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.

Should You Apply for a Personal Loan if You are a Salaried Individual?

Personal loans are ideal for any urgent financing. Salaried individuals looking for unsecured loans can quickly avail of these loans with minimal documentation. Getting an instant personal loan is even quicker than asking a friend for help.

Established NBFCs offer personal loans for salaried individuals easily with flexible terms and quicker loan sanctions. The process of applying for a loan is online and completely paperless. A salaried individual can apply for a personal loan if they meet the eligibility requirements. Let’s check out the eligibility criteria to avail of an instant personal loan.

Personal Loan Eligibility Criteria for Salaried Individuals

Minimum salary:
- 20,000 for applicants residing in non-metro cities
- 25,000 for applicants residing in metro cities
Age between 21 and 60 years
Credit score above 750
Should have work experience of at least 1 year
Should have worked in the current company for at least 6 months

How can salaried applicants apply for a personal loan?

Visit the personal loan finance company website or mobile app.

Register using the OTP verification.
Fill in the online application form.
Upload scanned documents required to apply for a personal loan.
Apply.

The lender will contact you to take the loan process forward.

If you plan to take a personal loan, it is imperative to check the maximum loan amount you can get using the personal loan eligibility calculator. This will help you understand if the loan finances suit your requirements. Apart from this, it’s important to carefully calculate your loan EMI using a loan EMI calculator to plan your repayment. Failing to do so can make the personal loan finance company mark you as a risky borrower. Avail of personal loans up to Rs 25 lakhs* at the lowest interest rates.

Additional Read: 10 Questions to Consider When You Get a Personal Loan in Hyderabad

Know All About Pre-Approved Personal Loans

Personal loans are one of the most accessible funding instruments borrowers can avail when facing emergency cash crunches. These loans do not require any collateral or extensive documentation. Pre-approved personal loans are promotions offered by lenders to selected customers. The customers are approached with the best offers by the lenders. A pre approved personal loan means that the applicant has already passed the first approval process and can take the next step with minimum formalities involved. However, pre-approved loans do not guarantee loan approvals; they only expedite the approval process.

Features of Pre-approved Personal Loans

Instant Funding

Pre-approved loans are given after an eligibility check; hence these loans are quickly approved and disbursed within a day. Additionally, the loan processing time is drastically reduced if the borrower has previously taken loans from the same lender.

Special Discounts

Customers who qualify for pre-approved loans fall under the low-risk category. So, the lenders offer the best deals in terms of lower interest rates, processing charges, penal interest, etc. It helps the borrower negotiate better with the lender for the best offers. One can also negotiate for special offers like EMI holidays and other waivers to further reduce the debt.

Lesser Documentation

Since most lenders offer pre-approved loans to existing customers, the documentation is lower or almost nil. This is because the lenders already have the KYC and income details. One can easily get an instant personal loan based on the credit score and other essential documents.

Easy Eligibility

To qualify for pre-approved loans, the lenders usually check that the customer has a good credit history and clean repayment records. The borrower should also be an existing customer. These factors qualify one for easy eligibility.

The pre-approved loan offers are valid only for a certain period. If you are looking to get instant funding, apply for a pre-approved loan now!

Must Read: Which is the Best Way to Avail an Online Personal Loan?

Benefits of Registration for SMEs

MSME refers to micro, small and medium enterprises. Partnerships firms, one-person companies, limited companies, cooperative societies, and Hindu undivided families can obtain MSME registration in India. The eligibility criteria for qualification as MSME depends on the enterprise’s investment and turnover. For instance, enterprises with investments of less than one crore and turnover of less than five crores are classified as micro-enterprises. Below listed are the advantages of obtaining registration for small and medium enterprises.

Reduced Interest Rates

Availability of business loans for starting a business is difficult for small business owners. However, with MSME registration, financial institutions offer loans at reduced interest rates. It also becomes easier to access credit as the lenders give MSME entities priority.

Exemptions from Income Tax

Small enterprises can avail of income tax exemptions with an MSME registration. Furthermore, such enterprises are exempted from carrying out audit procedures with registration certificates.

Technological Support

The technological up-gradation requirements of MSME units are reimbursed by the government. This promotes cost-effectiveness and promotes clean energy use for enterprises.

Subsidies

All companies registered under MSME registration are eligible for promotion subsidies. Such subsidies promote the growth of these enterprises, and the limit may be set by the government from time to time.

MSME can avail of loans that are specific to their business on fulfilment of business loan eligibility criteria. The primary utilisation of such loans is to meet the working capital requirements, facilitate the expansion of businesses, and for increasing the cash flow of the business. For availing of such loans at attractive interest rates and flexible repayment tenures, contact us.

Additional Read: 5 Steps to Apply for MSME Loans?

Methods of Getting Funds for Startups

The first step for funding a startup is called seed funding, which is later followed by A, B and C rounds. All these rounds vary in terms of maturity and investors involved. This series is significant since it evolves a startup into a full-fledged organisation by providing it with all required funds. Here is a list of a few successful startup funding options to meet the requirements of loans for startups:

Business Loans

Applying for business loans from an NBFC is an excellent option for funding business goals. The loans do not require any collateral and are hence sanctioned swiftly. The loan can be applied from the comfort of your home by filling out the online application form and uploading scanned documents. One can obtain business funding of up to 50 lakhs* within 24* hours without any hassle. The best part about business loans is that one does not have to share the ownership of their business for capital funding or expansion.

Angel Financing

These loans are provided by angel investors who fund a startup in its early stages by acquiring ownership interests. This method of funding a startup has grown popular and has numerous benefits, including having strategic partners, gaining credibility by association, and knowledge of the marketplace of competitors.

