Why do you need NBFCs to finance your engineering business?

CRISIL estimates that the total market share of NBFCs will become 19 to 20% by 2020. Back in 2017, its share was 16% which increased from 13% in 2013. According to PwC, NBFCs have had a compound annual growth rate (CAGR) of 19% over the previous few years. 

Government’s stress on the growth of SME and MSMEs is one of the reasons why NBFCs recorded such high growth. The 2019 Budget announced that small companies can now receive loans up to Rs.

1 Crore in less than 59 minutes.

Furthermore, NBFCs became more popular in the finance market owing to the diverse customised products they offer. For example, an engineer loan from NBFCs is one such product they provide to engineering professionals.

Helping you overcome the top challenges faced by an engineering firm is the primary objective of these loans. Business loans from NBFCs come with features and benefits that other financial institutions don’t usually offer.

Following are some reasons why you need these companies to finance your engineering business.

 

1. They can approve your loan within one working day

The quick approval of engineer loans is one of the reasons why engineers go with NBFCs for a loan. These companies can approve your loan within 24 hours.

2. They provide with high amounts of collateral-free loans 

An engineer loan from NBFCs is collateral-free. They don’t require you to pledge an asset to avail the funds. Hence, there’s no risk of asset confiscation in case of default.

You can take up to Rs. 30 Lakh with an unsecured engineer loan. Invest this amount in any way necessary for your business.

3. They offer convenient short-term repayment tenors 

The repayment tenors of engineer loans range from 12 to 60 months. Selecting the correct loan tenor is crucial as your EMIs and the total interest that you pay depend on it.

4. They need you to fulfil minimum eligibility criteria 

You need to fulfil the following eligibility for engineer loan from NBFCs:

    • Age between 26 and 65 years.

    • A business with a vintage of at least 3 years.

NBFCs might also need you to hold a CIBIL score of at least 750. A credit score is mandatory to qualify for a loan for engineers.

Also, you may have to lower your monthly obligations before you apply. Some NBFCs may check your debt-to-income ratio or Fixed Obligations to Income Ratio (FOIR) before they approve your loan. The ideal ratio is below 50%. Pay your credit card debts and foreclose any existing loans to lower your FOIR. Doing so makes you more eligible for the loan.

5. They approve your loan against a few documents 

You only need to produce the following documents for a business loan for engineers:

    • Engineering degree certificate.

    • KYC documents – Passport, Driving License, Aaadhar, Voter ID, PAN, etc.

    • Bank account statements for the last 3 months.

    • Any certificate to prove the existence of your business – Trade license, GST registration, Articles of Association, Memorandum of Association, partnership deed, etc.

6. They bring attractive pre-approved offers 

NBFCs such as Bajaj Finserv bring pre-approved offers that save you time when availing loans by making the process less complicated. Pre-approved offers are available with business loans, personal loans, home loans, and an array of other financial products and services. You can check your pre-approved offer by submitting details like your name and phone number online. 

Use a business loan EMI calculator to calculate your EMIs before you apply. This calculator also helps you to decide the tenor of your engineer loan from NBFCs.

You can also use a business loan eligibility calculator to check the loan amount you are eligible for. The calculator shows you the loan amount an NBFC can provide you depending on your income, net profit, existing debt, and other factors. So, approach a trusted NBFC to enjoy the best deals.    

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Aspects of any GMAT Institution

In a case when we are wanting to wish to choose the best institute for GMAT coaching in Chennai there are a few aspects that are often judged and considered for any GMAT preparation institution. Such as:

• Practice papers or exams- Practice papers or exams are such a study tool which always proves to be the most effective when it comes to exam preparation. With the help of this our brain gets to understand and recognize the types and formats of questions. And thus our brain is allowed to process the subject matter and strategy in a way that we need to answer the set of questions in the test.
• After practice papers or exams another very crucial thing is the easy follow of explanations along with unique, interactive and quality resources. GMAT preparation institutions must offer and provide all of their students with video lessons to explain the subject matter and concepts that are done. In maximum courses, this procedure is widely accepted by the test candidates. 
• Many other strategies are also introduced and developed to reduce the chances of confusion or losing the attention of the students. One thing that is often preferred by the students is the Question banks along with thoughtful tools and features. All this in-turn help the students improve their study experience and scores. And thus, in turn, increasing their chances of cracking the actual test.
• The concepts that are asked in GMAT examinations are generally finite. This is because if we are using the process of maintaining a diary to note down each and every area of our preparation, it would be helpful. And more over as the students are taking notes, it is easy to note down even the unknown question and thus should try to understand the concept and the correct answer behind them efficiently. Thus, with the help of this process, one can reduce the list of his or her weaknesses.

