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Business Loan

Small Medical Business Loans for Physicians

There are financial options available for general practitioners, specialists, hospitals, and clinics in the form of loans for doctors to open clinics. The funds can be used to acquire an existing medical practice, recruit new employees, and purchase office space. It can also be used for operational costs, the purchase of inventory or equipment, etc. The good news is, it shouldn’t be that hard for these types of borrowers to find a great loan. From a lender’s point of view, doctors have three qualities that make them excellent loan candidates. These factors include strong earning potential, a high net worth, and stable income. In particular, doctors who already own a medical practice and are looking to expand will find themselves perfectly eligible for loans for doctors to open clinics. [B-01] As an investment option, medical practices are an excellent sector to invest in because they offer high returns on investment, consistency, and low default rates. So, people who are looking for loans for doctors to open clinics or financing for medical facilities have a lot of choices. What are the goals that Medical Practice Loans intends to achieve? Choose which type of financing will work best for your medical practice. Please find more information on the most common types of business loans for physicians. You can also get more information on how they operate, the terms of the loans, the most appropriate applications, and loans for doctors to open clinics. You can also find information on the benefits and drawbacks for physicians and other healthcare professionals. Top Seven Loan Options Available for Healthcare Organisations Provision of Funding for Conventional Healthcare Establishments Many financial institutions offer commercial loans to medical professionals, such as doctors and other practitioners. Consequently, they are able to offer attractive terms. They also streamline the process so that the money can be in the doctor’s office within a week. New medical facilities are usually financed by a consortium of banks or a lender. Money Obtaining Credit on Behalf of a Company You can access the funds in your company’s line of credit whenever you need to, and you will be responsible for paying interest on the amount. Business lines are flexible, cost-effective, and a good way for a healthcare organization to deal with emergencies and costs that aren’t planned for. Medical practices should strongly consider setting them up. Funds Obtained Through the Section 7(A) Loan Program of the Small Business Administration The Small Business Administration (SBA) is responsible for establishing the policies and underwriting conditions for the program. It is in charge of administering loans to small businesses. The Small Business Administration (SBA) is not the actual lender. It guarantees up to 75 percent of a loan that the SBA has approved. It is obtained from a bank or credit union. This product is in high demand. It offers customers attractive benefits, including low interest rates and extended loan terms. Please be patient, as the process for the physician loan could take anywhere from 45 to 60 days. Apply for a Payday Loan If your loans for doctors to open clinics are unable to obtain more traditional forms of financing, such as a long-term business loan, or a loan from the Small Business Administration (SBA), etc., short-term business loans are an excellent alternative that you may wish to consider. The requirements are significantly less stringent than those mentioned above, making it possible to obtain financing for loans for doctors to open clinics. This loan can be obtained even if one or more loan applications have been rejected. Lenders focus more on applicants’ credit and cash flow than on traditional financial documents like tax returns. These loans are typically associated with higher interest rates and a greater level of risk than other types of loans for doctors to open clinics. Calculating the costs requires using either factor rates or fixed costs. It is different from calculating the principal and interest rates. Payments are typically due on a weekly or daily basis. The terms of the agreement can range anywhere from six to eighteen months. This is not a loan or any other product typically offered by banks. You cannot obtain it through those channels. Online lending options are the best place for small businesses to start their search for a short-term loan. Provision of Funding for Medical Equipment It should come as no surprise that medical professionals require loans for doctors to open clinics and purchase medical equipment. These loans or leases are used to purchase new medical equipment for a medical practice. In this type of financing, the newly acquired medical equipment serves as collateral for the loan. The terms are more favorable than those typically associated with conventional short-term loans for medical practices. The duration of loan and lease terms for medical equipment can range from two to ten years. Prices are determined by interest rates or lease factor rates. Where can I locate the best loans for acquiring a medical practice? Lenders who specialize in the valuation and acquisition of businesses like medical practices can provide loans for doctors to open clinics. These loans can be used to buy medical practices. As the medical industry is complex, this product is typically provided by a consortium of different banks. Borrowers with good credit can get a loan with no down payment. Those with less-than-perfect credit can obtain loans for doctors to open clinics with as much as a 25 percent down payment. [B-02] Conclusion These borrowers will also receive a prime interest rate or Treasury plus 1 to 2 percent, low origination fees, and fixed terms for up to 15 years with a 30-year balloon payment. Although not every financial institution offers to fund the purchase of a loan for doctors to open clinics, many larger institutions have departments specifically dedicated to meeting the financing requirements of dentists, doctors, and other medical professionals. Go to Piramal Housing Finance for more details.
08-11-2023
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Home Loan