Crowdfunding

Crowdfunding is the process of raising funds by making use of websites and gaining funders. This method helps startups by allowing them to promote their products and services. A startup owner can easily set up a profile on a crowdfunding website and provide all the necessary details along with the amount of money raised. Interested people can then donate to these funding campaigns by visiting the website.

With business loans, entrepreneurs can avail of finances easily at flexible business loan interest rates and with minimum documentation.

Additional Read: PROS AND CONS OF AVAILING A BUSINESS LOAN FOR YOUR STARTUP

Uses of MSME Loans for Small and Medium Enterprises

The small and medium enterprise loans provide business owners with a single line of credit for facilitating the financial requirements of the SMEs. The MSME loan process is approved after evaluation of the nature of the business, market conditions, and cash flow statements. The SMEs and other entities defined under the MSMED Act, 2006 are eligible to avail of such loans. Below listed are how business owners can utilise SME loans.

Stock Management

The MSME loan amount is utilised to facilitate the operations and manage the supply chain system. By availing of an inventory loan, SMEs can refill stock levels, purchase a sample and ensure proper availability of funds during seasonal dips. MSME loans in India are widely used for meeting shortages in inventory requirements.

Managing Working Capital Requirements

Working capital refers to the finances used to carry out day to day activities of an enterprise. It is an indication of the enterprise’s liquidity position. An SME loan can be utilised for carrying out recurring activities for small and medium firms without being dependent on suppliers and buyers.

Investment in Fixed Assets

Investment in property, plant and equipment results in a significant outflow of finances for small business owners. To facilitate the purchase of such plants and machinery, SME loans can be availed.

SME loans are commonly available for short term requirements of enterprises in India. It is an efficient way with quick processing time and the requirement of minimal documentation. For availing of such loans at attractive interest rates and flexible repayment tenures, research online for the best loan provider.

Additional Read: Where Can I Use My MSME/SME Loan Money?

Home Loans and Mortgages – Here’s What You Should Know

It is becoming increasingly difficult for one to finance a home without exhausting their life savings. However, home loans are an excellent option to make one’s dream of having a home come true.

Mortgage Loan

Mortgage loans are available for buying a home against a property that the borrower already owns. These loans are also called Loans against Property or LAP loans. The lenders do not cap the end usage of the loan amount available, as you can use the loan against mortgage property for any purpose. Calculating your EMI in advance using a mortgage loan EMI calculator will help you plan your repayments easily.

Home Loans

Home loans are finances provided to construct or buy a residential property. Financial institutions can sanction 75% of the price of the property. The remaining money needs to be paid by the borrower. Hence it is essential to know how much loan you are eligible for before choosing a lender. You can quickly determine this value approximation with the help of a free online tool called the home loan eligibility calculator. The loan amount sanctioned can only be used to finance a home, not for additional purposes.

Conclusion

It is important to choose a loan based on your requirements. It is better to go for home loans only if you are planning to take a loan for construction and purchase. Mortgage loans are beneficial if you wish to take a top-up loan over your existing loan. Additionally, home loan tenure extends up to 30 years, while mortgage loans have a lower tenure up to 15 years. It also helps you save a lump sum amount in tax deduction every year.

Additional Read: 5 Tips to Getting the Best Deal on a Mortgage Loan

Advantages of Availing Loan Against Property

A loan against property or LAP refers to a type of secured loan given to a borrower against the asset pledged as collateral. The assets that can be pledged to apply for such loans can include a house, commercial premises or owned land, and these properties remain as collateral with the lender until the payment of the entire loan amount. Borrowers repay the total loan amount at regular intervals in equated monthly installments (EMI). Below listed are the advantages of availing of LAP loan.

Benefits of Taking LAP Loan:

Repayment Tenures

The period for repayment of such loans is longer than other types. This allows the borrower to take loans of a higher amount to match their financial needs.

Tax Advantages

One can enjoy tax deductions on taking such loans under section 37 of the Income Tax Act. However, the deduction can only be availed if the loan has been utilised for business purposes.

Utilisation for Multiple Purposes

Such loans can be utilised for business or personal use. This flexibility enables borrowers to take loans as per their requirements.

Lower Interest Rates

Financial institutions offer lower interest rates for these kinds of loans as these loans are secured against a property. This helps reduce the total amount paid at the end of the repayment period.

The borrower must evaluate various factors such as the credit score, prior financial obligations, and debt to income ratio before availing of such loans. Now, with the help of a LAP EMI calculator, borrowers can pay the amount of EMI against the principal and the interest rates. These values can be adjusted as per the borrower’s convenience and ability to repay the amount.

Additional Read: Important Things to Watch Out While Taking a loan against property

Process of Availing Two Wheeler Loans

A two-wheeler loan helps borrowers purchase bikes or scooters without worrying about the budget. Various factors affect two wheeler online loan approval, including credit score, income levels and prior financial obligations of the borrower. Below listed is a step by step guide to applying for such loans.

Steps to Availing Bike Loan:

Checking Eligibility

The borrower should be of at least 18 years of age while applying for such loans and must not be beyond 65 years of age at the time of maturity of the loan. Furthermore, the borrower must be a resident of India for more than a year.

Filling Up the Application Form Online

The next step is to choose a financial institution and fill up the application form available on the website. The complete details about the two-wheeler’s total cost and dealer name, along with the applicant’s details, will be required at this step.

Submission of Documents

Next, the borrower must submit the necessary documents for the Two Wheeler Loan Online Approval. These documents include identity, residence, and income proof.

Verification and Approval

After all the documents are verified, the loan is approved, and the amount is transferred within the stipulated time.

