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Different Types of Bank Loans in India?

Personal loan:

You can apply for a personal loan from both banks and other financial institutions that offer loans. And you can use a personal loan for various kinds of things, from the smallest factor-like paying your phone bill to make a purchase of a house or a car. Mostly, personal loans are unsecured loans, and doesn’t require you to keep collateral as security. But a personal loan needs you to obviously submit documents of your possessions, income, address, etc. while you apply. And a personal loan is extremely flexible when it comes to repayment, you can either opt for a short-term personal loan, or a long-term personal loan. While the loan interest rates might differ from bank to bank and in between different financial institutions, it is certainly the easiest to get when you apply online with Sugmya Finance through Sufinn.com.

Credit card loan:

When you use a credit card, you do understand the term that you need to repay the amount the following month or in easy monthly instalments. It is something which is accepted all across the globe, and is one of the most convenient ways to purchase products, and pay for services when needed. Therefore it has become a really popular kind of loan. But if you fail to repay the amount on time, it shows really bad on your credit history report.

Home loan:

When you are going to purchase a house, you apply for a home loan, and it can certainly help you to a great extent. It will give you the financial stability that you will need to buy the house. And this kind of loan mostly comes with long terms of repayment, wherein you are given a duration of 20 to 30 years to repay the loan. According to this, bank loan interest is mostly kept at 8.3%.

Auto loan:

Similar to home loans, you can apply for an auto loan when you want to purchase a car or a two-wheeler. It will then remain as an asset to you and it will then be considered as one of the biggest investment you make. It will bridge the gap between your wish to own a car and the reality of actually owning one. This loan is solely judged on the basis of your credit history and thereby your creditworthiness. So, you will need to keep a high credit score for this.

Education loan:

This is one of the most important loans people seek for. Be it for your own higher education abroad, or your children’s higher education, a student or education loan always helps. It doesn’t pile up a lot on you, since education is extremely costly, and you need to cover charges like tuition fees, library charges, travel cost, and even boarding charges if you/they stay away from home.

How to Choose the Right Two-Wheeler Loan?

Buying a two-wheeler these days has become very much possible for people because of two-wheeler loan. There are not only banks but a lot of NBFCs who give out these loans to people making it easy for people to buy the bike of their choice. If you want to opt for a bike loan, do so online as the application procedure is quite streamlined.

With many lenders having a simple online loan application procedure, applying for online two-wheeler loan has become streamlined and simple. However, choosing the right loan application is important.

Here are some tips to choose the right one:

The interest rate:
The interest rate is the primary consideration. It determines the total cost of the loan and the bike instalment amount. Some lenders base their interest rate on a floating rate or their marginal cost of lending funds. Others have a fixed rate of interest. Before you pick one, you need to find out about the type of interest and what will be the impact of changing interest rates in the future on your loan interest rates. If the lender allows for a rate increase, it must accordingly also pass on a rate decrease.

Loan processing fees:
Loan processing charges are between 1.5 per cent to 4 per cent of the value of the loan amount. This must be paid to the lender upfront before availing the loan. These add to the cost of the loan.

Negotiations:
When you have a few loan applications to consider, you should pick the lender with whom you can negotiate. It is possible to negotiate with lenders about reducing the loan processing fees or other documentation fees. If you have a strong repayment power, the lenders may reduce the interest rate on your 2-wheeler loan. However, this depends on the current interest rates as well as your repayment ability. If you can service the loan easily and have a high credit score, it will give you a lot of advantage.

Special offers:
A lot of times banks and other lenders have special offers especially during festival times. These offers generally waive off charges like loan processing fees or give reduced interest for a few instalments. Choosing a lender who gives these offers may help you save interest costs and bike instalment.

Other charges:
Apart from loan processing fees, there are other fees like pre-payment fees and part payment fees. If you have enough liquidity to pay the two-wheeler loan before time, then one charge you need to consider is the pre-payment or part payment fees. Lenders generally have a certain minimum number of instalments that need to be paid before they allow a person to close out the loan. Once these instalments are paid, the lender charges a fee over and above as a percentage of the amount part repaid or prepaid.

How To Apply for Personal Loan in Delhi Using Sugmya Finance?

Whether it’s a wedding loan, a loan to remodel your home, a travel loan, medical loan, or even a loan for higher education, you can opt for a personal loan and then never worry about any financial crisis. You know the best part of a personal loan? It is the easiest to get and it gets sanctioned in no time.

