More articles for you

Your one stop place for everything related to finance and lending

Guide

How to get emergency loans for your business

The current financial scene overall has been quite overwhelming, with an increase in the number of financial institutions that are ready to grant you immediate access to a business loan. But we all know that aside from all other aspects, a matter of concern is the time factor. Though these financial bodies promise immediate loans, the application process’s duration makes us think otherwise. The delays in the application and in the process of getting your loan approved can make us think that it would be easier to opt for another type of loan instead. So, if you are in an emergency and need an instant business loan, it is best not to go for these loans. The other types of loans involve bundles of paperwork and high-worthy collateral you need to submit to the bank. Going for credit cards is also not a wise option in case of an emergency. This is because they are not responsible for granting immediate or high-level credit to the borrowers. [B-01] What Are Emergency Loans? The perfect loan option you must go for during an emergency is the emergency loan. As the name suggests, these low quantum cash loans are immediately processed by banks, NFCs, and other leading institutions. The amount limit one can apply for in case of an emergency loan is between Rs. 5,000 to Rs. 5 Lakhs. The tenure for a business loan is flexible, ranging from 30 to 90 days. Also, one has to pay interest at the rate of 0.1% daily. Most people make use of this loan for medical emergencies, vacations, renovations, and other needs. Also, if you are looking for a business loan for a new business, an emergency loan is a perfect choice. How To Get An Emergency Loan? There are different ways through which one can avail of an emergency loan. These include: Cash Advances On Your Credit Card You can get hold of cash advances by logging into your credit card. Instead of this, you can feel free to withdraw cash from the nearest ATM using your credit card. The amount withdrawn, along with your additional applicable charges, will be added to your monthly credit card statement. You are also likely to get some offers on your cash advances. Contact the customer care of your credit card to get knowledge about the same. Bank Overdraft You will get hold of this special facility based on your account standing. Checking with your bank will tell you whether you are eligible for a bank overdraft facility or not. After talking with your bank manager, the bank will actuate your bank overdraft limit. Online Lenders A simple and hassle-free method of getting an immediate loan is by raising a personal loan from a trusted online lender. This process will require little to no documents and will be completely based online. All you have to do is fill up the application form to apply for the loan and upload the asked documents. In two simple steps, the required loan amount will be transferred to your bank account within 1 to 2 days. Payday Loans A common type of emergency loan, Payday loans are processed by numerous online lenders. If you wish to check whether you are eligible for this loan or not, just log in to their website, enter the necessary info and check it for yourself. By uploading some documents and typing in your personal info and salary details, your verification will be completed immediately. Lastly, you will get hold of a virtual credit card to withdraw the loan amount. Loans Against Insurance Policy And FD You can get this facility through various banks as well as non-banking financial corporations. All you have to do is go to the nearest bank branch, give your documents or FDs and check whether you are eligible to get loans against them. By pledging your documents, you will be able to determine your loan amount. Home Equity Loans You will get this loan above your already existing home loan opted through a specific bank. You will not be liable to submit any documents since you have already secured a loan from the same bank. It will depend on your financial history with the bank and your repayment history too. If you have a stable and positive relationship with this particular bank, you do not have to worry about the loan amount. You will get a decent amount with the proper rate of interest. [B-02] The Bottom Line An emergency loan is sure to come to your rescue whenever you are experiencing financial crunches and need some amount immediately. So, if you find yourself stuck in this situation, do not step back from attaining an emergency loan. This is also regarded as the best housing loan if you have to pay the amount required urgently.

