Monthly Archives: March 2020

Serious Questions to Ask Before Applying for a Personal Loan

Your phone buzzes or you get an email pop-up saying you have a pre-approved loan facility. Isn’t it common these days? It certainly is a clever marketing strategy to make sure that you click on the link mentioned in that text or email. These kinds of messages flood your inbox throughout the day, but you must consider your need when you apply for a personal loan.

Sometimes there may be emergencies where availing a personal loan can be the last resort. That is when one should opt for a personal loan. While you apply for a personal loan, a few crucial questions should be assessed by every applicant. Evaluation of these questions helps in selecting the most effective cost loans for yourself.

Let us quickly run through the questions that you should be asking yourself while you apply for a personal loan-

What is a personal loan?
A personal loan is a form of borrowings that are not sought for any purpose in particular.
The utilization of such funds is not restricted and can be used for reasons like funding an emergency or relaxing on vacation. There are fixed rates of interest for such loans that differ among the various lenders.

How to apply for a personal loan?
The process is more or less the same for the different lenders. You can visit the nearest branch of your lender or even over the telephonic services if available. With the digital space growing leaps and bounds, one can apply for a personal loan via the online facility too.

Are there different types of personal loans?
Yes, there are two types of loans, namely a secured and unsecured loan. A secured loan is guaranteed by collateral. This collateral can be an asset which the lender can obtain ownership of in case of default by the borrower. Personal vehicles, jewellery, or other personal properties can be used as collaterals.
Another type of loan is an unsecured one where there is no requirement for any collateral against the funds borrowed. Such unsecured personal loans are based on your income, credit score, any pending debts due to the lender, and availability of credit.

What is my credit score?
A credit score is a measure used by the lender to determine your loan eligibility. The higher your credit score, the better it is. Generally, higher credit scores increase the chances of the full amount of loan applied for. You can check your credit score before you apply for a personal loan on payment of a nominal amount of fee. Analysis of the credit score helps you in getting a better understanding of the various debts having an impact on it.

How are my Finances?
Knowing your financial health helps in analyzing whether you can repay the amount so borrowed. A thorough analysis of your annual income and expenses helps in determining the serviceability of the debt. You sure do not want missed deadlines in repayments as they attract a hefty penalty.

How much should I borrow?
The most vital question to address when you apply for a personal loan is how much to borrow. This question should be addressed, keeping in mind your need and creditworthiness. Availing an amount that you are confident enough to pay is what you should borrow. This saves you from the hassle of using up the available credit limit.

How long will it take to pay off my loan?
Personal loans are available for different tenures. It is important to evaluate your capacity to pay the loans and select a tenure comfortable enough in which you can repay your loan. The tenure serves as an important factor in the determination of equated installments for each defined period.

What is the rate of interest?
The interest on your loan is an essential factor in determining the affordability of your loan. It determines how cheap or dear a loan will cost to the borrower from among the different lenders. Lenders often charge different rates of interest for different borrowers depending on their creditworthiness.

These are the few questions that can help you in deciding the terms and conditions for your loan. Make sure you read the fine print on your loan agreement keeping in mind the various charges, fees, and penalties. Lastly, make the best use of your personal loan to fund your needs. Select wise and choose the best!

The alternative Hot-list of Places to Go on Holiday in 2020

If you’re planning for a long getaway, away from the hustle-bustle of city life or you’re planning a surprise vacation for your family. Whether it is a trip to the lofty peaks in the Himalayas or the Andaman Islands in the south, you’ll be spoilt for choice when it comes to deciding where to go on your holidays. For travel loan in India you can apply for a travel loan and cover all the travel costs with ease.  There are a lot of banks that offer loans for travel finance. Getting a loan not only makes it easier to manage your travel expenses, but also helps you save on your personal savings.

Let’s have a look at the travel destinations in India that should surely be on top of your 2020 list.

Slovenia

A beautiful country in Central Europe that is known for its mountains, ski resorts, and lakes. Slovenia is covered in forests, and there are a lot of parks and reserves. Last year, the 270km Juliana Trail, a hiking route through the Julian Alps, takes walkers away from some of the most-visited parts of Triglav national park in a bid to combat over-tourism. At Bike Slovenia Green you can explore a multi-stage itinerary through the Julian Alps, around Lake Bohinj and Lake Bled and on to the Adriatic coast. The series of one-day cycling loops visit places that have a Slovenia Green certificates, such as the karst village of Komen, known for fresh cheese ravioli, fresh herbs, and prosciutto. Sweden

Gothenburg

This city has a cultural scene that includes Way Out West, a three-day summer music festival that is 100% vegetarian and has contributed to reducing its carbon footprint year on year. The Hagabion cafe and bar in the central Linné area are renowned for a vegetarian menu where people gather here, for a drink before moving on to the many other restaurants, bars, and venues nearby. Stick to the southern coastal path from the center to Särö island there are numerous spots for wild swimming at lakes in and around Gothenburg.

