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.

Why Compare Mortgage Loan Rates Before Applying

Business man hand hold the house model saving small house

To get the best deals on a mortgage loan, it’s vital to research and compare the interest rates because they tend to change after a set period. So read this article to get updated information on 2023 mortgage rates to make the best decision by opting for a fixed or floating interest rate.

Why compare mortgage loan rates?

Shopping multiple quotes from multiple lenders allows you to get the lowest possible mortgage loan rates. For instance, you can save up to INR 25000 a year, or INR 735000, over a 30-year mortgage. Nevertheless, since no two lenders are the same, comparing the loan offers lets you know in detail about every offer, rate, and term, helping you make the right decision. Also, compare the additional costs, APRs, and other loan terms from the financial institution.

Mortgage interest rate 2023

Unlike home loan interest rates, mortgage loan rates are higher and constantly change depending on various factors. In January 2023, the mortgage rates were proposed to start from 9.00% onwards with partial or complete pre-payments to reduce the loan term (either 15 or 20 years) or EMI. However, it differs across NBFCs based on your profile, income, the need for the loan amount, tenure, credit score and history, and additional factors.

Conclusion

So, it’s time to begin the search and apply for a mortgage loan suiting your budget and goals.

Just go to the lender’s website to get all the related information, apply in just a few simple steps and get your loan approved.

Must Read: Tips to Get the Best Mortgage Loan Possible

Where to Get a Business Loan for Women in India?

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Nowadays, many women are starting their businesses in India using a business loan. As a result, many NBFCs are offering business loans for women.

A business loan helps women entrepreneurs to recruit staff, expand business operations, and perform several other business-related activities. But it’s crucial to understand all the conditions of lenders before applying for a business loan for women. Fullerton India is among the top lending institution offering business loans for women with simple eligibility criteria.

Key features:

Loan amounts of up to Rs. 50 lakhs.
Competitive business loan rates
Insurance cover on loan.
No collateral requirement.
Flexible repayment tenure of up to 48 months.

Eligibility criteria:

To be eligible for a business loan for women, the applicant should fulfil the following criteria:

Have citizenship of India.
Be 22 years at the time of application and below 65 years at the time of loan maturity.
Have at least a 750 CIBIL score.
Must be self-employed, a business owner, or a private limited company owner.
Must have worked for the company for at least three years and have a minimum of five years of business experience.
Businesses must have a two-year profit history and a turnover of Rs. 10 lakhs.
Businesses must have an ITR of no less than Rs. 2 lakhs

Conclusion

With a business loan for women, you can start or expand your business without hassle. You can apply online for instant approvals and quick disbursals.

Must Read: Know the Relaxations Offered on Loan Against Property

Prerequisites Before Applying For an Unsecured Business Loan

With the rise of entrepreneurship culture and the call out for the Make-in-India campaign, the number of people seeking business loans has increased drastically. Obtaining unsecured business loans is no more an exceptional procedure to raise the capital amount for your business. An unsecured loan is a collateral-free loan where you do not have to offer any guarantee as security to the money-lending financial institutions. The loan is offered based on your creditworthiness.

However, there are a few prerequisites that you should know before applying for an unsecured business loan.

Before going through the application process, understand all terms and clauses and talk to the relationship manager if you do not get any of the conditions. Also, enquire if there are any hidden clauses.
Different lenders have different payment modes, repayment failure clauses, and penalties which should be understood rather than regretted later.
Be clear with the timelines of your business plan and have it handy while going through the unsecured business loan application process. You should be able to map your planned timelines and loan application, approval, and sanction timelines to avoid a shortage of funds or a delayed process.
Have clarity on the interest rate and the repayment period. Every lender has their business loan interest rate and repayment time frame. You should research and opt for a lender offering the lowest interest rate and flexible repayment tenure.
Choose a lender who offers competitive loan amounts. The loan is approved based on various factors like the tenure of your business, profit state, creditworthiness, and many more. You should choose a lender offering loan amounts meeting your business needs in all aspects.
Review the lender’s background and reliability. While it is important for lenders to verify your credit score before approving a loan, you should also validate the lender’s market value, read the testimonials, visit their office, or browse their website to understand more about them before finalizing the loan application.

There are several NBFCs with attractive offers on unsecured business loans. You should gauge various aspects that work for you and choose the best one.

Must Read: Know If Your Co-Applicant Affect Your Personal Loan Eligibility?

Key Aspects to Consider Before Taking a Loan Against Property

A loan against property can provide a large sum against a pledged immovable property (residential or commercial) to fund various purposes. Whether it is funding business expansion, higher education, weddings, facing medical emergencies, or other business-related or personal purposes, a property can help individuals get funds without losing ownership. You can apply for a lap loan:

Key Aspects to Consider While Applying for a Loan Against Property

The following are the key things one should consider while planning to apply for a loan against property (LAP):

Evaluate the Property Value

The borrower should evaluate the property value they want to collateralize. It helps to know the funds the lender can provide against a property. Renowned lending institutions can offer loan-to-value (LTV) of up to 70%.

Documents Required

Well-established lending institutions and NBFCs (non-banking financial companies) have kept the loan against property document requirements minimal. The common documents are the applicant’s ID proof, address proof, age proof – A certificate from the Government authority/PAN Card /Passport, salary slips, Income Tax Return (ITR) acknowledgment, and title deeds of the pledged property.

Repayment Tenure

A loan against property is a long-term loan. Loan tenure is flexible enough in terms of repayment tenure. Customers can choose a tenure of up to 15 years. Select a suitable loan tenure so the loan can be repaid easily.