08-11-2023

Mutual Funds

How to Analyze Mutual Fund Performance

Looking for a mutual fund to invest in but having trouble picking the right one? Many investors only look at the returns and the risk level before investing in mutual funds. But there are many other factors you need to consider before making such investments. This article discusses the different factors that affect Mutual Fund Performance. The tips shared in this article can help you find the best performing Mutual Funds for your portfolio. [B-01] Why is it important? Some people rely on a fund’s past performance to judge if that fund will generate good returns for them. Others check how risky a fund is. But the good past performance of a fund and its low-risk level does not guarantee high returns. So, these factors alone should not influence your choice. As an investor, you should track the performance of your mutual fund investments. So, before investing your money in any mutual fund, try to understand what you will be dealing with. Factors that affect Mutual Fund Performance Benchmark and Fund Performance The benchmark of a mutual fund is the most important indicator of its performance. Every mutual fund scheme has a fixed benchmark that explains if the fund is meeting expectations. The benchmark of a mutual fund should be compared with its performance. If the fund meets or exceeds the expectation, it is a safe choice. Benchmarks are often overlooked, but you should keep your eyes on them. They guarantee good returns. Performance History of Mutual Fund Good past performance does not guarantee high future returns. But you should check it to learn how a Mutual Fund performed in past market cycles. The past performance of a mutual fund shows how it performed during the ups and downs of the market. The stock portfolio and risk management show the performance history of any fund. Both external and internal elements are important for a fund’s performance. Don’t skip the Expense Ratio The expense ratio (ER) is a fee that an investor pays to a fund house for money management. ER covers the organisational and operational expenses of a fund house. The ER of a fund depends on the size of the assets or funds managed by the fund house. The ER decreases with the increasing value of the assets under management. A higher or lower ER does not guarantee better fund performance. But you should know the fee that the fund house charges for your money management. Investors often overlook ER, but it is an important parameter. So, compare similar funds to find the best-performing mutual fund. It may offer better returns and lower ER. Risk measurement for better management A mutual fund is a group of stocks that are directly related to the stock market. But the stock market is unpredictable and risky. So, mutual funds are subject to market risks. Thankfully, because mutual funds are diverse and have different categories, objectives, and risk levels, you can choose a fund as per your needs. All mutual funds come with a disclosure of their risk level. So, before investing, check if a mutual fund’s risk level matches your ability to take risks. Additionally, keep an eye on the Risk-Adjusted Returns (RAR). RAR is the ratio of how a fund compensates for the risks it takes with the returns it generates. Compare Same Family of Funds Compare similar funds to find the best-performing mutual funds for yourself. Mutual funds can be divided into many categories. Some of these are: Large Cap Funds Mid Cap Funds Small Cap Funds Hybrid Funds Multi-Cap Funds For example, if you invest in a large-cap fund, you should compare it with other large-cap funds. Do not compare a large-cap fund with a fund of a different category. Other funds differ in nature, returns, and risk levels; so, such a comparison won’t be helpful. Know Your Fund Manager Would you ever give your hard-earned money to a stranger and expect them to keep it safe for you? No, right? The background of the fund manager is another factor that many investors take for granted. But is one of the most important factors. A fund manager makes all the decisions related to a mutual fund. They and their team are responsible for taking care of the technicals and making all the decisions. They are also responsible for growing your investments. A little background check on the fund manager wouldn’t hurt anybody. The fund manager’s experience and performance have a lot to do with your investment. A mutual fund’s performance depends on the fund manager’s performance and experience. Portfolio Turnover Ratio Portfolio Turnover Ratio or PTR indicates how often the fund manager is making changes in a fund’s portfolio. A fund manager buys and sells assets in a fund to increase its PTR. The PTR directly affects the fund’s Expense Ratio. High PTR means high transaction fees that ultimately cause the ER to increase. A higher PTR also shows a lack of conviction in the Fund Manager over his strategy. So, checking the PTR is another important parameter. [B-02] To Sum it Up A mutual fund is the simplest way to multiply your money. Studying a mutual fund’s performance may scare many people at first. This article talked about a few ways to help you analyze the performance. Now, you can find the top-performing mutual funds in India on your own. As an investor, finding the best mutual fund product is your responsibility. You should keep your financial goals and ability to take risks in mind and find a mutual fund that aligns with your needs. Also, check all the factors that affect mutual fund performance so that you can choose a fund that generates good returns for you. To know more about mutual funds, visit the Piramal Finance website. It will help you know their products and services, especially credit cards, personal loans and financial calculators.

08-11-2023

How To?

