benefits of MSME registration, then here is a list:

Avail collateral-free loans: The Government of India launched the Credit Guarantee Fund Scheme (CGS) for MSMEs, giving them the freedom to apply for MSME loan without pledging any collateral.
Lower interest rate: Sometimes, it is hard to get a secure loan for new businesses. In such cases, an MSME loan helps you get a loan at reduced rates.
Income Tax Exemption: MSME registration relieves you from undergoing audit procedures and makes your business eligible for income tax exemption.
Subsidies Offered: MSME registration makes you eligible for Industrial Promotion Subsidy, 50% subsidy for patent registration, and 1% exemption on the interest rate on overdraft.

Conclusion

Apart from the points mentioned above, MSME registration also offers several other benefits. MSME registration can be done by various business entities like Proprietorships, Partnership Firm, Private Limited Company, Public Limited Company, Limited Liability Partnership, Hindu Undivided Family, Self Help Groups, Society, Co-Operative Society, Trust, and Others.

Must Read: What are the Actual Crucial Differences Between a SMB vs SME?

How is a Loan Against Property Processed?

Loan Against Property is a form of secured loan that allows individuals to borrow money to take care of their finances. The borrower is required to pledge their property, either commercial or residential, as collateral.

Processing of Loan Against Property

The complete process of Loan Against Property is relatively simple and easy.

Step 1. Check the eligibility: The first step is to check the eligibility criteria of the loan against Property:

The applicant must be Between 21 and 60 years.
The applicant must be a salaried employed or a self-employed individual.
The credit score of the applicant must be over 700+.

Step 2. Fill the application form: If you fulfil the eligibility criteria, you can start filling the application form. In the application form, you are required to mention your details:

Personal Details: Name, Date of Birth, Address

Professional Details: Name of company, address etc.

Income Details: Salary statement

Step 3. Upload the necessary documents: Once the details have been filled, upload the required documents like:

Income Tax Returns for the last two years
KYC Documents
Form 16
Bank statements for the last six months and salary slips
Documentation about the Property offered as collateral.

Step 4. Submit form: Check all your details and submit the application form.

If your land mortgage loan application is approved, you will receive a call from the customer care executive for the loan terms being offered by the lender. If you agree to the same, your loan will be approved and disbursed directly into your bank account.

Conclusion

Whether it is a wedding, a vacation that you are planning, some medical emergency, or a course you are planning to pursue, Land Mortgage Loan is an excellent option for getting access to instant funds. You can also use the Loan Against Property calculator to choose the right lender and favorable terms.

Must Read: Know How a Loan against Property is processed? (Step By Step)

3 Reasons to Use Loan Against Property for Medical Treatment

A secured loan option, Loan Against Property, can be availed by all individuals who have a property they can keep as collateral. Whether it is a residential or a commercial property, one can pledge it as security while not losing your right over the property. In case the borrower struggles to pay off the loan and defaults, the lender can use the property to repay the loan.

You can use the property mortgage loan fund for any emergency purpose like a wedding, education, vacation or even a medical emergency.

Why opt for a property mortgage loan for medical treatment?

Quick Funds: During a medical emergency, one requires an instant loan to take care of all the expenses. In such a case, an option that offers fast approval and quick loan disbursal is your best option.
Affordable Loan terms: In times of crisis, everyone looks for an affordable financing option that might not become a burden later. Loan Against property provides a loan amount of up to 80% of your property price at a flexible property loan interest rate. It makes the loan a more affordable and convenient borrowing option.
Ease of Usage: With no restriction on the usage, a property mortgage loan takes care of all your expenses from medicine, treatment, room, surgery etc. If there are any unexpected circumstances, then the Loan Against Property takes care of it all.

Conclusion

A loan against property is offered by various lenders and based on your understanding and requirement; you can shortlist the lender providing the best property loan interest rate. You might also have to submit some documents for KYC verification, i.e. proof of age and residential address, documents of your overall income, the ownership documents of your property.

Must Read: Follow 7 Steps To Get A Mortgage Loan Successfully

What are some Unconventional Ways of Utilising Personal Loan?

A personal loan is easy to apply for and a quick approval financial tool that can be used for any purpose. With no restriction on usage, it can also be used for conventional reasons, which you might not be aware of.