With the help of the bike loan calculator, borrowers can determine the amount of equated monthly instalments (EMI) required for the fixed tenure. Moreover, the borrower can adjust the repayment tenures, interest rates and principal amount as per their budgets.

Additional Read: 5 Perks of Funding Your Purchase with a Two Wheeler Loan

All About Personal Loan Balance Transfer

A personal loan balance transfer is the process of transferring your existing outstanding personal loan from the current lender to the one that offers lower interest rates. In simple words, a new lender will repay your existing personal loan, and you can continue to pay your loan EMIs to the new lender at lower interest rates. Does it sound like a good deal? If you are caught in a loan with the highest interest rates, you can consider a personal loan balance transfer.

Why should you think of a personal loan balance transfer?

Reduced Rate of Interest

Many borrowers opt for personal loan transfer mainly because of its lucrative interest rates. Not only the interest rates, but many lenders also offer the best deals in miscellaneous charges. Lowering the interest rate will proportionately lower your monthly expenses, thereby helping you close the loan sooner.

Extended Loan Tenure

By transferring your loan balance, you can negotiate the loan tenure with the new lender after reevaluating the loan based on your current budget. Suppose your existing loan is burdening your finances. In that case, you can opt for a longer tenure to obtain a smaller EMI. Likewise, if you are better positioned to pay a higher EMI, you can shorten the term and repay the loan sooner.

For Attractive Benefits and Upgrades

A borrower switches to a new lender when they find the offers more lucrative than the current one. Most lenders offer deals in the form of lower interest rates, zero processing charges, zero prepayment charges etc., customized based on your credit profile.

A Top-Up on Your Existing Loan

If you have a good credit score, you can even use the balance transfer as a debt consolidation loan by opting for top-up loans above the current loan at lower interest rates.

Apart from these, a loan transfer on any type of loan eases your debt burden if you currently pay higher personal loan interest rates. Evaluate your choices and choose an established NBFC to opt for a home loan balance transfer and avail of its benefits.

Must Read: 5 Reasons why To Choose a Personal Loan Over Another Type of Debt

How Does A Personal Loan Balance Transfer Work?

A personal loan balance transfer is a scheme where customers can transfer their outstanding personal loan to another lender who offers a better deal. While opting for a personal loan balance transfer looks lucrative, it is necessary to carefully evaluate if it is beneficial to you. Personal loan balance transfer comes with a penalty from your existing lender and attracts processing fees from the new lender.

How does a personal loan balance transfer work?

When you transfer your outstanding personal loan to a new lender, they will pay off your existing loan with the current lender. However, you will be liable to pay the prepayment charges if your existing loan terms have a prepayment clause in it. Calculating all costs can help determine your savings from the loan transfer, and this calculation can be quickly done using a personal loan prepayment calculator available online.

Is personal loan balance transfer a good idea?

It depends on your current financial institution’s fees while transferring the loan. However, there are several benefits of a personal loan balance transfer.

Let’s understand:

Lower Rate of Interest,

The most significant advantage of a loan balance transfer is that the borrower is offered lower interest rates.

Extended Repayment Period

On transferring the loan to the new lender, one can negotiate to extend the loan repayment tenure, decreasing the monthly EMI commitment.

Loan Top-up Facility

You can also meet your additional fund requirement at the lowest interest rates with top-up facilities offered by the new lender.

Improved CIBIL Score

Since the loan transfer makes EMI affordable, you can repay the loan sooner and within the due date. This will drastically improve the CIBIL score.

If you plan to go ahead with the balance transfer, it is important to evaluate all the pros and cons to make an informed decision. You should also choose the lender who offers utmost transparency while providing lower interest rates.

Must Read: 5 Typical Personal Loan Requirements to Know Before Applying

Important Tips for Personal Loan Repayment

Personal loans repayments can be smoother if it is planned well. So here are a few tips for saving yourself from repayment hassles or financial burdens. Let’s check it out.

Do Not Delay Repayments

Late payments attract hefty penalties, and these penalties will unnecessarily burden your pocket and bring down your credit score. Hence planning your repayment schedule using a personal loan EMI calculator can help with missing out on repayments due to higher EMIs. Additionally, activation of auto-debit payments with the lender will help you repay loans on time without worrying about missing the timelines.

Do Not Overborrow

Personal loans are unsecured loans and hence come with higher interest rates. Calculating the exact requirement in advance will help you not to pay interest rates unnecessarily for an amount you never required. Proper planning can help you save a lot of money and repay without hassles.

Opt for a Reasonable Tenure

Longer tenures with lower EMI may look attractive, and however, they attract higher interest rates. Choosing the shortest tenure possible based on your affordability can help save on the interest rates. Though shorter tenure attracts larger EMIs, the loan can be repaid in less time.

Make a Financial Budget

Prepare a budget and list down all your expenses, debts, and standard commitment and expenses on one side with your income from all sources on the other. Do a judicious study to map your expenses with your income and keep enough savings in hand to pay for a minimum of 6 EMIs if you ever run short of money or have to manage without an active income source. Make sure you stick to that budget for effortless debt repayment.

Following the tips mentioned above can assist in making your repayment smoother without causing any financial stees to your budget.

Must Read: 5 Reasons to opt a Personal Loan for Home Renovation

5 Proven Tips to Get Your Personal Loan Approval Quickly

Personal loans are an excellent source of funds that can be beneficial during a financial crunch. The loans have a simple application process requiring minimal documentation. Though personal loans are user-friendly, getting approval for instant loans could be delayed if there are gaps in your application process. Hence here are a few pointers on how to speed up your loan approval quickly.