Processing Fee

One of the fees included in the overall loan against property cost is processing fees. Consider the processing fee and any other charges levied by the lender to know the real cost of availing of the loan.

So, carry important loan against property documents and apply online with reputed lending institutions.

Must Read: Tips to Stay on Top of your finances with Ongoing personal loans

Tips to Stay on Top of your finances with Ongoing personal loans

The Inscription Personal Loan On A Yellow Sheet That Lies On The

As you manage your money, you manage your life, said Dan Miller, a lecturer in the personal development field. Money management is considered an art. It includes every aspect of effectively managing your finances so that you never need to draw from your savings, especially when you require money for an emergency. Money management and repaying your personal loan on time go hand in hand.

When used wisely, an online personal loan can be among the best strategies to reduce debt and position oneself for success. Managing personal loans and budgeting your finances might be a little tricky if you are a rookie.

Tips to help you regain control over your finance

Bookkeeping personal finances: Budgeting your expenses into categories makes calculating and keeping track of costs easier. This guarantees to avoid wasteful spending. A predetermined budget should be established and followed, especially if you have an online personal loan.
Paying a little extra on time every time: The best way to avoid late fees, penalties, and low credit scores is to always make your monthly payments on time. Additionally, paying a little extra each month keeps you ahead of your loan’s term.
Look after your credit score: The optimal score for your credit report is 750 or higher. Maintaining a decent credit score is essential because it affects financial activities like loans and credit card limits. Your credit score will increase if you stick to or even stay ahead of your monthly payment schedule. On the other hand, missed payments will lower your credit score.
Consolidating loans: Consolidating your debts could be an intelligent approach to paying off loans if you overlook multiple personal loans. Consolidating your debt can be beneficial if you get a new loan with a lower interest rate than the average of your prior loans. Ensure you have the required personal loan documents ready before applying to a new lender.

Use the personal loan wisely to lower debt constraints while increasing economic stability.

Must Read: Key Aspects to Consider Before Taking a Loan Against Property

What Should You Consider Before Opting for a Two-wheeler Loan?

revolt-rv400-electric-bike

Purchasing a bike is a dream and an achievement for many people. People often save the required amount to fund the purchase of their bikes. However, it can take a long time. The price of the bike might increase during this period. Taking a bike loan is a great way to finance the purchase of a bike.

You don’t have to rely on savings or bear a substantial financial load at once. Instead, a two-wheeler loan allows you to repay the amount using affordable EMIs. However, some critical factors must be considered before opting for bike finance. Read on to learn more about it.

Key factors to consider for two-wheeler loans

Here are some crucial factors to consider before opting for a bike loan.

Find out the credit score

Before applying for a bike loan, you must check your credit score. An excellent credit score (over 750 points) can help you get better terms and lower loan interest rates. On the other hand, if your credit score is below the required points, you must increase it before opting for the loan.

Loan eligibility criteria

You must check your lender’s two-wheeler loan eligibility criteria before opting for the loan. It is essential to meet the minimum eligibility requirements listed by the financial institution.

Choose a suitable loan tenure and EMI

Every loan comes with a repayment obligation. You have the flexibility to repay the amount through affordable EMIs. However, the EMIs can vary based on the principal amount, interest rate, and loan tenure. Therefore, it is also crucial to choose a suitable loan tenure.

Must Read: How to Calculate EMI with Two Wheeler Loan Calculator

Why Should You Prefer an Online Personal Loan over a Traditional Loan

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Loans have been helping people overcome financial difficulties for ages. Today, there are several lenders in the country, offering a variety of loans to customers as per their needs. Still, personal loans have one of the best loan options most borrowers opt.

With the strides that the Fintech industry has taken digitally, online loans have taken over traditional loans. Now you can get an insta personal loan in the blink of an eye from top lenders in the country.

Just make a few clicks on your smartphone or personal computer and apply for an online personal loan with the lender of your choice.

When wondering about the interest rate on a personal loan, it may start at as low as 11.99% per annum with the best lenders in the country.

Read on to know why you should prefer an insta personal loan over traditional loans.

The loan disbursal time for a traditional loan may be anywhere between seven to 14 days. In the case of an emergency, you may not have so much time. An online personal loan is quickly and conveniently disbursed. You can get an online personal loan within 24 hours of loan approval in some cases.
Online personal loans have a paperless process. The digital loan approval procedure does not require the borrower to visit the lender’s branch physically to get the loan approved.

Must Read: Know Your rights as a personal loan borrower

Important Steps To Ensure Personal Loan Approval

The inscription personal loan on a yellow sheet that lies on the financial document near the calculator.

A personal loan is one of the most popular financial products to fulfill varied financial requirements of people. There is no restriction on the end-use of the loan amount. Personal Loans are very helpful in urgent financial needs, like a medical emergency, home repair or extension, or traveling.

With the digital expansion in the financial sector, loan approvals have become easier. In this regard, a personal loan EMI calculator can help individuals to make the right decision. Following are the crucial steps that an individual should consider to increase the loan approval chances:

1. Assess Loan Amount Requirement

Lenders consider the applicant’s income and cash flow for a loan sanction. Individuals must assess their loan requirements accurately, and they should not be high necessarily to avoid financial burden. It can be easy to conveniently find the right loan amount that can be repaid during a loan tenure using a calculator.

2. Have a Good Credit Score

Lending institutions prefer to approve a loan application with a good credit score. A credit score indicates the borrower’s creditworthiness based on past financial habits. They must pay EMIs or credit card bills on time. The lender can increase personal loan interest rates if it is a low credit score.