Tips to Determine the Ideal Tenure of a Loan Against Property

Properties are an important asset, and they are expensive as well. You must be certain about your choice when selecting a lender to finance your needs. Nowadays, loans against property are quite popular and affordable. You can opt for them to get financial assistance in times of emergencies. [B-01] The amount and tenure of your loan against property are some factors you should consider before signing up for it. To determine the ideal tenure of your loan, you must first understand what a loan against the property means. Next, you need to plan your finances well in advance. Simply put, you must be aware of all the pros and cons of taking a loan against your property. A loan against property is a type of loan that allows you to borrow funds against your residential, commercial, or industrial property. This is a secured loan and is available at attractive interest rates. You can apply for this loan for business and personal reasons. How to identify the ideal tenure for a loan against property It is extremely important for you to set the appropriate tenure for the loan you take against your property. If you miscalculate and select the wrong tenure, your financial plans for the future will be affected. Choosing the right tenure for a loan against property can also help decrease your overall loan burden. Before taking any loan against property and fixing its tenure, keep in mind the following parameters: Monthly Income Income plays a very important role in the repayment of any loan. See to it that your monthly income as a salaried person or as a self-employed person is sufficient to pay back the loan. After that, you can decide upon what should be the tenure of your loan against the property. If your salary is good enough, you can opt for a short-term loan and pay reasonable EMIs over time. On the other hand, if your salary is not that much, you should opt for a long-term tenure. This way, you get to pay small monthly EMIs that suit your pocket. Loan Amount While taking a loan against your property, keep in mind that the higher the loan amount, the more EMIs you have to pay. It is your responsibility to strike a balance between EMIs and loan tenure. The loan tenure can vary from 15 to 20 years. You need to keep in mind that a long-term loan means you have to pay higher interest to the lender. It is best to choose a tenure during which the interest burden is low. Your mortgage loan should not cost you a fortune to repay. Applicant’s Age Your age helps your bank or lender confirm if you can pay back the loan you have applied for. As a rule, if you are a young applicant, you are more likely to get tenure as long as possible while applying for a loan against property. On the other hand, if you are nearing retirement age, you will get a short-term loan against property. You cannot do anything about your age affecting your loan tenure, but you can plan your finances accordingly. It will help you repay your loan on time, without affecting your necessary expenses. Interest Rate and Monthly EMIs Interest rates and monthly EMIs are two key factors you need to consider while choosing the right tenure for your loan against property. If you want to pay small EMIs, you should opt for a long loan repayment tenure. On the contrary, if you wish to pay less interest, you should opt for a short-term tenure for your loan against property. The interest amount that you pay differs based on the tenure that you chose. The selection of your payable EMIs and interest rate should be based on proper planning. You do not wish to end up with EMIs that are too difficult for you to manage. Applicant’s Future and Financial Prospects While choosing an ideal tenure for your loan against property, you should keep in mind your present and future financial prospects. It helps you assess your loan repayment capacity. Timely assessment and management of your finances guides you in selecting the apt tenure for your loan against property. It gives you useful insight into your current income, upcoming increments, and financial needs for the future. Using this information, you can become fully prepared to deal with unexpected financial issues without disturbing your loan EMIs. [B-02] Conclusion Properties make up a very crucial part of our lives. Thus, it becomes very important for all of us to take the right decision regarding it. Do all the necessary research about financial planning, EMI tenure, and interest rate calculation before you sign up for a mortgage loan. Nowadays, loans against property are easily available in the market through various banks and financial entities. This gives you the flexibility to choose a loan based on your needs and paying capacity. Prior research will save you from getting confused and making silly decisions. The easiest way of determining the right tenure against property is using an EMI calculator for instant loans against a property. If you are taking a loan against the property, make sure that you have no defaults. You can visit Piramal Finance and explore their products and services.
08-11-2023
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Home Loan