The GMAT test basically measures an individual’s cognitive skills or abilities. GMAT generally seeks to measure four broad skill areas in an individual such as, analytical writing, quantitative reasoning, verbal reasoning, and integrated reasoning which basically embraces analytical, quantitative, and verbal reasoning. A separate scaled score and percentile rank are awarded for each of the four different sections. A combined Quantitative and Verbal score which is basically called the total score and also a corresponding percentile rank are also awarded to every individual. 

The institutions of GMAT prep Noida helps the students by providing the prime quality that every student looks for. It is that in the case of training courses each and every candidate’s learning style and level of understanding should be understood and appreciated. With the help of this student who is preparing for the test are able to feel a higher level of accountability and comfort. And moreover, only by becoming familiar and comfortable with the level and type of assistance that is provided to a student, he or she can set up extreme heights and grow up with flying colors.

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Enhance the security at the Mall

There are so many things that pop in the mind of an individual when they are working on the mall project. From developing the best type of shops to make every single shop visible, it has a list of things to tick off. Once the things are ready come the most essential and long-terms things – security. In the digital era, individuals usually opt for the IP Security Camera Systems due to its popularity and workflow. They are more bend towards it with the increase in traffic. It also helps in managing the total security of the mall.

This can be quite overwhelming when it comes to physical terms but with digital equipment added to it, it is possible to work out easily. If there is theft then it can be used for evidence to see what goes wrong. Also, if there is some sort of physical violence or breaks then it can come handy to make sure that nothing goes wrong. Anyhow, the main fact is that it provides security to the system that allows one to have an overall sense of safety. Here are the things in which such a system comes handy.

•        Inventory protection – This is the most essential thing that comes with security. There are over 500-1000 people in the mall at a time and hence it can become difficult to keep a track on the inventories. Especially when it comes to festive time then it can be a daunting task to even know where to put a step right. In such a case, a security camera is similar to the blessing that one has.
•        Vandalism curbing – Yes, it is another factor that is well-taken care off. One needs to keep in mind that vandalism is kept in check. If there is even a little spark of any type of destruction then it must be stopped at that instance. It can be a broken window or tagging that must be kept in mind with the whole vandalism. Also, it is essential to make sure that shoppers around are happy and not effective with any of the violence technique that is being used.
•       Parking lot – No matter what a person believes, there is more crime that occurs in the parking lot then the overall mall. It is mainly due to the dark and silent place where there is a lower crowd rate. This helps in keeping the crime rate in check. However, one has to keep monitoring the parking lot 24/7 to be 100% safe and updated about its activities.

Security system

The most requirement of the camera system is during the festive or holiday time since the chances of a crime increases during that time. Hence, one must be aware of anything that might be going wrong around them. Usually, people opt for the IP Video Surveillance Equipment due to its durability and efficiency.

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Applying for a Loan? See These 3 Points that can Impact your Credit Score

Are you ready to apply for home loan, personal loan, business loan or any other type of loan in the future? Have you checked the loan eligibility factors before applying for the loan to a lender? Yes, it is vital to be aware of the loan eligibility aspects to get a loan approval at a lower rate of interest.

The loan eligibility parameters could be many such as your age, income, employment stability, and the city of residence. However, the one factor that can make or break your loan application is the CIBIL Score. Yes, any lender that will review the first thing about your loan candidature is the Credit Score. Having a higher or lower CIBIL Score makes or breaks your creditworthiness.

As per the recent trends in the finance industry, to avail a loan easily at a lower rate, one needs to have a CIBIL Score that reads 750+ or more out of 900.

If you are going to apply for a personal loan, then the CIBIL Score for personal loan’s approval should also be at least 750+. Some lenders may approve a loan request even if you have a lower Credit Score for personal loan. But, for that, you will need to cough up higher personal loan interest rates which may affect your monthly budget.

Hence, before applying for a home loan, personal loan or any other, you need to know how to increase your CIBIL Score. If you don’t know about some of those easy tips to help you do that, this post is here to assist you. Let’s begin:

1) Never Miss the Payments’ Due Dates
Missing the due date of your credit card, existing loan EMIs, always have a negative impact on your credit history and may bring down the CIBIL Score. Even if you have missed a single EMI for your ongoing loan, it is bound to affect your CIBIL Score. Not paying the EMIs on time is reported to the credit bureaus that you are not a responsible credit user. Hence, when your CIBIL Score confirms the same, your next loan application gets rejected.