3. Look for pre-approved offers

Borrowers should consider these loans as they are offered with a quick approval facility. These loans can be processed quickly as the lender already has details of the borrower.Individuals should ensure that they check their loan eligibility before making an application with the lender. If one meets the eligibility criteria well, the lender can offer competitive personal loan interest rates.

Must Read: Four Benefits of Online Personal Loan Calculators Over Manual Computations

Step-by-step Guide To The Two-Wheeler Loan

Two-wheelers has become one of the prime necessities for daily transportation. Individuals can easily finance a two-wheeler against a loan at a competitive interest rate and on easy terms. A two-wheeler loan helps individuals to purchase the desired motorcycle or scooter, with the liberty to pay in easy EMIs (equated monthly installments) with a loan.

Steps Before Making a Two-wheeler Loan Application

● Check the Eligibility: First, applicants need to check if they are eligible for a two-wheeler loan. Self-employed, salaried persons and business owners with good credit scores can apply for a two-wheeler loan. The age limit is 18-65 years. A loan eligibility calculator can help individuals to check their two wheeler loan eligibility.

● Loan Tenure: The loan tenure for a two-wheeler loan should be flexible enough to repay the loan conveniently. It can be between 12-36 months with many lenders. Using a two-wheeler loan EMI calculator is good for estimating how much the borrower will need to pay every month during the selected loan tenure.

● Keep the Documents Required Handy: Renowned financial institutions offer two wheeler loans against minimal documentation. To make a quick loan application, keep the required documents handy. The common set of documents includes ID proof, address proof, salary slips, and others, depending on the employment or business of the applicant.

Steps to Apply for a Two-wheeler Loan in Minutes

The process to apply for a two wheeler loan with renowned lenders is digital. Here are the common steps to be followed by the borrower:

– Step 1: Refer to the lender’s official website to access the online application.

– Step 2: Select the applicable option – salaried/self-employed individual.

– Step 3: Complete the form with the required personal details, employment, and bank account details.

– Step 4: Submit the application.

After this, the lender’s representative connects with the applicant for various checks. The applicant needs to provide copies of the required documents. After the completion of all formalities, individuals can get their loans approved.

Must Read: Four Benefits of Online Personal Loan Calculators Over Manual Computations

Apply for Beneficial Business Loans for Women

With the rising awareness towards women’s empowerment, lending institutions assist female entrepreneurs with hassle-free credit options. Businesswomen seeking an affordable business loan can approach renowned financial institutions to avail adequate capital to be employed in their businesses.

Eligibility for a Business Loan for Women

A business loan for women is available against minimal eligibility criteria. Common eligibility parameters for business loans are as follows:

Self-employed/Proprietors/Partnership firms/Private Ltd/Directors of a business are eligible entities for a business loan.
The age limit is 25-65 years.
The minimum annual turnover requirement is Rs.10 lakhs per annum, and the business should have been making profits for the previous two years.
The applicant should have a total business experience of five years.
Borrowers must have been engaged in the particular business for at least three years.
The required CIBIL score for getting affordable women’s business loan interest rates is 750.

Preferential Interest Rates

Financing is one of the challenges for women entrepreneurs. This issue can easily be resolved with renowned lenders offering preferential interest rates for women’s business loans. Women’s business loan interest rates largely depend on various factors, including loan amount, tenure, credit history, and current cash flows. The better the applicant’s credit profile, the lower the interest rate.

Documents

One can get funds up to Rs.50 lakhs with easy documentation. Lenders may need the following documents to process a business loan for women application:

Proof of business existence (Incorporation Certificate, Board Resolution, Partnership Deed, Memorandum & Articles of Association).
Income documents with the latest ITR (Income Tax Returns) for two years.
Bank statements for the past six months.
Address proof
Age proof
Identity proof

This way, women entrepreneurs can apply for a business loan at special interest rates with NBFCs (non-banking financial institutions) like Fullerton India and fund varied business requirements.

Must Read: Four Benefits of Online Personal Loan Calculators Over Manual Computations

Take Your Business to New Heights With Business Loans

Business owners take loans to meet their immediate financial needs or fund their expansion plans. The following are the features and benefits of business loans:

1. Flexible Loan Facility: Business loans are offered with a flexible repayment tenure. Business persons can plan a convenient repayment schedule that matches their cash flows. These long-term business loans can be repaid in a tenure of up to 48 months as per the borrower’s convenience.

2. No collateral: Business owners can apply for an unsecured business loan. They need not pledge their personal or business assets to fund their business requirements.

3. High Loan Amount: There are numerous expenses in a business, like, long-term asset purchases, working capital, and others. Varied financial needs can be met with a business loan easily. The loan amount can be as high as Rs.50 lakhs with renowned lenders against minimal business loan documents.

4. Prepayment: Many lenders allow borrowers to prepay the loan without additional charges. When business cash flows are more favourable, one can foreclose the loan.

5. Fast Disbursal: Businesses need quick financing options to grab opportunities. Reputable NBFCs (non-banking financial companies) can process a business loan within 24 hours. Therefore, most businesses prefer to apply for a business loan with renowned NBFCs.

6. Minimal Documentation: Long-term business loans are available against minimal eligibility criteria. The business loan application can be made with minimal documentation. The common set of business loan documents asked by most lenders are as follows:

Proof of Business Existence (Incorporation Certificate, etc.)
Income Proofs
Income Tax Return (ITR) or GST
Bank Statements
Address Proof
Identity Proof

With adequate credit availability against such beneficial loans, businesses can reach new heights.

