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Mutual Funds

Best SIP Mutual Fund Plans in 2022

The SIP is a feasible investment method that enables individuals to invest a fixed amount periodically in mutual funds. Investments can be made yearly, quarterly, monthly, weekly, or daily. Mutual funds are purchased with a set amount deducted from the investor’s account. There are several mutual funds with minimum SIP amounts as low as Rs. 100 and Rs. 500. SIP mutual funds are successful investing strategies that enable investors to plan investments based on their needs and financial objectives. Additionally, systematic investment plans teach you how to manage your finances. Mutual funds primarily allow investing via a SIP, a lump sum, or both. [B-01] What is the Best SIP Mutual Fund? Most investors, especially the youth, prefer SIP funds. It allows you to dedicate a small amount periodically instead of investing a large amount at once. The amount of the SIP plan depends on the mutual fund you choose. You can set the SIP amount as low as Rs. 100 per month to as high as Rs. 10,000 per month. The systematic investment plan has many advantages, but one of the most important is that it assures that the investor develops a regular saving routine of a set amount. Investors can consistently invest tiny SIP amounts and generate SIP profits over time. It helps inexperienced or small investors get accustomed to financial planning and is favourable to them. Top 10 Mutual Funds with Minimum SIP You can start a SIP plan in almost any mutual fund. The best SIP mutual fund will depend on your investment objectives, especially the amount you wish to invest. The risk, past performance, potential for future growth, NAV, AUM, tax, and exit load are some other elements that can help you choose the best SIP mutual fund. To make that easy for you, here is a list of the top 10 mutual funds with minimum SIP plans. S. NoMutual FundAUMExpense Ratio3-Year Return5-Year ReturnMinimum SIP1.Nippon India Growth Fund Direct-GrowthRs. 13,225 crores1.2%32.55%23.30%Rs. 1002.Nippon India Small Cap Fund Direct-GrowthRs. 21,655 crores1.02%43.67%28.80%Rs. 5003.IDFC Sterling Value Fund Direct Plan-GrowthRs. 4,906 crores0.85%35.65%22.12%Rs. 1004.ICICI Prudential Equity & Debt Fund Direct-GrowthRs. 20,360 crores1.24%26.89%19.66%Rs. 1005.Sundaram Multi Cap Fund Direct-GrowthRs. 1,903 crores0.97%27.77%0.97%Rs. 1006.SBI Bluechip Direct Plan-GrowthRs. 34,043 crores0.95%21.05%16.12%Rs. 5007.UTI Mastershare Direct-GrowthRs. 10,570 crores1.04%19.80%15.96%Rs. 1008.HDFC Flexi Cap Direct Plan-GrowthRs. 30,473 crores1.05%29.36%19.68%Rs. 1009.ICICI Prudential Bluechip Fund Direct-GrowthRs. 33,739 crores1.05%21.36%16.23%Rs. 10010.IDFC Core Equity Fund Direct-GrowthRs. 2,416 crores0.85%24.06%17.02%Rs. 100 Types of SIP Plans Top-up SIP You can gradually increase your investment amount with this SIP plan. This plan also allows you to maximize your SIP mutual fund investment by making periodic contributions to high-performing mutual fund schemes. You can increase the amount you invest as you deem suitable. Perpetual SIP If an investor leaves the end date blank on the SIP form, the SIP runs indefinitely. Investment can always be withdrawn as needed. But to preserve financial restraint and achieve financial objectives, it is usually advisable to choose an end date for SIPs. Flexible SIP In this SIP plan, you can alter your investment amount per your cash flow. You can skip one or more instalments if you run into financial difficulties. And, when you earn a bonus or increased income, you can also contribute more to your SIP account. Trigger SIP These SIPs plans are the best for beginners. Investors can set the NAV, index level, start date, and termination date. However, this kind of SIP fuels speculation and is frequently discouraged. Benefits of SIP Mutual Funds SIP mutual funds have many significant benefits; some of them are: Low-cost Investment The best SIP plan lets investors with limited capital increase long-term returns by utilizing their small monthly payments. With as little as Rs. 100, investors can begin investing in SIP mutual funds. Additionally, there is no upper limit on the maximum investment amount in SIP investments. Rupee Cost Averaging Investors do not need to time the market because they can purchase more units when it is performing poorly and fewer units when it is performing well. This factor lowers the overall investment cost. SIP Flexibility You have total control over your investments with the best SIP investing plan. A SIP can be started or stopped whenever you like. A SIP can also be put on hold and then started back up at a later time. You won’t find this kind of versatility with any other investment plan. Power of compounding In contrast to investing in a bulk payment, the investment automation provided by SIP ensures you never miss out on your investments. Small contributions add to a sizable corpus over time, and rewards are compounded. Better Financial Discipline SIP investment plans encourage participants to develop disciplined investing habits by compelling them to make regular, predetermined investments of a set amount of money at predetermined periods. Additionally, investors cannot skip an investment with the option of automatic payment because the money is automatically debited from the bank account. Mistakes to Avoid Before Investing in SIP Plans High Investment Amount You can invest tiny sums of money consistently in mutual funds through SIPs, so be careful not to choose an investment quantity that you might not be able to maintain for the remainder of the year. Unrealistic Investment Goals Immature investors sometimes establish improbable investment targets before regretting them. You must not set unrealistic goals for the future of your current investment. Instead, you want to plan on average returns and keep making regular investments. Discontinuing the SIP Investors should constantly remember that to maximize returns, equity mutual fund investments should be made with a long-term perspective. If your portfolio is losing money, it is best to disregard it and keep going with the SIP. Not monitoring the SIP Regularly Investors frequently make the error of neglecting to track or keep an eye on their SIPs. Remember that regular monitoring is necessary for even the best funds with the best fund managers. [B-02] Conclusion One of the most impressive aspects of SIP investment is the possibility to invest as little as Rs. 100 every month. By keeping the minimum requirement low, the scope automatically grows. Mutual fund investments are viable for those with a small corpus, including young adults just breaking into the workforce and even kids who depend on their parents for pocket money. You can read other blogs on the website of the financial expert, Piramal Finance. Learn more about mutual funds and investment opportunities with us and get help with personal loan requirements if any.

