Finance

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As an entrepreneur, coming across lenders who do not vest their trust in your plans is quite normal. In your pursuit to take everything a step ahead, you often try to push your limits. You tend to push for better things, expensive things. However, most of these things are beyond one’s budget. For this reason, most of the entrepreneurs opt for a Business Finance. A loan that can help them financially and can aid their cause of achieving better things personally and professionally.

When availing a business loan, most of the entrepreneurs often neglect the basic criterion. There are certain things that you must keep in mind when availing a business loan which will help you financially. Entrepreneurs often end up paying too much on a business loan, and that is because they tend to overlook some obvious things.

5 Ways To Avoid Paying Too Much On A Business Loan

Here are a few things you should keep in mind in order to Avoid Paying too much on a Business Loan:

APR: When you are looking to take a business loan, you should always assess the APR. An APR (Annual Percentage Rate) is the amount of interest which you pay on your total loan amount annually. APR is directly related to the EMIs. A higher APR will translate into higher monthly payments and vice-versa. Apart from the APR, you need to keep other payments in mind as well. These include an application fee, annual costs, origination fees, service charges and so on. Compare these elements using online tools and get the best product for yourself. If you like a product, question the lender about the APR, if they cannot tell you about the projection, simply walk away and look for other options.

Prepayment penalties: Most of the credit products come with a fixed repayment amount. Due to this, it becomes impossible for an entrepreneur to save money out of it. In order to avoid doing so, it is essential that you inquire for details and gain fair knowledge about the prepayment charges from your lender.

Double Dip: Most of the entrepreneurs are open to taking an additional loan over an existing one. The thing you must note here is that in such a scenario, some of the lenders unfairly double charge you. Make sure you do not fall victim to this practice. Once again having a transparent and clear conversation with the lender will prevent you from paying higher interest unnecessarily.

Stacking: Do not fall for it. Stacking is nothing but falling for lender’s proposal to add a loan on an existing one. In such a scenario, you might often end up with multiple cash advances, wherein the percentage of sales from your business would divert tremendously. It can seriously hurt your business. Yes, there are situations where you are in a financial crunch, or you need a capital injection to leap further. In a situation like this, you do not always need to take a new loan or a new credit product. Refinancing your existing debt can get the job done and might as well lower your overall costs.

Pressure: Do not fall prey to peer pressure. When you are shopping for a loan, assess everything before concluding. Just because somebody is inculcating some financial measures in his/her business, you do not need to do the same. Understand the needs of your business and evaluate whether a suitable product is available in the market for the same or not.

Talking about suitable products – Business Loans, NBFCs in recent times have become a go-to-option. NBFCs such as Bajaj Finserv provide less interest rate on Business Loan. Make sure to check out their loans when you are looking for business finance.

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For the ones overloaded with multiple debts and little hopes of being able to repay them at the earliest, the concept of debt consolidation comes as a ray of hope. The concept of debt consolidation essentially means to take out a single loan in order to pay off multiple others. For many it’s a much needed lifeline which helps them lead a debt free life after they pay off that single loan. It holds no negative impact on your credit and is a better alternative to bankruptcy.

Consolifi is your best choice for debt consolidation

Ease Your Debts With Consolifi And How To Sort It Out

It’s time to take action against your several outstanding debts and debt consolidation is one of the best steps towards it. There are several reasons why you should consider debt consolidation, some of them are:

• Your process for repayment becomes easier as you have to pay off just one loan. Keeping track of multiple deadlines as you try to calculate the different rates of interest for different loans is a nightmare faced by several people. With consolidation you just need to make one payment each month and lead rest of your days without any worries. As you focus all your efforts on a single debt, your process of repayment becomes much more efficient.

• Till a person repays back all their debts, they are often called up by creditors demanding for payment. With debt consolidation you need not worry about collection calls anymore. If a person’s due amount is high, often creditors give their accounts to a collection agency. These agencies keep calling the debtors multiple times a day. Sometimes their representatives may even visit the defaulters to demand payment. These collection calls are highly frustrating and may cause stress and anxiety.

• With the help of debt consolidation you can save a significant sum of money on interest. Your all over interest rate becomes lower as you opt for this method, which in the grand scheme of things saves your money.