Tips to Get the Lowest Interest Rate on a Home Loan in 2022

Have you just started working and already dreamed of buying your own house? Don’t worry, you are closer to your dream than you can imagine. Many financial institutions are eager to provide you with housing loans, just a click away. Whether you are a salaried employee or self-employed, you are entitled to housing loans. [B-01] Before applying for a housing loan, it is very important to know about your eligibility. To get a clear understanding, check out the home loan eligibility calculator. The applicant’s age, occupation, CIBIL score, and earnings are important factors to be considered. Applying for a housing loan with your working spouse as a co-applicant enables you to apply for a higher amount. If you have a housing loan to your name, you will be entitled to income tax savings. You can deduct Rs 1.5 lakhs on the principal, registration, and stamp duty. In the case of a co-applicant loan, your spouse will also get the same tax benefit under Section 80C. Next comes the important step of knowing your EMI, or Equated Monthly Instalment. In the home loan EMI calculator, enter your desired loan amount, the tenure of the loan in years, and the rate of interest (calculated per annum). In August 2022, the Reserve Bank of India (RBI) hiked the repo rate by 5.40%. It has caused the banks to increase their rate of interest on the loans. You can still save your hard-earned money by reducing the interest amount. Read on to learn more. Methods for Lowering Home Loan Interest Rates There are numerous ways to help you save money if you plan from the beginning. You have to act smartly and on time. Let’s see some of them, Maintaining a good credit score Even before you attempt to buy a house, it is advisable to give yourself some time to improve your credit score. Having a high credit score makes you eligible for better housing loans. Seeing that you have a CIBIL of 750, even the lenders will be eager to offer you better deals. You will be able to negotiate your desired interest rate as the lender will see you as a reliable borrower. You just have to ensure that you have not been late or missed any payments. Enable the autopay credit card option whenever applicable. A little responsibility on your part will go a long way. Make a larger down payment Agreeably, no one can buy a house without taking a loan. However, you should have a certain amount of money set aside, that you can use as a down payment. In any case, financial institutions allow only 75% to 90% of the loan amount. It is commendable that you deferred the plan of buying your house until you had a sufficient bank balance. Borrowing a lesser amount will lead you to acquire a lesser interest rate. Curtail your tenure The primary factor influencing your interest amount is your loan tenure. To shorten the tenure, you have to pay more EMI. Even if more monthly payments seems difficult, consider the interest amount you will be saving. If you can close the loan before you save up on the overall interest payable. Revising EMI Your EMI, or equated monthly instalment, can be revised annually. If you get a salary hike, you should start paying more EMI. As discussed earlier, the loan tenure will reduce as well as the interest. You will be the true owner of your dream house sooner than you started. Opting for prepayments The EMI that you pay is a combination of two amounts. One is the principal, and the other is the interest on the outstanding loan amount. In the initial stage of the loan, you are paying more for the interest and less for the principal. Suppose you get a salary hike or a bonus and deposit the amount as a prepayment. The principal amount will be reduced along with interest. Woman benefits Many financial institutions give extra benefits to working female applicants. Women may be the sole owner or co-borrower. They are entitled to lower interest rates on loans. Furthermore, stamp duty charges are lowered if the woman is the primary owner. Market survey Before committing to a particular lender, always compare the interest rates online. If it suits you, go ahead with the loan. Refinance your loan Suppose you feel you are paying more interest on your loan than another bank. You can either negotiate a lower interest rate or shift your loan to another lender. However, doing so is not advisable. There are also many different ways to lower your expenses on the interest, like starting a SIP, paying a mortgage point, or choosing a floating rate of interest instead of a fixed rate. However, keep in mind that different banks offer different services. With so much information available online, spend some time understanding your requirements. Ask the financial advisors about your doubts and learn about the schemes they offer. [B-02] Conclusion I hope you have found the information useful. Please feel free to check out Piramal Finance for a housing loan. The company has a registration certificate from the National Housing Bank (NHB). They not only provide finance for housing but also engage in various other financial services and businesses. At Piramal Finances, once you apply for a housing loan, the relationship manager will contact you. You have to submit the minimal number of required documents. Flexibility is allowed on the loan tenure, prepayment, and foreclosure, according to your desire. You can choose between a floating interest rate and a fixed rate to avoid putting additional strain on your budget. The best news, Piramal Finance is ready to finance 90% of the purchase price. Turn your dream into reality.
08-11-2023
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Other

Things to Consider Before Choosing ELSS Funds

Equity Linked Savings Schemes, or ELSS funds, are one of the most popular tax-saving investment schemes available to investors right now. This mutual fund scheme allows you to save taxes under Section 80C of the ITA, 1961, while you reap the benefits of investing in low, middle, or large-cap stocks. However, you must choose the ELSS funds carefully to get the most out of your investments. This article will show you five things you need to consider before choosing ELSS funds. Let’s dive in. [B-01] Asset Composition of the ELSS Funds Most fund managers allocate at least 80% of the assets of the ELSS funds to equity or equity-related investment options. The remaining assets are usually allocated to the money market or fixed income-based securities. Fund managers often choose the stocks they want to invest in depending on the objective of the fund. For example, if the goal of the ELSS mutual funds is to maximize the returns on the investments, the fund manager may invest a significant portion of the fund in small-cap stocks. Small-cap stocks may provide higher short-term returns, but they are risky. On the other hand, fund managers of medium-risk mutual funds invest more in large-cap stocks. Although investing in these medium-risk ELSS schemes will generate a lower average rate of return on investments, your investment will grow steadily over a long period. The Lock-in Period Most investment options that offer some sort of tax benefit under Section 80C of the Income Tax Act, 1961, come with a mandatory lock-in period. During the lock-in period, you cannot withdraw your invested funds. However, different investment options come with different lock-in periods. In the case of the ELSS funds, the lock-in period is just three years, which is much lower than other investment options. Let us give you some perspective. The PPF, or Public Provident Fund, scheme has a lock-in period of 15 years. Even the NSC investment scheme has a 5-year lock-in period. Compared to them, ELSS has a pretty short lock-in period. It also has the potential to generate market-linked returns, making it a great investment option. Invest in the ELSS Funds Through a SIP Investors who want to invest in mutual funds have two options: lump sum investment and SIP. A SIP, or Systematic Investment Plan allows you to invest a small amount of money in a mutual fund scheme at regular intervals. It makes SIP a good way of investing in ELSS mutual funds, especially if the markets are falling. With SIP, you can slowly invest in more mutual fund units over time to reduce the average purchase cost per unit when markets fall. This way, you won’t have to risk investing a large portion of your funds when the markets are at their peak. What’s more, in ELSS, the lock-in period applies to every individual purchase or investment. Therefore, if you go for a SIP with a monthly frequency, every single month’s investments will have an individual lock-in period. Thanks to this, you will have greater leeway to use your money in the ELSS funds. Don’t Add Too Many ELSS Funds to Your Investment Portfolio. Should you invest in just one ELSS fund or more than one? When most people want to invest in tax-saving options like ELSS, they usually only care about the tax-saving aspect. And they mostly ignore the kind of effect such choices would have on their investment portfolio. So, they just concentrate on grabbing units of a new investment option from different AMCs (Asset Management Companies) each year. Some of these investors are so focused on the tax-saving factor that they don’t even seem to care about the risk levels of the schemes. Because of this, many investors have multiple ELSS schemes in their investment portfolio after just a few years. Now, if you don’t plan your investments carefully, you might end up investing in many ELSS schemes in just one category. This will create overexposure. Therefore, don’t just focus on the tax-saving aspect and invest in multiple ELSS schemes in the same category. Instead, research every mutual fund scheme carefully and invest in different types of ELSS funds to create a diversified investment portfolio. The Risk Level As we have mentioned before, the majority of the assets of ELSS funds are made up of equity and equity-related asset classes. As a result, the risk level of these funds is comparable to the type of stocks in which the fund manager has invested. But it doesn’t mean every single ELSS mutual fund is a high-risk investment option. Fund managers handle a variety of ELSS funds that have different risk levels. And investors can choose to invest in these funds, depending on their risk appetites. Remember, high-risk funds also have the potential to generate higher average yearly return rates. On the other hand, funds with a moderate risk level have way lower average yearly return rates compared to funds with high-risk levels. Weigh the different investment options and your risk appetite carefully to make a solid investment plan. Ideally, your investment portfolio should have multiple ELSS funds with different risk levels, and you should divide a portion of your assets among them according to your financial goals. [B-02] Wrapping Up ELSS schemes are one of the best long-term investment options if you want to expose yourself to stock markets while saving taxes on your investments. And there are tons of ELSS funds to invest in. However, before you choose an ELSS fund, you must do thorough research about the asset composition of the mutual fund scheme. Take a look at the track record of the funds and inspect their risk levels. Invest in different types of ELSS funds to avoid overexposure, and choose SIP options to minimize the risk of sudden stock market crashes. Consider all of these factors carefully for the appropriate ELSS schemes. Do you still have doubts? Contact our experts at Piramal Finance to learn more about the ELSS funds. Do you need immediate financial assistance to break through your financial bottleneck? Learn more about our personal loan programs.
08-11-2023
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GST