Check your Eligibility Criteria Before Applying

Applying for quick personal loans without meeting the lender’s eligibility criteria could lead to loan rejections. Loan rejections are bad for credit scores hence lowering chances of getting another loan in the same timeframe. It is also essential to check the maximum loan amount you can apply for using the lender’s loan eligibility calculator. This will help you not over quote the loan amount.

Check Your Credit Score Before Applying

Checking your credit score will help borrowers gauge their eligibility for the loan before applying. If your credit score is above 750, you can rest assured that your application will be swiftly approved. If your credit score is low, you can identify issues in your credit profile and improve it.

Do Not Apply for Multiple Loans

It could be tempting to apply to several lenders simultaneously to maximize the chances of loan approval. But in reality, this leads to application rejection. Too many applications will lead to multiple inquiries in the credit report, leading to a temporary drop in credit score and hampering your chances to get the loan.

Calculate your Loan EMI

Calculating your personal loan EMI in advance with the help of an EMI calculator will help apply for a loan tenure and EMI that fits your repayment capacity.

Apply online

Online loan applications are a quick and user-friendly process. The loan documents are digitally verified, which saves time. The loan application is also traceable online. Once approved, the funds are disbursed to your bank account.

Availability of quick personal loans is easy if you follow the above tips. The loan is an urgent requirement. But doing your research and correctly filling out the application form will ensure that you do not get any unpleasant surprises later.

Must Read: 5 Reasons to opt a Personal Loan for Home Renovation

All About Small Personal Loans

Small personal loans are unsecured loans that meet cash shortages. These loans are increasingly popular as the sanctions happen quickly. The application process for small cash loans or mini cash loans is very simple. The application process of availing personal loan online includes filling up an online form on the lender website, uploading documents, and selecting a suitable scheme from the options provided by the lender.

Benefits of Small Personal Loans:

No Collateral Required
Instant Funds Approval and Access
Competitive Interest Rates
Quick Approval
Flexible Repayment Options
100% Paperless Digital Process

Small personal loans are for personal use. These loans are not for any specific reason, unlike other loans like car loans, home loans, education loans, etc.

How to register for a small personal loan?

You can register for a small personal loan by downloading the “Fullerton India Insta loan app” Before filling in the application for a small personal loan, it is necessary to arrive at an EMI and repayment tenure to pay back the loan amount comfortably. This calculation can be done instantly using a personal loan EMI calculator. After arriving at an EMI for the loan, you can follow the below steps:

Open the Fullerton Insta loan app
Register to the portal with your phone number
Click “Apply now” under instant loans
Fill in basic information and the loan amount required
Upload the scanned documents
Submit the application

The lender will notify you of your eligibility. If you satisfy it, the loan process will start. The loan will be sanctioned within 24* hours if the submitted documents are in order.

Additional Read: What Is A Better Way To Apply For Loan, Online Or In-person?

Top 7 Reasons to Fund Your Expenses with an Unsecured Personal Loan

Pune is a thriving city known as the IT hub of India. When it’s time to meet your planned or unplanned expenses, you require money to fund them without digging into your savings. This is where an unsecured personal loan comes to your support.

Without any end-use restrictions, you may use an unsecured personal loan in Pune the way you like to fund your expenses. These are the top 7 reasons that make an unsecured personal loan worth it:

No Collateral Requirement: What makes these loans a favourite among Pune people is their unsecured nature. You may avail of them without any collateral, security, or guarantor.

Competitive Interest Rates: Personal loans have lower interest rates than credit cards and other loan options.

Online Application Process: Most NBFCs have websites and apps through which you can apply for an unsecured personal loan online without leaving your house.

Easy Eligibility Criteria: When you conduct a personal loan eligibility check, you will find that the eligibility conditions are pretty simple, which include your age, income, and employment.

Minimal Documentation: NBFCs require minimal documentation, including your address, identity, and income proof.

100% Paperless Loan Procedure: You may upload scanned copies of your documents to avail of a personal loan in Pune. Therefore, the procedure is 100% paperless.

Flexible Repayment: NBFCs offer flexible repayment terms that you may choose according to your monthly budget.

Before applying for a personal loan, conduct a personal loan eligibility check and compare the lender’s terms and conditions to make an informed decision. If you are confident about repayment, applying for a personal loan makes sense.

Additional Read: What Is A Better Way To Apply For Loan, Online Or In-person?

Want a Personal Loan? Choose between Fixed and Floating Interest Rates

Before availing of an easy personal loan, you must understand the vital concepts of floating interest and fixed interest. Understanding these terms is essential as they can have a crucial impact on your EMIs. You can apply for personal loan here: https://www.smfgindiacredit.com/personal-loan.aspx

Fixed interest rate loans have an interest rate that doesn’t change during the loan term. It stays the same when RBI changes its policy. In this way, the borrower can accurately predict future payments. Those who do not want any fluctuations in the interest rates prefer fixed interest rates. If the market is at a falling interest rate cycle or an expected hike in interest rates soon, it is feasible and logical to lock the deal at the current lower fixed interest rate. But keep in mind that the fixed interest rates are 1-2.5% per month higher than the floating ones.

Floating interest rates reflect economic or financial market conditions by fluctuating or “floating” over time. The RBI determines the base rate and applies a variable element to arrive at the final rate. The last interest rate changes by default when the RBI changes the base rate. So, those willing to take market fluctuations as a challenge or have a good knowledge of the market can surely take up floating interest rates. Also, if the market is at the end of a rising interest cycle or you expect rate cuts to be announced by the RBI shortly, the only reasonable rate for you is fluctuating. It helps you enjoy a 1-2.5% lower interest. But it is subject to changes in the RBI’s policies.

So, considering the tenure and amount of your easy personal loan, choose the best loan offer.

Must Read: What is the Income Tax Benefits on Personal loan?

