Best Ways Personal Loans can Help You Save Your Money

Everyone goes through a financial crisis at some point in their life. At such times, availing a personal loan might make sense as they provide quick cash and can meet the immediate expense without blowing up all your savings. If you’re looking to consolidate high-interest debt or finance a large expense you can apply for a Bajaj Finserv personal loan and get the financial assistance you need. You just need to fulfill the personal loan eligibility criteria and documentation process. Once approved the loan amount will get disbursed in your account. Most personal loans are unsecured, meaning you are not required to pledge collateral on loans. If used properly, personal loans can help you save a lot of money.

What is a personal loan?

A Personal loan is a kind of unsecured loan that helps you meet your current financial needs. These loans could be used for anything from credit card debts consolidation, to refinance student loans, wedding expenses, home renovation, travel expenses, etc. While a personal loan might help you take care of unexpected expenses, they can also help you save money.

The following are some of the ways persona loans can help you can save money.

  • Lower interest rates

The rate of interest on a personal loan is comparatively lower than the credit cards. Therefore, personal loans can be used to make purchases in lieu of credit cards as a money-saving strategy.

  • Debt consolidation

Debt consolidation means opting for a loan to pay off other liabilities and debts. To avail a huge, low-interest rate personal loan, you need to pay off your other small, high-interest rate debts. By doing this you can save money on a high-interest student loan or your credit card bill, for example, by repaying them faster or at once using a personal loan. Remember to check with your bank about their prepayment policies as some money-lending institutions charge penalties or charge additional fees for not completing the loan tenure.

  • Claiming tax benefits

While availing a personal loan you can claim tax benefits. Under Income Tax Act, if a personal loan is availed to renovate a house or make a down-payment for it, then you are eligible to claim tax deductions of up to Rs. 2 lakhs under Section 24(b). In order to avail of this benefit, you will have to produce proper receipts and documents to the bank.

  • Smart repayment plans

You can choose to use the most appropriate repayment plan on your loan on the basis of your current and foreseeable financial status to enhance your savings. For those who are expecting their financial situation to get better in the near future, due to a promotion, for example, can apply for the step-up repayment option. The EMI scheme starts off at low-interest rates that gradually increase over time.

  • Cover big expense

With an instant personal loan you get the liberty to repay the money over the years in small installments. Since the interest rates on personal loans are quite low, it is a cheaper way to cover big purchases.

  • Improve credit score

When you avail a personal loan, the complete loan amount is to be repaid in a fixed period. And if you repay the loan in full at a given time, it not only lower your credit utilization ratio but also improves your CIBIL Score.

Top 5 Questions of a Business Loan Interview

A business loan is the most popular financing option for entrepreneurs looking to expand their business. However, before pitching a business loan request to the lender, entrepreneurs must prepare themselves thoroughly to boost their loan approval chances. Below, we are going to have a look at some of the most important questions that can be asked by the lender during the business loan interview. If you are an entrepreneur looking to avail a business loan, make sure that you keep yourself well-prepared for the following questions:

  1. What is your business plan?

It is essential that you plan your business strategy well in advance before applying for a business loan. Lenders may ask you your business plan to evaluate your repayment capacity. Therefore, a well-defined business plan can improve the chances of your loan approval. Make sure that your business plan includes important aspects such as, the future goals of your business, profit-generating factors of your business as well as funds required to purchase equipment and inventory, hire new staff, etc. This will reflect your seriousness towards your business, which may eventually boost your loan approval chances.

  1. How much loan amount do you need?

You should have a clear idea about the purpose behind availing the business loan. This will help you estimate the loan amount you would need. The reason of availing the loan could be upgrading infrastructure, promoting products, hiring staff, etc. Make a note of all such business requirements before pitching the loan request to a lender. Lenders will sanction your desired loan amount only if they are convinced the loan amount would be used wisely.

  1. What is your credit score?

Your credit score determines your current financial status. Therefore, lenders will certainly enquire you about your credit score and repayment history before approving your loan application. The higher your credit score, the higher will be your chances of getting the loan sanctioned. Thus, make sure that you work towards improving your personal as well as business credit score before applying for a business loan. A credit score of 750 or above is considered to a good score and lenders will likely approve your loan request, provided you satisfy other eligibility criteria

  1. Does your business have the repayment capacity?

Even after checking your credit score and repayment history, there are chances that the lender may ask this question. In such a scenario, you should elaborate on the future business plans. Also, explain the potential profit-making areas of your business to convince the lender about your repayment capacity.

