Getting a personal loan is simply borrowing money with the promise to pay it back. However, to be considered a trustworthy borrower, you must tick a few boxes of eligibility requirements. One of the few criteria financial institutions check is your ability to repay the loan. To gauge that, banks and lenders assess your Debt-to-Income (DTI) ratio.
Access to the right financial tools can distinguish between thriving and barely surviving. Business owners, especially those managing small to medium-sized enterprises, must be aware of different financial options to manage their cash flow effectively.
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Depending on your financial awareness, a credit card can be a friend or a foe. While it offers numerous benefits, such as the convenience of cashless transactions and amazing rewards, it also comes with fees that can quickly add up.
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If you are a business owner searching for the most suitable business loan in India, it is crucial to understand the interest rate associated with it. An interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. It represents the amount you need to pay in addition to the principal loan amount.
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Buying a house is a dream of many. However, that dream can quickly become a source of concern when you realise how much you need for a home loan down payment. To many, accumulating such a significant amount can be worrisome, and who wants to wait forever to become a homeowner?
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Running a successful business comes with endless financial demands—from covering employee salaries and purchasing new equipment to funding renovations and pursuing expansion. Under such circumstances, taking out a business loan can be a practical solution to manage finances more efficiently.
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For entrepreneurs, their business is often a dream project brought to life through hard work and dedication. And to keep this dream thriving, access to a steady flow of funds is essential. When financial demands are high, applying for a business loan can be worthwhile. Unfortunately, not every loan application is approved; some face rejection, leaving you wondering where things went wrong.
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Businesses, regardless of their size, often need financial support. Whether the company wants to thrive or aims to expand, external capital support can be required in the ever-changing, unpredictable markets. This is where business loans come in, helping businesses meet their goals, set up required machinery, or fund operational activities.
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Hefty credit card balances can be a financial strain, especially when high interest rates keep increasing your debt. In such a situation, juggling multiple dues each month can be stressful, and it might seem like you’re not progressing in reducing your balance.
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As the saying goes, ‘With great power comes great responsibility’, which holds especially true for credit cards. While credit cards offer convenience and numerous benefits, it requires responsible spending habits and a repayment plan from your side.
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Repaying a personal loan early sounds like a dream come true for many borrowers. The idea of being debt-free sooner than expected can be incredibly appealing. But is it really a good option to repay your personal loan early?
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Cases in which the borrower has felt trapped by lenders' unfair practices due to their lack of transparency and knowledge of the subject matter have always been at their peak, seeming nowhere near to reducing anytime soon. RBI reported around 13 thousand such loan cases in 2023, in which the loan sharks impersonated themselves to come from a reputable bank, making innocent borrowers fall prey to such scams.
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A credit card is an integral financial tool for many, offering a convenient way to make purchases, earn rewards, and manage expenses. With a growing number of options available, choosing the right credit card can be daunting. Each card type offers unique features that benefit different financial needs and lifestyles.
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Technology is advancing rapidly, as are fraudsters, scammers, and cybercriminals, who always find new ways to trap customers or businesses in scams and frauds. While a credit card allows one to access instant purchasing power, scammers often build strategies with deceitful practises to catch hold of their prey.
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When you step into your favourite coffee shop, the smell of freshly made coffee surrounds you. You ask for a creamy latte and a pastry. You pay swiftly with your credit card, so there is no need to carry cash or check your balance beforehand. It’s a seamless experience that lets you enjoy your treat without a second thought.
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A personal loan is a great tool to help you move closer to your ambitions and financial needs. With so many digital platforms, getting a loan has become even more accessible. However, before you apply, you must consider key factors to ensure you get a personal loan that matches your needs.
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Is there a wedding in the house, or are you considering doing some home renovations? No matter the purpose, a personal loan can be a great way to fulfil your financial needs. However, there are two main classifications of loans: secured and unsecured. And to know the difference before applying for one is important.
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Interest rates influence the liquidity and financial stability of banks and other lending institutions. Central banks monitor and adjust these rates to control inflation, regulate economic growth, and stabilise national currencies. By carefully balancing interest rates, policymakers can ensure that credit remains affordable without leading to excessive borrowing or an overheated economy.
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A business loan for startups, or even MSMEs, eases several company operational needs, like working capital, venturing onto new projects, or training the workforce. An enterprise needs a good credit score or CIBIL score to apply for a business loan.
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Taking a personal loan solves many problems and fuels your aspirations. However, knowing the loan terminology before applying for one is a sign of a well-informed borrower. Also, it’s not like buying roses and lilies from the market, where you can negotiate for half the price.
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A personal loan is the most beneficial financial tool for fulfiling your dreams and ambitions or addressing unexpected expenses; you never know when you might need it. While instantly getting money might seem tempting, not knowing what you should avoid might land you in trouble.
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An interest rate is often everyone's first consideration when looking for a personal loan. However, it is not the only factor you should pay close attention to; there are various charges, such as processing fees, GST, foreclosure charges, and more, that you must consider before applying for a personal loan.
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Once the notification ‘your salary is credited’ pops up, you breathe a sigh of relief. You quickly draft a monthly budget and carefully track your expenses. However, sometimes life surprises you with unexpected expenses or golden opportunities that your salary alone can't cover.
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A coin always has two sides. In this digital era, digital transactions have made our lives easier and more seamless, offering a range of flexible options. However, as we have adapted to this ever-evolving technology, so too have digital fraudsters, leaving unsuspecting victims with significant financial losses.
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There’s a high chance of announced expenses occurring at some point in our lifespan. These expenses do not necessarily relate to an emergency for which we need funds. They can be as simple as vacation, higher education, or wedding expenses. However, to be eligible for a personal loan, one must fulfil the criteria for getting a loan.
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When you approach various lenders for a loan, the first common check is your credit score to decide if you can repay the loan on time. As a result, you become aware and look for ways to improve credit score if it doesn't align with the loan providers' expectations.
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