• Your credit scores suffer a lot as you make consistent late payments for your different debts. With the help of debt consolidation you can reestablish your credit score and boost it towards the positive side.

Having several benefits, to choose debt consolidation is one of the smartest steps you can make. While there are many companies providing this service, it is important that you choose the very best among them. Consolifi is a company specializing in this process of debt consolidation. Being experts in debt resolution, their services in this field comes recommended by many. Their teams of debt analyst experts are proficient to deal with any debt situation. For someone having problems with debts, getting a cost efficient as well as effective service is a priority. Consolifi offers just that.Holding the highest regards for ethics, this institution doesn’t ask for payment till their clients are satisfied with their performance. Additionally they also provide you with a money back guarantee in case you have problems with their services. By choosing them you would have a lot to gain and nothing to lose.

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Nowadays, with the increase in the competition and efficiency among people, it has become very difficult for the businesses to choose the right candidate for a job based solely on his or her academic performance. The marks obtained by the candidate don’t matter anymore as much as his other qualities which make him either suitable or unsuitable for that particular job.

Recently a lot of aptitude tests have come up that help the companies make a wise and correct decision. They help the recruiters test the applicant’s abilities to perform certain tasks and also check their reaction on various job type situations in a very systematic way. These tests are administered and scored in a very standard way, and the results are compared with the results of the other candidates. It helps to verify the inborn ability at a particular experience, as no information about the candidate is known beforehand.

Recruit With Aptitude Tests Now

This helps companies save time and choose to interview the applicants who are best suited to the job and who will maximise the efficiency of the company. Banks are one such financial institution, which have thousands of people applying for a job on a daily basis.  Thus, selecting the right candidate becomes extremely difficult and time consuming.

Banking Aptitude Tests

Banking aptitude tests are a means to relieve some of the stress of the recruiters and give them an accurate idea on which candidates stand a chance to give his best for the company and help it grow. These aptitude tests are being mostly administered online. It helps the recruiters filter the inapt applicants without having to go through the one-on-one job interviews which are very time consuming.

The main motive behind these tests is to provide an indication as to how the candidate will react to the daily challenges he would face on a daily basis at the firm. They can be taken at a testing centre or online.

Types of Aptitude Tests

There are various types of aptitude tests available. The company has to decide which test would be appropriate for which job and use them accordingly. These are the most common ones being used:

  • Cognitive ability test
  • Diagrammatic test
  • Verbal reasoning test
  • Spatial awareness test
  • Mechanical reasoning test
  • Intray exercises
  • Watson Glaser test
  • Situational judgement test
  • Numerical reasoning test
  • Inductive reasoning test
  • Error checking test
  • Abstract reasoning test

Scoring

The online banking aptitude test are always timed and have multiple choice type questions. Sometimes the given answers are purposely made to mislead the applicant. It shows whether he is confident about his answer or not. The scores of the applicant are compared with an average group. The employers should also consider the backgrounds of the candidates otherwise some might get unfair advantage over the others.

Thus, these tests provide the employers with appropriate scores to compare. Then they can judge whichever candidates are most suited for the job. They are then called for an interview and the perfect candidate is selected amongst them who will be the most beneficial for the company.

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One might find the need to opt for a personal loan for a variety of reasons but it is always a good idea to compare the rates before settling in on a loan from a particular bank or a financial institution. It doesn’t hurt to look around a bit because one just might come across a bank which charges lower rates of interests than you had expected.

Brush Up Your Basics With A Knowhow On Personal Loans

Before applying for a personal loan, it is also important to check off a few pointers to see your personal loan eligibility. Here are some things that you need to know:

How is Your Credit Score? 

A good credit score is a prerequisite while you apply for the personal loan. Unless and until the creditors see a good CIBIL score and have a credit history that details your repayment behavior, they might not be convinced about loaning out a lump sum to you. So before you apply for the loan, go through the ups and downs of your credit history and make sure you correct them and improve your credit score as much as possible before approaching a creditor.