Must Read: Apply for Unsecured Business Loan in Kerala

Checklist For An Unsecured Business Loan

Unsecured loans are boon for business owners who require financial support. They can avail of unsecured business loans without collateral and use the funds to cover their working capital requirements and long-term assets.

There are certain things that business owners must check while applying for an unsecured business loan. Here is the checklist for borrowers:

Application Process and Sanction Time: Borrowers should look for a lender to help their customers with a simple documentation process. Renowned lenders have reduced the complexity of the application process and sanctioned a loan with minimal paperwork following a 100% digital process.
Loan Amount Offered: Business persons can efficiently manage inventory, expand their businesses, upgrade technology, build new teams, etc., using a loan amount. They should check the loan amount offered by different lenders. Business owners with convincing credit history and a high credit score can get a high loan amount, up to 50 lakhs.
Know Interest Rates: Borrowers’ creditworthiness governs loan interest rates primarily. A business owner’s credit score, the loan’s purpose, and the applied loan amount impact business loan interest rates. One should check the interest rates with different lenders to get credit at affordable rates.
Lender’s Credibility: Borrowers can conduct online research, browse through the lender’s website and social media handles, evaluate customer reviews, look at industry awards & ratings, and customer service.
Loan Tenure: Loan tenure should be flexible to allow loan repayment in affordable Equated Monthly Instalments (EMI). Borrowers need to choose a convenient tenure, between 12-48 months, to manage repayment without burdening their finances.

Thus, lending institutions have made it easy for business owners to avail of credit facilities online. Get the best business loan interest rates with this checklist.

Must Read: Get to Know Which Type of Business Loan is Right for You?

A Quick Guide to Loan Against Securities

The financial services space has evolved within the past decade. Today, customers have plenty of options to choose from when it comes to borrowing funds. One can opt for various types of secured and unsecured loan products. Loan against securities is one such credit product to borrow funds. It offers an innovative way to leverage securities for borrowing money. Read on to learn what is a loan against securities and how it works.

What is a Loan Against Securities?

A loan against securities is a type of credit instrument that allows people to pledge their financial investments as collateral for the loan. For example, one can pledge financial investments like mutual funds, shares, life insurance policies, etc., to borrow money. It is a relatively new credit tool for borrowing funds. Traditional credit instruments only offered loans on assets such as gold, real estate property, and vehicles.

Liquidating financial investments to fund urgent financial obligations is not the right approach. You might lose a lot of money. However, with a loan against securities, you can leverage your financial investments to avail of funds. The amount borrowed will largely depend on the value of your investment.

Loan Against Securities Eligibility

The eligibility for a loan against securities can vary, depending on your lender’s policies. However, many new-age NBFCs like Fullerton India have a flexible approach. Let’s take a quick look into the loan against securities eligibility criteria.

· The loan applicant must be over 21 years old with a stable income source

· The loan applicant should own a Demat, savings, and current accounts

· The applicant should have a CIBIL score above 750

· The minimum value of financial investments owned should be INR 10 lakhs

Must Read:A Complete Guidelines For Loan Against Securities

Common Myths About Loan Against Property and the Truth Behind Them

A Loan Against Property or LAP loan is a secured loan one may borrow against a residential or commercial property. It is a preferred choice among people who want to unlock the value of their assets and get easy funds to cover various expenses at a low LAP loan interest rate. However, a few myths around it seed doubts in the mind of people, making them hesitant to obtain these lucrative funding options. Here, we will bust those notions around these loans to provide you with a clear vision.

1. Borrowers Cannot Use the Pledged Property

It is nothing but a ludicrous myth that people have created. It is clearly stated that the borrowers can continue using the property as before, even after pledging it as collateral. The loan provider seizes ownership only if the borrowers fail to repay the loan.

2. Borrowers Can Only Use a Residential Property as Collateral

This is also a false belief, as borrowers can obtain a Loan Against Property by pledging any belonging property. It can be a commercial property, warehouse, factory, or industrial building. However, you should check the eligibility criteria of your lender company for further clarity.

3. A Property Owner Can Borrow Full Value of the Property

Loan companies do not lend 100% of the property’s value as a loan. They have a limited LTV ratio, up to which they can finance a loan. Many reputable NBFCs provide up to 75% of the property’s value as a LAP loan.

Many people believe that the LAP loan interest rate is very high. In reality, secured loans are always cheaper than unsecured loans. The LAPs largely depend on the applicant’s income, credit rating, and repayment capacity. Compare the LTV ratio, interest rate, and other features of several NBFCs before applying for a Loan Against Property.

Must Read: 5 Important Tips to Get Lower Interest Rates on Property Loan

Steps to Take a Business Loan in Bihar

The Bihar government has taken active steps over the last few years to encourage entrepreneurship in the state. Recently launched schemes like Mukhyamantri Mahila Udyami Yojana (MMUY) and the Mukhyamantri Yuva Udyami Yojana (MYUY) have made business-making much easier for women and youth in Bihar.

To gain maximum benefit from these schemes, a Business Loan in Bihar would be helpful for an entrepreneur to kick-start his/her business. Follow these steps to get an SME loan in the state:

Shortlist the Best Loan Provider: Several loan companies offer low rate Business Loans in Bihar. Aspiring borrowers must compare their interest rates, loan amounts, repayment terms, and other credentials before finalising a loan offer.

Fulfil Eligibility: Most NBFCs have eligibility requirements for the applicant’s age, turnover, ITR, business vintage, and business type. Ensure fulfilling them before applying for a Business Loan.

Provide the Required Documents: Check the NBFC’s documentation requirements and arrange them before submitting the application form. Standard required documents include recent photographs, identity and address proofs, bank statements, income proofs, GST, ITR, and proof of business existence.