Everything you need to know about GST on mobile phones before buying it

The Goods and Services Tax (GST) came into effect in 2017, and since then, it has been one of the essential parts of the Indian taxation system. Nowadays, GST is calculated for every purchase you make. There are various products for which you will need to pay GST. You must also pay GST on mobile phones when you’re purchasing them. Well, now that is having a huge impact. [B-01] What is the mobile GST rate? There has been a change in the mobile GST rate compared to the last time. Till April 1, 2020, the GST on mobiles was 12%, but later it was revised to 18%. The revision for the rate was made at the 39th GST Council Meeting. With the implementation of this change, the mobile GST rates became the same everywhere. Hence, no matter which state you purchased the mobile from, you had to pay the same rate. GST isn’t like VAT. The VAT rates on mobiles used to differ from state to state. However, GST on mobile phones remains the same everywhere. GST played an important role in reducing the effect of tax-on-tax, thereby proving to be helpful in the long run. GST Rate Applicability on Mobiles GST has proven to be an efficient transformation tool, especially for the Indian economy. They integrate all the commodities within the same tax transformation. Whether feature phones or smartphones, GST is levied on almost all mobile phones. Now we come to the question of composite supply. The composite supply has two or more items or services that are included and sold concerning the businesses. Therefore, you wouldn’t get the benefit of purchasing these goods separately. From the foods, only one item is considered the primary supply on which GST is calculated while creating invoices. For example, mobiles are sold with chargers and USB cables, both of which are essential requirements of a mobile phone. Therefore, the GST rate on mobiles will also apply to the charger and USB cable. What is the impact of GST on Exchange and Discount Offers? Various dealers offer various exchange offers and discounts on mobiles. You can understand the impact of GST on mobiles on discount and exchange offers. Exchange Offers We all know what exchange offers are- where one trades their older phones for the new ones. Customers can get a new handset in exchange for their old one and pay the difference between the cost of the new device and the resale value of the older device. When there was VAT, the difference sum would not be taxed. Ever since GST on mobiles got implemented, the exchange offers for mobile phones have become pretty simple. However, you will need to pay taxes on the reduced price too. Promotional Discount Promotional discounts during festive and sale seasons are important in the smartphone industry. When calculating the payable taxes, the discounts will not be calculated for the GST regime. Nonetheless, this will only be valuable when the discounts are a part of the invoice. The GST implementation has therefore played an important role in bringing uniformity across the Maximum Retail Price for all the products. When the government introduced VAT, the mobile tax rate tended to differ from state to state. Hence, specific states used to charge less tax than others. Although you will need to pay a little higher price for GST, the uniformity of MRP plays a vital role in lowering the fluctuating tax rates. Therefore, every individual will need to pay the same tax rate. What is the effect of GST on mobiles and accessories? GST has a wide range of effects on mobiles and accessories. If you are purchasing any of these, you must be familiar with the impact to avoid the higher price risk. Some of the common effects of the GST on mobile phones and accessories include the following: Taxed Interchange offers Since GST on mobile phones was implemented with the same taxation rate, various phone makers have introduced new exchange offers. Therefore, users can buy new phones in exchange for their old ones. Better Indirect Tax System The new taxation system allows individual taxpayers to go for lower tax rates. Therefore, this is highly beneficial for the exemptions and deductions which are a part of the new system. Furthermore, when purchasing phones, you can calculate the dividend income yourself. End-of-price benefits The price used to vary across different retail stores before the introduction of GST. Since VAT was there, people could purchase phones from specific shops at a lower rate than others. Nonetheless, since the enforcement of GST on mobiles, the gap has changed, and the price of smartphones countrywide remains the same. The absence of this gap further leads to the end of all major price benefits for individuals. Did the smartphone dealers get any benefits? Smartphone dealers get a wide range of benefits, with GST implementation being the same countrywide. The introduction has helped to streamline the business and simplify it significantly. Some of the common benefits that smartphone dealers get include the following: Increase in sales Since mobiles are no less than a necessity, almost everyone buys them. With tax rates being the same everywhere, sales are increasing. The dealers and merchants registered for GST eventually benefit from a maximum number of sales. Better competition Healthy competition is everywhere. The prices of mobile phones have become consistent countrywide. Therefore, there is healthy competition among mobile sellers. [B-02] Conclusion Compared to VAT, GST has a simpler tax structure and can contribute to different sectors of the economy. The effort for transition has been made to simplify. Not only does it help lower inventory costs, but it also plays a vital role in reaping all the benefits countrywide. If you are confused about the GST on mobile phones, you must reach out to professionals like Piramal Finance. The team of experts will help you understand how GST works and how much tax you will need to pay. Furthermore, for any tax clarification, you can always reach out to them.
08-11-2023
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Hum Kaagaz Se Zyaada, Neeyat Dekhte Hain, Home Loan