Look for Better Rates of Interest: 

While most banks and financial institutions charge the same rate of interest, in keeping with the Central Bank of the country, there are often variations depending on certain circumstances. For example, there is usually a difference in the interest rates charged on secured and unsecured loans, with the latter being more than the former. However, if you are sure you will be able to pay back the loan for sure, opt for a secured loan instead of an unsecured one, that is, offer collateral like an FD or your amount from your savings. That might bring down the interest rates to quite an extent. Bajaj Finserv charges competitive interest rates for personal loans and its experts would be able to guide you through the other intricacies of borrowing.

Avoid Organization Fees at All Costs: 

Those who are applying for a loan the first time might be completely unaware of this additional fee that is charged by most credit unions, and only come to know of it at the last stage. These are one of those hidden fees that we never seem to know about till the actual transaction is being made. Some banks and credit unions just charge an extra amount because the money is being simply being borrowed by a personal loan. This is one of the ways in which banks make money and if you are on a tight budget, avoid paying these extra amounts.

Consider Debt Consolidation: 

Another way to ensure that your personal loan is not denied is to opt for a debt consolidation plan, in case you already have other debts that you have had before. This would significantly reduce your interest rates and allow you to keep track of your debts in a better manner. This is especially true for those who have large outstanding debts on their credit cards or have other unsecured loans taken before. The objective is to show your creditor that you are a reliable source of investment and eventually they are going to get their money back.

Documents Required for Personal Loan 

The most important documents that one might have to produce while applying for the loan are, monthly pay slips, IT returns for the last three consecutive years, credit report and CIBIL score and proper identification. The credit report will have all your transactions through credit card and any major bills that you might have paid off. While these are the major documents, some banks might also ask for your address proof, your rental slip paid towards your accommodation or valid proof that you also have another source of income, increasing your loan eligibility.

All things said and done, some might still look for other ways of borrowing money because in spite of all their research and with their current credit scenario they might find the personal loan rate of interest to be quite high. However, when you are in dire need of money, this is definitely a safe and secure way to tide over your emergencies.

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It is without doubt that huge wealth can be generated by making investments in the stock market. With the current economy on a bull run, and the stock market at an all time high, it is indeed the right time for aspiring investors to enter the fray. The stock market can be rightly termed to be a money multiplier. This particular market assures its believers of good and quick money when compared to slow returns being derived from the other conventional forms of investments. As a matter of fact, there is almost no other investment which could generate quick money like that of the stock market. But this market is availed only by a handful as the majority is afraid to enter it. The reason is because high risks are involved and investments needs to be very careful and wisely thought out. Otherwise, chances of losses are very high. Hence, it becomes necessary for both amateurs and the experienced investors to avail useful financial advice and tips on the stock market. This will help them to take the right step towards enjoying healthy investment and lucrative returns.

Financial Advice and The Stock Market

Some useful advise provided by the top List of Discount Brokers

  • One of the most important financial and stock market advices given by the industry professionals to both beginners and the experienced traders is to gather sufficient knowledge about the market. This can be done through reading journals, newspapers, watching news, etc. It will also help the person to stay updated on the latest happenings in the market and know the current market trends. This way, he can take correct decisions to buy and sell stocks or when to hold them to avoid losses and maximize profits.
  • It is not easy for the beginner to survive in the harsh and highly volatile stock market without adequate knowledge. He is to be well versed as to which type of stocks is to be invested in for earning profits and whether to hold or sell the stocks at specific time period.
  • The novice is to learn properly the tricks and techniques involved in investing real money in the market. This will actually help to eliminate completely or minimize losses. There are plenty of places where one can get useful knowledge about this market.
  • It is quite humane for investors to focus more on returns when compared to risks, especially after gaining rewards from the market for a long time. During bad times, they may simply will likely to pull in for avoiding those major risks. Extreme in any sense is not considered to be healthy and the investment to be made should not be based upon guesses but how properly the research is done.
  • Recognizing how markets function: The fact is stocks are quite unpredictable. Therefore, it becomes difficult even for the experienced traders to forecast which stock will do well and which will not. Hence, investors are to focus more on getting better returns and minimize losses.

In short, the above financial advice from the certified, knowledgeable and talented expert can help the aspiring investor to make it big in this particular market.

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In India, traditional mode of buying medical products is still as prevalent as it has been before. In recent times, however, there has been a shift in the way hospitals or doctors procure medical instruments and equipment. More buyers now show trust and interest in buying surgical products online, which was expected as the world has already embraced to this change long before.