How to Use Your Manufacturing Business Loans

Businesses often struggle to provide a differentiating factor between themselves and their competitors. In order to eradicate that and change for the better, one must definitely review their manufacturing business plan. Doing this will allow you to find out about all of the grey areas in your business and convert them into specialties. For this, proper analysis of your manufacturing business loan is the need of the hour. [B-01] How To Utilise Your Business Loan for Manufacturing? 1. Begin By Manufacturing New Products If one of your chief goals for your business is to improve your sales on a long-term basis, you must definitely go for adding some manufacturing-related items to the stock. You must first analyze the products that are already in your business before considering adding related items for a business boost. 2. Expand Your Space Quarters If you are working in a small space and feel cramped while doing so, expanding and enlarging your business quarters will be the right thing to do. This will ultimately lead to an increase in the number of orders you are generating. Additionally, instead of swaying away customers, you will get hold of more clients, which will be successful enough for your firm. An enlarged space will also motivate your employees to work efficiently to achieve organizational goals. For this, MSME Loans are sure to come in handy. 3. Make Use of Steady Cash Flow Opting for a steady and excess cash flow is key if you want your manufacturing business to function efficiently. Getting orders from customers is not a huge deal, but the differentiating factor becomes whether you are able to meet their requests or not. Meeting their orders on time can be tedious if you do not have proper and appropriate cash flow. With the manufacturing business loan, you will receive, you are sure to develop a steady and more economical cash flow statement. 4. Get Hold of Advanced Technology On receiving your business loan, you can use the funding to purchase new and advanced technology as well as various types of equipment for your manufacturing business. Having access to this funding will allow you to investigate and select different types of equipment that you would not have been able to afford otherwise. Using these newly developed technologies can bring you one step closer to running your business smoothly and efficiently. It will also help you in manufacturing products that are no match for those of your competitors. 5. Hire An Efficient and Hardworking Manager If you own a business, it becomes problematic to be the head of the department while simultaneously looking after each and every one of the activities performed. This brings about inefficiency and obstructions to the smooth functioning of the business. Even though multitasking is encouraged in every business, performing too many tasks simultaneously can lead to numerous mistakes. These minor mistakes can turn out to be big issues in the long run. In order to overcome this problem, hiring an efficient and experienced manager becomes crucial. You can make use of the business loan you get to grab hold of a person who makes tasks easier and more comprehensive. Investing your funding in hiring a manager can prove to be a blessing in disguise for your business, both in the short term as well as the long term. 6. Increase Your Profit Rate Without the Addition of Capital Investment MSME Loans can be really helpful in increasing your revenue by a considerable amount without adding further business capital. Since these funds will minimize the usage of finance for your daily tasks, your productivity is sure to enhance in no time. The advanced technology you will purchase will reduce your production costs and enhance profits. 7. Upgrade Your Business Output for The Better Due to the rapidly changing and advancing times currently, one must surely opt for the most advanced and innovative technologies. This will allow them to stand out from their competitors. One is the need for technology that does the maximum work in minimal time. Using the business loan, you can make use of just enough funds to ensure the smooth functioning of your organization. 8. Make Use of The Instant Availability of Loan The flexibility you receive because of the variety of repayment options allows you to make full and instant use of this business loan. It also offers lower rates of interest, which gives you the option of utilizing the immaculate funds available for business purposes. [B-02] Opt For Manufacturing Business Loan Today! From better cash flow to flexibility to choose from a variety of repayment options, one can opt for this business loan to make the most of it in no time. Being budget-friendly as it is will allow you to make tremendous changes to your business which will assure its prosperity.

08-11-2023

Know More

What Is Insurance Premium?