08-11-2023

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How to Get an Instant Approval for Small Business Loan

If you’re like most small business owners, you will be looking for ways to grow and expand your business. But sometimes, that can be difficult when you don’t have the financial resources to do so. That’s where a small business loan can come in handy! This blog post will teach you how to get approved for an instant approval small business loan. So, if you are ready to take your business to the next level, keep reading! [B-01] Pros of Instant Approval Loans Ideal for Emergencies The biggest advantage of an instant approval loan is that it can quickly provide the funds you need. It can be a lifesaver if your business is having an emergency, such as a major repair bill or a lawsuit. Because the application and approval processes are so fast, you can get the money you need to resolve the issue quickly and get back on track. This type of loan can also help you take advantage of opportunities that come up unexpectedly, such as a new product launch or a big contract. Less Paperwork One of the best things about an instant approval small business loan is that it requires far less paperwork than a traditional bank loan. You won’t need to provide extensive financial statements or a business plan. Instead, you’ll need to fill out a short application and provide basic information about your business. This makes applying for a business loan a much simpler process than applying for a traditional bank loan, which can be lengthy and complicated. Cons of Instant Approval Loans Less Regulated Because they are a newer type of lending, instant approval loans are not as heavily regulated as traditional loans. This can be both good and bad. On one hand, there are fewer restrictions on how you can use the loan. On the other hand, it also means that the lender has more leeway in terms of fees and interest rates. Higher Interest Rates The average interest rate for an instant approval small instant business loan is higher than the rates offered by traditional lenders. This is because instant approval loans are considered to be high-risk loans. When you apply for an instant approval loan, the lender will typically require you to provide collateral. How to Get a Quick Business Loan? Business loan instant approval can be a long and tedious process, especially if you don’t have all the necessary documents. However, some lenders offer instant approval of business loans. Here’s how you can apply for one: Research different lenders that offer instant approval business loans. Make sure to compare interest rates, repayment terms, and eligibility requirements. Choose the lender with the most favourable terms and apply for the SME loan. Be prepared to provide personal and financial information and your company’s financial statements. If approved for the loan, the funds will be deposited into your account within a few days. Use the funds wisely to grow your business. With instant approval from a business loan, you can get the funding you need quickly and without hassle. Just make sure to do your research before applying to choose the best lender for your needs. Instant Approval Financing Alternatives 1. A business line of credit A business line of credit is a pre-approved loan amount you can draw from as needed. This type of financing is best for companies with ongoing or seasonal working capital needs. Advantages You only pay interest on the amount you borrow Funds are available as you need them It can be used for a variety of purposes 2. Business credit card A business credit card can be a good option for small businesses with short-term working capital needs. Advantages Can help you build business credit May offer rewards or cash back on purchases It can be used for a variety of purposes 3. Invoice factoring Invoice factoring could be a good option for you if you have a steady stream of invoices. With this financing, businesses sell their invoices to a lender at a discount to get cash up front. It can be a good option if you need funding quickly and don’t have time to wait for your customers to pay. Advantages You can get funding quickly It’s easy to qualify for There are no restrictions on how you use the funds 4. Merchant Cash Advance A merchant cash advance could be a good option if you’re looking for an instant approval small business loan. With this financing, you can receive an advance on your future credit and debit card sales. There are a few things to remember when applying for a merchant cash advance, such as the amount of money you need and your monthly sales volume. But if you have a strong business with consistent sales, a merchant cash advance could quickly give you the funds you need. [B-02] The Bottom Line If you’re looking to apply for an instant small business loan, you can do a few things to increase your chances of being approved. First, make sure that you have a strong business credit score. Second, be prepared to provide collateral for the loan. And finally, apply for the loan through a lender specializing in small business loans. By following these tips, you’ll be on your way to getting the funding you need to grow your business.