Is It Right to Buy Surgical Products Online?

More importantly, online buying of medical products comes with a range of benefits that are prompting even small clinics and nursing homes to explore this option and procure the desired items with ease. But yes, you should be first sure of the benefits you get from this mode of buying before proceeding ahead in the actual sense.

Here are some of the reasons justifying the decision to buy surgical products online –

#1.    All products under a single roof

Gone are the days when as a doctor, you had to look to medical representatives from different manufacturers to meet your need of the product. After all, one single medical company was not able to meet all your needs of medical products. Going online, you can find every equipment and instrument and products under a single roof. So, whether you are looking for surgical equipment, infusion products, sterilization products, general medical products, home care products etc., you can get all from just a single source today.

#2.    A huge variety to select the best medical products

Earlier, you had to be content with whatever brand of products could be delivered by the wholesaler or supplier in your local area. There was no freedom to choose from a vast range of medical supplies to get the desired level of quality. However today, you can browse the categories of surgical supplies and find products from some of the top brands in the domain allowing you to select the best of medical equipment for different departments at the clinic.

#3.    Discounts on bulk shopping 

When you procure medical products online, it helps you gain big discounts on bulk orders. Shops on the internet also provide buyers an opportunity to compare prices quoted by different manufacturers and this way, price benefits can also be achieved with ease. Popular medical shops on the internet often have  direct tie-ups with a large number of manufacturers so that quality and price benefits can be transferred to end users.

#4.    Buying medical products from any location

Doctors were earlier unable to buy medical products not supplied to their areas or regions. Thus, they had no option but to be content with whatever was made available by the wholesaler. This kind of constraint no longer exists as anyone can buy syringes online as easily as ordering food online. The best part, hospitals can select the kind of products and brands that suit them rather than to go with the leftovers in the market.

#5.    Medical products available 24 x 7 

Hospitals and doctors can place orders for medical products on 24×7 basis. They can also expect the products to be delivered at the doorstep with accurate lead times. So, all worries on the front of lacking medical equipment will be gone forever.

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When you have decided to buy a new home, you will find that it is a cumbersome and daunting experience. Finding the funds for purchasing your property is the biggest challenge you face. If you look at the prices of real estate today, you will find they are very expensive. They come at a hefty price and this is one of the top reasons why people are now looking for real estate loans. However, the good news is that real estate loans are now available in abundance and you can opt for them when you are looking for your dream home.

Choosing A Real Estate Loan For Your Needs

Real estate loans and what are they?

Steve Liefschultz is the CEO and the Chairman of Equity Bank and he says that when you are looking for real estate loans, it is always prudent and wise for you to ask professionals experienced in the field to help you. A loan is a debt and it involves the redistribution of assets with the passage of time. The borrower will get funds from the lender and he pays them back to the latter with regular financial installments. There is an extra cost for the above deal and that is a fixed amount of interest on the debt that has been given to the borrower. The debts that are taken for the purchase of property are called real estate loans.

Research well and take your time before applying for a real estate loan

When it comes to the purchase of property, real estate may entail a structure or a plot of land. Real estate loans are generally given by banks and financial institutions. They will examine the credit history of the borrower before they approve the loans. It is prudent for the borrower to have a good credit history if he is looking for a real estate loan from a bank or a financial institution.

Never rush through the decision when you are applying for a real estate loan

When you are applying for a real estate loan, you should never rush through the decision. The last thing you would want to do is sink into further debt and land up bankrupt. It is very important for you to ensure that you conduct time and research when it comes to getting the best loans for your needs. You should also resort to the services of a professional financial consultant on the domain of real estate loans so that you effectively make a prudent choice.

Steve Liefschultz says that you must understand what real estate loans are in order to get the best for your needs and expectations. With the right loan, you effectively are able to buy the property of your choice without stress. There are specific hidden costs that are associated with property and your financial consultant will guide you through them and the transaction. If you have doubts or clarifications when it comes to property loans, always take time and consult a professional real estate loan expert who will help you!

