Author: Jeena Joshy

What is a fixed payment loan? How do you calculate the fixed interest rate on a loan?

Whether it is a home loan or a business loan or a personal loan that you wish to apply for, the main factor that determines how expensive the loan is its interest rate. The charge on the principal amount is collected by the bank or financial agency in the form of interest on the total amount borrowed by the individual. Higher the rate of interest on your loan the higher the cost you'll end up paying. This means you need to understand how the interest rates work in the particular loan that you wish to apply for and if those rates are likely to change over time. If it is a small amount that you wish to take as a loan you could consider taking a gold loan...
Read More

How does debt consolidation affect my credit score? How long does debt consolidation stay on your credit report?

Getting a credit card approved is quite simple and quick today. Hence, several people have credit card balances on more than one account. However, paying off the amount every month is not an easy task as it carries high rates of interest. Loan balances that carry a high rate of interest could also be a real financial burden. Most of the people struggle to find enough funds to meet their wants and needs after paying off huge amounts of cash towards their credit card accounts and loan accounts. If you have a sufficient amount of gold jewelry you can consider taking a loan against gold to pay off your outstanding debts. Gold loan interest rates are quite low considering this loan is secured...
Read More

Can we get an agricultural loan without any security?

The agricultural sector can be considered to be the backbone of our country’s economy. Millions of people living in the rural parts of India depend on agriculture as their main or only source of livelihood. A major part of the population in our country constitute of farmers. Most of the farmers and people involved in the agricultural activities struggle when it comes to finding sufficient funds to meet their on-going requirements or to expand their activities. Farmers who have gold jewelry can consider taking a loan against gold to meet their requirements. Considering this loan is secured the interest rate is quite low. However, not all requirements can be always met using a gold loan...
Read More

Is insurance compulsory for an agricultural loan? What are its merits?

Agriculture is truly the backbone of our country's economy. Most of the people engaged in farming and agricultural related activities in India often struggle from a lack of sufficient funds. Loan against gold can be helpful to meet some of the immediate requirements of farmers if they have gold in the form of jewelry or other articles in their hands. The gold loan interest rate is also quite low because it is a secured loan. However, this loan wouldn’t be sufficient enough to meet all agricultural requirements. The best solution would be to apply for an agricultural loan. Banks, NBFCs and other financial institutions in India provide agricultural loans to people engaged in farming activities...
Read More

What Is The Difference Between Secured And Unsecured Loans?

There are many reasons why you may need to borrow money- you may want to buy a house, there may be medical expenses to meet, you may want to send your child abroad to study. Borrowing money from friends and family may seem cheaper than taking a loan from the bank but this has the risk of spoiling relationships. So, when it comes to borrowing money, it’s always better to approach a bank. Loans can be broadly classified as secured and unsecured loans. Knowing the difference will help you choose the loan best suited to your needs...
Read More

What documents would I need for my business loan application? What are its benefits?

Several businesses that are well established and have succeeded in building a brand name had their humble beginnings in the past. Most of them started with just enough funds. However, these funds weren't always sufficient to expand their operations. This means they’ve had to look elsewhere to get extra funds to expand their business activities and to become established in their respective fields. Who gave them the funds required? The Banks. Most the people approach a bank for a loan whenever they require some extra funds. People usually take short term loans like a personal loan or a loan against gold to meet their immediate requirements. Gold loan interest rates are quite low because it's taken against gold in the form of jewelry or coins. However, if you are looking for a loan to expand your business you can apply for a business loan...
Read More

How do you get a business loan in India?

A steady flow of cash is necessary for the growth and success of any business. Doesn’t matter if it is small or big, no business firm can survive without sufficient funds. The money that is raised in from the market or that is pooled in by the promoters of the business depends on the size of the business, its nature, and viability. Funds are much required especially during its growth stage. As the business matures the requirement for capital and working capital depreciates. Some people who have gold in the form of jewelry or coins takes a loan against gold to meet some of the requirements of funds in their business. Because this loan is secured the gold loan interest rates are quite low. However, not all requirements can be met using a gold loan all the time...
Read More

Why a good Gold Loan Calculator is a must-have on an NBFC website?

Gold loans are used by customers who are looking to get the most money they can at the lowest rate as fast as possible. Before the days of the Internet, people did not have a way to find out the relevant information and they just walked into the nearest branch of the most branded NBFC for the loan which they got at higher rates. During this era, brand image mattered the most and everything else came secondary. This has helped the biggest brands in the industry get the lion's share of the market. In the current age of Internet revolution which is getting accelerated by low mobile connectivity rate from telecom companies and JIO Fiber, all this is going to change. It wouldn’t take much effort for a customer to look up the best gold loan products on their mobile or internet televisions at home...
Read More

Which bank is best to take an Education loan in India with minimum interest?

Education is expensive! It doesn’t matter if you are pursuing it in India or abroad. If you are looking for quality higher education you must be willing to pay a good amount as fees and other educational expenses. The best ways by which a student can pursue his/her dream without having to struggle financially is by applying for a scholarship or an educational loan. You can apply for an educational loan to do a course in India or abroad. Unless the student is employed his/her parents/guardian will have to be their guarantors to get an educational loan. You can consider taking a loan against gold if you have gold in the form of jewelry or coins. Gold loan interest rates are quite low compared to other loans like a personal loan...
Read More

What is a mortgage loan and what are its advantages?

A mortgage loan refers to a loan granted by a bank/NBFC/financial agency /a lender to any person against his/her property through a legal contract. The property can be a house, a plot of land, or a commercial or personal real estate that is registered in that particular individual's name. Since the loan is secured against a property the bank/lender does not have to worry about losing their money if the individual fails to repay the loan amount. The property can be sold by the lender/bank to clear off the existing debts. A mortgage loan can also be taken against a newly bought property to pay off the cost of the property. This is referred to as liens against the property...
Read More