What Are The Five Basic Things To Keep In Mind When Taking A Loan From Rupyapaisa.com?

Bank loan makes our life easier, but we need to be careful while taking loan. A close look at the loan business for nearly three decades shows that the number of customers taking loans in the country has increased rapidly. 

Solution to all your problems related to loan

The number of online landing platforms in the country has also increased rapidly. With this, it has become easy to get a loan from the bank. Due to easy loan, people are doing financial management in their life.

We are involved in five loans ..

1. Interest Rates: Fixed or Variable

In the case of a bank loan with a fixed interest rate, the interest rates remain the same for the entire duration of the loan. In a Business Loan with variable interest rates, the interest rates are linked to the Marginal Cost of Lending Rates (MCLR) and this varies.

Presently, given the environment of low rates of interest, you get the benefit in variable rates when the interest rates are reduced further. When you see that there is a possibility of increase in interest rates, then you should immediately shift to the fixed rate of interest.

Shifting from fixed to variable regime is not so easy. There are some expenses involved in this.

2. Repay the bank loan or part payment charge before time

You can repay a Business Loan before its fixed period. In the case of part payment, you pay a part of the outstanding loan amount.

While taking a bank loan, most people do not know whether they can repay the loan before time. The truth is that more than 50 percent of people seek this possibility in the middle of the loan period.

You should keep in mind that you are aware of all the terms and conditions related to repaying the bank loan ahead of time. If there is a charge in repaying the bank loan ahead of time, then you should find a way to avoid it.

In some bank loans, its part or prepayment is not allowed before one year.

3. Mortgage linked insurance scheme

When you take a bank loan, imagine the worst case in that case. If a person taking a bank loan dies suddenly, then there will be a huge burden on his family.

An insurance policy such as mortgage linked insurance scheme will not only reduce the burden of your family, but the insurance company will also pay the remaining amount of the bank loan. This will make your family's future secure. Take it not as a burden but as a help.

4. Interest Savings Scheme

Many banks offer flexi schemes with mortgage loans. In this, instead of repaying the loan amount, you can deposit the additional amount in a savings / current account with the bank. This account is linked to your home loan account.

While calculating the interest, the lending Loan Against Card Receivables bank does not add interest on the amount deposited in your account and only adds interest on the outstanding principal, which reduces the burden of bank loan. You can also withdraw the amount deposited in your account according to your need.

4. Balance transfer at the right time

If you have recently taken a loan, you can contact the bank and request to reduce the interest rates on the loan. If your bank does not agree on this, then you can consider a balance transfer with another bank. In this, however, you may have to pay some charge.

Before taking a bank loan, read all the terms and conditions carefully. Do not show speed in this process without understanding the condition of the loan.

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What Are The 7 Ways To Take A Bank Loan In Delhi NCR

In today's era, everyone needs a loan. If you do not have money and you want to buy something, then taking a bank loan is a convenient option. Apart from this, in the event of any financial disaster, bank loan makes our life very easy. Have you ever noticed how the financial institution lending to you charges interest rate on your loan. Behind this is the role of loan emergency, loan repayment and interest rate etc.

 

We are telling you those 7 easy ways, with the help of which you can take a loan immediately.
Before reading this story further, do not forget to ensure that the loan should be taken only when it is absolutely necessary. Always try to keep the loan amount to a minimum.  If you are not able to repay the loan amount in time, then you can get stuck in the debt trap.

Employer loan

Many companies loan a part of salary to advance as an advance. This can be up to six times your monthly salary. You can repay this amount from your salary for the next 24 months.

Rate of interest: 5-8% (Sometimes this rate of interest can also be zero.)

Benefits: You can get this amount in three days.

Disadvantage: This is only a part of your salary, Business Loan according to this you will have to pay tax on it. If you spend this amount on health facilities, and it is less than Rs 20,000 only then you can get the benefit of tax rebate.

Personal Loan

You can get this loan within 30 minutes to three days. It depends on your relationship with the bank. If there is a pre-approved (pre-approved) loan offer on your account, then the process becomes very easy.

Rate of interest: 13-24%

Advantage: Pay immediately on taking a personal loan from your bank

Disadvantages: 2-3 per cent is charged as processing fee. Apart from this, you have to pay GST on monthly installment. If the loan is repaid ahead of time, then a charge of 2-3 per cent is levied for it separately.


Property Loan In Delhi

If you have a house and you want to take a big loan, then you can take a loan from the bank in exchange for that property. In this way, you can take a loan ranging from five lakh to 10 crore rupees. In this loan period can be from 2 to 15 years.

Banks lend you up to 65% of the value of the property. For this, the house is insured. In this, the processing fee is 1.5-2% while the loan for repaying the loan prematurely is 2-3%.

interest : 9.5-13%
Advantage: low interest, big money

Disadvantages: It may take up to 3-10 days to take a loan.

Loan against shares

You can also take Loans Against Your Shares, mutual funds, fixed deposits or insurance policies. In the case of mutual funds and shares, banks give you a loan of up to 50% of the investment amount. In case of fixed deposits, you can get interest up to 75% of the investment amount.

Rate of interest: 9-15%

Advantages: Instant payment, low interest rate

Disadvantages: If the value of the portfolio falls, you will have to keep more funds with the lending institution.