Video Transcript – Daughter –baba… Naya ghar le le! Father –Beta mein plastic dal deta hu phir gudiya ke liye naya ghar ho jayega Wife –Suno … Suno na… Mera tiffin ka kaam bhi achha chal rahahai…tho.. naye ghar ke liye loan le lein? Father –Loan? Loan apply kaise karenge Arey, home loan ke liye poore kaagaz kahaan hai! Wife –Woh … aap ke bhai ka paisa bhi hai na aapke pass! Father –Nahi…Bhaiya ke paise, bhaiya ke hai Kuch Kaagaz kum huye to kya… Aisi neeyat ko hi hum home loan dete hai. Piramal Finance Hum Kaagaz se zyada neeyat dekhte hai! Reference link –https://www.piramalfinance.com/neeyathttps://www.piramalfinance.com/home-loan
08-11-2023
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Personal Loan

Hospital Loan: Loan for Hospital Projects for Doctors in India

Medicine is one of the noblest professions. Doctors who have been in practice for a while often want to open their hospitals. But it is easier said than done. A hospital must spend a lot of money to access up-to-date equipment to deliver quality patient treatment. Often, shelling out such a huge amount at once is not possible for everyone. This is where a loan for a hospital project plays an important role. As the hospital owner, you must apply for a hospital loan to help you realise your dream of starting a hospital. What is a hospital loan? What are the most effective methods to receive it? Let’s find out. What is a loan for a hospital project? As the name suggests, these loans are granted for building hospital projects. Many banks and NBFCs offer hospital loans with affordable interest rates. The funds could be used to build a hospital, purchase medical equipment, or any other related purpose. Your hospital project financing will be quickly approved once you’ve shown you’re eligible and the right paperwork has been sent in. Features of loans for hospital projects Here are some of the features of loans for hospital projects that you should be aware of. Collateral free While it varies among different banks, you can find loans for hospital projects that don’t require collateral. Thus, getting loans for hospital projects becomes easier as one of the major criteria gets eliminated. Quick processing Loans for hospital projects don’t require much time. Further, you can now make online applications through the bank's website. All the documents can be uploaded online, and the loan can be processed quickly and efficiently. Flexible repayment Hospital loans come with flexible repayment terms. You are free to choose the tenure that fits your budget. Online account for easy access. Most banks create an online account with a login ID and password. This will allow you to track your loan status, upcoming EMIs, loan amount paid, and loan amounts pending. It also lets you download the relevant documents for your loan, like the sanction letter, repayment schedule, etc. What are loans for hospital projects? Hospital loans are a unique type of loan that can be used to pay for life-saving medical equipment. Important components of medical equipment include hospital beds, oxygen tanks, and the newest imaging and diagnostic technologies, among other things. You might use the money to purchase state-of-the-art medical equipment and provide high-end medical services. This loan for a hospital project can help you develop one of the finest hospitals with modern medical facilities. Types of hospital loans The following are the different types of hospital loans that you can avail of from any bank: Loans for nursing homes To meet the needs of modern society, nursing homes need to be easily accessible and affordable. Your nursing home may enhance the medical services in many ways, such as by getting more beds, better facilities, and the latest technology. Secured hospital loans range from Rs. 2.5 crore to Rs. 5 crore for 12 to 120 months. Unsecured loans, ranging from Rs. 10 to 50 lakhs, can be paid back over 12 to 48 months. Further, corporations, partnerships, limited liability companies, sole proprietorships, and LLPs can avail of these loan facilities. Loan for pathology research As COVID cases have changed over the past two and a half years, testing facilities have had to get bigger. Because of this, there aren’t that many pathology labs around. People living in Tier 2 and Tier 3 cities cannot access medical labs. With hospital loans, a pathology lab can be set up. Pathology labs must meet the following requirements to get money: The borrower must be at least 27 years old when the hospital loan is taken out. The loan must also be paid back within 70 years at most. You must have worked in your field for at least five years. Loans can be accessed by sole proprietorships, limited partnerships, partnership firms, companies, and limited liability partnerships (LLPs). Loans for both dentists and optometrists’ clinics Diseases and problems associated with teeth and eyes are increasing. Setting up a dental or optometry clinic with high-end equipment may require a lot of money. Thus, doctors can go for loans for hospital projects to set up their dental and optometry clinics with the latest technology. For a medical or dental facility to get a loan, the following criteria must be satisfied: The borrower must be at least 27 years old when the hospital loans are taken out. The loan must also be paid back within 70 years at most. One-person businesses, limited partnerships, limited liability partnerships, and limited liability companies are all eligible. Important facts about hospital loans A Hospital Loan gives money to qualified Indian doctors to help establish hospitals. Making something from scratch is like going somewhere you have never been before. This is because the amount needed changes from project to project depending on the type of setup you want to establish. While loans for hospital projects can be obtained without collateral, you can provide collateral to secure a higher loan amount. You can get the loans at an affordable interest rate if you satisfy all the eligibility criteria. [B-02] Conclusion A team of knowledgeable advisers from Piramal Finance is available to assist you at every stage of the application process. This boosts your chances of being accepted and receiving your funds soon. Piramal Finance is one of India’s top NBFCs. It has a specialised staff of professionals accessible 24 hours a day, 7 days a week, to assist existing and new clients.
08-11-2023
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What is SWP & How does SWP Work?