There are many types of insurance policies available in the market. You can choose any policy to remain safe from certain risks or events. Some well-known types are life plans, health insurance, term plan, auto insurance, etc. Businesses, individuals, families, or groups can opt for a policy when there is a need. One thing that is common across all policies is the premium. This premium is vital to ensure safety from risk factors in the first place and to keep the cover active as long as you desire. There can be some queries in your mind, like what is insurance premium meaning? Why must you pay it? Read on to learn more about some vital aspects of insurance premiums. [B-01] What is Insurance Premium? An insurance premium is defined as the sum of money that must be paid to an insurer to start or renew a policy. These premiums are defined at the start of the policy by the insurer. Premiums do not change until there is a policy change by the insurer or an increase in the sum assured. Payment of premium offers cover for one year, but in some cases, you can pay for a longer period as well. The cover under a policy starts only after the premium has been paid to the insurer. To continue the cover, the insured person(s) must pay the premium before the due date every year. There is a grace period of 30 days for the insured person after the date to renew the policy has passed to pay the premium. The policy will be cancelled if it is not paid within this period. There are many factors that insurers consider to assess the premium. This involves policy amount, risk factors, age of the person(s), and several others. Once the premium has been paid to the insurer(s), it is their liability to offer cover for claims made under the policy. Factors Affecting Insurance Premium Now that you know what is insurance premium, it is vital to know the factors that can affect the amount of the premium. Insurers consider many factors to assess the premium for policies, such as:- Life Insurance Some of the factors that insurers consider to determine life insurance premiums are: – Age of the person Income of the person Amount of cover The health of the person Policy period Health Insurance Insurers consider the factors listed here to assess health insurance premiums: – Age of the person(s) when the policy starts Cover amount Health status The lifestyle of the person Cover for common or uncommon ailments Auto Insurance Key factors that affect the premium for auto insurance are as follows: – Chances of a claim being made Driving record of the person Value of the car Other risk factors City where the car will be driven Insurance Premium Calculator: A Useful Tool Till now, you have learned about insurance premium meaning and the factors that affect them. It is time to know what is an insurance premium calculator. This amount is crucial as it impacts the final decision, i.e., to opt or not opt for a policy. Earlier, to get this amount, the skills of experts were used. The steps were not easy, and it took time for even experts to calculate them. This led to a delay in sharing information with parties. With the help of an online insurance premium calculator, you can easily get the premium for a policy. This helps make a final call as you can compare many insurers and their offers. The details you need for using this tool are date of birth, profession, net income, education, etc. Here are the steps you need to follow to use this vital tool: – Through a Website Log on to the portal of the insurer Click on the link for the insurance premium calculator Here you will need to select the type of policy you need On the next page, you must enter all the vital details Enter only the correct info for the policy term and amount as well Click on the submit button The premium will be visible on the screen You can follow the same process for all insurers if needed Through a Mobile App Open the app on your phone Tap on the calculator button in the app Opt for the type of policy you want Enter all the details and click on the submit button The premium will be visible on your screen Insurance Premium: Many Benefits on Offer Payment of policy premiums secures a person from many risks, offers suitable cover, and provides many benefits for the person(s). Some of the key benefits of paying the premium on time are:- Income Tax– You can get many tax benefits on payment of premiums under the Income Tax Act 1961, such as: – Sec 80C: Premiums paid for life plans, term plans, and many others are eligible for the rebate Sec 80D: Here, you can get IT benefits for a premium paid for a health policy taken for yourself, your spouse, children, and parents Cashless option– There is no need to pay any cash at many health centres and hospitals if you have a mediclaim policy that offers this feature Financial backup– When there is an urgency, you do not need to use your savings. The insurer will cover your risk till the cover amount is used up Access to better facilities– In the case of a health plan, you can get better perks with your policy. Many hospitals now require patients to have health coverage to get treatment for many ailments. [B-02] Conclusion When you pay a premium for a policy, you invest in your future. Do not consider it an expense. You get to enjoy safety from many types of risks during tough times. You must not select a policy if the insurer offers a low premium. You must focus on the type of cover and perks you will get from the policy. Take some time, research, and compare many times before you make a final call. After you get a policy, renew it every year to enjoy the perks for longer periods. Visit the website of Piramal Finance to get detailed information on insurance premiums.

08-11-2023

How To?

How to Easily Qualify for a Start-up Business Line of Credit?

In the case of new businesses, it is not very difficult to obtain start-up business loans because our economy wants to promote new and small businesses. As a small business owner, you can get your loan approved easily by providing your business’s documents to the lender. Explain to the lender why you require the loan and the purpose behind it. If you do not want to spend a lot of time convincing the lender or having to find a cosigner, offer collateral and make your business loan a secured one. They will check your personal credit score before they grant you the loan. So, make sure that you have all your debts cleared on time and that your debt-to-income ratio is minimized. In the case of small loans like a line of credit, the collateral offered is usually in the form of shares and other intangible assets. The loans are generally of a lower amount, so heavy collateral is not needed. However, if you prove that you have had a solid financial position in the past six months, there will be no need for collateral security. Read more to know more. [B-01] Which Credit Line Is Right for You? The two options available to you for your small business loan are a revolving credit line and a non-revolving line of credit. A revolving line of credit is much like having a credit card. You will have a limit set for your withdrawals that cannot be exceeded. However, the best part about this credit line is that you will have to pay interest only on the amount that you have borrowed and not on the entire value of the line of credit. In case of a non-revolving line of credit, you will get a lump sum amount all at once. After you are done repaying the entire amount with interest, your loan account will be closed. So, if you are looking for an option for your day-to-day expenses, a non-revolving line of credit may not be the best choice for you. How Do You Apply for A Small Business Loan? You can submit your application either online or offline, whatever is preferable for you. Either way, you will have to show a complete portrait of your business. It would start from your personal and business tax returns, financial statements and bank account statements, registration documents of your start-up, annual revenue, and the previous credit approvals that you might have gained. Since your firm would be a start-up without much history, it would be beneficial if your entire credit history was a clean slate. Make sure to add all the timely payments you have made to vendors and suppliers, your bad debts, and the outstanding accounts receivable to your balance sheet. The purpose of displaying clean financial records would be to gain the confidence of the lender. Since this would be one of your first business loans, it is essential that you choose the right time frame along with other terms and conditions. This can also help your loan get approved before time. However, it will be difficult for you to get your loan sanctioned if you have not been in business for at least six months. Additionally, you will also have to show documents to prove your steady cash flow and discuss your long-term prospects with them. If the lender is satisfied with all of the details that you provide, you will get your business loan approved. Steps In Applying for A Line of Credit 1. Decide On the Amount The first and foremost step towards planning to get a line of credit is to decide on the amount of funding that your business would require. While deciding this, it is essential to keep in mind that your business is a start-up and will get credit up to a certain amount only. There is also an option to ask for additional credit if the amount is not sufficient for your business. 2. Check Your Eligibility Take a look at the eligibility criteria for start-up business loans. In most cases, a good financial history and credit score are sufficient. However, some lenders require you to be in business for a minimum period of time. 3. Research The Lenders Learn about the different lender options available to you. Check the interest rate they all offer and the maximum amount of credit you will get before choosing one. 4. Gather Your Documents and Apply Talk to your lender about all the required documents. Gather them, and then finally apply for your business loan. [B-02] Getting your business, a loan without having much financial history is a difficult task, but it is not impossible. Get yours today without thinking twice.