Can You Get a Personal Loan Even When Your CIBIL Score <750?

A CIBIL score greater than 750 is considered a high score. Most lending institutions favor applications with a good credit score for unsecured loans. A credit score above 750 will earn the borrower competitive loan rates.

However, If you have a CIBIL score of less than 750 and pass the personal loan eligibility check, you can still secure the loan. Wondering how? Let’s check it out.

How can you secure a personal loan despite a low CIBIL score?

Analyse The CIBIL Score and Check for Misreporting

There are chances that you did not obtain a No Dues Certificate from the previous lenders after you closed your previous loan. Sometimes the credit scores may also get muddled up due to discrepancies in credit reply for reasons like not obtaining the NOC from an earlier lender or issues in the payment gateway. Checking your credit scores from time to time can help you spot discrepancies at the earliest and make amends in time.

Show Proof of Repayment Capacity

The lender’s biggest worry is that the borrower may not repay the loan. Hence showing proof of your repayment capacity and explaining why the loans defaulted previously may persuade them to consider sanctioning the loan. Lenders usually are willing to consider genuine reasons and grant you a personal loan.

Apply for the Loan with a Co-applicant

Applying for a loan with a co-applicant with a good credit score can be favorable to getting a personal loan. The reason is that having a co-applicant has the lowest risk of lending. Taking a loan with a co-applicant will help you secure and improve your credit score by repaying the available loan on time.

Go for a Lower Personal Loan

If the loan amount is small, the risk is limited. Hence there are chances that the lender will approve the loan, so consider applying for a lower loan amount and repaying it on time.

You can improve your credit score. However, it is equally essential to maintain the credit score once you improve it. If your credit score is low and you still want to apply for a personal loan online, get in touch with us, and we will help!

Additional Read: Things To Know Before Applying For A Personal Loan

How to Choose the Right Business Loan?

A business requires quick funds for maintaining cash flow or meeting expansion needs. Lending institutions give you such finances through customized Business loans. Business loans are unsecured loans for fund requirements for a quicker turnaround time of up to 5 years. If you are looking for a business loan, here are a few tips for choosing the right one.

Tips for Choosing the Right Business Loan:

Determine your Requirement

Before borrowing a business loan in India, every borrower needs to understand their requirements first, which will prevent them from over-borrowing. Additionally, smaller loan amounts are approved quickly.

Be Aware of Processing Time

If you are applying for urgent funds, it is imperative to learn about the lender’s approval and the time to disburse the funds. Some lenders even provide you loans up to 50 lakhs within 24* hours.

Check For a Good Online Presence

Lenders with a robust digital presence will offer more manageable loans. Going to the branch with business loan documents to address loan issues or queries is stressful. Hence choosing digitally-enabled lenders with efficient customer service will help you with a hassle-free loan tenure.

Competitive Interest Rates

The interest rate is a factor that determines your loan affordability. Checking online for lenders who offer attractive interest rates along with lower miscellaneous charges will help make your loan cheaper.

Flexible Repayment Schedules

Planning your repayment schedules is required before taking the loan, and it will give you the insight to prepare your loan better. Calculate the EMI and desired repayment tenure using the Business loan EMI calculator. This free tool will help obtain a better insight into planning your repayment schedules.

Apart from the above criteria, you need to always look for an established lender with an efficient customer service network for a more straightforward and customized loan process.

Must Read: Get Quick Approval for Business Loan – A Step by Step Process

5 Perks of Funding Your Purchase with a Two Wheeler Loan

Riding a two wheeler helps people catch up to the fast-tracked pace of today’s world. It eases the way and increases the speed at which an individual can travel from one place to the other. However, when it comes to purchasing a two wheeler, many people prefer delaying their purchase rather than spending their savings. Thanks to the easy availability of two wheeler loans, there is no longer a need to do so.

Prospective borrowers can get two wheeler loan online approval within minutes and instantly fund their purchase. Find the five perks of funding bike purchase with a two wheeler loan.

Competitive Interest Rates

Lenders’ attractive interest rates make EMIs affordable and loan repayment more manageable.

High-Value Financing

Depending on the eligibility and credit score, some borrowers may avail zero down payment bike loan from lenders, with which they can fund 100% of the bike’s value with a two wheeler loan.

Easy Eligibility

Lenders have simple eligibility conditions that almost everyone can fulfil. These include the borrower’s age, income, employment, and credit score. Anyone eligible for a bike loan can apply online and get fast approval.

Flexible Repayment

Flexible repayment terms allow borrowers to select their EMI amount according to their repayment capacity. This helps them repay their EMIs conveniently and pay off their loan in time.

Instant Disbursal

If eligible, the borrowers need to get their documents verified, after which they get two wheeler loan online approval and receive instant funds directly into their bank account.

These perks of two wheeler loans make the bike buying experience convenient and seamless for the borrowers. Moreover, online portals and apps let them apply for a bike loan online without any hassle.

Must Read: 5 Tips to Get the Right Two-Wheeler Loan in India

How Personal Loans Can Help You Pay Hospital Bills?

Medical emergencies always come unannounced, and often the expenses are expensive and could wipe out one’s savings. To obtain a high-quality treatment for critical illness, childbirth, IVF or a complete health checkup, one needs a decent amount of finances. Taking pre-approved personal loans can help you pay the hospital bills. Let’s check how.

Ample Funds to Cover

If medical bills are putting your financial stability at peril. It is recommended to take an instant personal loan for financial support. Personal loans up to 25 lakhs* can be availed at the lowest interest rates within 24* hours at just four clicks.