08-11-2023

Tips & Advice

A Complete Guide to Business Acquisition Loans

Purchasing another business or franchise can be a pretty big task and would involve a great deal of commitment, especially if it has true potential and goodwill. There are several factors to consider while acquiring an entire business, but the benefits of this business loan are numerous. [B-01] What Do You Mean by ” Business Acquisition Loan “? A business loan for acquisition refers to a commercially significant type of funding that is granted either to purchase an existing business or to set up an entire franchise. Here, the amount to be borrowed as well as the rate of interest charged on it depends on the nature of the business you are purchasing as well as your own qualifications. Such loans range approximately from Rs. 5 lakhs to Rs. 5 crores. Qualifications for Business Acquisition Loans The decisions regarding the acquisition of a franchise or business firm made by lenders depend on the nature of the business you will be purchasing. But it also depends a great deal on the individual’s finances. The lenders tend to analyse your finances and what you own beforehand. Lenders have to carefully analyse and examine the financial and individual history of the borrower to check the candidate’s suitability for being granted this loan. They do so to test the person’s capabilities and whether they possess the required qualifications. Personal Credit Score The first thing the lender checks is whether the borrower’s credit score is up to the mark or not. The person would possess a credit score of 650 to 690. So, please focus on this when you are obtaining a business loan. It is bound to help you in several ways to analyse many factors. Credit Score of The Business The financial history of your business and its credit score are crucial factors in determining the rate at which you will obtain the business acquisition. One can determine your business’s credit score through your payment history, new credit, amount of debt, types of credit utilized, and length of previous credit history. This will ensure whether you are eligible for business acquisition. Valuation Of Business Your lender might ask for a business acquisition loan, your business to achieve an adequate price to obtain a business acquisition loan. This will be done by an independent firm that specializes in valuation. Providing Tax Returns The lender will also ask you for your tax returns for the last three years. In addition to this, you are also liable to provide three years of corporate tax returns on the franchise you are willing to purchase. Your Aspirations Towards the Acquiring Business You will also be asked to put forward your business plan for the business you are choosing to acquire. They will do so to judge whether you have the right plans and strategy to make your business grow and become profitable. How To Apply for A Business Acquisition Loan? Seeking counselling from company mergers will allow you to get more knowledge about this kind of loan. You can select from a variety of lenders and banks who can grant you this loan without any hazard. You can now choose from numerous business acquisition financing options. Your chances of qualifying for the loan depend ultimately on the nature of the loan you are willing to obtain. The documents required to acquire this loan for a business are Business Tax Return, Business License, Balance Sheet, Business Plan, Bank Statement, Business Debt Schedule, Personal Tax Return, and Business Lease Statement. The first step toward applying for a business loan will be to evaluate your qualifications and make sure that they match the requirements of the lenders. The lenders who offer a large amount as a loan often tend to carefully analyse your personal and business-related documents before granting you the loan. After carefully screening and examining the options available, go with the most suitable loan for your needs. This will allow you to get hold of the loan you are sure to obtain. There are a variety of loans you can choose from- Traditional Term Loan, SBA Loan, Seller Financing, Online Term Loans, and many more. [B-02] The last step on your part will be to complete the application process and present it in front of the lenders. For this, you will have to get hold of all the documents necessary for business acquisition. Get Hold of The Benefits of Business Loans at The Earliest If you have access to all your required documents and have the desired qualifications set by the lenders, you will get this loan from the company mergers in no time.