08-11-2023

Health Insurance

How Health Insurance Can Benefit You

In today’s day and age, medical emergencies are a major concern. Since the pandemic, everyone has been concerned about their families. Everyone wants to secure their health. And with health insurance, it is possible. Health insurance can save your family. It offers you better treatment and facilities. It also keeps you from burning a hole in your pocket. Mediclaim Plan Health Insurance is a modern-day tool that helps you feel secure in times of crisis. You can get treated in super speciality hospitals as well! Many are still hesitant to buy health insurance today. The primary reason is the huge paperwork and many terms and conditions. On top of that, there is a lack of awareness of the benefits of health insurance. But we can see the declining health of people and the rising cost of treatment. Mediclaim Plan Health Insurance can save you from costly treatment. Thus helping you manage huge hospital bills. This article will help you make a wise decision. There are many benefits of health insurance. You can select from a variety of policies. Know how a Mediclaim Plan Health Insurance can be a lifesaver for you. Speak with a health insurance agent to learn more. Or, read to know complete details. [B-01] Here’s a list of benefits of health insurance in 2022: Comprehensive Health Coverage Cashless Treatment Exemption from Taxes Everyday Inflation Modern-day Lifestyle Increasing Savings No Claim Bonus Comprehensive Coverage Comprehensive medical insurance provides extensive coverage. It covers all troubles with a lifetime renewability option. You don’t have to buy various health insurance to secure yourself and your family. Comprehensive medical insurance covers a wide range of medical costs. Unlike a basic health insurance plan, this covers various medical expenses. Some covered therapies include organ transplants, painful medical procedures, alternate treatments, and more. Without worrying about hospital charges, you can undergo vital treatments as all hidden costs are taken care of. Benefits of Comprehensive Coverage: In-patient Hospitalization Daycare Procedures Organ Donor Fees Annual Checkups Add-on Covers Cash Cover Pregnancy Cover Pre & Post Hospital Costs Cashless Treatment It is complex and nerve-wracking to run after an insurance firm to recover the cost incurred from your pocket. This requires added hard work. It would help if you don’t have to deal with tons of paperwork, from hospital bills to forms to certificates. Cashless treatment is one of the great benefits of health insurance. Therefore, you need not pay out of your pocket. Many major hospitals are associated with health insurance firms. Hence, it is easy for you to get treated in any big hospital. Exemption from Taxes Health insurance benefits are not just for saving money on hospital bills. They also come with tax help. The premium you pay gets a tax benefit. Section 80D of the Indian Income Tax Act provides the use. The premium paid against your health insurance is deducted from your taxable income. This drops your taxable income. Everyday Inflation Medical costs have risen since COVID-19. This has made hospital costs and premium costs high. Medical expenses can dry up your savings fast if you are admitted without health insurance. The best way to cover the rising cost is to buy early. If you are starting your job, you should plan. Mediclaim Plan Health Insurance is a modern-day tool. Like all other investments, ensuring your family’s health is an investment for tomorrow. Modern-day Lifestyle Health problems are not restricted to basic colds & coughs. Everyone is prone to various conditions, from newborns to adults. Mediclaim Plan Health Insurance can help you secure your future. Everyone believes in investing in the future. Investing in tomorrow’s health is wise. Age does not matter. Today, many young people are suddenly falling sick. You should be ready to face any challenge. Increasing Savings People still believe health coverage is an unnecessary expense. But knowing the benefits of health insurance will enlighten you. It will save you money, and time. Saving on Medical Costs: Medical costs are rising every day. Having health insurance covers you from spending your savings. Essential hospital cost has sky-rocketed in the last couple of years and is still rising. If you do not have an investment plan to take care of the medical costs, you might spend all your life-long savings on it. Cover yourself with a suitable health insurance plan. Retirement Planning: It secures you after retirement. Income sources are falling, and medical costs are rising. Health insurance will cover you in medical crises. It will keep your savings intact. Starting health insurance early can help you plan for the future. Thus, protecting you from medical bills. No Claim Bonus Suppose you have insured yourself with health insurance. But have not claimed it in a year. Then the health insurance company offers you a No Claim Bonus (NCB). It is equivalent to getting a reward for not claiming your health insurance. There are two significant ways how companies offer you a No Claim Bonus: Higher Insured Sum Amount Discounted Premium Rates [B-02] Final Words There are many more benefits of health insurance. A health insurance plan will assure you to lead a stress-free life. A mediclaim plan health insurance will help you feel secure in times of emergency. Taking health insurance is not a loss at all. The crisis is handled with ease. The hospitals have tie-ups with health insurance firms. Therefore, your out-of-pocket expense is reduced. You will benefit a lot from health insurance. Piramal Finance has observed the ever-increasing out-of-pocket expenditure on health. It is offering you tips on how to reduce it. Know more about banking, insurance, and finance with experts from Piramal. You can also get a personal loan at Piramal with the best interest rate. Contact the experts for your personal loan needs.