Minimal Documentation

The loan is customised to specific needs and does not require much documentation and waiting time. One can apply for the loan within minutes by filling in basic information, uploading scanned copies of documents required for personal loan and selecting a suitable scheme offered by the lender.

No Collateral

Personal loans do not require you to pledge any security in the form of collateral. It can be availed by meeting the eligibility criteria of the lender. So, you do not have to arrange for your asset proofs to avail of the loan amount,

Easy Repayment Process

Personal loans allow you to repay the loan in a flexible tenure of your choice. Flexible tenures lower the financial stress of paying the loan amount at a specific duration. You can calculate an affordable monthly EMI and an optimum tenure against it using a personal loan EMI calculator. This will help you arrive at an EMI that fits your budget.

Covers a Wide Range of Treatments

Personal loans can be used for medical debt consolidation. All the medical expenses from daycare charges, medicines, treatment costs and all the costs associated with the hospitalisation can be funded using personal loans,

Personal loans can help you sail through the tide regardless of your medical requirements. Good planning will help you repay your loan comfortably without compromising your regular expenses.

Must Read: Why Working Population in India opt for Personal Loans?

5 Perks of Funding Your Purchase with a Two Wheeler Loan

Prospective borrowers can get two wheeler loan online approval within minutes and instantly fund their purchase. Find the five perks of funding bike purchase with a two wheeler loan.

5 Perks of two wheeler loan:

Competitive Interest Rates

Lenders’ attractive interest rates make EMIs affordable and loan repayment more manageable.

High-Value Financing

Depending on the eligibility and credit score, some borrowers may avail zero down payment bike loan from lenders, with which they can fund 100% of the bike’s value with a two wheeler loan.

Easy Eligibility

Flexible Repayment

Flexible repayment terms allow borrowers to select their EMI amount according to their repayment capacity. This helps them repay their EMIs conveniently and pay off their loan in time.

Instant Disbursal

If eligible, the borrowers need to get their documents verified, after which they get two wheeler loan online approval and receive instant funds directly into their bank account.

These perks of two wheeler loans make the bike buying experience convenient and seamless for the borrowers. Moreover, online portals and apps let them apply for a bike loan online without any hassle.

Additional Read: Purchase Bike of your Dreams in this Festive Season

What is a Loan Against Property, and how Much Can I Get?

Loan Against Property

The loan against property or the LAP loans, as the name signifies, are finances got by pledging a commercial or a residential property as collateral. The funds for these loans depend entirely on the property value pledged. LAP loans are secured and have lower interest rates than unsecured ones. One can avail loan finances up to 70% of their property value.

LAP loans offer you up to ₹ five crores based on your property value pledged as collateral if you are looking for a high loan amount.

How much loan can I get?

Using a free online tool called the LTV calculator helps you know the maximum loan amount you are eligible for. Here’s a step-by-step guide to calculating the maximum loan amount one can get based on the property mortgaged.

Step 1: Enter the Market Value of the Property

Step 2: Enter the Nature of Property

Step 3: Enter Your Monthly Income

Step 4: Enter your Existing Monthly Obligations

Step 5: Select Interest

Step 6: Select Loan Tenure

The maximum loan amount you may be eligible for, along with the approximate monthly EMI for that loan amount and the total interest payable over the loan tenure, will be displayed automatically on the screen. It will help you make an informed decision and plan your loan finances accordingly.

Your property’s age, type, value and location, monthly income, credit score, and employment history play a crucial role in determining the maximum loan amount offered to you. Hence the calculator only displays the approximate amount you are eligible for.

Additional Read: Eligibility Criteria For a Land Mortgage Loan

Factors Affecting Your Eligibility for a Loan Against Property

A loan against property is a secured loan that allows you to use the funds locked in your assets. You can pledge your property as a security and obtain a loan against it at lower interest rates. However, if you are looking for a loan against property, several factors may affect your eligibility. Let’s take a look at them.

Loan Amount: The loan amount you want to borrow directly affects your eligibility for a loan against land or property. The higher the loan amount you borrow, the stricter the terms and conditions would be.
Credit Score: Your credit score is one of the most crucial factors affecting your loan eligibility. You must have a credit score of at least 700 to avail a loan against property. Since your credit score signifies your repayment history and credit behaviour, lenders use it as a parameter to determine your loan eligibility.
Property’s Value: The lender evaluates the value of the property you want to secure against the loan. Your loan against property interest rate, eligibility, and loan amount largely depends on your property’s value.
Age: The borrower’s age matters a lot while applying for a loan against property. Lenders prefer borrowers in their prime earning years. If you have just started your career or are about to retire, it may affect your loan eligibility. That is why most lenders have a minimum and maximum age limit that applicants must follow.

Applying for a loan against land or property has become quick, simple, and streamlined through online methods. However, check your lender’s eligibility conditions and fulfil their requirements before filling your application form.

Must Read: Step By Step Guide to Know How Loan Against Property is Processed!

5 Useful Tips to Get the Best Mortgage Deal

Are you looking forward to funding your home purchase with a loan? You will find hundreds of lenders offering mortgage loans out there. These days, NBFCs make these loans readily available to borrowers. However, here are five valuable tips to get the best mortgage deal:

Maintain a High Credit Score

Lenders check your credit score before approving your mortgage loan. They decide your loan amount and interest rates based on your credit score. Therefore, pay your EMIs and credit card bills consistently, diversify your credit portfolio, and reduce your DTI ratio and credit utilisation rate to maintain a high credit rating.

Save More for a Bigger Down Payment

You need to make a down payment while applying for a loan. The higher the down payment you make, the easier your loan approval will be and lower your interest rate. So, save more for a bigger down payment and get the best mortgage deal.