2) Maintain a Healthy Credit Utilization 
Managing healthy credit utilization is nothing but how much credit limit you have availed out of the offered limit. Example – if your credit card limit is Rs.2 lakh and if you have used only Rs.80,000, the credit utilization ratio is 40%. Thus, it is often suggested by industry experts never to max out your credit card or use it up to 80%. If you can manage it up to 40-60%, your CIBIL Score will not get hampered.

3) Don’t Apply for Many Credit Cards/Loans at Once
Many people have this tendency of applying to many lenders for a loan and many credit card companies for credit cards so that at least one will approve the requests. Nonetheless, this practice is not going to help you and decrease score of your CIBIL considerably. It is because every time you submit a loan/credit card application, your lender pulls out the CIBIL Score. The fetching of the Credit Score many times lowers it down. Lenders may also consider that you may be credit hungry and may reject your loan/credit card application.

The Bottom Line
Applying for a loan at a lower rate of interest is what that should matter as you also need to repay it. Hence, try to implement the discussed tips so that your loan application is approved and your CIBIL Score stays up and healthy! All the best! 

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5 Mistakes You Should Avoid in Order to Get a Good Credit Rating

Maintaining an excellent credit rating should be one of the most important financial goals of an individual. In India, CIBIL is regarded as the most important credit rating organisation by lenders. A high CIBIL score indicates you as creditworthy. It will allow you quicker access to financial advances for your personal and professional needs.

Credit rating or CIBIL score is a numerical representation of an individual’s credit history.  It ranges from 300 to 900 and a score of 750 or higher is considered excellent. However, as it deals with your personal financial habits, even the smallest and seemingly arbitrary mistakes can leave a significant impact on your credit score.

So, here are 5 mistakes you should avoid to maintain an excellent credit rating.

1. Missed or late repayments – Your repayment history is one of the most crucial factors that a credit agency uses to determine your credit score. Missed or late repayments of your loans and other forms of advances, or your credit card outstanding impact your credit rating adversely. Credit bureaus will record these missed or late payments on your report and reduce your score.

2. Spending a large part of your credit utilisation ratio – Credit utilisation ratio is the amount of credit you use within your available credit limit. If you utilise 80%-90% of your limit with your credit card on a regular basis, you will be considered as a credit-hungry individual, which will decrease your credit rating. It is advisable to utilise not more than 50% of your available credit to avoid affecting your rating when credit bureaus calculate CIBIL score.

3. Applying for multiple credit cards within a short span – Whenever you apply for a new credit card or a loan, the lenders send an enquiry to know your credit rating. Too many enquiries within a short span of time will make you appear as credit hungry, affecting your CIBIL score.

           

Wait for at least 6 months before applying for a new credit. Also, you can use the website of the financial institutions to know more about various credit cards or loan offers. You will find tools like personal loan eligibility calculator, EMI calculator, etc. that will help you determine the best product you need before applying.

4. Closing older credit accounts – Closing older credit accounts may not always improve your CIBIL rating. It may increase your credit utilisation ratio, which will affect your credit rating adversely.

            

If you want to close credit accounts, close the newer accounts first as your older accounts will have a longer credit history. Doing so will help you improve your CIBIL score.

           

Financial institutions i.e NBFCs offer affordable interest rates and flexible tenors on personal loans. These can help you meet your financial requirements without straining your budget.

5. Not reviewing your credit reports periodically – Periodically check your credit report to ensure there is no inaccuracy affecting your CIBIL score. Payments such as medical billing or a clerical error from the lender or bureau can inaccurately decrease your credit rating. Periodically checking the statements is the only way of detecting such errors.

You can use various websites to check your credit report. Ideally, you should check it once every 3 months. You will also get to know about multiple offers on advances like a personal loan, home loan, or credit cards.

Many of the above-mentioned mistakes will reflect on your credit report and adversely affect your future loan or card application. Understand CIBIL score and avoid these mistakes at all costs to improve your credit rating and improve chances of getting advances like personal loans at the most favourable terms.

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How Long Does it Take to Apply for a Credit Card?

Gone are the days when it used to take weeks extending up to months to complete the entire application process and get approval. Today, you can get a credit card within a few minutes of applying online. However, you need to take into account certain factors to make this process quicker and hassle-free.

Age

The minimum age required to avail a credit card is 18 years. However, some lenders prefer the applicants to fall between 25 and 65 years.

According to CARD Act of 2009, applicants need to be within this age group to justify their repayment capability.