So, when you are applying for an instant personal loan, you don’t have to worry a lot, the process is totally hassle free. All you need to do is provide your income details and the proof that you will be able to repay the whole amount you are borrowing. Being a salaried professional always helps as it shows that you have a regular income of money and that you can repay, while for a business person it becomes a little tough.

To apply for a personal loan you need to be at least 21 years of age and be below 61 years. You need to have an income of at least INR 20,000 when you are living in a metro city, and at least INR 15,000 when you are from a non-metro city. While when the whole aspect of personal loan comes to business persons they need to have a minimum income of INR 75,000 to 1 Lakh per month, and also the business should be in the market for around 24 months. Along with these documents you also need to submit a proof of your identity, birth proof, address proof (passport, voter id, birth certificate, school passing certificate, driving license, PAN card, Aadhar card, ration card), and also the proof of your income (last three months salary slip, six months bank statement, ITR), when applying for personal loans online with Sugmya Finance.

These are the steps you need to follow to apply for personal loan with Sufinn.com.

First of all you need to check your requirement. This means that you have to understand what you will use the money for, and how you will be using it. Only based on that can you understand the amount you might need.

Check for your eligibility now directly on our website. It will also help you decide on the amount you need to borrow.

Now you have to consider your repayment capacity. So, check for the monthly instalment amount and decide whether you want a short term loan or long term loan.

You just have to fill the application form now, followed by submitting all your relevant documents.
You are all set to receive the funds now. As soon as the information you provided is verified your funds shall be disbursed.

Selling E-Consulting Services

I am an Excel consultant. I produce spreadsheets for companies all over the world and, at the start of this century, my job didn’t exist. I work remotely and few of my clients ever meet me in person.

The fact I don’t have to travel means I have very few overheads. The fact I incur few overheads means businesses can pay me directly for the work I do, and no one else is taking any sort of cut. However, there is one major shortcoming. Why would you ask me to build a spreadsheet when you don’t really know anything about me?

My experience of Excel consulting has taught me a few lessons. Firstly, you need a website. This is essential for generating sales although, theoretically, you could just cold call every company in the phone directory. It also lets a client know that you take your line of work seriously. If a client is going to spend $1,000 on a spreadsheet, they want the security of knowing you will provide ongoing support. Remember, they know nothing about your career, so need the confidence that you will still be around in a year’s time.

E-consulting is all about confidence. You need the confidence that a client is going to pay for the help you give them. They need the confidence that you will complete the work to the required standard. So when should the client pay?

Everyone has their own answer to this question. Ultimately, someone has to perform the work, or pay the money in good faith. My answer is that the smaller company should always be the one to act in good faith. When developing a spreadsheet for a medium sized business, I would get them to agree terms at outset but I wouldn’t ask for payment until I’d completed the project. It is good practice to ensure you have some company details so you can pursue them through the courts should they fail to pay. When developing a spreadsheet for an individual, I would request payment up front. Individuals expect to pay companies a deposit for services so this is not an issue.

I have never had an issue with non-payment, although the nature of my work may provide some explanation for this. As an Excel consultant, businesses pay me to make their processes more efficient. If a business is about to go under, it does not want to front-load costs. Secondly, very few projects last more than a month from start to finish. Therefore, a healthy company is unlikely to become bankrupt in that time period. If performing larger projects, I would recommend operating on a consultative basis and billing incrementally.

The final advice is to understand the business case for contracting your services. If you wouldn’t employ yourself, chances are that no-one else will. So with Microsoft Excel, a lot of people waste time doing tasks manually that could be easily be automated using Visual Basic. If an employee spends a day a month preparing a report, you could potentially save the company e.g. $4,000/yr (once all overheads are considered), if you can automate the entire process.

So if I charged $1,500 to solve the problem, I would be saving the company money. Well, maybe. But what if I was wasting half the time automating a very small part of the process which only takes 10 minutes to do manually? Should I explain to the client that I can do the job for $750 but that they will still need to make a few changes at their end?

The answer has always got to be “yes”. It demonstrates that you understand the nature of their problem, and that you can be trusted. There’s no point trying to squeeze a customer because any experienced consultant will tell you that the bulk of their work comes from existing clients. If the client trusts you to explain what is and isn’t worth doing, they will come back to you more often.