SWP stands for Systematic Withdrawal Plan, and as the name suggests, it refers to an individual’s plan to withdraw from their mutual fund scheme. The withdrawals can be made monthly, quarterly, or yearly from the investment date. You can choose the timing of their withdrawal, and this amount will be credited to your linked bank account by AMC. The only catch is that SWPs can be done only when you have units available in your account. An SWP plan is a good option if your main aim is to generate cash flow in your account. The difference between a SIP and an SWP plan is simple. In the case of an SWP, you channel your investments into your bank accounts, whereas in SIP, you channel your bank account money into mutual funds scheme. The best characteristic of SWP in mutual funds is that you can take out the whole amount in the form of a systematic plan, or you can choose to withdraw the capital gains on the primary amount. This will enable you to remain invested and generate cash flow in your account. [B-01] Types of SWP There are primarily two types of SWP in mutual funds. They are: Fixed withdrawal scheme In this scheme, you can choose the specified amount and period for the withdrawal. This scheme includes the total amount, i.e., primary investment and capital gains. You will have less flexibility in this scheme but higher cash flow. Appreciation withdrawal scheme In an appreciation withdrawal scheme, you can remain invested through your primary investment and only withdraw the required amount through appreciated value. It means the withdrawal of capital gains only. Benefits of the SWP Plan No TDS If you choose the dividend distribution scheme, then there will be TDS applicable. The Dividend Distribution Tax (DDT) percentage is 15%. You don’t have to pay any tax when you receive the amount under this scheme. There is no tax deductible at source for the Systematic withdrawal plan. This means there won’t be any deduction for tax purposes at source when the amount is credited to your bank account. You will get the hundred per cent amount in your bank account. Flexible Systematic withdrawal plans are one of the most flexible ways of withdrawing your money from the mutual fund scheme. Here, you can choose the amount and frequency of the withdrawals that cater to your needs. Plus, you can stop the SWP plan as and when you choose. Additionally, you can add further investments in the scheme or withdraw an additional amount above the fixed systematic withdrawal plan amount. Regular source of income SWP plans allow investors to create a regular source of income. This sort of plan will enable investors to withdraw systematically. The withdrawals are made from the investments already made. This is very convenient for people who don’t have any source of regular income. This plan can also prove to be very beneficial for retired people. Capital appreciation One of the benefits of the systematic withdrawal plan is that when the withdrawal rate is lower than the fund return, the investors get some capital appreciation too in the long term because there is a system of withdrawal involved. This system allows the investors to cope with the dynamic and unpredictable market. This also balances out losses one may incur in low AMC during a bear period. Withstand inflation One of the perks of a systematic withdrawal plan is that you will have an adjusted income per the market’s inflation. This ensures that you won’t outlive your savings. Generally, there is a cap of 5% or 6% withdrawal at a time in SWP, so if the inflation is 8% to 9% every year, then the balance will be beneficial. This is a highly helpful inflation adjustment during the retirement period. Key Features of SWP Systematic investment plans help you create your pension. A systematic investment during your professional working period can help you make your pension in systematic withdrawals after retirement. This ensures a proper cash flow in your account that fulfils all your needs. You can protect your capital through SWPs through Arbitrage mutual fund schemes. If you are not accustomed to taking risks with your money, this is one of your safest investments. These schemes help in assured returns without any risk at all. Plus, they ensure you get back at least the amount you invested. [B-02] Conclusion One of the most complex mechanisms to understand is the money market. The ups and downs of the graphs, the changing money policies, and the ever-changing numbers are not everyone’s cup of tea. Yet, every individual must invest money in certain schemes to ensure their safe future. SWPs in mutual funds is one of those solutions. These plans are specially made for those who are not ready to take risks and are vulnerable to the inflation rate. Systematic withdrawal plans are made to sustain the growth rate of inflation and adjust the rupee cost ratio. All you need to do is look for a plan that fits your needs with Piramal. You can always visit Piramal Finance to learn more about the economy and the stock market and choose other investment plans to secure your future.
08-11-2023
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Guide

List of Long Weekends in 2023: The Ultimate Guide to Planning a Long Weekend Trip!