08-11-2023

What you Need To Know About Financing a Business Acquisition

Acquisition financing can be an unquestionably helpful choice for many organizations. Here with Piramal Finance you will get the detailed information for it. You’ll need to finance the acquisition if you’re looking to purchase a business. There are many different ways to finance a business acquisition, and each option has its benefits and drawbacks. It’s important to understand the different types of loans available. MSME loan is a type of loan that is specifically designed for small and medium-sized businesses. This type of loan can be used for various purposes, including financing a business acquisition. [B-01] Another option is a business acquisition loan, a type of financing designed explicitly for this purpose. It’s important to research all your options before deciding on the right loan for your needs. In this article, we will discuss everything about financing a business acquisition. Let’s get started. Pros of Purchasing an Existing Business Avoiding the initial stage The business has already been established. This includes customers, suppliers, and staff. You don’t need to hassle finding the right people and building a customer base from scratch. Purchasing an existing business means you can hit the ground running. The business will have an operational history that you can use to your advantage. This is especially helpful if you’re looking to acquire a business in a new industry. Instantaneous cash flow One of the first things business owners consider when acquiring another business is how the transaction will affect their company’s cash flow. An acquisition can be a great way to improve your business’s cash flow instantly, but it’s important to understand how the financing will work before you commit to anything. Faster expansion One of the key benefits of the acquisition is that it can help you expand your business much faster than if you were to grow your business organically. You instantly increase your customer base, product offerings, and market share when you acquire another business. Accelerates growth One of the most significant advantages of business acquisitions is that they can help you rapidly grow your company. If you’re looking to expand into new markets or product lines, acquiring another business is often the quickest and most efficient way. Additionally, business acquisitions can help you fill gaps in your current operations, giving you a more comprehensive and well-rounded business. Increases your market reach The business acquisition can help you expand your market reach. This can be especially beneficial if you’re looking to enter a new market or tap into a different customer base. By acquiring another business, you’ll instantly have access to their existing customer base and can start marketing your products and services to them right away. Access to knowledge The best thing about business acquisition is that you can learn a lot from the business you acquire. This is because you will be able to access the business owner’s knowledge and experience. You can also get access to the business’s financial information. This will allow you to make better decisions regarding the business acquisition. Business financing is readily available You can get business financing from several sources, including banks, credit unions, and online lenders. The type of business financing you choose will depend on many factors, including the amount of money you need to borrow, the terms of the loan, and your financial situation. Ways to Finance a Business Acquisition Business owners have a few different options for financing a business acquisition. They can use their savings, take out loans, or bring on investors. Here are some primary ways to finance a business acquisition: Term loans A term loan is a loan you pay back over a set period, usually between two and five years. The loan length will depend on the amount of money you borrow and your business’s financial stability. You’ll need good credit and a strong business plan to qualify for a term loan. Term loans can be a good option for business owners who need a large sum of money to finance their business acquisition. SBA loans The Small Business Administration (SBA) is a government agency that supports small businesses. One way they do this is by guaranteeing loans from commercial lenders. This means that if you default on the loan, the SBA will pay back the lender. Leveraged buyouts Leveraged buyouts are one of the most common ways to finance a business acquisition. In a leveraged buyout, the buyer takes out a loan to cover part of the purchase price. The rest of the purchase price is covered by the equity from the business being acquired. Crowdfunding and peer-to-peer lending Crowdfunding and peer-to-peer lending have become popular alternatives to traditional business financing. These options allow you to tap into a network of individuals willing to invest in your business. Crowdfunding is a great option if you’re looking to raise money for a specific project or goal. [B-02] The Bottom Line The business acquisition can be a great way to grow your business. But, as with any significant purchase, it’s important to do your homework and understand the financing options available to you. With a bit of planning and preparation, you can find the right financing solution for your business acquisition.

08-11-2023

Tips & Advice

How To Improve Your Cibil Score?