Income

A higher salary means more money available to repay the debt. Therefore, your income is an essential qualifying factor to a card issuer. So, before you apply for a card, you should note the minimum income requirement. It is always in your interest, to be honest with your income. Fraudulency may land you into trouble, further lengthening the process.

Credit score

Your credit score is another factor that can quicken the application process. A score of 750 and above gets a nod instantly. Contrarily, lower CIBIL score streamlines the chances of receiving a negative result too.

You may also have a fair chance of prompter approval if you have minimum debt.

Documents required

Lenders ask for a few documents to complete the formalities. Keeping these requisites handy also fasten the application procedure considerably. You typically need to provide:

● KYC documents

● Salary slips

● IT returns and business vintage proof for the self-employed

● Address proof

You can get approval within a few seconds post verification of these documents.

Check out the availability of pre-approved offers for instant approval

Pre-approved offer is a new-age facility offered by NBFCs like Bajaj Finserv. It provides customised offers on credit cards, and a host of financial products & services. It not only simplifies the entire process of application but also saves a lot of time. You can check your pre-approved offer by entering a few required details online.

It should not take you more than 10 minutes to complete the online application process, provided you strictly abide by their requirements.

So, help your card issuer with all the possible measures to complete the application processing at the earliest. There are NBFCs which come with hassle-free procedures. For example, the Bajaj Finserv RBL Bank SuperCard comes with a less stringent application process and faster approval.

Applying for a new credit card isn’t too hard nowadays. However, no approval is instant if an applicant ends up making an error. Applicants can check the application status online.

Some more tips to speed up the process

a) Avoid making any mistake in the form as incorrect information often lengthen the process & may also lead to rejection.

b) You shouldn’t apply for multiple cards at the same time as lenders may perceive you to be credit hungry.

c) Moreover, there might be a delay if you reside at an unserviceable location.

d) Lenders also don’t entertain past defaulters.

It’s mandatory to comply with these points mentioned above for a speedy process.

Now, getting hold of the card in real time is not the ultimate thing. You must also know how to use credit card properly. Set a sensible credit limit, keep track of your expenses, pay the due on time and build your credit score eventually.

Unfortunately, credit cards have an online manual for the application process but not for your expenditure habit. So, apply for the best credit cards and use them as budgeting tools to dramatically influence your financial condition.

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How has technology changed over the time in water filters?

Filtering water has always been done from ancient times or even much earlier. The demand of clear and fresh water has always been there. The perception of clean and transparent water has been in our minds because of the quality of water from rivers. Anything less than or not equivalent to the river water was considered dirty without going deeper about the microorganisms present in it or not. The criteria in those times were that water should be clear because they knew that there isn’t anything that could pollute the water unlike today. Nowadays we have a whole lot change in the scenario, with the use of high amounts of chemicals and the waste product being thrown in rivers, the filtration has become a task. But, how much has the technology changed over the years as far as the water purifiers are concerned?

A lot has changed over the years and the concept of filters has totally reinvented itself. In those times when there were no filters and there were no signs of heavy pollution, the water was collected in containers and was allowed to settle down. This would settle the heavy particles present in the water to settle down under the gravity and would get collected at the bottom of the container, leaving the upper portion of the container filled with clean drinking water. But, slowly as the man progressed, so did the pollution level and the need of something different was felt. Then the water was filtered using a cotton cloth. Water would be poured into another container, keeping a cotton cloth as a filter; because of this heavy particles got trapped in it allowing the clean water to pass through. Again, this wasn’t enough as the time passed; people started boiling the water, which would kill the germs and later cooling and using it for drinking. This was possibly the best method, but it involved a lot of time consumption. Soon the filter candles came into existence, the water would pass through the cancelled placed upside down in a container on the upper side, giving cleaner water underneath.

Other processes involved reverse osmosis, UV and UF filtration. The reverse osmosis process is the widely used technology where the water is made to pass through a membrane with the reverse osmosis process. In UV filtration, a UV source is provided and water is made to pass through the UV light. After coming in contact with the UV rays, it kills the bacteria leaving clean water forward. Ultra filtration is similar to reverse osmosis, the difference being, in UF the pressure applied is higher and it filters the water based on the absorption amount and the diffusion rate.

Water purifiers were confined to only houses, but now the 1000 litre per hour RO plant are being installed and setup to provide a clean and fresh drinking water to a higher number of people at a time. The plant working is similar to the ones installed in our house; they are being larger in size. The RO water purifier 1000 lph price varies with the specifications and brands, also depending upon the services provided.

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