Loans

It is a well-understood fact that credit has assumed an important place in our life.  Credit helps us own assets that are difficult to own just out of savings. In addition, it also aids us to tide over emergency situations.  Loans and Credit Cards are two important types of credit available in the credit market (for individuals).

Credit score is no longer that unknown number which individuals are not aware about. These scores have gained a lot of popularity in the recent past, with more and more number of financial literate checking their credit score. However, we might have many more who are yet to realize the importance or know what the credit score stands for.

Being in debt is common and there is no shame attached to it. Anyone can go into debt at some point in life, including the rich. Not all debts are bad; some debts can be taken for your investments such as a home or plot, and some can be unavoidable such as medical emergency or mandatory financial obligations. Whatever they may be, it requires a meticulous financial strategy to pay them off without any hassle.

The need for some extra funds can come up any time.  Even though an individual has done enough of planning to cater to most difficult situations in life, there can still be some emergencies that crop up all of a sudden. This can happen with the young and old alike. While the young have their salaries or incomes to support them for credit, what about the elderly and retired?

Credit is a wonderful mechanism that can allow you to do and possess assets much beyond your normal means. Understanding the evolving needs of the customers, banks and financial institutions have come up with various modifications to the way the credit is packaged and made it more amenable to the customer.

Our lives are full of ups and downs, professionally and personally. There might be certain circumstances that may leave you without an income. It could be any of the situations like a closure or pause in operations of the company (like the recent case of Jet Airways), a prolonged medical condition, time between job transitions or some domestic problems which require you to avail a long absence of leave with pay.

The general employment scenario has changed in the modern times. During the decades of 70-80s, more and more individuals preferred being employed either with the government or the public sector companies. With the globalization of the Indian economy in the 1990s, employment with the private sector like software and other service industries such as the BPOs and KPOs gained popularity.

There are many aspects on which your ability to get loan is affected. The main aspect is your credit score, along with the information on your credit report which will determine whether you’ll be able to get a loan or not and also the rate you will pay.

Loans or any kind of credit makes owning various assets easier. In addition, it can also help tide over periods of emergency or also aid during times of shortfall of cash. At present, there are loans that cater to various needs right from buying a home, a four-wheeler or a two-wheeler to funding your business or education.

The earlier generations in our country had shunned loans and credit products. However, with changing times and better income, the perception towards loans have changed. Today, individuals are no more averse towards obtaining loans or credit cards. In fact, it is viewed as a measure that help in achieving many things in life.

India is one of the largest producers of several crops and agricultural products in the world. The abundant produce requires high quality storage solutions until they reach the end consumer

A sudden financial crisis is unavoidable for anyone. Gathering funds to manage such circumstances could have been a challenge when there was no digital lending system. Today, the scenario is completely different. Technology has taken our lives to a whole new level. Getting a loan is possible within a few minutes from the moment you apply for it. Quick loan is a new phenomenon in the financial realm that has become very useful for multitudes to meet all sorts of monetary needs.

When you move into a new house along with your family members, you may need to purchase appliances, electronics and other consumer durables.  When ready cash is insufficient to meet such purchases, a loan is ultimately the best solution. Targeting such customers, public and private lenders have come up with consumer durable loan that lets you buy the desired products and repay the amount in easy monthly instalments at a stipulated tenure that is convenient for you.When you move into a new house along with your family members, you may need to purchase appliances, electronics and other consumer durables.  When ready cash is insufficient to meet such purchases, a loan is ultimately the best solution. Targeting such customers, public and private lenders have come up with consumer durable loan that lets you buy the desired products and repay the amount in easy monthly instalments at a stipulated tenure that is convenient for you.

The start-up scene in the Indian Economy has seen a lot of activity over the past few years. It is estimated that India is home to about 39000 start-ups and the number is definitely growing by the day. The government has taken cognizance of the fact and has come up with various programs and loans to encourage entrepreneurship. As the start-ups are spread over a number of areas and sectors, the government has also come with many sector-specific and generalized loans.

Entrepreneurship is the buzz word of late. Having seen runaway success of many home-grown companies like Flipkart, PayTM, Zomato and BookMyShow, many individuals look forward to tread the path of entrepreneurship. Though ideas may be in abundance, every enterprise requires funds to move on and grow.

Over our lifetime, we accumulate a number of assets which may include high-value ones like a home, a piece of land or other real estate investments; other assets like gold, vehicles; or investments like stocks and shares, etc. And in life, we face many emergencies and situations where we need money to tide through the crisis.

Establishing and running a business require continuous inflow of cash, both for long-term and short-term use. There are different avenues of financing available for a business owner depending upon their need; be it the duration of financing required, interest rate charged, the ease of obtaining the finance, etc.  

Entrepreneurism is certainly on the rise in our country at the moment. Various government incentives and the conducive start-up environment is only making it easier.   It is not only men, but women are also joining the start-up and small business bandwagon. To help them through this initiative, various schemes are announced by the Government, banking and other financial institutions. 

Loans or credit cards in any form help you in every aspect of your daily life; be it buying assets that you cannot normally buy with your income or savings, meeting emergency situations or even building a better career. 

Year 2017: Raj of Mumbai got into financial difficulties and he had availed 2-3 loans for his business. He found it very difficult to pay EMIs on all of them on time. While he somehow managed to clear of 2 of those loans, he just could not pay the third loan. After giving a lot of time, his bank agreed to settle his loan of Rs 50000 by paying Rs 40000 only.  

The need for credit could arise at any moment for anyone. While availing big loans like a home loan or vehicle loan, there is some amount of pre-planning that must be done.  Also, there may be individuals who are out of work due to a host of reasons like health issues, availing a sabbatical, starting a venture on their own, period of break between two jobs, or maybe have some alternate sources of income.