A good credit score is a much-needed aspect when looking to obtain a loan. Financial crunches can crop up at any point in time and one may feel the need for money to cater to varied needs. It is at this time that a personal loan or quick loan can come in handy. However, possessing a good CIBIL score is mandatory in order to ensure that you can get your loan approved without much hassle. [B-01] What is CIBIL Score? CIBIL score is the score that depicts your credit history and is dependent on a number of factors such as your repayment history, the number of unsecured loans you have, non-repayment history among others. The ideal CIBIL score is 750 and often those with lesser Credit scores find it difficult to obtain a loan when they need it. Therefore, in times when you are in dire need of money, you may be faced with the dilemma as to “How to improve my CIBIL score?” Even though your credit score may not be at level, there are ways you may adopt to improve it. Read on to know more about how to improve your CIBIL score. Make Your Payments On Time One of the major causes of lower credit scores is the delayed payment of your credit card bills. Hence, one of the first things to do is to pay your credit bills before the due date so that they do not end up with increased interest rates. If you are someone who tends to forget, set reminders that would remind you to repay your bills on time. Automated systems are also helpful in ensuring that your loan repayment amount or EMIs are deducted from your bank every month automatically. Maintain A Balance Unsecured loans comprise credit cards and personal loans, while secured ones encompass home and auto loans. Credit-lending companies prefer offering loans to individuals with secured loans than those with unsecured loans. While the latter comes in handy in different situations, it is worthwhile having at least one secured loan along with the unsecured loans that you may need to cater to varied financial requirements. This boosts your credit score automatically. Be Aware Of Any Errors In Statements At times, even after closing a loan, the bank may not have issued a No Objection Certificate which is evidence of your loan being closed from your end. In that case, your loan repayment schedule may reflect as ‘ongoing’ and you may be shown as a current customer. This may affect your Credit score just like many other suspicious activities which you need to keep reviewing from time to time. Check Your Credit Limit It is always advisable not to reach the maximum limit of your credit usage as this has a negative impact on your CIBIL Score. If you feel your expenses on credit cards are more, it is better to customize the limit in sync with your predicted expenses. Do Not Take Too Many Loans Taking too many loans simultaneously only labels you as ‘a borrower who does not have enough funds and may turn out to be a defaulter while not being able to manage them all at once’. It is therefore better to take one loan at a time and pay it regularly to improve your CIBIL score. Opt For Longer Tenures When taking a loan, opt for longer tenures. This will ensure that you have more time to pay your dues off and the installment amount will also be lower, thus making it easier to repay. Having loans and credit cards in your name does not affect your credit score negatively. That is, as long as you know how to use it prudently and maintain your repayment record in a disciplined and organized manner. Once your score reaches a good level, you will be in a position to acquire the right loans easily to meet your financial requirements. [B-02] Summary Being in debt does not mean a negative thing- financial crunches are natural. It pays to know the right ways to make the best of your loans and credit cards in order to maintain a good CIBIL Score.

08-11-2023

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Things you should keep in mind while buying a Home Insurance