Weekends are often occupied running errands and catching up with friends and family. But people look forward to some special weekends of the year as they come with additional holidays. Yes, we’re referring to long weekends that help people take short vacations and unwind from stress. Here’s a list of long weekends in 2023 in India and weekend getaways worth exploring that will help you make the most of these holidays. [B-01] January 14th, Saturday: Makar Sankranti & LohriJanuary 15th, Sunday: PongalJanuary 16th, Monday (Take a leave) The long weekend of Makar Sankranti, Lohri, and Pongal is quite a celebrated one. The festivities start with Makar Sankranti and Lohri on January 14th and end with Pongal on January 15th. In some states, the festivals are pro-longed and are celebrated with grandeur. Some of the best places to visit in India during this festival are: Haridwar, Uttarakhand: Attend the Ganga Aarti and take a dip in the holy river. Amritsar, Punjab: Enjoy the vibrant spirit of Amritsar. Ahmedabad, Gujarat: Attend India’s largest kite flying festival. January 26th, Thursday: Republic DayJanuary 27th, Friday (Take a leave)January 28th, SaturdayJanuary 29th, Sunday January seems to be a month filled with long weekends. Another long weekend that comes with a four-day holiday is the Republic Day weekend. Enjoy this holiday by planning a relaxing trip with your friends or family and recharge yourself. The best places to visit in India during this period are: New Delhi: Witness the Republic Day parades. Wagah Border, Amritsar: Watch the retreat ceremony. Shimla: Visit Ridge Maidan and witness the state-level celebrations. March 08th, Wednesday: HoliMarch 09th, Thursday (Take a leave)March 10th, Friday (Take a leave)March 11th, SaturdayMarch 12th, Sunday Holi is a much-awaited festival in India. It marks the beginning of the spring season and is celebrated widely in every part of the country. Depending on the location, people celebrate it differently. For example, in some places, people visit temples and follow rituals associated with the festival; while in others, people play Holi in the wildest way possible. The best part of Holi in 2023 is that it falls on a Wednesday. This means you can take a Thursday and Friday off, club it with the weekend, and enjoy a five-day holiday. The best places to visit in India during this season are: Mathura, Uttar Pradesh: Attend the Holi events at Dwarkadheesh Temple. Vrindavan, Uttar Pradesh: Participate in the Phoolon wali Holi at Banke Bihari Temple. Udaipur, Rajasthan: Attend the royal Holika Dahan at Shambhu Niwas Palace. April 04th, Tuesday: Mahavir JayantiApril 05th, Wednesday (Take a leave)April 06th, Thursday (Take a leave)April 07th, Friday: Good FridayApril 08th, SaturdayApril 09th, Sunday April marks the onset of the summer season and is a pleasant month to travel. With so many holidays in the first week of the month, we are excited to take an extended vacation. And if you want this six-day vacation to turn into a nine-day holiday, you must consider taking leaves from April 03rd, Monday, club it with April 01st and 02nd, i.e., Saturday and Sunday, and there you go! A nice nine-day long vacation. The best places to visit in India during this period are: Shimla, Kullu & Manali, Himachal Pradesh: Enjoy and explore the magnificent hills. Spiti: Soak in the natural beauty of the rugged mountains. McLeodganj: Relax and feel one with nature. May 05th, Friday: Buddha PurnimaMay 06th, SaturdayMay 07th, Sunday Another long weekend calls for another getaway. Make the most of this time by visiting some of the beautiful destinations in the country. The best places to visit in India during this time are: Kerala: Visit God’s own country, indulge in the Ayurvedic massage, take a tour on the houseboat and soak in nature’s marvels. Goa: Enjoy the sun, sand, and sea in this picturesque state. Pondicherry: Visit the French Riviera of the East and explore its culture and heritage. June 29th, Thursday: Bakri EidJune 30th, Friday (Take a leave)July 01st, SaturdayJuly 02nd, Sunday Another long weekend awaits you in June and July. With the beginning of the monsoon season, it’s a perfect time to get away and soak in the beauty of nature. The best places to visit in India during this time are: Lonavala, Maharashtra: Enjoy the waterfalls, the Bushi Dam, and the beauty of nature all in one place! Rishikesh, Uttarakhand: Enjoy river rafting and mindful yoga sessions. Bir Billing: Paraglide into nature! August 12th, SaturdayAugust 13th, SundayAugust 14th, Monday (Take a leave)August 15th, Tuesday: Independence DayAugust 16th, Wednesday: Parsi New Year Often a time for a short break for the people of Delhi, Mumbai, and Bangalore, the Independence Day break, calls for nearby getaways that help people take a break from their daily chores and prepare themselves for the upcoming festivities. The best places to visit in India during this time are: Jhansi, Uttar Pradesh: Learn the history of the freedom struggle. Andaman and Nicobar Islands: Take a tour of the