  1. What collaterals are you providing?

 

  • Business loans are usually secured loans, wherein you have to pledge collateral to avail the loan amount. Collaterals are the security that protects lenders in case the borrower fails to repay the loan. Most lenders may enquire you about the collaterals before approving the loan. Also, the amount that you can borrow may depend upon the value of collaterals.
  • However, with some financial institutions, you can avail a business loan without providing any collateral. For instance, you can get a Bajaj Finserv Business Loan available at Finserv MARKETS at zero collateral. This keeps your valuable assets if you happen to default the loan.

Apart from being collateral-free, Bajaj Business Loans also have attractive interest rates, flexible repayment options, low processing charges and prepayment penalty, etc. Moreover, you can avail the loan amount within 24 hours. Minimal business loan documentation, Instant approval, and quick disbursal are some of the major benefits of Bajaj Finserv Business Loans.

What are The Different Types of Business Loan?

For entrepreneurs looking to avail funds for establishing or expanding their business, a business loan is nothing less than a blessing. With leading lending institutions, you can avail a business loan in a hassle-free manner from the comfort of your home. Online application process, simple eligibility criteria, minimal documentation, instant approval and quick disbursal of the loan amount are the key features of availing a loan from a leading financial institution. However, before availing a business loan, you must have a clear idea regarding the purpose behind availing the loan amount. This will help you avail a business loan that best suits your requirements. There are various types of business loan offered by lenders. Let us have a quick look at the types of business loan:

Professional loans

Professional loans are usually availed by self-employed doctors, lawyers and chartered accountants. The loan amount in case of professional loans may vary from one lender to another. Professional loans are usually long term loans that come with a repayment tenure of 5-7 years.

Working capital loans

Working capital loans are availed by businesses to carry out their daily operations. Working capital loans are unsecured loans that are approved quickly and do not require much documentation. The eligibility criteria is flexible and the application process is simple.

Overdraft

Overdraft loans are of great help when entrepreneurs require urgent money but don’t have sufficient balance in the account. In case of overdraft loans, the interest rate is charged only on the amount that has been withdrawn from the overdraft limit. Various factors such as the credit history, business cash flow, repayment history and your relationship with the lender, play a crucial role in determining your overdraft limit.

Term loan

The loan amount availed through a term loan can be utilized for both personal and business purposes. Term loans are a smart way of quickly increasing capital in order to enhance the supply of the business, or expand the business. One important thing to consider while availing a term loan is whether the interest rate is fixed or floating. With leading financial institutions, you can avail a term loan with flexible repayment options.

Now that you are well aware of the various types of business loans, ensure that you make the right choice while availing a loan for yourself. Before availing a business loan, you must compare various loan offers provided by different lenders. This will help you avail a loan that best suits your needs. You can apply for business loan at Finserv MARKETS in a hassle-free manner. A Bajaj Finserv Business Loan comes at attractive interest rate and with lucrative features such as flexible repayment option, less processing fees, prepayment facility, no hidden charges, quick approval and instant disbursal of the loan amount. You also get the option to customize your business loan according to your requirements. However, before you apply for a Bajaj business loan, make sure that you check your business loan eligibility. This will reduce the rejection chances of your business loan application.

Top Destinations to Visit this Winter

The‌ ‌winter‌ ‌is‌ ‌here‌ with its delicious‌ ‌gazar‌ ‌ka‌ ‌halwa,‌ ‌warm‌ ‌quilts,‌ ‌and‌ ‌cozy‌ ‌sweaters. ‌Where it gives you a chance of ‌staying‌ ‌in‌ ‌your ‌bed‌ ‌drinking‌ ‌hot‌ ‌coffee‌, ‌this‌ ‌season‌ ‌also‌ ‌brings‌ ‌with‌ ‌it‌ ‌lots‌ ‌of‌ ‌holidays‌ and vacations.