What Is Home Insurance? Home insurance is a type of insurance that covers the cost of damage to your home. Or its contents if it’s damaged by fire, theft, or other disasters. Home insurance is a great way to protect your house and its contents from financial loss. If you need help with repairs after a covered loss. You may be eligible for reimbursement from your homeowner’s or renter’s insurance policy. Housing insurance covers the cost of rebuilding or replacing your home. Suppose it becomes damaged due to an accident (such as a fire). It also covers personal belongings inside your house. Home insurance is a great investment that protects your home and its contents. Insurance For New homes is also worth considering if you’re planning to buy one. [B-01] Importance of Buying a Home Insurance Buying home insurance is a great way to protect your family and assets. When you buy a home, you’re investing in your future. Your investment property is an asset you can use to pay for day-to-day expenses. And make future payments on things like mortgage or rent payments. Housing insurance protects your investment property from: Losses because of earthquakes, fires, windstorms, floods, vandalism and other disasters Personal injury/death of tenants and guests in the event of an accident at your house The price of housing insurance varies depending on where you live. How much coverage do you want? And what kind of deductible (the amount you pay out of pocket before the insurance kicks in)? You have to choose whether you want extra protection too. So, buying home insurance is an important decision you shouldn’t take lightly. And Insurance for New homes is also worth considering if you’re planning to buy one. What factors influence the cost of home insurance? Home insurance is a big expense for many people. The cost of housing insurance depends on a variety of factors. Including the value of your home and how much coverage you need. It’s important to know what influences the cost of home insurance. So, you can make an informed decision about what kind of coverage best suits your needs. The following factors will help you understand. What affects the cost of your home insurance: Your personal information and claims history The type of building you live in (e.g. a single-family house) The age of your home (older homes are more likely to experience damage than newer ones) Whether any renters are living in the same house as you can lower your homeowner’s insurance premiums by up to 30%. Things to Consider When Buying Home Insurance We invest our hard-earned money into building our homes. Yet we never give home insurance priority. By choosing not to buy home insurance, we leave ourselves open to dangers like burglary. Also, to the risks posed by fire and related disasters like lightning, earthquake, or storm. While having home insurance might not prevent these unfortunate occurrences. It might give you the financial support you need to compensate for your losses. Buying Home Insurance can be complicated, but it doesn’t have to be. We examine factors to take into account while Buying home insurance. Many types of insurance There are two types of home insurance: building insurance and content insurance. Permanent fixtures and building materials are covered by building insurance. Personal property such as furniture, jewellery, and clothing are covered by content insurance. Both types of insurance should cover the building structure and contents. Or you can choose a comprehensive package. Additionally, it benefits in premium expense savings for you. The cost of land is not covered by home insurance. The price of land is rarely covered by home insurance. It solely covers the construction costs. That is determined by multiplying the carpet area. And the construction costs in your city. The correct valuation must be performed. The most crucial step before buying home insurance. It is to accurately value the property and its contents. You would have to pay more out of pocket at the time of the claim if you gave your home a lower value. Additionally, the premium’s cost depends on the coverage level. In this situation, the higher the level, the higher the premium. Deductibles It is the sum that you pay at the time of the claim. When purchasing coverage. Keeping the deductible limit in mind is crucial because it needs to be reasonable. Discounts You may be eligible for an insurance discount if you do certain things. Being close to a fire or police station can make your home safer. Installing security tools like burglar alarms or CCTV in your home. No-claim discount Suppose a policy hasn’t had a claim filed against it in a year. You can take advantage of the no-claim discount when your policy is renewed. You will be able to reduce your premium expenses thanks to this. But not all insurance companies provide this service. Regular policy updates It’s crucial to re-evaluate the value of your building whenever you make new modifications, such as building a new room or adding new furnishings, to ensure that you have the best coverage possible. [B-02] Conclusion A home is often the most expensive buy you’ll ever make. So, it’s important to protect your investment with the right insurance. If you need help with managing your finances, you can always reach out to Piramal Finance. We can guide you through your personal finance woes with easy customisation and wide-ranging product knowledge. With us, you can also avail of home insurance after consultation with financial experts. Visit us to know more!

08-11-2023

Health Insurance

Tips For Buying A Health Insurance For Freelancers

There are many benefits of being a freelancer or being self-employed. Freelancing allows you to do things your way, on your own time. You don’t have to worry about being under someone. There are many more opportunities for growth and learning as a freelancer. All these factors make freelancing a great experience. But, freelancing has some downsides. Your employed friends don’t have to worry about some things, that you now have to work around. This includes health insurance, job security, regular payment, and more. Out of all these, health insurance, in particular, can be challenging to deal with. It is common for the company you work for to provide you with a health insurance plan. In many places, the law requires the employer to provide you with proper medical care. But, as a freelancer, you may have to figure this out on your own. To make the process of buying a health insurance plan easier for you, here are a few tips. These can help you make the right decisions when it comes to buying health insurance online. [B-01] The Earlier, The Better One of the key challenges of freelancing is that you don’t have a set income every month. Some months your income will be higher, and some months it will be lower. This means you never know what the future brings and must always stay prepared. This is very true for your health insurance plan as well. You never know when a medical emergency will strike you. This is why it’s always a good idea to hope for the best and prepare for the worst. You don’t want an emergency to hurt your savings seriously. At the same time, you also don’t want to miss out on proper medical care due to a lack of funds. This is why having a health insurance plan is so important. You should always look at how your freelancing journey can get you a health insurance plan. This will mean one less thing to worry about going forward. Know What You Need Before buying insurance online, it is important to know your needs. There are a lot of factors that you need to consider before you can decide upon anything. Once you know what you need, it will be easier to find a health insurance plan that is well-suited for you. Additionally, when buying health insurance, you must know yourself very well. Health insurance plans consider the following: Your personal medical history Medical history of your family Drinking and smoking habits The type of work you do (for example, are you working in a place that can affect your health?) Your fitness level and workout habits All these factors help you to understand the coverage you need and your monthly premiums. Do Your Research! The most crucial part of buying not just health insurance but anything is to do your research. Many companies offer various plans and services. Doing your research to understand which plan is best for you is essential. You can compare health insurance online, talk to your peers, and take advice from your doctor. This can make it easier for you to decide and help you find better offers. You will rely on your health insurance when you are in a dire situation, so it needs to be trustworthy. Make sure you look at all the details. Don’t forget to read the fine print, and the terms to know what you are getting into before it is too late. Stable Rates, Affordable Premiums, & Discounts When buying health insurance online as a freelancer, one important thing to ensure is that your policy has fixed or stable premiums. Many health insurance plans have low premiums at the start of the policy, which later increases as time goes on. It is essential to go for a plan with a stable premium that won’t increase after you buy it. Another factor you can consider is to look for plans with discount offers. Some plans tend to offer discounts on the monthly premium if you didn’t make any claims in the previous year. This can be handy as you never know how much work you will have the following year when freelancing. Think Family Insurance You can get more benefits for a lower monthly premium if you have a family health insurance plan. This can be better than a personal plan in some cases. It is always better to buy a family or group insurance plan. With the help of a family insurance plan, you keep yourself and your family safe at lower premiums. It is a win-win situation! Avoid Fraud There is no shortage of scammers, frauds, and fake insurance agents. Insurance agents can often sell you a bad policy with no benefits but high premiums. You must be wary of these people. If you are buying health insurance online, make sure you only do so from a trusted website. You will be sharing your personal information when purchasing a health insurance plan. This is why it is necessary to take great care so that no one misuses your personal information. [B-02] Final Thoughts Buying health insurance for yourself might seem like an overwhelming process. But it is easier than you think and very necessary. Make sure you read all the documents and do proper research. Only buy the plan that meets all the needs and requirements you have. Don’t hesitate to ask for help when you get stuck. You should reach out to your peers or, a professional for more advice. To learn more, check out the other blogs on Piramal Finance.