Submit the Application: Once everything is in place, verify the details in the application form and submit it. A customer representative may contact you for further queries or send a loan approval with a loan scheme. Accept the loan offer and get the loan disbursed within a few hours.

With a well-planned Business Loan in Bihar, entrepreneurs can expand their business in the state and get the most out of the available schemes. Over the coming years, Bihar will be a burgeoning state with a high profit and employment rate.

Must Read: How to Apply for Unsecured Business Loan in Kerala

Touchless Online Loans

Lending institutions have been innovating and evolving over the years, and one such technological advancement is their ability to process a touchless loan online. A touchless loan processing does not require the borrowers to visit any branch offices or even have physical interaction with any executives. The entire process of loan application to disbursement of loan happens online in a straightforward, secure and transparent way.

Lending institutions offer Personal loan minimum interest rates through their online loan processing platforms. The online loan application process is the same as any other application but is carried out online by submitting a digital copy of the documents mandated by the lending institutions. As a refresher, any citizen of India who is in the age group of 21 to 65 years and has a verified stream of income is eligible to apply for a loan.

The following check-list helps the borrowers achieve faster loan processing and reduces the chances of rejection:

● Possess digital copies of government-approved identification

● Update the current address on the Aadhar card. If not, then have other accepted proof of address as mandated by the lending institutions.

● Hold copies of income proof with authorised digital signatories.

● Digital photographs of the loan applicant

● Provide a mobile number and official email ID that is currently active.

● Any other KYC documents mandated about personal loan.

Online loan application is a time-saving approach to go about personal loan. Additionally, personal loan minimum interest rate can be availed through online loan processing platforms.

Must Read: Is Personal Loan with Longer Repayment Term a Better Choice?

Is it Wise to Take a Holiday Loan to Cover Travel Expenses?

Who doesn’t love vacations? Everyone needs a break from the hush and bush of life, and going on a vacation is the best way to add some spice and thrill to life. But most people drop the idea because they lack enough money. Worry not; here is the solution. Before cancelling the plan, consider taking a Holiday Loan to fund the trip. A simple and instant process of obtaining a Personal Loan is a helpful way to overcome the hurdles between your dreams. Read on to learn more about these loans and why they are the best option.

Times When Taking a Travel Loan is Ideal

Holiday Loans are a category of unsecured Personal Loans that require minimal paperwork and are disbursed quickly. They are ideal funding options for the following situations:

· When an individual gets a once-in-a-lifetime opportunity to fly to their dream destination. Still, the means are not enough – Instead of cancelling their trip or enduring a long wait for a second chance, they can take a travel loan to bridge the gap and enjoy an unforgettable holiday.

· When the family or group of friends makes a spontaneous trip plan, one might not have enough money to align with the plan. In that case, a Personal Loan is very helpful.

· When an individual wants to partially fund a holiday with a Holiday Loan after planning the itinerary and chalking out a budget – If they see insufficient money, a personal loan tops up the vacation budget by covering travel tickets, hotel stays, and other miscellaneous expenses.

After choosing a perfect holiday destination and making travel plans, aspiring borrowers must research loan companies, check eligibility, and apply for a Holiday Loan. Using a Personal Loan EMI calculator helps calculate EMIs and plan the repayment suitable to the budget.

Also Read: Enjoy a Luxury Holiday by Availing vacation loans

Top Benefits of Taking a Secured Property Loan

When the need arises to borrow money, aspiring borrowers must pick from secured or unsecured loans. Both loan types give a remarkable degree of financial freedom to the borrowers. However, a Property Loan is an intelligent choice to avail of the required funds. Here are a few advantages of taking a Loan Against Property.

Obtain a Bigger Loan Sanction: Lending institutions lend a LAP against a property pledged as collateral. Therefore, the loan sanction depends on the collateral property’s value. Most NBFCs sanction up to 70% of the property’s current value, allowing a bigger loan sanction per the requirement.

Enjoy a Reasonable Interest Rate: Since it is a secured loan, the Property Loan interest rate is more reasonable than unsecured loans. If the borrower fails to repay the loan, the loan provider has the right to seize the collateral and get its money back. So, the lower risk encourages lending companies to offer reasonable interest rates.

Repay Over a Longer Term: Extended loan tenure is the key benefit of taking a Property Loan. Reaching up to 15 years, the longer loan term makes EMIs more affordable on a budget. Borrowers can use an EMI calculator to estimate the EMIs and select a suitable loan term according to their repayment capacity.

Loan Against Property is an excellent funding option with flexible repayment facilities and instant access to the required finance. Check the lending company’s Property Loan interest rate and eligibility criteria to enjoy the perks it brings. However, be sure to pay the EMIs on time to keep your collateral secured and get the most out of it.

Also Read: How Interest rate and repayment tenure are key deciding factors for Property Loan?

Can Tax Exemption Be Reported on Loans for Two Wheelers?

Because they are the most practical mode of transportation for everyday commuters, two-wheelers are necessary for middle-class families. Two-wheeler loans are available from all non-bank financial institutions (NBFCs), and the vehicle is registered as security or collateral.

Obtaining a Loan for a Two-Wheeled Vehicle

It’s simple to obtain a two-wheeler loan, and there are two methods to go about it. Either choose a personal loan and use the funds to buy a two-wheeler or get a straight two-wheeler loan from a finance company.

Can One Reclaim Their Taxes on a Two-Wheeler Loan?

Tax exemption is available for a 2-wheeler loan interest rate, registered exclusively for business and in the owner’s name.

What Prerequisites Must Be Fulfilled for Tax Retrieval?