‌If‌ ‌you‌ ‌have‌ ‌been‌ ‌contemplating‌ ‌on‌ ‌going‌ ‌on‌ ‌a‌ ‌vacation‌ ‌this‌ ‌winter‌ ‌but‌ ‌are‌ ‌unable‌ ‌to‌ ‌zero‌ ‌down‌ ‌the‌ ‌destination, ‌here‌ ‌is‌ ‌a‌ ‌list‌ ‌of‌ ‌top‌ ‌destinations‌ ‌in‌ ‌India‌ ‌and‌ ‌abroad‌ that ‌ ‌you‌ ‌can‌ ‌explore.‌ ‌ ‌

Gulmarg and Sonamarg, Jammu and Kashmir

There‌ ‌is‌ ‌no‌ ‌wrong‌ ‌time‌ ‌to‌ ‌visit‌ ‌Jammu‌ ‌and‌ ‌Kashmir,‌ ‌but‌ ‌winter‌ ‌has‌ ‌its‌ ‌‌charm.‌ ‌With‌ ‌a‌ ‌different ‌magical‌ ‌hue‌ ‌along with ‌snow-capped‌ ‌peaks,‌ ‌white‌ ‌landscape‌, and‌ ‌frozen‌ ‌trees,‌ ‌visiting Gulmarg in winters is a lifetime experience. ‌ ‌Apart‌ ‌from‌ ‌the‌ ‌sightseeing,‌ ‌you‌ ‌can‌ ‌also‌ ‌indulge‌ ‌in‌ ‌adventure‌ ‌sports‌ ‌like‌ ‌skiing,‌ ‌snowboarding‌ ‌, and‌ ‌trekking‌ ‌when‌ ‌in‌ ‌Gulmarg.‌ ‌To‌ ‌ensure‌ ‌that‌ ‌you‌ ‌do‌ ‌not‌ ‌miss‌ ‌out‌ ‌on any‌ ‌view,‌ ‌you‌ ‌can‌ ‌take‌ ‌a‌ ‌ride‌ ‌of‌ ‌the‌ ‌cable‌ ‌car‌ ‌and‌ ‌get‌ ‌a‌ ‌bird’s‌ ‌eye‌ ‌view‌ ‌of‌ ‌the‌ ‌whole‌ ‌place.‌ ‌

 

‌ ‌Great Rann of Kutch, Gujarat

 Gujarat‌ ‌is‌ ‌famous‌ ‌for‌ ‌its‌ ‌beautiful‌ ‌fabrics‌ ‌and‌ ‌prints,‌ ‌delicious‌ ‌snacks,‌ ‌magnificent‌ ‌temples‌ ‌and‌ ‌sweet‌ ‌people.‌ ‌However,‌ ‌winters‌ ‌bring‌ ‌something‌ ‌different‌ ‌for‌ ‌ ‌people in the form of the‌ ‌great‌ ‌‘Rann‌ ‌Utsav.’‌ ‌Great Rann of Kutch is‌ ‌indeed‌ ‌a‌ ‌magical‌ ‌sight‌ ‌with‌ ‌miles‌ ‌of‌ ‌white‌ ‌salt‌ ‌sand‌ ‌which‌ ‌illuminates‌ ‌in‌ ‌silver‌ ‌light‌ ‌under‌ ‌the‌ ‌moonlight.‌ ‌While‌ ‌this‌ ‌is‌ ‌‌‌enough‌ ‌reason‌ ‌to‌ ‌visit‌ ‌this‌ ‌winter‌ ‌destination,‌ ‌you‌ ‌can‌ ‌also‌ ‌enjoy‌ ‌traditional‌ ‌cuisine,‌ ‌stay‌ ‌in‌ ‌tents,‌ ‌buy‌ ‌handicrafts,‌ ‌enjoy‌ ‌cultural‌ ‌performances, ‌ ‌and‌ ‌folk‌ ‌dances.‌

Auli, Uttrakhand

 While in Auli you can enjoy the view of ‌snow-draped‌ ‌peaks with‌ ‌lush‌ ‌surroundings‌ ‌and‌ ‌‘kulhad‌ ‌wali‌ ‌chai.’‌ ‌You can visit this town in Uttrakhand for the skiing‌ ‌championships or just to rejuvenate yourself amidst the calmness and tranquility of the hills. ‌When‌ ‌you‌ ‌visit‌ ‌Auli‌ ‌you‌ ‌can‌ also ‌go‌ ‌trekking,‌ ‌visit‌ ‌the‌ ‌Auli‌ ‌artificial‌ ‌lake‌ ‌or‌ ‌hop‌ ‌on‌ ‌the‌ ‌cable‌ ‌car‌ ‌and‌ ‌enjoy‌ ‌the‌ ‌complete‌ ‌view‌ ‌of‌ ‌the‌ ‌Himalayas‌ ‌with‌ ‌temples‌ ‌and‌ mountains‌ ‌like‌ ‌Hathi‌ ‌Parvat‌ ‌and‌ ‌Mana‌ ‌Parvat.‌ ‌