Pay Off Your Existing Loans

Lenders look at your current financial obligations before approving your loan application. Ideally, your debt-to-income ratio should not be more than 30-40%. Therefore, pay off your existing loans before applying for a new loan to get the best mortgage deal.

Select the Right Repayment Term

Mortgage loans often come with flexible repayment terms that you can choose according to your repayment capacity. Use a mortgage loan calculator to calculate your EMIs so that you can repay them on time. Assurance of timely payment can help you grab the best deal.

Compare Lenders

Shop around and find the lender offering the best mortgage deal according to your requirements.

Use these tips to find the best deal on your mortgage loan and become the proud owner of your dream home without stressing your finances.

Must Read: Step By Step Guide to Know How Loan Against Property is Processed!

Follow These 7 Rules While Applying for a Personal Loan in Pune

Pune is a vibrant city with a population of around 9.4 million. However, with the increasing cost of education, healthcare, and other necessities in the city, many people feel short of money for their planned or unplanned expenses. This is where a personal loan comes to provide them with the required finance. While looking for a personal loan in Pune, these are the top 7 rules to follow:

Compare Interest: Use a personal loan interest calculator to know the interest rates offered by different lenders and find the cheapest deal.
Choose the Right Lender: Compare lenders in Pune based on their loan amount, interest rates, repayment terms, eligibility conditions, documentation requirements, and other parameters to find the most suitable one.
Check Eligibility: Although NBFCs have easy eligibility conditions for personal loans, you must check and fulfil them while applying for an instant personal loan to improve the chances of approval.
Borrow Minimum: Since you have to repay the borrowed amount along with the interest rate, borrowing minimum helps keep the loan cost low.
Choose the Right Repayment Term: Lenders have a minimum and maximum repayment term that you can select considering your repayment capacity and monthly budget.
Maintain a High Credit Score: Maintaining a credit score above 700 helps get loan approval at the lowest interest rate.
Apply Through App: Apply for an instant personal loan online through the lender’s app to accelerate the application and approval process without leaving your home.

Follow these top seven rules to improve your chances of loan approval and get the best interest rate. Use a personal loan interest calculator to plan your repayment on time.

Must Read: 5 Best Tips to Choose the Best Personal Loan

Affordable Personal Loans: Easy Way to Manage Your Unplanned Expenses

Whenever you need urgent money to cover an unplanned expense, an affordable personal loan seems to be the best possible option. It is an unsecured loan that NBFCs quickly approve without much ado. They have easy eligibility conditions and minimal documentation requirements that anyone can readily fulfil.

Borrowers can complete the online personal loan application procedure without leaving their house and get their loan amount disbursed into their bank account within minutes. These are a few features that make personal loans better than other loan options available out there:

Ample Loan Amount: Depending on your requirement, you may apply for a generous loan amount sufficient to cover your unplanned expenses.
Competitive Interest Rates: Personal loan rates are reasonable compared to other unsecured loan types.
No Collateral Requirement: Personal loans are unsecured loans that do not need any collateral, security, or guarantor for approval.
No End-Use Restrictions: Whether you require money for a medical emergency, vacation, wedding, home renovation, or education, you can use the approved loan amount the way you want.
Flexible Repayment: Ranging from a few months to a few years, lenders allow borrowers to choose a repayment term according to their repayment capacity.
Easy Eligibility Conditions: Easy eligibility conditions make personal loans readily available to all.
Minimal Documentation Requirements: You just need to provide your identity, address, and income proofs during the online personal loan application process.

Do your research and find a lender with the lowest personal loan rates and favourable terms and conditions. Get your loan within minutes and cover your unplanned expense without worrying about money.

Must Read: How to Get a Personal Loan for Your Dream Vacation?

5 Useful Tips to Get Instant Personal Loan Approval

A personal loan is the best source of finance in times of need. Whether it is a medical emergency or you plan for home renovation, higher education, or foreign vacation, an instant loan approval goes a long way to provide you with funds when you need them the most. If you are looking for a personal loan to meet any planned or unplanned expense, these five useful tips will help you get instant personal loan approval.

Compare Lenders

While comparing lenders, look at their personal loan requirements, loan amount, interest rates, repayment terms, processing fees, additional charges, customer service, and other factors.

Check Your Credit Score

When you apply for a personal loan, lenders look at your credit score to check your creditworthiness. Check your credit score before applying for a loan and ensure it fulfils the lender’s minimum requirement.

Find the Best Interest Rates

Your personal loan interest rates make up most of your loan costs. The higher your credit score is, the lower will be your interest rate. So, compare interest rates and improve your eligibility to get the best interest rates on your loan.

Select the Right Repayment Tenure

Most personal loans come with flexible repayment terms. Use a personal loan EMI calculator to choose a repayment term with EMIs suitable to your monthly budget.

Make a Repayment Plan

A personal loan helps you meet your expenses and gives you a chance to improve your credit score. Therefore, know your EMIs and make a repayment plan to get the most out of your loan. These are the five useful tips to help you get instant personal loan approval. However, before applying, ensure you fulfil the lender’s personal loan requirements and get the lowest personal loan interest rates.

Must Read: 5 Reasons Why To Choose a Personal Loan Over Another Type of Debt

How to Get Working Capital Loans in India?

Working capital loans are zero collateral loans available for businesses to maintain their cash flow and continue operations. The loan is designed for companies to avail quick finances to keep their business running. Hence the approvals are speedy, and repayment options are flexible. These loans are available for short term and long-term commitments.

How to get working capital loans?

It is easier to get a working capital loan if applied online as it involves zero paperwork and just a few clicks. To apply for a loan, you need to check if you meet the lender’s eligibility criteria, which will help avoid later loan rejections.