08-11-2023

Know More

Buy Two Wheeler Insurance Online

Are you looking to buy Bike insurance? You can buy two-wheeler insurance online with ease in a few clicks. Two-wheeler insurance is an insurance policy that offers financial cover for your two-wheelers. This is helpful in emergencies, accidents, thefts, and other damages. This includes motorised two-wheelers such as bikes, scooters and electric bikes. You can protect yourself from unwanted financial losses if you have two-wheeler insurance. You can save money on repairs and costs from accidents or other unfortunate events. It can also provide you with financial security in case of theft. The law requires you to have two-wheeler insurance. The Motor Vehicle Act of 1988 states that the penalty for non-compliance is a fine of ₹2000 and a jail sentence. If your bike is not insured yet, buy two-wheeler insurance online immediately. You can buy bike insurance online without any issues, and it comes with many added benefits. Here are the steps you need to follow to buy bike insurance online. [B-01] Step-by-Step Process To Buy Two-Wheeler Insurance Online Buying bike insurance is very easy today. This is because of the many apps, websites, and online services that can help you buy two-wheeler insurance online. This article will give you a complete guide to purchasing bike insurance online. We have broken down the process of buying two-wheeler insurance. This will help you understand the whole process in simple terms. Let us look at a step-by-step process: Step 1- Know What You Need: It is important to know what kind of two-wheeler insurance policy you need before you can buy any policy. In India, bike insurance plans can be of two types. They are third-party bike insurance and comprehensive bike insurance. You must know which policy of these two works best for you. Third-party insurance only covers losses incurred by someone else during an unfortunate incident. Comprehensive insurance, in contrast, covers third-party damage and all other damage. After you have identified the type of coverage you need, you can get started. Step 2 – Research, Research, Research: Now that you know the type of two-wheeler insurance plan you need, it’s time to research. Research is the most crucial step in buying any insurance plan. You can talk to your family and peers to understand their type of bike insurance. You can also learn about their general experience with their bike insurance provider. This will give you a first-hand and realistic account of the provider. Various motor vehicle insurance providers in India offer a wide range of solutions. You can also compare the different insurance plans online. This can help you find the most affordable plan that suits your needs and budget. Step 3 – Check The Details: After you have shortlisted at least two insurance plans, it is now time to look at the policy providers and their reviews. A few critical factors separate the best two-wheeler insurance providers from the others. Paying close attention to these factors will help you avoid any issues later. Don’t forget to consider the ‘insured declared value (IDV)’ and the ‘claim settlement ratio (CSR)’. IDV refers to the total amount the insurance provider is willing to reimburse. This is in case someone steals your two-wheeler, or you happen to damage it beyond repair. CSR is the ratio of the number of claims paid out by the company to the total number of claims they received. CSR can help you understand the chances of settlement of your claims from the company’s end. Since you are buying your two-wheeler insurance online, reviewing these factors is easy. Before you pick your insurance provider, make sure they meet these criteria. This will make sure that you have a smooth experience when making a claim. Step 4 – Add-Ons and Other Benefits: Understanding add-ons and other benefits are an important part of the process. Opting for comprehensive bike insurance allows you to include some add-ons. These add-ons can come in handy in certain unwanted situations. Many two-wheeler insurance providers offer other benefits and schemes. Some add-ons you can consider for your bike insurance include better coverage. It can help with engine protection, roadside emergency help, and consumables. If you live where floods and other natural events occur often, these add-ons can be very helpful. Selecting add-ons will affect and increase your monthly insurance premium. Make sure you only select the ones you need to avoid paying a heavy monthly premium. Step 5 – Fill Out The Form: You are almost there! Now that you have finalised the policy, it is time to go ahead and buy your bike insurance online. But, there is still an important step left! Don’t forget to review all the legal documents before you start filling out the form. Knowing the legal terms is very important, as it can save you a lot of trouble later. Once you agree with all the terms and conditions, you can fill out the form. Make sure you fill in all the details without any errors. You can contact the insurance company representative to clear out any doubts. At this point in the process, you can trust your insurance representative. They can help make the process easier. Step 6 – Payment: You are now ready to make the payment. To buy two-wheeler insurance online, you need a proper internet connection. Make sure to check your connection before you start the payment. If there are any connection issues, it can lead to unwanted problems. Buying the insurance policy online allows you to choose any payment method you have. [B-02] Final Thoughts Go ahead and buy your two-wheeler insurance online with ease. If you need help with finances, you can always consult the experts at Piramal Finance to help you find the best solutions to finance your purchase, such as personal loans or credit cards. Visit the website to know more.