Svalbard, Norway

Known‌ ‌for‌ ‌its‌ ‌northern‌ ‌lights‌ ‌and‌ ‌polar‌ ‌nights,‌ ‌Svalbard‌ ‌is‌ ‌situated‌ ‌between‌ ‌74th‌ ‌and‌ ‌81st‌ ‌parallel.‌ ‌During‌ ‌the‌ ‌winter‌ ‌season,‌ ‌there‌ ‌is‌ ‌less‌ ‌sunlight‌ ‌which‌ ‌makes‌ ‌it‌ ‌an‌ ‌ideal‌ ‌time‌ ‌to‌ ‌enjoy‌ ‌the‌ ‌the sight‌ ‌of‌ ‌northern‌ ‌lights.‌ ‌You‌ ‌can‌ ‌also‌ ‌spot‌ ‌the‌ ‌aurora‌ ‌borealis‌ ‌during‌ ‌winters‌ ‌and‌ ‌might‌ ‌sight‌ ‌a‌ Polar‌ ‌bear‌ ‌too.‌

 

Mammoth cave national park, Kentucky, USA

 If‌ ‌you‌ ‌are‌ ‌not‌ ‌interested in  ‌any‌ ‌nature‌ ‌sightseeing,‌ ‌you‌ ‌can‌ ‌head‌ ‌on‌ ‌to‌ ‌this‌ ‌national‌ ‌park‌ ‌in‌ ‌the USA.‌ ‌The‌ ‌Mammoth‌ ‌cave‌ system ‌is‌ ‌the‌ ‌longest‌ ‌cave‌ ‌in‌ ‌the‌ ‌world.‌ ‌You‌ ‌can‌ ‌enjoy‌ ‌the‌ ‌various‌ ‌tours‌ ‌through‌ ‌the‌ ‌winters‌ ‌to‌ ‌get‌ ‌a‌ ‌warm‌ ‌shelter‌ ‌when‌ ‌the‌ ‌ground‌ ‌above‌ ‌starts‌ ‌to‌ ‌freeze.‌ ‌It is‌ ‌also‌ ‌a‌ ‌geologic‌ ‌wonder‌ ‌which‌ ‌makes‌ ‌it‌ ‌a‌ ‌unique‌ ‌destination‌ ‌to‌ ‌include‌ ‌in‌ ‌your‌ ‌vacation‌ ‌destination.‌

‌Along‌ ‌with‌ ‌the‌ ‌fun,‌ ‌every‌ ‌vacation‌ ‌you‌ ‌take‌ ‌is‌ ‌a‌ ‌lesson‌ ‌in‌ ‌itself and so ‌you‌ ‌should‌ ‌never‌ ‌sacrifice‌ ‌on‌ ‌them.‌ ‌If ‌finance‌ ‌‌becomes‌ ‌a‌ ‌roadblock‌ ‌to‌ ‌your‌ ‌wanderlust,‌ ‌an‌ easy‌ ‌solution‌ ‌is‌ ‌personal‌ ‌loans‌‌.‌ You‌ ‌can‌ ‌easily‌ ‌apply‌ ‌for‌ ‌instant‌ ‌personal loan‌ ‌online.‌ ‌Loans‌ ‌like‌ ‌Bajaj‌ ‌finance‌ ‌personal‌ ‌loan‌ ‌for‌ ‌self‌ ‌employed‌ ‌and‌ ‌personal loan‌ ‌for‌ ‌salaried‌ ‌are‌ ‌a‌ ‌good‌ ‌way‌ ‌of‌ ‌funding‌ ‌your‌ ‌travel‌ ‌destination‌ ‌this‌ ‌winter.‌

All You Need to Know about Amex Card

American Express card also called an Amex card is an electronic payment card that is issued by the financial institution, The American Express Company. Amex card caters to affluent individuals as The American Express Company is known to be the high-end card issuer who generally has an elite and high spending customer base. However, Amex card is available to all including individuals, small businesses and corporate consumers all around the world.

