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WHAT THINGS TO KNOW ABOUT MACHINERY LOAN?

  For a small business, machinery and equipment are the heart of operations especially in manufacturing and production units. Therefore, to increase and maintain the production capacity of any business, older equipment and machinery need to be upgraded periodically. Sometimes an increase in production demand requires the purchase of new machines and gadgets. A " Machinery Loan " is the convenient option to ensure timely purchase and up gradation of old machines. When you are looking for a machine loan to grow your business, many questions arise in your mind like how to avail a machine loan, what would be the criteria of financial institutions to fund the loan, how much time it will take for disbursal and what benefits it will offer to you? Here in this article, we tried to provide you with all solutions that where to approach for loan and pre-requisites are there to avail a machinery loan. First, we will talk about the entities to approach for securing a machinery loan. Bank

WHAT ARE THE BASIC REQUIREMENTS FOR USED CAR LOAN?

In recent times, with the increasing demand of the used cars, many of the financial institutions are financing pre-owned cars. Taking a used car loan is bit difficult than a new car loan as lenders offer only 70-80% cost of the used car and the interest rates are higher as well as repayment terms are shorter than new car loan. However, it sounds tough but there are ways to avail the " Used Car Loan " at smart interest rates and extended tenure. While borrowing for used car loan, one must consider the basic requirements for the loan that will help you to obtain an easy loan. Model and type of car: Firstly, choose the model and the type of car that meets your need and fits into your pocket. Most of the financial institutions and car finance companies consider the make in year and type of the car model before disbursing you a loan. Hence, selecting a relatively newer model will help potential loan seekers to get used car loan. Amount of the car: Once you zero in the car model

WHAT ARE THE PROS AND CONS OF SHORT TERM BUSINESS LOAN?

 If you are unable to get your loan approved from the traditional lender, you may want to consider applying for a short-term business loan from a non banking finance company. The alternative lenders will offer this financing option very easily. Every business is different from one another, so does the business financing. A type of capital beneficial for one business unit might not be the right solution for your company. Here, we will explain the pros and cons of applying a " Short Term Business Loan " from which you can determine what type of loan makes sense for your company. Pro: Instant Loan This is the major benefit of a short-term business funding as it can provide you fast capital for your business operations. Moreover, the application for this is much shorter than any other traditional bank as it requires less information. It can be useful if your business bills are due and you can’t afford to wait on long approval procedure. Con: High interest As the application proc

HOW TO HANDLE FINANCES SHARPLY IN UNDETERMINED TIMES?

The COVID outbreak has taken the nation’s economy on a ride due to which people’s financial condition have deteriorated because of loss in jobs and business, pay cuts etc. According to centre monitoring data, five million people lost their job and thousands of small business enterprises suffered a huge loss. As per our concern, with the help of this article, we are mentioning some key steps that can be followed in order to curb financial losses faced during this pandemic. Timely payments of card and EMIs: There is great importance of making timely payments to the respective banks as nobody want to fall prey to bad credit score. Even if the bank gives you time to repay your bills, it will still charge interest on customer for late repayments and you have to pay extra for that. To address this difficulty, governing authorities have introduced moratorium with options such as increase in tenor or EMI and pay at the end of moratorium. It is advisable to opt this relief only if it is extrem

HOW TO AVOID REJECTION IN LOAN AGAINST PROPERTY?

  Loan against property is one of the common mortgage loans due to its features like low rate of interest, faster approval, longer tenure and maximum loan quantum. Nowadays, more and more people are opting for this loan as many leading financial institutions are offering exciting and flexible loan terms. It is extremely easy to apply for " Loan against Property " as one can take it for commercial as well as residential property. However, it is easy to secure but still your application can get rejected. So get prepared with such reasons to which your application get rejected and what you can do to avoid it. Review your Documents: It is very important to have a right set of documents to get your loan passed. One has to submit their KYC details along with the bank statements, income proof etc. for the loan. The property to be pledged should be clearly in your name and you should also have a plan copy of your property. If any of these documents are illegal then your application

GROW YOUR BUSINESS FASTER WITH BUSINESS LOAN

  Whether tour business is new or established one in the market from years, you need funds to fuel up your business. The new venture always needs funds from your end but an existing business can manage its cash flow from business turnover. However, if you need to expand your business, you may need to look for outside funding. You need to know certain things before you seek for business loan, you need to understand how efficiently to use the loan amount and your plan to pay off the borrowed amount. Having a great strategy tends you to utilize funds in the right place to grow your business faster with business loan which give your better returns. Expansion of Business: Most of the company owners seek cash flow when they want to expand their operational units. The business loan can help you to move into larger place or to an economically feasible location. The financial aid from banks and NBFCs in the form of business loan can help you get the working capital which can meet all your need