08-11-2023

How can you avail new business loan schemes for SMEs

SME (Small and Medium Enterprise) loans are a variety of loans that are offered to both small and medium-sized enterprises. These loans are highly flexible in terms of the requirements of both small and medium enterprises. So, opting for a business scheme of SME loans can be beneficial and trustworthy. One of the primary motives of this loan is to satisfy the working capital requirements of the business firms. It mainly targets businesses that specialize in trading, service, and manufacturing sectors, catering to their capital expenditure requirements. All the small and medium businesses that fulfill the obligations set by the MSMED Act of 2006 fulfill the eligibility criteria for SME loans. In India, the top SME loan schemes introduced by the government are mentioned below. Let us read about them. [B-01] SIDBI Make In India Soft Loan Fund for MSMEs (SMILE) By signing up for the SMILE scheme, one gets access to flexible and coordinative terms when they wish to connect with the debt-equity ratio of micro, small and medium enterprises. You can either apply virtually or from the closest SIDBI for small business loans. Availing in this scheme will help you opt for loans between Rs. 10 Lakhs to Rs. 25 Lakhs. In order to extend the loan, you will be charged with the personal guarantees of promoters as well as the overall assets. The SIDBI will need 15% of the minimum contribution by the promoters to make you eligible for the loan. The digital loans and their rates will be determined by the borrower’s profile as well as the amount of loan applied for. Eligibility Requirement Any micro, medium and small enterprise operating for three years and in stable financial condition passes eligibility. Also, the newly set up medium and small enterprises in the service and manufacturing sectors are prioritized. So, small business loans can be granted to newly-established business owners. The maximum period within which one has to repay the default loan is ten years. The business owners who reach out to SIDBI can also go for a 36-month moratorium. RMA Against Bank Guarantee Set up by the National Small Industries Corporation (NSIC), this loan scheme of India grants loans in the form of advanced payments as well as credit options. One can apply for this SME loan to purchase raw materials. Different business units get access to different loan amounts, depending on the sector they are responsible for. A single unit MSME managing the manufacturing sector can go for loans up to an amount of Rs. 6 crores. On the contrary, a group of MSME units who are involved in the manufacturing sector can get access to loan amounts up to Rs. 20 crores. A single unit MSME functioning for the service sector can apply for a loan up to the amount of Rs. 10 crores. On the other hand, a group of MSME units coordinating the service sector can apply for loans up to Rs. 15 crores. Those who are dealing with infrastructure activities can go for loans up to Rs. 5 crores. An MSME can either apply virtually or through the field offices of NSIC. Eligibility Requirements The MSMEs who are in the manufacturing sector and have Udhyam Registration Certificate or Udyog Aadhaar Registration are eligible. MSME Business Loans In 90 Minutes This loan scheme was launched as an initiative of the Atmanirbhar Bharat Campaign. It can be utilized for purchasing raw resources, expanding your firm, diversifying, and scaling your operations. As the name denotes, the transaction can be processed within a period of 59 minutes. A business owner can apply for loans worth between Rs. 1 Lakh to Rs. 5 Crores within a period of 59 minutes. One can get this amount from the most authorized and trusted banks. The transaction takes about eight to twelve business days to process. One can apply for this loan by means of an online portal established by SIDBI. The flexible repayment tenure paves the way for seamless transactions in the way of digital loans as well as other options. Eligibility Requirements A person older than 18 years of age, bearing firms with GST registration along with other required documents like bank statements of the last six months, is eligible for this loan. [B-02] The Bottom Line Going for the top government loan schemes introduced can grant you an immense amount of benefits and convenience. An SME loan can be favorable for those enterprises who wish to meet their capital requirements during the initial stages of their business too. One also gets the choice of applying for small business loans online, making it simple and convenient for users. If you want to reach the banks or apply by visiting the actual financial institutions, you are free to do so too.