Loan against gold

You can also take a loan in lieu of gold or gold ornaments kept with you. Banks can give you a loan ranging from Rs 10,000 to Rs 25 lakh against the value of gold. The repayment period is usually 6-12 months.

When you repay the loan, you get back the gold kept as a mortgage.

Rate of interest: 10-17% from bank, 14-26% from non-banking finance company

Benefits: Loan is available in few hours.

Disadvantage: Gold may have to be paid up to 250-2500 rupees as an appraisal charge. If you are unable to repay the loan, then your gold can be confiscated.

Credit Card Cash Withdrawal

Loan Against Card Receivables You can withdraw up to 40-80% of your credit card limit. Many times credit card companies also fix the limit according to the daily cash withdrawal. In this, you may have to pay an over limit fee.

Rate of interest: 2-3.5% month

Benefits: Cash is available within minutes.

Disadvantages: 2.5-3 per cent charge has to be paid as transaction fees. From the day you withdraw money, the interest starts from the same day.

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5 reasons why your business loan can be rejected: What you can do for it

Small Business Loan

 

All banks see if you are able to repay the loan. Having a low credit score and no collateral is not considered reliable.

Solution:

Now you already have many more options. Try in those banks where there are no such conditions.

Low Cash flow Statmenet

If you are not making a steady profit then it will mean that you are not running your Business Loan properly and because of this you will not get a loan.

Solution:

Use the accounting software that gives you business reports, monitor your cash flow with the help of these reports and take correct decisions.

Softaware Transcation

78% of merchants keep their accounts on paper which is lost over time. Sadly, all banks demand a systematic financial statement of the business.

Solution:

Use accounting software to digitally manage your account. Due to this, any information related to the business can be seen immediately.

When you have no previous performance, it becomes more difficult to get a loan. Make yourself reliable before applying loan.

Solution:

If you are going to Business Startup Loan for the first time, find other sources such as family, relatives, friends, credit cards and small business loans from the government.

The bank should know where you are going to invest your money. If you do not have the right objective, then there is a small possibility that you will be given a loan.

Solution:

Why do you need a loan Do you want to buy the necessary equipment, or buy inventory, or repair your shop? Give a concrete purpose for taking a loan.

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Call Us For FREE APPOINTMENT To Check Out Our Loan Solutions !! Call Now 9811773199 or Email : loans@rupyaapaisa.com

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5 important documents to take a business loan easily

 Applying For A Business Loan

Want to increase your business, but you do not have enough capital or savings to do so. In such circumstances, you need a business loan. And just as it takes time to get all the good things, in the same way business loans are not easily available.

·         Getting a commercial loan is not an easy thing. The rules of the bank are very strict to give loans especially for small businesses. Although it is very difficult to get a business loan, the better your preparation will be.

·         Due to the right documents, your chances of getting a loan increases by 50%. This is because your chances of getting a loan depends on your ability to repay the loan. All banks have their own different requirements, criteria and eligibility rules to determine whether you are eligible or not.

·         It is true that the process of taking a loan is very long but it can be very easy for you if you have the right financial documents of your business. Here is the document that prepares you to take a business loan early:

Transaction Record

All the debtors / bank checks your financial status before giving you a business loan. They expect you to submit all your transaction records which are audited. This is the reason why it is suggested to keep all the sales and payment information in the account.

Loan Against Property In Delhi Ncr, many traders forget to maintain an account because they have other tasks. A good accounting software helps any trader to see any information related to the business such as cell, purchase, transaction instantly without any hassle.

Cash flow statemnet

1.      The bank looks at how much money you have to pay and how much money to take because it is mandatory.

2.      This lets the debtor or bank know the financial condition of your business and they guess from it that you will be able to repay the loan or not.

3.      There is less risk of fraud in your business due to having a good cash flow report. This is why the financial state of your business should be transparent.

Profit And Loss Statement

·         Statement of profit (profit) and loss (loss) shows how much profit you have made in the given time.

·         Your bank would like to know how much profit you have made and how much your income is.

·         If you continuously earn profits, then you are likely to be financially ready and can repay the loan. Therefore, you have to give information about all your past losses and profits.

Balance sheet

With the help of your balance sheet, people outside your business will easily find out what your financial situation is.

Also, the bank will know where the loan money will be spent and by when they will get the loan back. This shows how much risk there is in getting the loan back.

1.      While applying the loan, the bank will review your balance sheet so that they know how you handle your financial problems in a short time.

2.      Not only for the bank, this statement is also beneficial for you. With this you will get to know your financial situation and you will be able to take the right decision.

3.      With this, you will also be able to know how long you will be able to sell your inventory. With this, you will also know the choice of your customers.

GST

Finally, the bank would like to see your last year's business tax return. With this, they will verify whether the information you have given by other financial statements meets it or not.

The bank will always require these Loan Against Card Receivables so that they can know whether you are able to repay the loan or not. With these 5 business-financial documents (documents), the debtor or bank will get to know the financial status of your business and they will also be able to see whether you are reliable to give a loan or not.

If you do not keep all these documents, now is the time to maintain them so that you do not have any problem in applying for a loan in future.

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Call Us For FREE APPOINTMENT To Check Out Our Loan Solutions !! Call Now 9811773199 or Email : loans@rupyaapaisa.com

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