08-11-2023

What is debt consolidation loan: Everything you need to know

When you are struggling to make your monthly payments on all of your debt, it may seem like there is no way out. You are not alone! Millions of people find themselves in this same situation every year. If you feel overwhelmed and don’t know where to turn, debt consolidation may be your answer. In this blog post, we will discuss debt consolidation loans meaning and how they can help you get back on track financially. Let’s get started. [B-01] The Debt Epidemic Debt usually has a negative connotation, but in truth, debt is not always a bad thing. Debt can be a great tool to help you finance large purchases that you may not be able to pay for upfront. However, when misused, debt can quickly become a burden. It is especially true when you have multiple debts with different interest rates and terms. It’s where debt consolidation comes in. The professional loan for lawyers can help you get your debt under control and make monthly payments more manageable. How Debt Consolidation Works Debt consolidation is taking out one loan to pay off multiple loans or debts. This can effectively save money on interest payments and simplify your monthly payments by consolidating them into one bill. Debt consolidation loans are usually offered at a lower interest rate than your existing loans, saving you money over time. There are two main types of debt consolidation loans: secured and unsecured. A secured loan is backed by collateral, such as a home or car. An unsecured loan is not backed by collateral and typically has a higher interest rate. When consolidating debt, you will want to consider the type of loan that best suits your needs. For example, if you have equity in your home, you may get a lower interest rate with a home equity loan. If you don’t have any assets to use as collateral, an unsecured personal loan may be the best option. Furthermore, if you’re looking for a professional loan for CA lawyers, you must research and find a reputable company that offers this type of loan. Benefits of Debt Consolidation Debt consolidation can provide numerous benefits, including: Simplifying your monthly payments by consolidating multiple debts into one loan with one monthly payment Obtaining a lower interest rate on your consolidated debt can save you money over the life of the loan Improving your credit score by making all debt payments on time and in full Freeing up cash flow each month, which can be used to pay down other debts or save for future goals If you struggle to make ends meet each month due to high-interest rates and multiple monthly payments, debt consolidation could be your solution. By consolidating your debts into one loan with a lower interest rate, you can save monthly money and get out of debt sooner. Risks of Debt Consolidation There are a few risks associated with debt consolidation, the most common being that you could end up paying more in interest than you would have if you had continued making payments on your original debts. This is especially true if you consolidate your debt with a high-interest loan or credit card. Another risk is that you could miss payments on your consolidated debt, which would damage your credit score and put you back in the same situation you were in before consolidating. Finally, debt consolidation only works if you can stick to a budget and make regular, on-time payments – if not, it could do more harm than good. If done correctly, however, debt consolidation can be an effective way to get out of debt and improve your financial situation. It can help you save money on interest, lower your monthly payments, and get out of debt faster. Just be sure to research and understand the risks before consolidating your debt. Is Debt Consolidation a Good Idea for You? Debt consolidation can be a good idea if you struggle to make payments on your debts. A debt consolidation loan can help you pay off your debts, but it is crucial to understand how the loan works before signing up for one. There are also professional loans for lawyers and other professionals that can help with debt consolidation. If you have a lot of debt, consolidating your debts into one monthly payment can make it easier to manage your finances. You should also consider whether you can afford the monthly payments on a debt consolidation loan. Debt consolidation companies in India offer different options for consolidating your debts, so it is important to compare the terms and conditions of each company before you choose one. You should also ensure you understand the fees associated with a debt consolidation loan. Debt Consolidation vs Debt Settlement When you consolidate debt, you take out a new loan to pay off multiple debts. It usually results in a lower interest rate and monthly payment than what you currently pay. But it doesn’t reduce the principal balance of your debt—it simply transfers it to a different loan. Debt settlement, on the other hand, is a negotiation process where you or a professional negotiator contact your creditors to try to reach an agreement on forgiving some of your debt in exchange for a lump-sum payment that’s less than what you owe. [B-02] The Bottom Line Debt consolidation is the process of taking out one loan to pay off multiple debts. This can be an effective way to lower your monthly payments and reduce your overall debt burden. However, it’s important to understand the pros and cons of debt consolidation before making a decision.