08-11-2023

Know More

How Can an SME Loan Benefit Your Business?

For a business to function seamlessly, an appropriate amount of funding is essential. This can be gained through online loans, SME loans, and MSME loans. These loans can range from one month to three years, which you have to repay along with an interest payment. These loans are meant to make the functioning of small businesses easy. Their main goal is to help them grow and expand for our economy’s progress. [B-01] The special features of SME loans include low-interest rates, flexible tenure, and quick sanctions. These make the loans small business-friendly. However, the best feature for small business owners will always be the absence of restrictions on the use of funds. The lenders ask for the fulfilment of requirements that are easy for small business owners. Below are some pointers which you need to know: 1. Fewer Documents Required Whether your SME loan is an online loan or an offline loan, the number of documents required is always going to be less than what regular loans require. SME loans do not require heavy documents like balance sheets, profit and loss statements, owner’s lists, and so on. They only demand basic documents like GST registration and Income Tax Returns, the credit score, business registration deed, and so on. This will help you save some time while you are trying to get a loan sanctioned for your business. 2. Free Of Collateral Online SME loans and regular SME loans are unsecured. This is one of the reasons why small business owners feel secure while opting for these loans. Putting an asset as collateral to get a loan is no hassle. Your business will not have to face any setbacks in its productivity growth or expansion either. SME or SME digital loans will prevent the hassle of having to undergo the documentation of the property or the assets that you would have to give as collateral. There would be mortgage papers to sign that would also consume some time. So, please pay attention to these details. In the event of any complications, do not hesitate to consult your lender. 3. Affordability Of SME Loans Regular online loans or offline loans have the same high level of interest. However, SME loans are issued at a lower rate of interest compared to corporate loans. The lenders will take a thorough look at your business condition, the earnings, the working capital, and the cash flows before concluding on the interest rate that you will be charged. SME loans are designed in a specific way so that small business owners do not have to worry much about loan repayment. These loans aim to assist small business owners in focusing on broadening their business. Some lenders are even ready to decrease or increase the loan repayment amount according to the financial standing of your small business. 4. Flexible SME Loan Tenure All types of SME loans, including online loans, have different terms when it comes to loan tenure and repayment. This is because most lenders have their tenure set from one month to thirty-six months. They offer weekly payments or monthly payment options as well. You can request it from the bank depending on your financial condition at that time. The lenders of SME loans usually try to understand the working capital requirements of a small business and allow bullet payments too. So, the small business owners are relieved of the stress of repayment that they would have to face in the case of regular loans. 5. Quick Sanction of SME Loans Our world is becoming technologically equipped. This provides you with more reasons to apply for online loans instead of visiting banks and financial institutions. The process is very quick and free of any inconvenience. All you have to do is keep soft copies of certain documents ready, apply for the loan, and wait for it to get approved. The loans are usually sanctioned within a day or two. So, you can use them for your urgent financial needs too. 6. Tax Benefits One of the reasons why experts say that SME loans are designed for small businesses is that they come with a certain tax exemption as well. The part of the profit that you use to repay your loan is exempt from tax under the Income Tax Act. [B-02] Ready to Apply for Your SME Loan? SME loans have proven to be one of the best ways to keep your business under your control as they are unsecured. You can use this funding to increase your staff and give them better incentives to facilitate improved performance. The capital can be invested in heavy plants and machinery or the type of asset that your business requires. If you wish to avail an SME loan most easily, apply for an online loan to save your time and the need for heavy documentation.

08-11-2023