Cellular Jail and learn about freedom strugglers. You can also indulge in water-sport activities. Red Fort, Delhi: Join in the celebrations of the country’s glorious day. August 26th, SaturdayAugust 27th, SundayAugust 28th, Monday (Take a leave)August 29th, Tuesday: OnamAugust 30th, Wednesday: Rakshabandhan This long weekend celebrates the bond between a brother and a sister. So, what’s better than planning a trip with your siblings and enjoying Rakshbandhan with them. The best places to visit in India during this time are: Rishikesh, Uttrakhand: A perfect vacay destination for adventure-minded siblings. Goa: Party with your siblings from sunset to sunrise at this party destination. Lahaul, Spiti, Himachal Pradesh: Explore the beauty of this wonderful paradise. September 07th, Thursday: JanmashtamiSeptember 08th, Friday (Take a leave)September 09th, SaturdaySeptember 10th, Sunday Celebrate the festival of Janmashtami in Lord Krishna’s famous temples in Dwarka, Puri, Vrindavan, and Mathura. An experience of a lifetime; you will indeed witness festivity and devotion. The best places to visit in India during this festival are: Mathura, Uttar Pradesh: Visit Lord Krishna’s birthplace. Vrindavan, Uttar Pradesh: Attend the vibrant celebrations at the various temples. Dwarka: Visit the temples and take blessings from the Lord. September 16th, SaturdaySeptember 17th, SundaySeptember 18th, Monday (Take a leave)September 19th, Tuesday: Ganesh Chaturthi This long weekend coincides with one of India’s major festivals, i.e., Ganesh Chaturthi. The 10-day-long festival is celebrated each year widely, and many people also take this time to enjoy a long weekend. The best places to visit in India during this time are: Coorg, Karnataka: Catch a whiff of some fresh air. Nashik, Maharashtra: Indulge in some wine tasting and visit the famous temples and shrines in the city. Daman & Diu: Explore the rich Portuguese history and culture. September 30th, SaturdayOctober 01st, SundayOctober 02nd, Monday: Gandhi Jayanti Sometimes, an escape is all you need. Pamper yourself and get some quality time to unwind from the chaos. The best places to visit in India during this time are: Darjeeling, West Bengal: Explore the beautiful Queen of the Himalayas. Saputara, Gujarat: Explore the hidden gem of Gujarat. Coonoor: Get a glimpse of the mesmerizing views of the massive Nilgiris. October 21st, SaturdayOctober 22nd, SundayOctober 23rd, Monday (Take a leave)October 24th, Tuesday: Dussehra Mahanavami and Dussehra come this weekend and are both widely celebrated festivals in India. This year, the festivity will be even grander as they fall after the weekend, i.e., Monday and Tuesday, respectively. This also means an extended weekend off. If you’re planning a trip during this time, you should visit the below-listed places. Hampi, Karnataka: Explore the ruins of the bygone era. Agra, Uttar Pradesh: Get romantic with your partner in the city of love. Kolkata: Soak in the rich culture that you will witness during this time. November 11th, SaturdayNovember 12th, Sunday: DiwaliNovember 13th, Monday: Govardhan Puja Make the most of your Diwali weekend. Enjoy this festival with your family and friends, and find solace from hectic everyday life. A few places to visit in India during this time are: Pushkar, Rajasthan: Visit this famous pilgrimage site in Rajasthan. Ayodhya, Uttar Pradesh: Soak in the beauty of the birthplace of Lord Rama. Sanchi, Madhya Pradesh: Visit the UNESCO World Heritage Site. November 25th, SaturdayNovember 26th, SundayNovember 27th, Monday: Guru Nanak Jayanti Another long weekend in November 2023 awaits you. With a three-day long holiday, there are quite a few destinations that you can visit during this time of the year. The best places to visit in India during this time are: Gir, Gujarat: Visit the home to India’s Asiatic Lions Gokarna, Maharashtra: Relax and enjoy the beauty of the sun and the sea at the peaceful beaches of Gokarna. Tarkarli, Maharashtra: Enjoy the beach and some fun water-sport activities at Tarkarli. December 23rd, SaturdayDecember 24th, SundayDecember 25th, Monday: Christmas The last long weekend of the year falls around Christmas, which means it’s your last chance in 2023 to plan a trip without taking additional work leave. Some places to explore during this time are: Khajuraho, Madhya Pradesh: Visit the ancient temples and marvel at the architectural brilliance. Rann of Kutch, Gujarat: Discover the unique landscape of the white desert. Ranthambore: Experience wildlife at its best. [B-02] Make the most of these long weekends of 2023 by planning your holidays in advance. If you’re wondering how to make these trips possible, Piramal Finance is here to help you. Avail of a personal loan and make the most of early bird offers. Get the best deals with attractive rates on flights, hotels, buses, tour packages, and more. Most importantly, avail of our personal loan to ensure you have a promising holiday experience in 2023.
08-11-2023
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