Conventional ways of utilising a personal loan

Travel Planning: If you want to take a vacation to some exotic location, it may cost you a lot. To bear such expenses, exhausting your savings may be a bad idea, so this is where a personal loan for Travel comes into the picture.
Wedding: Weddings today are an exotic affair. From photography to a location to catering, everything can be taken care of with a quick personal loan online apply.
Sorting the Credit Dues: Credit cards are a popular paying option, but without a repayment plan, it may lead to piling debt. The interest charged on these dues is also very high. To ensure that your dues are sorted, a personal loan can help in consolidating your debt.
Finance Education: Whether it is your higher education or some good schooling for your kid, a personal loan will help take care of education without swallowing your savings.
Buy a new Gadget: Every day new TVs, laptops is launched, and it is important to stay updated with the latest trend. For this, it is also necessary to have loads of money to buy new gadgets. Well, a personal loan can take care of that too.

Conclusion

A personal loan can take care of all situations in your life, where you need instant funds. However, you must manage your loan wisely by using the personal loan EMI calculator online. It will help you make the right choice of loan terms during a personal loan online apply.

Must Read: Loan Against securities Or Personal Loan: Which one Is Best?

What is the Minimum Salary Required for a Personal Loan?

A personal loan is an unsecured loan that offers instant funds to individuals, that can be used for any purpose. While getting a personal loan is easy, there is an eligibility criterion, that one must follow to get the loan approved.

Eligibility criteria for personal loan apply

The applicant must be a resident citizen of India.
The applicant must be between 21 to 60 years of age.
The applicant must be either a salaried employee of a private limited company or a public sector undertaking or self-employed.
The applicant must have a minimum income, which depends on various criteria like an individual’s credit record, relationship with the bank, etc.
The applicant must be employed for at least 2 years/in business.
The applicant must have a credit score of over 700.

These are some of the criteria, that are necessary or getting a loan, but not the only one for personal loan apply. The minimum salary is an important criterion which has the following points:

For salaried individuals: If the applicants are residing in Mumbai or Delhi the minimum income must be Rs 25,000.
If the applicants are residing in some other city except Mumbai or Delhi, the minimum income must be Rs 20,000.
For self-employed applicants, the minimum yearly profit after tax is determined based on the profession/industry the applicant is working in.

Conclusion

These eligibility criteria are not just for qualifying for a personal loan, but also help in determining the loan terms. So, if you are wondering what is the interest rate on a personal loan, then your loan application will answer that for you.

Additional Read: Everything You Need To Know About Pre-approved Personal Loan

Advantages of Using an EMI Calculator for Personal Loan

Financial services have become so accessible, that personal loan is now available for everyone with just a click. However, it is important to make this decision by proper calculations and speculations to make the right decision.

For this, a personal loan EMI calculator will help you.

Personal Loan EMI calculator

An acronym for Equated Monthly Instalment, EMI consist of the repayment of the principal amount, and the interest payment on the personal loan. It is a tool that helps applicants evaluate the monthly repayable amount for their personal loan.

Advantages of EMI calculator

The mathematical formula to calculate EMI is: EMI = P × r × (1 + r)n/((1 + r)n – 1)

where P= Loan amount, r= interest rate, n=tenure in number of months.

The various advantages of a personal loan EMI calculator are:

Budget Planning: Based on your monthly expenses and earnings, you will be able to calculate your repayment capacity. The EMI calculator will help you in planning your budget, by giving an idea about how much you have to repay each month.
Helps you experiment with the factors that affect your EMI: If your monthly savings are not matching up with the monthly repayment, then you can experiment with the loan tenure, loan amount and interest rate to find the perfect fit.
Saves time: Instead of wasting time planning and calculating your finances, a personal loan EMI calculator saves you time and gives you an estimate of your expenses.

Conclusion

With the help of an EMI calculator, you can assess your eligibility to avail of a quick personal loan, the repayment capabilities, and ensures your financial wellbeing.

Must Read: 5 Reasons why you should Avail a Personal Loan Online

Questions To Ask Mortgage Lenders

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Are you thinking about taking a mortgage loan, well it may be tough if it is your first time. For such situations, these are some questions that you can ask your lender.

Questions to Ask Mortgage Lenders

What is the type of mortgage loan?

The first question would be the types of mortgage loan that the lender is offering. There are different kinds of mortgage loan like:

Loan against Property
Home loan
Leasing loan

Based on your requirement you can choose the one that fulfils your expenses.

How much can I borrow?