The following requirements must be satisfied for a 2-wheeler loan interest rate to qualify for tax benefits that come under the Income Tax Act of 1961, Section 80C:

If the borrower is a professional, self-employed, or small business owner, they may claim the income tax deduction.
If the bike is used for business reasons, a business owner, freelancer, or self-employed person may claim the exemption for interest paid on the bike loan.
Transportation expenses for commercial reasons, such as fuel and maintenance costs, are also eligible for tax deductions.

How Do You Claim Income Tax Restitution?

When submitting returns, borrowers who wish to deduct interest paid on their two-wheeler loan must attach interest certificates given by the NBFC on Form ITR-4. The owners of the vehicles must also keep all invoices, receipts, and supporting paperwork so that a claim may be made for the expenses when paying taxes.

Conclusion

Whatever the case, two-wheeler loans make it relatively simple for people to buy two-wheelers, which is why they are frequently used in India to purchase motorbikes, scooters, and other sorts of two-wheelers.

Also Read: Know How Two-Wheeler Loan EMI Calculator can help you to calculate EMI

Benefits of Debt Consolidation with a Loan Against Property

Loans are a convenient source of finance when you need money for your planned or emergency expenses. They are excellent financial instruments that provide finance when required and are repayable in easy monthly installments. If you have multiple loans to handle each month, consider consolidating them with a Loan against Property and unlock the value of your assets.

Keeping track of all the due dates becomes challenging if you have multiple loans to manage. Therefore, consolidating them with a property loan in India makes things convenient for you. Here, you will understand how a LAP can help manage multiple debts according to your monthly budget and repayment capacity.

Aligns It with a Single Due Date: With so many financial obligations to meet each month, the money does not last for too long. So, consolidating multiple debts gives a single date that makes payment easier for the borrowers. Lower interest rates on LAP help save money during the process.

Synchronizes All the Loan Payments Together: Those who want to get rid of all their debts at once must consolidate their debts with a LAP and synchronize all payments. Doing this means you do not need to remember to pay multiple bills with due dates spread at different times of the month.

Ensures Timely Repayment: Different people have different cash inflow and payment cycles. Most want to plan their expenses around their payday. Debt consolidation reschedules the loan repayments to ensure you never miss the payments.

Calculate the amount you owe on all debts and consider consolidating them with a property loan in India. It will save you from paying several monthly payments and make it easily manageable.

Also Read: Top Factors which Decide Your Loan Against Property Interest Rates

How Does Each Factor in the Mortgage Calculator Affect Your EMIs?

A Mortgage Loan allows asset owners to borrow credit against their residential, commercial, or industrial property. They can pledge their property as collateral and get a loan against it. However, assessing the monthly installments is crucial before applying for a Loan Against Property, as it affects the monthly budget and repayment consistency.

A mortgage calculator estimates the monthly EMI based on three variables: loan amount, interest rate, and repayment term. Here, we will understand how each factor affects the loan EMIs.

Mortgage Amount: A higher mortgage amount results in bigger monthly EMIs. Therefore, although lending institutions approve loan amounts based on the property valuation, applicants must only borrow the required amount. Choosing a manageable loan amount prevents unnecessary financial burdens on the borrower’s monthly budget.

Interest Rate: Mortgage loan rates vary based on the lender’s policy and the applicant’s financial condition, credit rating, and other factors. A higher interest rate results in bigger EMIs. Therefore, pick the lender carefully and ensure getting the lowest interest rates suitable to your repayment capacity.

Repayment Tenure: There is no perfect tenure for all Mortgage Loan applicants. Some people choose a longer term to keep EMIs smaller, while others prefer bigger EMIs to pay off the loan sooner. Picking a suitable loan tenure ensures that the borrowers do not default on the loan due to a financial crunch.

Thankfully, mortgage loans offer excellent flexibility during repayment, ranging from a few months to several years. Picking the correct loan term using a mortgage calculator ensures timely repayment and lowers any chance of loan default.

Also Read: 8 Situations in Which You Should Never Refinance Your Mortgage

Want a Personal Loan for Home Renovation? Get Started With These five Steps

A home reflects the taste and personality of its owner. Periodically, many homeowners opt to renovate their houses to change their look and feel. However, giving the place a makeover can be expensive. Hence, taking a home renovation loan is advisable. Here are the five steps that can help you get started with the loan application process:

Set Home Improvement Goals

Calculate the expenses to be covered with a Personal Loan and decide the required loan amount. Remember, Personal Loans have no end-use restrictions, so it is possible to cover the expenses with a home improvement loan.

Compare Lenders

Several lending institutions provide Personal Loans for home renovations. Compare their loan amounts, interest rates, processing charges, customer service, and other factors to decide the most suitable loan offer as per your requirements.

Check the Eligibility Criteria

Different lending institutions have varying eligibility requirements. Check the lender’s age, income, and credit score requirements to determine your eligibility for a home renovation loan. Also, check their documentation requirements to apply for a Personal Loan.

Select the Right Repayment Tenure

Most Personal Loans have flexible loan terms, allowing borrowers to select one with budget-friendly EMIs. Use a Personal Loan EMI calculator to make the final decision so that you can afford the EMIs.

Plan for the Loan Repayment

Calculating the EMIs and planning their repayment is crucial even before applying for a loan. Find ways to increase income and pay off outstanding balances to manage EMIs easily through the loan term.

Homeowners can use these loans to alter, renovate, or repair their existing structures. The best personal loan interest rates, quick processing, and flexible repayment options make these loans an ideal funding option. Follow the above steps to plan the renovation without holding back due to a lack of funds and give a makeover to your abode.