08-11-2023

Guide

Small business loan calculator for business finance options

A small business can easily attain huge success once it has adequate funds to support its business efficiently. Most small-scale firms go for business loans to keep their firms in a stable position. Since every business requires capital funds to function properly and meet its expenses, they apply for a business loan urgently. This helps them expand their operations and mitigate a shortage of funds. But how can one determine the number of funds their business will need? To grant you relief on the same, make use of a small business loan calculator. [B-01] What Is A Business Loan Calculator? A business loan calculator comes in handy when you wish to know what are the potential expenses for which you will require a loan. It is also a beneficial option for differentiating between the various loans you can go for, thus promoting efficient business financing. There are many lending financial institutions available that offer a business loan calculator on their websites. These calculators aim to make your loan hunt simpler and much more significant. Applying for a professional loan never seemed easier! What Does A Small Business Loan Calculator Have To Offer? Apart from the overall requirement of an appropriate loan, you will get tons of other information you must have before applying for business loans. You are bound to get access to a variety of valuable information about loans from this loan calculator. You will get to know whether an expense incurred every month will interrupt your business budget or not. Apart from this, you will get knowledge about the best repayment options for your needs. Without this calculator, it would be impossible manually to decide whether certain expenses can be incurred at a much more reasonable interest rate. How To Make Use Of A Small Business Loan Calculator? Each small business loan calculator is different in its unique way. But all of them require typing in similar data. By using this, you will get to determine the interest rate, loan amount, loan repayment term, and much more information. Once you get hold of this info, insert your calculator and select the option ‘calculate.’ A small loan business calculator will get you the perfect estimate, if not the exact amount of the loan. Since no one can determine the exact loan amount before it is assigned to you, a small business loan calculator will give you a proper idea regarding the same. One can also make use of this loan calculator to get knowledge about the various payments, terms, and rates that will affect your total loan amount. This will help you compare the various options available so that you can get your hands on the most reasonable deal. Benefits Of A Small Business Loan Calculator One gets access to all the good stuff once one decides to go for a small business loan calculator. If you want to start up a business or finance the growth of an existing one, be sure that a business loan calculator is sure to come in handy. So, before going for a professional loan, make sure to check out the potential benefits of this loan calculator: Ease In Repayment If you are facing any issues while calculating the appropriate loan amount and interest rate, a loan calculator comes in handy. Within a matter of minutes, you will be able to decide on various financial matters efficiently. This will also help you in taking business loans for buying new equipment or hiring new employees faster. Get The Best Information At The Right Time The functioning of a small business loan calculator is approved by creditors from all over the country. Anyone can have access to this data from anywhere. This flexibility ensures business owners make the right decisions at the best possible time. Perfect For Your Mobile Since nowadays, the majority of the crowd has access to the Internet on their phones, they will have no problem accessing the small business loan calculator. If you want to ensure proper business financing, there is no need for a computer to compare the different deals. Improve Credit Worthiness You can now make on-time payments that are accurate and reasonable with the help of a small business calculator. Your loan will now be approved at a much more speedy rate, leaving no room for errors. [B-02] The Bottom Line By getting hold of a small business loan calculator, nothing can go wrong in determining the kind of loan you need. With a few easy steps, you will easily have access to the most valuable information regarding loan options, deals, and repayment methods. So, you can make the option of getting a loan simpler and a lot more convenient for you.

08-11-2023