Once you know the loan, the second question would be the loan amount that you can borrow. Normally, if you are opting for a home loan, the loan is offered for close to 80% of the price of the property. 20% of the price has to be paid by the borrower from his/her savings

What is the mortgage loan interest rate?

You must never shy away from asking the lender the interest rate at which the loan is offered. For different lenders, the rate may vary, so it is important to ask this question and then make the right decision about the lender you want to choose.

What does the final closing cost?

If you are thinking that the principal amount is all you have to pay, then you might be wrong. The closing cost will include loan-origination fees, appraisal fees and attorney fees (if any), and many more. So, make sure to ask your ender this.

Conclusion

These are some questions that will help you understand the mortgage loan better. It will also help you in making the right financial choice for buying your house.

Must Read: A Complete Guide about What Is a Mortgage Loan and how to get?

Bike Loan Vs Buying Bike In Cash- Which one is Better?

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After the covid-19 pandemic, owning a vehicle has become a necessity rather than a luxury. In such situations, buying a two-wheeler is the best option that one can choose. It not only keeps you safe but also ensures you are not stuck in any traffic.

Are you planning to buy a bike, two options are available? You can either buy the bike with your savings or take a bike loan from a lender.

Advantages of a Bike Loan:

Exhausting your savings to purchase a two-wheeler, might not be the best option. Instead opting for a bike loan offers various advantages:

Bike loan interest rate: Lenders offer a low-interest rate on bike loans, making the entire purchasing experience convenient for the borrower. The rate of interest can also be negotiated based on your income, price of the two-wheeler, credit score and many more.
Quick Approval of Loans: With the digital age, the entire bike loan process has become simple and quick. You can apply for a loan online and get the amount in your bank account with just a few clicks.
Reduce the Burden on Your Budget: The burden of exhausting your savings is reduced, which can be later used for emergencies. You can instead pay monthly instilments through your income and enjoy your bike.
Buy any bike: Your savings might put a cap on the bike price you want to buy, but not a bike loan. At low bike loan interest, you can buy any bike of your choice.

Conclusion

Apart from the above benefits, a bike loan also offers extra benefits like insurance cover. You can also purchase your bike accessories with the loan amount. All you need to make sure of is to choose the right lender for the bike loan, which offers you the best loan terms.

Additional Read: Things to consider before choosing a two wheeler loan

Mistakes That Can Damage Your Business Credit Score

CREDIT SCORE (Businessman Checking Credit Score Online and Financial payment Rating Budget Money)

While applying for a business loan in a financial institute there are certain important eligibility criteria that one must follow. These criteria include age, profit, employer and also credit score. For verification of the data some documents required for business loan.

What is a Credit Score?

A credit score is a number ranging between 300–850 that depicts the creditworthiness of a consumer. It is based on various financial factors like credit history: number of open accounts, total levels of debt, and repayment history, and more. The higher the score, the better a borrower looks to potential lenders.

Mistakes that can damage the credit score

For a business loan apply, you need to maintain a good credit score, so you must avoid the below-mentioned mistakes.

Make Late payments: Late payment is a habit that must be avoided at any cost to maintain a good credit score. If you have taken a loan in the past, makes sure that your EMIs are paid on time, and there is no outstanding bill on your business credit card.
Provide Guarantee for Someone Else’s Loan: Being a guarantor to someone can give a huge blow to your own business if the borrower does not pay the loan back. On defaulting the credit score of both the borrower and the guarantor is impacted.
Closing old credit cards: Your credit cards help build your credit history, closing any of them erases all the associated credit history from your report. It leads to a drop in your business credit score.
Not Checking your Credit Score and Credit Report: As s business owner, you must make it a habit to check your credit report periodically to ensure there are no discrepancies or errors. This will help you in avoiding any issue in the future.
Utilising the Entire Limit of your Business Credit Card(s) : Your credit utilisation ratio also impacts your credit score. The credit utilisation ratio is the ratio of the limit used to the available limit. Lower the utilisation higher your credit score.

Conclusion

These are some mistakes that you must avoid at any cost to ensure that your loan application is not cancelled or delayed due to a low credit score.

Must Read: How to choose the best business loan for you

Why are businesses choosing MSME loans, Know the Reason!

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You probably already know that any unsecured loans offered by NBFCs to start-ups, small business owners, and woman entrepreneurs are called MSME loans. Here, the term MSME stands for the micro, small, and medium enterprise.