With an Amex card you get to enjoy various benefits which are more and different from the one offered by Visa and MasterCard. As these cater to the elite clientele, the benefits are often a sign of statement of luxury with high spending limits and lifestyle benefits.

No annual fee

With an Amex card you can enjoy various benefits and avail luxuries facilities without incurring any fee. American Express Company offers certain credit cards through which you can enjoy travel, lifestyle and shopping experience without any annual fee.

Perks and privileges

With an Amex card, you get various different perks and benefits. The chief being a higher card limit. You get flyer and miler points that can be redeemed while booking your flight tickets. Moreover, you also get airport lounge access, voucher and coupons. You can also add your earnings through purchases in supermarkets and restaurants.

With Amex card, you can also enjoy additional benefits and credits like hotel, restaurant and airline credits every year along with your earning on purchases.

Return protection

An Amex card provides you return protection when you want to return any product that has been declined by the merchant. Under its return protection feature, you will get a refund of the amount spent on your purchases through the Amex card. All you have to do is send the concerned good to the company within the stipulated time period. With an Amex card, you also get to enjoy purchase protection and save money.

Travel benefits

With an Amex card, you can travel stress-free anywhere as it offers various benefits of a travel card.

  • Roadside assistance – As an Amex cardholder you will be provided roadside assistance in case you are stuck due to a car breakdown or accident. This 24-hour hotline can send you a tow operator or locksmith to help you out in an emergency situation
  • Travel accident insurance – Amex card offers you travel insurance to protect you financially against any travel accident.
  • Global assistance -While you are travelling abroad, with Amex card you can get assistance globally in terms of emergency medical transportation assistance.
  • Baggage loss insurance – With Amex card you can be assured that your baggage is insured against any loss without the need to avail any separate insurance policy.
  • Car rental loss and damage- Amex card also covers you in case there is damage or loss when you take a car on rent for your travel plans.

Extended warranty

With Amex card you can enjoy an extended warranty on certain purchases made by you. It extends the original warranty provided by the manufacturer to a certain extent.

Easy Ways You Can Turn Personal Financial Planning Into Success

Personal financial planning means having financial goals and then taking systematic steps to achieve them. It is a method through which you can keep a balance between your wants and needs. While you might have a personal finance plan, its success is never guaranteed.

An extended shopping spree, an outstanding credit card bill or a sudden emergency expenditure, all these are enough to throw your finances plan out of track. However, if you plan your finances taking into account every possible gap, your financial plan can be a success too. Here are a few ways to do so.

  • Identify your goals and objectives

Defining your goals and objective is one of the most vital steps for successful financial planning. Your goals should have all the SMART elements. It should be Specific, Measurable, Achievable, Realistic and Timely. While setting your goals, objectives and targets, envision your future, asking yourself questions like what all you want to achieve, where and how you see yourself and how much amount do you need to reach there. Also, though aiming high is a good thing, ensure that your goals are realistic, which can complement your financial plan and help you achieve them turning it into a success.

  • Ascertain your present status

You can never reach on your destination successfully on time if you do not know where you are starting. Similarly to achieve a financial success it is necessary to ascertain where you stand at the current situation. It is necessary that you have a clarity of your financial information, regarding your assets and liabilities, expenses and receipts. Moreover identify your risk tolerance and capacity, along with putting down all your obligations including taxes and debts.

While looking at the financial aspects of your life distinguish between your financial strengths and weakness which will help you manage your money well.

  • Execution of the financial plan

A financial plan can never succeed if you do not put it into action. Often this is the most difficult part yet most important. Sticking to your financial plan demands a lot of determination and people often fail to do so. You might deviate from your plan due to change in circumstances, or mood that can defeat its overall purpose. One way to avoid is to divide your goals and objectives into short term and long term and tagging them into deadlines.

An important way is periodical review of your financial plan. Your goals, financial position and circumstances can change with time. Therefore it is necessary that you review and revise your financial plan accordingly.

  • Have an inclusive financial plan

There are various ways to create a financial plan which ultimately aims towards your financial stability. However to ensure that your plan is successful, it is essential that you include all the required strategies. These are risk management, tax planning investment management, retirement planning, debt management, etc. Debt management is significantly important if you are trapped in debt trap. Adopt a debt repayment plan and build your credit history.