Also Read: Is Taking Personal Loan for Finance Home Repairs a good idea?

Why an Instant Personal Loan For Medical Emergencies Is Beneficial?

The last few years have shown us how medical emergencies come unannounced and unnerve everyone. The treatment cost of medical ailments has increased with time. These costs may be so high that they deplete your savings and investments, leaving you financially unstable.

A smart way to tackle this situation is to take a personal loan for a medical emergency. Look for a personal loan online, apply for a loan, and get instant approval from leading lenders.

Advantages of an Instant Personal Loan for Medical Emergencies

A personal loan for medical emergencies provides the necessary funds for expensive medical treatments. It means you do not need to empty your savings to get quality treatment for yourself or your loved ones.
The personal loan interest rate from leading lenders is reasonable and does not burden you with unnecessary charges.
You can use the loan amount to get the treatment of your choice and there is no restriction on which hospital or doctor you consult.
The tenure of a personal loan is flexible and allows the borrower enough time to first cater to his medical needs and then think about the loan repayment.
The documents you have to submit for a personal loan are minimal. You need to submit your KYC documents, your income proof, pay slips, ITR, etc, to get your loan approved.

A personal loan for medical emergencies can give you instant cash when it is a matter of life and death for you or your family members.

Also Read: Is using Personal Loan to start small businesss a good idea?

Should I Take a Personal Loan to Pay Off My Credit Card Debt?

Personal loans and credit cards are commonly used for personal financial requirements. People generally use credit cards to make purchases and personal loans for larger expenses like weddings, education, medical treatment, etc.

However, some people get a personal loan to clear their existing debts like credit card dues. When you make part payments or minimum amount due payments on your credit card bills, it adds to your credit card debt.

The card issuer charges you a hefty interest on your credit card debt that may be as high as 48% per annum. Mounting debt is a cause of worry.

Should I Take a Personal Loan?

A smart way to reduce such a debt burden is a personal loan. You can take a personal loan from a reputed lender at low-interest rates and pay off your high-interest credit card debt. You can make part payment of a personal loan in the form of monthly EMIs and save significantly from the low-interest charges.

This method of taking a low-interest debt to pay off existing high-interest debts is known as debt consolidation. A personal loan has no restriction on how you use the money. Therefore, you can take a personal loan and become debt-free from credit card debts.

Another benefit of paying off your credit card debts by taking a personal loan is that it will save your credit score from dipping down further by paying off your pending debts.

Thus, it is wise to get a personal loan to wind up high-interest credit card debts.

Also Read: Is it Possible to Take a personal loan without an income proof?

What is Refinancing a Personal Loan?

A personal loan is very useful when you face a dire need for funds. However, as these are unsecured loans, the interest rates that lenders charge on a personal loan are comparatively higher.

Apart from the interest charges, lenders also charge a personal loan processing fee on your loan. All these charges may make your loan expensive. To deal with this, you can refinance your loan.

Refinancing a personal loan means taking a fresh personal loan from a lender charging a lower interest rate to pay back your existing loan that has a higher rate of interest.

Taking a fresh loan at a minimum interest rate can go a long way in reducing the cost of the loan for the borrower.

How to Refinance a Personal Loan

You can refinance your loan by taking the following steps:

Determine the amount of cash you require to pay back your existing loan. This amount would include the remaining principal loan amount, interest charges, loan foreclosure charges, etc.
Have a look at your credit score before opting for refinancing your personal loan.
Explore personal loan offers from different lenders to choose the lender with reasonable interest rates and flexible repayment terms.
Apply for a personal loan with the lender of your preference and submit the required documents.

Once your new loan is disbursed and you receive the cash in your account, you can use the money to pay back your existing loan. You can decide between fixed and variable interest rates when you refinance your personal loan to reduce the applicable interest charges.

Also Read: Personal Loan EMI calculator: Know How it helps optimise your loan

Avail Attractive Personal Loan Offers And Secure Your Financial Emergencies

Worrying about how to finance your urgent needs but scared of loans? Wondering how to kickstart your plans without trouble?

With personal loans from Fullerton India, achieving your dreams without financial hiccups can now be a reality. Get up to INR 25 Lakhs at an interest rate of 11.99% per annum with an easy online process.

Get an instantly approved personal loan for your needs from the comfort of your homes without the hassles of lengthy paperwork. Secure your medical emergencies, wedding dreams, education goals, or home renovations with attractive personal loan offers.

Why Personal Loans?

Enjoy the benefits of an unsecured loan and not worry about burdening your savings or collateral against your loans. With your valid ID proofs in place, Fullerton India assures you of quick disbursal of the loan amount. With a flexible repayment duration of up to 60 months, get ready to move forward without financial concerns.

Click here to check customized personal loan offers for your various needs.

Personal Loan Eligibility

You would qualify for the personal loan eligibility criteria if your minimum monthly income (salaried or self-employed) is INR 20,000, and you are between 21 and 65 years old. Additionally, a healthy credit score of 750 and above, along with at least six months of working experience at your current organization, will further guarantee your chances for approval for a personal loan.

Click here to learn more about Fullerton India’s personal loan eligibility criteria.

Also Read: 6 Life Situations Where Instant Personal Loan is Necessary

How You Can Make Your Loan Application Hassle Free

A loan can help you in a time of cash crunch. If you are facing a situation entailing ‘I need a personal loan’, you should know how to apply for one. To ensure a hassle-free loan approval, here are the tips to keep in mind while making a loan application online:

Check your credit score

When searching for ‘I need a personal loan’ online, your credit score will be the foremost requirement for a personal loan. Lenders prefer applicants with a CIBIL score of 750+. If you have paid your previous credit card bills and loans on time, you should have a good credit score. Check if you have a score per the lender’s requirements to approve a loan.