The MSME loan duration ranges from institution to institution. The loan interest rate depends on the profile, business experience, and the loan amount of the borrower. It is classified under an SME, whether you own a general store, saloon, bakery, clothing store, or a stationery shop.

Often, when heading along the growth curve, company owners face intermittent financial pressures. Borrowing a loan from MSME helps to reduce the possible deficit, brace the enterprise for success, and produce strong sales.

MSME is big in India

If you don’t know already, in India, the main job providers are Micro, Small, and Medium Enterprises. Interestingly, 69 percent of the country’s overall employment is contributed by the MSME sector. MSME also holds a share of approximately 45 percent of the country’s manufacturing sector and 40 percent of our overall exports.

Consequently, since the contribution is large, the growth of MSMEs will contribute to the growth of the Indian economy. However, in order to expand, MSMEs need funds & investments, much like any other company in the industry.

The Government of India, banks, and other financial institutions, such as non-banking finance companies (NBFCs), have launched numerous schemes providing business loans to MSMEs in India in order to attract MSMEs. It is not so easy, however, to opt for an MSME loan, MSME needs to pass a range of financial litmus tests to receive an unsecured business loan or a working capital loan from a bank or NBFC.

However, the eligibility requirements for applying for an MSME loan are smaller than those needed for any lender to apply for a regular business loan.

Advantages

For a standard business loan, only certain businesses that are deemed risk-free and sustainable are granted preference. This is why MSME loans are deemed best for a small business owner because, along with many additional advantages, they have few qualifying requirements to follow.

Minimal conditions of qualifications to apply for the loan
Benefits on a certain amount of taxation
There are eligible government-based MSME loans
Provides all sorts of businesses with fair opportunities
Provides capital development assets
For some kind of company need, funds from MSME loans may be used.

What would you need to apply for MSME loans?

You will need the following in order to be eligible for MSME loans.

Business plan: The most important thing that you need to apply for any MSME loan is to have a proper business plan.
Company registration: In any case, business registration is a must to apply for any form of government scheme or any other business credit, whether it is a start-up or a small business that is there for some amount of year.
Profit and loss statement: If the company is still present, the company’s P&L statement may be asked to demonstrate how your company was already performing before receiving funds.
ITR filed last year with your company: ITR records show your taxes and lenders search it to see whether or not you paid all your taxes?
A good history of credit: this shows the past of all the past loans. So, you can apply for this loan comfortably if you have a good repayment background.
Certificate from all approved bodies: The GST and other company registers provide the company with a compliance check. Lenders are comfortable allocating a business loan to an organization that is registered with the appropriate entities.

You can opt for Fullerton India for a lower business loan interest rate and additional flexibility in terms of repayment.

One of the many steps taken by the Government of India to facilitate the ease of doing business in the country is government loans for small businesses. In 2018, India was ranked 77th in ease-to-do business in the World Bank Matrix. It’s your time to ride the growth.

Must Read: How to get a MSME Loan in 5 Easy Steps

How Personal Loan can help you steer through a Wedding?

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Have you ever considered taking a personal loan for something as pressing as a marriage? If not, you can always rely on credible financial institutions, preferably NBFCs, for getting hold of instant personal loans. However, even though it is possible to get a fresh credit line for arranging a wedding and the aligned activities, you need to be aware of the best strategies to procure one sans hassles and excessive documentation.

How Personal Loan can be effectively used for planning a Wedding?

Contrary to popular opinion, a marriage loan is a form of credit where you apply for a personal loan and declare a marriage or wedding arrangement as the reason for getting one. However, if you are really interested to leverage a persona line of credit for marriage, here are the best options to consider:

Enlist Expenses

Before you can even apply for a personal loan to arrange a wedding, it is necessary to enlist every big and small expense and zero in on the amount accordingly.

Apply Online

A good way to minimize hassles and the waiting period is to apply for an online personal loan, once you are aware of the loan amount.

Choose Repayment Options with Care

Another approach to maximize flexibility is to get hold of a personal loan EMI calculator. This way you become aware of the liabilities and can plan the repayment timeline, accordingly.

Besides, as it is still a personal loan, you need to pre-check the credit score and keep the documents ready to sail through the process, sans complications.

Additional Read: Everything you Need To Know About Marriage Loans in India

Things To Know About Two-wheeler Loan

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The pandemic has made owning a two-wheeler a necessity to avoid close contact and spread of infection through public transport. If you too are looking to take a two wheeler loan here are some things to know.

