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People with unstable jobs or source of income can opt for an unemployed loan. However, the credit terms will be different for an unemployed loan as compared to loans provided to people with a regular income. An unemployed person can avail one of the below loans to start a new business that will generate regular income.

Credit cards are beneficial in many ways if used judiciously. If circumstances have pushed you to default on your credit card bills and loan repayments, getting an unsecured credit card later can be an uphill task.

When you buy a franchise, you might need a small business loan to finance your new business. Getting the loan might prove difficult if you don’t have a good credit.

People with unstable jobs or source of income can find it difficult to get an instant loan; instead they can opt for an unemployed loan. However, the credit terms will be different for an unemployed loan as compared to the loans provided to people with a regular income.

These MSME schemes are backed by the government and you can apply for an MSME loan with any financial institution that has the provision for any MSME scheme.

The MUDRA loan was introduced to ensure the balance of employment created among small vendors, shopkeepers and other people who are running their own small businesses. These loans provide funding for working capital through MUDRA cards. A MUDRA card is a debit card that is issued against the MUDRA loan that you have availed. This will be issued for the working capital portion of the loan.

Eligibility for an MSME loan depends on the return on investment and the profitability of the project that is to be set up. Any lender you approach will approve your loan if they are assured repayment. The general conditions that lenders look at are technical/economic viabilities, promoters contribution and collateral securities. Your business will have to be involved in either of the two classes - manufacturing or service sector. Investment limits for micro, small and medium enterprises vary based on the stage of where the business is at now and the size of the business.

GST will not affect your loan repayments. Before the introduction of GST, service taxes were being levied on loans. The rate of service taxes were 15%, whereas the rate of GST is 18%. People might think that the EMI costs will be affected because the rate of GSTs increased by 3%. But GST is not levied on repayment of the loan or on the payment of interest on the loan. It will be levied only on the processing charges and other charges that your lender would be imposing, excluding the repayment amounts and the interest amounts. Charges like the loan processing charges or the prepayment charges.

A government’s official website, PSB loan in 59 minutes, provides MSME loan borrowers funds for their businesses. Prime Minister Modi introduced an offer to provide Rs. 1 crore loan in 59 minutes, which can be availed on the same website. This loan is intended for the MSME sector and loans from Rs. 10 lakhs to Rs. 1 crore will be provided. This website reduces the approval time from 20-25 days to 59 minutes. After the approval of the loan, it will be disbursed within a week.

The Ministry of MSME had clarified that Udyog Aadhar Memorandum portal is the official website for MSME registration and there is no registration fee. Filling out the Udyog Aadhar Memorandum can be done only through the portal created by the Ministry. There is no registration fee charged for this purpose. The registration process is simple and you wouldn’t need to seek any third party assistance. If assistance is necessary, they can get help from their respective District Industries Centre for filing their Udyog Aadhar Memorandum.

MSME registration is not mandatory, but registering will get you many benefits from the government. These benefits include credit at low interest rates, incentives on products for export, excise exemption, statuary aid such as reservations etc.

Micro, Small and Medium Enterprises consist of industries from the manufacturing sector and the service sector. The manufacturing sector prepares products from raw materials and other commodities. This includes textiles, food, chemicals, machines and equipment.

Credit card issuers approve card applications based on factors such as income, employment and past credit history. If there is any inconsistency with regards to the past repayments, the card issuer is likely to reject your application. 550 is clearly a low credit score which may make it difficult for you to qualify for a credit card. However, the odds can be overcome by opting for a secured credit card.

Zero defect Zero Effect (ZED) certification was introduced to urge industries, especially Micro, Small and Medium Enterprises (MSMEs) , to manufacture goods in the country with “Zero Defects” so that the exported goods are never returned due to bad quality. Goods that are certified should also ensure that they have “Zero Effect”, which means that the goods shouldn’t have a negative effect on the environment.

There is no difference between MSME and SSI. Small Scale Industries (SSI) are those industries in which manufacturing of goods, production of goods and providing services are all done on a small scale or micro scale. Micro, Small and Medium Enterprises (MSMEs) loans are given by the government to people who want to invest in their businesses and are in the manufacturing and service sector. Both MSME and SSI have manufacturing and service sector, but SSIs manufacture goods or provide services with the help of relatively fewer machines and workers.

Any credit score of 750 and above is a good credit score, and banks are willing to issue credit cards to individuals with good credit health. Income and credit score are the two important factors that play a decisive role for a credit card approval.

Bad credit is an indication to the lenders that you have been inconsistent with your financial responsibility in the past. With a bad credit score, it is unlikely to qualify for a loan or credit card as lenders consider your profile risky. However, with a collateral to recover in case of defaults, it is possible to get a secured credit card.

Micro, Small and Medium Enterprises (MSMEs) loans are given by the government, to the people who want to invest in their businesses. They are classified into two categories: Manufacturing enterprises and Service enterprises. Manufacturing enterprises engage in the manufacture or production of goods or employing plants and machinery. The service enterprises are engaged in providing services and are defined in terms of investment in equipment.

Usually financial institutions in India adopt asset based lending approaches that ask for collateral as security for loans. But micro enterprises are unable to provide collateral, hence MUDRA loans have been made collateral free as per the RBI norms.

Financing is an act or way of providing funds for starting or running a business. Financing can also be defined as providing capital for the business. There are two types of financing namely debt and equity.

Corporate finance deals with the funding and helps in management to increase the value of the company. It also helps in distributing its resources and prioritizing by using certain tools and analysis. Through planning and implementation of resources, corporate finance manages to balance the risks by mitigating losses and also makes sure the company is becoming more profitable. There are main corporate financial activities that take care of capital investments, capital financing, dividends & return of capital.