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Getting small, local owned landscaping companies for your home renovation project can be economical; this is so because they focus more on your specific needs than big companies. But it is unfortunate that while there are some dedicated small landscaping companies, there are some bad eggs also that you must as much as possible avoid. This is more reason while you have to do a thorough research especially when you are planning on choosing one of these small landscaping companies. This is because there are reports of scams, accidents and job badly executed by these unprofessional contractors. Bolt Insurance offers outstanding landscaping insurance cover that will most definitely meet the needs of both the contractors and clients.

Landscapers Insurance: How Do You Know If landscaper Is Covered?

Step you must take

Despite the fact that checking out any contractor for license and insurance is one of the easiest thing to do, a whole lot of people often overlook that part of their profile. All you need to do is ask your contractor to send his insurance certificate to you through the insurance company by mail, or fax. You must insist that it comes from the insurance company with your information on it for it to be valid and if otherwise, move to the next contractor. This is an indication that such contractor is not covered. Asking for landscaper insurance is imperative as it gives you peace of mind knowing hat your property is secured and safe.

If the scope of job includes tree cutting, trimming, or total removal of tree, it must be specified on the landscaper’s insurance certificate. Failure to do that means homeowner will incur the cost to any unforeseen damages to those areas not stated in the landscapers certificate.

A lot of people has fallen victim of advertisement placed by landscaping contractor claiming to be “fully licensed and insured”. While some do have genuine full landscaping insurance cover, others have insurance that covers just a small part of the intended job.

There are some sites that states that their landscapers are pre-screened, making homeowners believe that these contractors do have insurance coverage. A lot of people has in the past hire a contractor that has no insurance. This is more reason you should do your homework well and try as much as possible to avoid sites with unlicensed contractors.

For maximum protection and high quality service, it is advisable not to hire the services of an uninsured and underinsured contractors. This can be achieved by checking their insurance certificate.

What to look out for?

General liability: This covers all damages incur while performing the work under this insurance policy.

Workers compensation: This insures all workers against any injury suffered while work is ongoing. This package is the most important and most expensive of all because it has the most expensive claim to cover.

Commercial Auto: Another important policy one must look at is auto insurance. A personal policy will not cover accidents while working. You must ask for auto insurance certificate.

There are several factors to consider before hiring a contractor for landscaping. But if you make insurance a priority, you are sure of getting the best one.

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Foreclosure is a very unpleasant thought. But many of the homeowners find themselves at risk of losing their credit and home based on this very reason. Here are a few of the major choices you can avail before it’s too late:

What To Do If You Can't Make Your Mortgage Payment

Refinance:

In essence refinancing means that you take on a new loan to pay off your current one. Refinancing is, as its names suggests, modifying your current loan. Let’s go ahead and put this definition in a scenario and see how it could be benefit a consumer. Let’s consider your mortgage interest rate is higher than today’s rates, refinancing your mortgage could lower your monthly payment enough for it to be affordable. But it’s vital that borrowers pursue this option before missing payments.

“Lenders would much prefer to work with you, and a clean refinance is easiest on everybody, and most profitable for them”

-Says Casey Fleming, author of The Loan Guide.

Extend your Loan Term:

A longer loan term usually goes hand-in-hand with a reduction in interest rates and as an additional benefit it can also help in reduce the cost of your instalments.

Overall, you may end up paying more for the total cost of your home with a modification or refinance. But if you’re in need of a short-term solution, a longer loan-term plan might be an option for you.

Short Sale:

The term basically means that you will be selling your house for less than the amount you owe to your mortgage, but, more importantly it means that your lender agrees to consider this deed as the amount of unfulfilled payoff of your loan. Furthermore, it is important to mention here that this deed is much easier on your credit than a foreclosure. However, the process spans over quite a few months and it requires diligence and patience. Naturally, this process also starts with contacting your lender and it manages showcase that you are willing to work with your lender. Many industry experts and leading real estate brokers like Spring Hill Realty, also predict that people opting for this option could qualify for prime financing again within two-to-four years after a short-sale is complete.

Complete a Deed In lieu of Foreclosure:

With a deed, in lieu of foreclosure, your lender agrees to cancel your mortgage debt in return for the volunteer transfer of the deed of your home to them. You’ll have to request an application to see if you’re approved for this option. According to legal experts, you will likely have to provide:

• A financial statement detailing monthly income and expenses.

• Proof of income.

• Recent tax returns.

• Bank statements.

• A hardship letter.