Types of loan: Two-wheeler loan are of two types — secured and unsecured. If you have an asset that can be used as a security, then you can avail of a loan at a lower interest rate with a secured loan. If you do not have any asset to pledge as security, you can opt for an unsecured loan.
Do not overborrow: While applying for a loan, it is important not to over-borrow and stick to the sum of the two-wheeler you want to buy. Also, while borrowing money, make sure to check for the interest rate and tenure being offered. With these details, you will know the EMI that you are required to pay for each month.
Have a repayment plan: You can calculate the EMI for a two-wheeler loan through the online EMI calculators available. It will help you form a repayment strategy that will ensure that you do not miss out on any EMI, thus preventing you from defaulting.
Application and processing of loans: There are various lenders available online offering two-wheeler loans. Ensure to choose the lender that offers easy application and quick processing of your loan.

Conclusion

Apply for a two-wheeler loan and compare various lenders online for interest rate and other favourable loan terms.

Additional Read: 5 Top Advantages Of Availing A Bike Loan In India

What Does it Mean to Get a Personal Loan on your Aadhar Card?

While the concept of getting a personal loan on an Aadhar card seems fortuitous, there are quite a few financial service providers who consider and offer the same, sans hassles. Although the credit line still qualifies as a personal loan, the concept and relevant procedure allow you to get hold of a decent chunk of financial support, even without complex documentation.

However, if you are still not sure as to where to look for your Aadhar card loan, we have summarized certain pointers for you to understand and act upon:

Meaning of Aadhar-Driven Personal Loan

Even though it might sound counterintuitive, the personal loan using an Aadhar card is a good way to minimize the additional hassles. While your credit score and a handful of other details are still required, the Aadhar card helps establish your identity, thereby making you eligible for a loan.

Easier Loan Procurement

Some of the high-end NBFCs with an online presence only require an Aadhar card to determine personal loan eligibility. While this sounds way too easy, they already verify the credit score and income sources in the background. Once the details a verified, nothing more than the Aadhar card is required. Besides, as the Aadhar card has every detail pertaining to an individual, it becomes easier for the financial service providers to verify the personal details.

An Aadhar-backed personal loan application doesn’t guarantee a fresh line of credit. Instead, it just simplifies the process for an interested individual, provided the NBFC is accommodative of the same.

Must Read: 4 Tips to Choose Right Personal Loan Option For You

4 Most Important Personal Loan Queries Addressed

Personal loans are highly resourceful financial tools but they come with their share of misinformation and doubts. In the subsequent sections, we shall take up 7 such queries that individuals usually have whilst answering them in the least possible words.

Where to get the loan from?

It is always advisable to connect with a credible NBFC for getting a personal loan. However, we would prefer online providers over the typical offline sources. For instance, even a Mumbai-based NBFC that is active online can cater to individuals seeking personal loans in Hyderabad or anywhere in Indi, sans hassles.

Is Online Procedure Tricky?

Online loan applications are usually processed in no time as relevant providers verify credentials and credit history in a matter of minutes.

Which documents are usually required for procuring a personal loan?

In case you are planning to get a personal loan from conventional sources, it is necessary to furnish income proof, photograph, residential proof, personal ID, and even employment proof. These documents help speed up the loan disbursal process.

Is it possible to get a personal loan at lower interest rates?

Contrary to popular belief, personal loan interest rates aren’t always exorbitant. Instead, if you play your cards right and look properly; you can end up getting a more affable personal loan with a lower interest rate and easy repayment options. Besides, a personal loan is still always cheaper than a credit card, precisely when interest rates are concerned.

Now what you have answers to some of the more crucial loan-relevant queries, you can take your pick and select the preferred credit line as per requirements.

Must Read: All you need to know about Pre-Approved Personal Loan in India

How Personal Loan can Help you Steer Through a Wedding?

How can Personal Loan be effectively used for planning a Wedding?

Enlist Expenses

Before you can even apply for a personal loan to arrange a wedding, it is necessary to enlist every big and small expense and zero in on the amount accordingly.

Apply Online

A good way to minimize hassles and the waiting period is to apply for an online personal loan, once you are aware of the loan amount.

Choose Repayment Options with Care

Another approach to maximize flexibility is to get hold of a personal loan EMI calculator. This way you become aware of the liabilities and can plan the repayment timeline, accordingly.