Know how much you can afford to repay

You should apply for a loan amount that you require. Apply for a reasonable loan amount that you can repay within the loan tenure on time. Compare your monthly income and expenditure, and then choose a loan amount and tenure for affordable EMIs. Use an online EMI online calculator to know an affordable EMI as per your budget. The loan amount can go as high as Rs. 25 lakhs which can be repaid in 12-60 months.

Check with the previous lender

You can consider your previous lender to apply for a new loan. If you maintain a good transaction with the lending institution, you can avail of pre-approved loan offers for quick processing and affordable interest rate. You can consider reputed NBFCs for the lowest personal loan interest rate in India.

Keep your documents ready

For a hassle-free loan process, the loan-seeker should keep all the documents handy. It will speed up the loan processing. The documents required for a loan application depend on the loan you applied for. Basic requirements are:

Proof of Identity
Proof of Income
Proof of Address
Previous Income Tax Return
Latest Passport-size Photographs

Thus, check your personal loan eligibility with reputed NBFCs to get the lowest personal loan interest rate in India. It will approve your application digitally without any hassle.

Also Read: Is using Personal Loan to start small businesss a good idea?

Differences Between Gold Loan and Loan Against Property

A loan is an effective and convenient option to arrange funds in times of financial need. Loans can be secured or unsecured, depending on whether they require collateral or not.

Two popular loan categories are gold loans and LAP loans.

Gold loans are secured loans that require you to deposit your gold valuables as collateral with the lender. Lap Loans are also secured loans that require you to deposit your residential or commercial property as collateral.

You can find out more about a gold loan and loan against property details from the websites of various lenders. Differences Between Gold Loan and Loan Against PropertyYou can find out more about a gold loan and loan against property details from the websites of various lenders.

Differences Between a Gold Loan and Loan Against Property

Accepted collateral: The collateral for a gold loan is gold ornaments, coins, etc., while the collateral for a LAP loan is residential or commercial real estate property or land of the customer.
Rate of Interest: The rate of interest on a gold loan is usually higher than a loan against property because the bullion market is volatile. LAP loans are cheaper because of the stability in the real estate market.
Eligibility: The primary eligibility to get a gold loan is having sufficient amounts of gold valuables to pledge as security. For a LAP loan, you need to have a wholly owned and legally legitimate property to pledge as security.
Repayment tenure: Gold loans are mostly short-term loans and have a short repayment tenure while LAP loans are usually long-term loans and the borrower has more time to pay back these loans.

You can choose the type of loan depending on your loan requirement and the type of asset you can pledge as security against the loan.

Also Read: Follow These 5 Steps to Negotiate Business Loan Offers

How to Raise Capital For a Business Startup

The environment for entrepreneurs is developing at a rapid pace in India. Several initiatives supported by the Government have inspired innumerable entrepreneurs to come up with wonderful business ideas to launch their business startups. However, funds are required along with a unique business idea to give shape to it.

You would require capital at every stage of your business. Along with a business loan for MSME in India, there are several other ways you can raise capital for your business startup.

How to Raise Capital For a Business Startup

Self-finance: If you have enough savings to invest in your business, you can start your business with your personal finances. It will save you from interest charges and loan processing time but is a high-risk option as you will put all your savings at risk. It may be considered only as a backup up resort when no other fund options are available.
MSME business loans: You can fill out a business loan application form with a trusted lender and get a business loan at reasonable interest rates and freedom of end-use for your startup. Additionally, you can get instant business loans online from leading lenders.
Funding from an Angel investor: Angel investors pump in their surplus cash into business startups. It is a costly option to raise capital as Angel investors expect a high return on their investment and prove to be costlier than business loans.
Government loans: You can apply for a loan under one of the several government loan schemes. However, the waiting period for such loans is long, and your loan application may get rejected at any stage.

You can opt for a business loan for MSME from a trusted lender and enjoy instant funds at reasonable interest rates and convenient repayment terms.

Also Read: Top Business Loan Schemes for Women Entrepreneurs

Types of Business Loans for SME Businesses

SME business loans provide small and medium businesses with funds for varied uses like purchase of raw materials, repair or purchase of machinery and equipment, financing of new business projects, etc.

There are several SME business loans, and choosing the wrong small business loan can prove to be a harmful business decision. You may end up waiting for months to get the loan amount that means you are not able to get the requisite funds when needed.

It is crucial to know the different SME loans available to businesses to choose the best possible loan option.

Additionally, you can find out about business loan eligibility from the websites of various lenders before applying for a loan.

Types of Business Loans for SME Businesses

Term loans: Term loans are lump sum loans in which the customer gets a lump sum loan amount that he has to pay back in monthly installments along with the applicable interest charges.
SBA loans: Small Business Administration loans are low-interest government-backed loans that offer you funds at low costs. However, the processing time for these loans is long and you may have to wait for months to get the money.
Business lines of credit: Business lines of credit are similar to credit cards and offer a revolving line of credit. You can use the maximum credit limit, repay it, and then take more credit similar to a credit card. You need to pay interest only on the amount of money you withdraw and not the entire available amount.
Equipment loans: If you need to purchase expensive machinery, vehicles, equipment, etc., for your business, you can opt for an equipment loan in which the equipment acts as collateral.

You can choose the SME loan of your choice based on the credit you require and the time within which you need the money.

Also Read: Why MSME is an Ideal & New Approach for Start-up Businesses