Reverse Mortgage:

With a reverse mortgage, the lender pays you a monthly amount instead of you paying them. This is a loan against the equity you hold in your home. More importantly, a reverse mortgage is only available to those above ages 62 and older. There are a few factors to consider, if you decide to go with this option.

• You will still pay property taxes and insurance, and be required to maintain your home.

• According to the FTC, there are fees and costs involved to set it up, and interest accrues on the amount you receive.

Sell or Rent your Home:

Depending on the market where you live, it is a possible avenue that you could sell your house and pay the mortgage in full, but sadly this option is not always possible. Some home owners facing foreclosure instead turn to short-sale as it presents some positive aspect to regain something valuable.

As mentioned earlier, you sell your home for less in a short-sale than the amount owed on your mortgage. The lender agrees to accept this amount due to your financial hardship. But it will affect your credit report. However, the repercussions may not be as bad as a foreclosure.

Another option in this sort of situation is renting out your home. A report by Spring Hill Rentals reveal that not a lot of people will consider it in the first place, but the long-term benefit of meeting your mortgage instalments can be a lot easier if you could add another revenue source to your contributions. Of course, this is a complicated endeavour. But if you think it can save you from foreclosure, it might be worth pursuing.

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Using Fixed Deposit calculator and other online tools to find the correct amount you will receive on maturity of Fixed Deposits and other investments makes life easy. Sometimes though, you would like to open the box and peek inside, see how it works. If you want to calculate the interest or the total amount you would receive on maturity of a Fixed Deposit, you can use a basic formula that is applicable across all banks.

Calculating Interest Earned On Fixed Deposits Without Using A Fixed Deposit Calculator

The basic formula is:

  • A is the maturity amount
  • P is the Principal
  • r is the rate of interest
  • n is the compounding frequency
  • t is the number of years or tenure of the deposit

However, sometimes, when you check against the bank’s calculation, you find that yours is probably lower. Why this discrepancy?

In India, banks compound the interest every quarter, that is, after every three months. So now, the compounding frequency is 4.

Suppose you have deposited an amount of Rs. 10,000 in a Fixed Deposit. The interest paid on the deposit is 5%. Convert the interest into a decimal for this calculation.

So, 5% = 0.05

You have made the deposit for a period of 2 years. So ‘t’ is 2. You know that n is 4 as interest is compounded quarterly.

So, applying these actual values

The maturity amount is Rs. 11,044.86

Total Interest Received (I) is A – P

So I = 11,044.86 – 10,000

I = Rs. 1044.86

Just remember that compounding the interest means adding the interest accrued to the principal amount. Next time, interest is calculated on this new amount, so it gives you more earnings than simple interest.

Points to remember while computing this amount using the above formula:

  • (n) is the frequency of interest calculation, and t is the duration, generally in years
  • Banks in india calculate interest quarterly, so it works out to 4 times in a year
  • If you have made a deposit for 3 years, the number of times the interest is compounded would be 4 x 3 which is 12
  • If you have made a six month deposit, the number of times the interest is compounded would be 4 x 0.5 which would be 2
  • Remember to convert the interest amount into decimal for easier computation

Fixed Deposit in India

Fixed Deposits may not pay high interest, but they are safe instruments for investment. You can find ways to increase the earnings from Fixed Deposits, one of which is to have the interest compounded.

In India, banks compound interest quarterly, which is advantageous, as half-yearly or annual compounding would earn you less interest on the deposit. Use the fix deposit calculator at the bank website to quickly find what returns you would get on your investment if you choose to compound the interest.

There are many Fixed Deposit schemes in India, from banks, NBFCs, and corporates. Choose one carefully and use online FD interest calculator tools to find the amount you would get on maturity from each of the banks/NBFCs you have shortlisted.

You can also choose to invest in a Tax Saving FD Scheme, to get tax exemption on the invested amount upto a maximum of Rs. 1.5 Lakhs under Section 80C of the IT Act. Do the maths on FD interest calculation & tax benefits you would receive. As Tax-saving FDs are usually for a 5 year period, you will earn higher rate of interest. When you file IT returns, you will also benefit from the tax exemption on the amount invested. Taken together, this FD could give you high returns in the form of interest earnings and tax savings.