The eligibility criteria for these loans are:

Individuals eligible should be proprietors/private limited companies/self-employed individuals. Partnership firms working in services, manufacturing or trading
The enterprise must show a record of profits for the last two years
Companies must have a minimum turnover of 10 lakhs
The enterprise must have a minimum annual income (ITR) of 2 lakhs every year
Two years business experience in current business and a total of 5 years business experience

What are the documents required?

The documents that you need to furnish for the business loan requirements are:

Pan Card
Photo ID Proof
Address Proof
IT Returns, Balance Sheet
Bank Statement
Proof of Business
Certified copies of partnership deeds, sole proprietor declaration etc.

How to apply?

Visit the lender website and click “Apply now”
Choose working capital loans
Fill in the basic details
Upload scanned copies of the above documents
Click Submit

A customer care representative will contact you to take the process further.

The lowest interest rates for working capital loans are between 17 to 27%* depending on your eligibility. You can avail of collateral-free loans up to 30 lakhs with working capital loans and repay them at a flexible tenure up to 36 months.

Must Read: 6 Important Factors To Consider When Applying For A Business Loan

5 Reasons Why Indian Apply For A Personal Loan

0_vER7uDd94lvrayNz

A personal loan can be a lifesaver when it comes to handling financial challenges of facing an emergency. A personal loan is a popular credit instrument with the people for its easy access, fast approval, and minimal documentation requirement. It requires only a few documents to get the quick approval of the personal loan. If an applicant’s loan application meets the lender’s eligibility criteria, they can get a personal loan in no time without any hassle.

Before you think of getting a personal loan, check for the options of the best personal loan in India and look for a lender that offers the lowest personal loan interest rate. Here are a few reasons Indians take personal loans. Here are the reasons.

5 Reasons Why Indian Apply For A Personal Loan

Credit History

Taking a small unsecured loan and timely repayment of this loan maintains your credit history. This also ensures the repayment ability of the loan borrower. This credit history helps to get substantial credit like home loans, business loans, or car loans.

Debt consolidations

If a person has numerous debts and cannot manage the debt trap, then personal loans are a great way to deal with any such unsolicited situations.

Medical Expenses

Sometimes, a medical emergency creates a scenario that forces people to avail a personal loan. In the absence of medical insurance, one might need to pay a hefty amount as a medical expense. In such a scenario, personal loans help the person to cope with the expenses.

Business Set up

In India, entrepreneurship is a common play, and to manage such start-ups, people avail of personal loans.

Planning Vacation

Many Indians plan their vacations with a personal loan and manage all their expenses with the loan amount. They prefer to repay the amount in easy installments.

Additional Read: Know how to get a pre-approved Personal Loan in India?

What Is the Average Two Wheeler Loan Interest Rate?

revolt-rv400-electric-bike

Are you planning to get a two-wheeler loan? Selecting a loan with a low-interest rate and EMI is important. Let’s look at how you can calculate the bike loan EMI, along with some tips to reduce the loan interest rate.

Using a Bike Loan EMI Calculator

A bike loan EMI calculator lets you calculate the EMI you’ll have to pay for a two-wheeler loan. Almost all loan providers have a dedicated loan EMI calculator.

Fullerton India has a two-wheeler EMI loan calculator. You need to fill the following fields:

Loan Amount
Rate of Interest
Loan Tenure

Based on these inputs, the calculator calculates the estimated EMI you’ll need to pay. Here’s the formula used to calculate the expected EMI.

How to Lower the Two-Wheeler Loan Interest Rate?

The EMI you pay depends a lot on your interest rate. The higher the interest rate, the higher the EMI. Therefore, lowering the interest can help you lower the EMI. Here’s how you can do that.

Improve your credit score to get a lower two-wheeler loan interest rate.
Repay all your existing loans and clear your debts to improve your debt-to-income ratio.
Negotiate with your lender for a better interest rate.
Get a loan from a lender that you have a standing relationship with, as lenders could offer special discounts to regular customers.

Conclusion

The interest rate and EMI are the two most important things to consider before getting a two-wheeler home loan. You can use a bike loan EMI calculator to check the EMI you’ll need to pay.

Additional Read: Purchase Bike of your Dreams in this festive season

How to Choose the Best Quick Personal Loans?

personal-loan-1

Are you looking for a personal loan to fund your short-term money requirements? Here’s a quick guide to finding the best quick personal loans.

Check the Eligibility Criteria and Needed Documents

First things first, check if you’re eligible for a personal loan. Lenders can have different eligibility criteria for quick personal loans, but here’s what most lenders ask for:

Age: 23-60 years
Employment Status: Salaried at any recognized firm
Citizenship Status: Indian
Salary: Rs. 20,000 or more

Also, check the required documents. Most lenders will ask for your personal and financial details, such as your personal ID and bank statement.

Evaluate the Interest Rates

After confirming your eligibility, evaluate the interest rates. This is important because a small increase in the interest rate can have a substantial impact on the total loan amount. Almost all lenders have a personal loan interest calculator that lets you calculate the estimated loan costs.

Choose the Right Tenure

The next thing to consider is the loan tenure. The tenure you choose will depend on your loan amount and the EMI you’re willing to pay each month. A loan with a short tenure will have high EMIs and low-interest payouts. Loans with long tenures have low EMIs but high-interest payouts.

Consider Processing Costs

Lastly, consider the processing costs, if any. The loan processing fee oscillates between 0.5% and 2.5%. Look for personal loan providers that charge a low processing cost, so your total payable amount is less.

Quick personal loans are great for supporting your instant cash requirements. However, finding the right lender is important. Follow the steps discussed above to find the best personal loan.

Additional Read: Know how employment status affect your personal loan eligibility?