Besides, as it is still a personal loan, you need to pre-check the credit score and keep the documents ready to sail through the process, sans complications.

Must Read: What Can a Personal Loan Be Used For and How Can It Help?

Opting for Loan Against Property

Calculator with wooden house and coins stack and pen on wood table. Property investment and house mortgage financial concept

Credit instruments have become one of the most popular ways of procuring funds for financing emergencies. While you can also avail of a loan without any security, opting for a secure loan form by pledging security offers you many benefits like faster loan processing and a lower loan against a property interest rate. (Checkout loan against property interest rate)

Your property too, can act as an asset for you to get a loan from any lender. Whether the property is commercial or residential, you can pledge it as security without losing your rights over it. Let us see how you can get a Loan Against Property and some benefits that it offers.

How to get a Loan Against Property?

After you have compared various lenders online and selected the one that suits your requirements, here are the steps below to get a Loan Against Property:

Step 1: On the Loan Against Property web page of the lender, click on the “Apply Now” button.

Step 2: Choose the option why you need the loan, and accordingly fill the form available on the website.

Step 3: Mention your personal details, employment details and bank details in the next step.

Step 4: Upload all the relevant documents and click on the ‘Submit Button’.

Step 5: If your application is accepted, a customer care representative from the lender will contact you for the next steps.

Conclusion

Loan against property is a great tool to get credit from lenders at the lower interest rate and higher repayment tenure. The type of your property will play a significant role in determining your loan against a property interest rate. It is crucial to choose the right lender that offers the best loan terms to you.

Must Read: Planning to avail a loan against property? Here’s how you can do it

4 Reasons Unsecured Business Loans Are Getting The Popularity That They Deserve

Business loans are popular financial instruments. However, getting one isn’t as straightforward as you need to set aside the business plan, financial model, and other relevant documents, provided you are resorting to a conventional approach. However, if you are starting out and do not have collateral to offer, there are several unsecured small business loans to rely on.

Here are some of the reasons why unsecured small business loans are more popular than the ones procured via the traditional channels:

Access to a Sizable Credit Line

An unsecured business loan is more like a high-value personal loan, dependent on the income and credit score. Therefore, if the mentioned metrics are in good health, you can get access to a decent financial consortium to work with.

Quick Access Loans

Unsecured business loans are meant to be hassle-free. This is why it is easier to get one in the least possible time and with minimal documentation.

Customizable Selections

Loan providers understand the complexity and diversity of business models and ensure credit line customizability to suit the nature of the setup. This means you can either opt for the cash to run the business or even apply for a working capital or machinery loan, as per convenience.

Favorable Conditions

This aspect hints at the fact that the unsecured business loan interest rate might be higher but is still lower than the credit cards. Besides, the concerned NBFCs ensure that you get hold of easy repayment schemes to keep the financial sanctity intact.

These are some of the more important reasons that make unsecured business loans highly popular for smaller businesses.

Additional Read: Applying For a Small Business Loan? Here’s What You Should Know

Why Is A Flexible Loan Preferable Over Regular Loan?

With the rising prices, everything has become super expensive. Many people opt for a personal loan to cover all their finances. All the financial institutions offer flexible personal loans, which offer the freedom to draw down and repay the loan amount per your needs and convenience. You can apply for personal loan here: https://www.smfgindiacredit.com/personal-loan.aspx

What are the Benefits of Flexible Loan?

Versatile: A regular personal loan offers a fixed interest rate and tenure under which the borrower has to repay the amount. A flexible loan, however, offers you the versatility of repaying the loan amount as per your requirements. This system is very convenient when the borrowers do not have a fixed monthly income.
Interest: The regular personal loan offers interest and the loan amount, which the borrower has to repay to the lender in pockets of small EMIs every month. In a flexible loan, the borrower can use the sanctioned amount as per their requirements and the interest is paid only on the amount used.
Credit score: In a regular personal loan, if you miss out on any EMI, the credit score is directly impacted. With the flexible personal loan, individuals get enough time to repay the loan amount. Thus, the credit score is not adversely impacted.
Personal loan documents: The documents required for a regular personal loan are much harsh and strict compared to the flexible personal loan.

Conclusion

The above reasons are clear indications of why if you get a personal loan, the flexible loan offers various benefits and is more beneficial for the borrowers.

Must Read: What Is The Best Option- Credit Card, Overdraft, Personal Loan?