Val di Vara

The rolling Vara valley in north-west of Italy is not unusual in suffering a hemorrhage of young people from the rural communities but it is quite unusual in its response: going greener. Val di Vara Bio Festival is now an annual event that includes street food, games, livestock shows, and good music. In the past few years, young locals have opened five farms to the public and started 13 agriturismos, offering rustic rooms and farmhouse meals, plus jams, liqueurs, olive oil or meat to buy. Here you can have an organic lunch of corzetti pasta with walnut sauce at Albergo Amici in Varese Ligure, before stocking up on foodie gifts from, say, honey and fruit farm Cascina le Bosche or herb and saffron producer Le Piccole Erbe. Followed by a dinner that could be at the equally organic Antica Locanda Luigina in Mattarana.

Rotterdam

Rotterdam is a city that’s not afraid to experiment. From the architecture of Rem Koolhaas to the annual Rooftops Festival. Europe’s largest port Rotterdam is a fascinating living laboratory for anyone interested in what urban living might look like in the future. Many of the city’s innovations are focused on a waste-free circular economy. Rotterdam is home to the world’s first floating farm, where 32 cows are fed on scraps from local hotels and restaurants and produce milk for the city residents and manure for Rotterdam’s flowerbeds.

Menorca

Menorcans realized early that a sustainable approach to tourism was essential for avoiding the overdevelopment that has spoiled so much of the Mediterranean coast in Spain. A Unesco biosphere reserve since 1993, the island has crystal-clear waters, a thriving local culture, and unique gastronomy. The best way to access the white sandy beaches is via the Camí de Cavalls, an ancient path for mounted soldiers connecting defensive lookouts that encircle the island.

Financial Issues in a Marriage & How to Overcome Them

Most married couples have all sorts of disagreements from time to time. It’s the nature of being in a long-term relationship. No matter how much you love your spouse, there will always be occasions when times are tough and they might drive you crazy. Most of these problems are related to a lack of financial management, where they are constantly struggling to avoid financial disputes and arguments. Money is the number one cause of such disagreements between married couples. Hence, it’s important to be aware of the kind of problems that can arise, and the methods to overcome them.

At times a couple faces problems to finance their marriage to manage these expenses they can apply for a marriage loan. There are a lot of banks and lending institutions that provide marriage loans in India. So, good research on the financial market might get you a reliable source to avail a loan. Here are some of the financial issues in marriage faced by couples and some advice to help resolve them.

  • Different Financial Personalities

The first big financial problem that can affect marriages is when each partner has a different financial personality which means both partners think about money differently. A common division of personality might be that one partner is a spender who likes to buy new things and indulge in luxuries of life while the other partner is inherently a saver, preferring to seek bargains. This issue can lead to big problems if it’s not addressed. The way to handle it is expressing each of their concerns and working out a blended spending style that’s respectful of you and your partner’s needs.

  • Hidden Spending

It’s necessary for couples to talk about spending and money management openly as there’s a risk that one partner may hide their expenses from the other partner. If it’s not checked, it can turn into a problem and erode the trust between the two. While it may not be easy to talk about spending habits, it’s important to make it clear that part of your responsibility as a couple is to be open and upfront about such spending. You can also create monthly budgets to help you spend within agreed-upon limits.

  • Hidden Debt

What happens if one spouse runs up their debts and doesn’t inform their partner about them. This is a problem that people can bring into a relationship if they don’t reveal they’ve got a significant amount of debt on them. Your responsibility as a partner is to let your spouse know about everything including spending problems and you run up debt as it can affect them too. Letting them know about this earlier can help your situation as you both can start working on reducing the debt with a financial planner. That way, you’ll be able to pay it off and improve your finances.

  • Financial Power Plays

When one spouse earns more money than the other, one spouse chooses to stay at home after starting a family. Such situations have the tendency to create financial inequality and lead to resentment especially if it’s not something you talk about. To avoid this problem, have a conversation about what staying at home means for your relationship. The same is true if one partner makes a lot more than the other. To tackle this problem you both need to divide your expenses equitably and check in with one another regularly.

  • Money and Extended Families

This is one of the trickiest financial problems to navigate when one spouse has a family member who’s in financial distress. It’s natural to want to help people you love but it’s undeniably stressful when the money is not getting paid back. As you might imagine, the solution is honesty and transparency between both partners in any financial transactions involving your family. It’s important for both partners to understand each other’s situation and also be helpful to set healthy boundaries on how much loan can be provided and how much you’re willing to let it affect your lives.