How to Get a Secured Loan with Bad Credit

A constant glitch in your credit score for a loan sanction is not an impassable problem these days but it is a major hiccup no matter what. The regular news of people’s application getting rejected for a loan is not new to one’s ear but to talk about the ways that can provide you with a secured loan credit may turn a few heads in the crowd. This article is aimed at answering the surmounting queries for how to get a secured loan with bad credit.

Track Your Credit Score

The first and the foremost thing to do is to get an updated credit score of your past loans and debit accounts. A good credit score is bespoken for obtaining a quick and easy secured loan. Accumulating and asserting all your past credit history the time of applying for a loan is definitely not advisable and is one of the top reasons for why all your loan securing efforts go in vain.

Coming to our question of How to get a secured loan with bad credit, we return to our fundamental of improving and tracking your credit score. Good credit score plays a crucial role in securing the profitable credit and payment sums. A cumulative score of 650 and above is considered to be most suitable for rendering loan amounts with 720 being the ideal one. The FICO stats had labeled 690 as the ideal score for the year 2015. Spending less than the Credit Utilization threshold; paying off debts more than once in a fixed billing cycle; loaning out small sums; etc. are some of the ways of reducing the pay-off burden and improving your credit score in the market.

Signs of Bad Credit score

Smart money-makers look for the first signs of trouble and make efforts to avoid future complications. Some of the top culprits for making a bad credit score are:

  • Paying off late debts
  • Acquiring loans or credits at high-interest rate
  • Making minimum payments on high-interest rates
  • Excess withdrawals from checking accounts

Sign off An Asset

The next feasible answer for how to get a secured loan with bad credit is to sign off an asset against the acquired sum of money. This is the most common form of collateral offering in the form of house, property, job, stock-holdings, savings, car, etc. which can be accepted by the reputed banking sectors & money lending firms. Even with a bad credit score, the borrower can apply for a worthwhile amount of money by offering their asset, provided the lending firm has such loaning schemes.

The Alternatives

The other most popular answers for How to get a secured loan with bad credit are listed as:

  • Credit Unions- primarily a community-based lending firm with non-profit work criteria
  • Peer-to-peer Lending- Popular since past two decades, this system involves securing the loan from a person at a particular interest rate
  • Online Personal Loans-borrower and lender could contact each other through online advertisements by the lenders.

New Tax Provisions to bring Relief to GST Exemption for Small Business

The new financial year FY18-19 has begun with a staggering taxation regime implemented all over the nation. Completing more than over nine months of the roll-out, the Goods and Services Tax Act has brought almost every business under its umbrella. Until now, around 1.03 crore taxpayers registered under the newly implemented taxation regime in India. And making the compliance mechanism of the regime easier, the government is trying to make the businesses perform error-free taxation.

Although the biggest issue that arose in the recent past was of the refunds. The exporters in India had claimed the refunds but didn’t get any from the government’s end. Hence, the Central Board of Excise and Customs took the charge and released over INR 12,500 crore of refunds. And soon this issue got resolved, the government made some noticeable changes in the Goods and Services Tax Act marking the beginning of the new financial year. These changes will not only affect the business complying with the regime but also GST exemption for small business. Here are the major changes that government made in the taxation regime:

  1. The rule for salaried taxpayers– From now onwards, INR 40,000 will be deducted from all the salaried taxpayer’s income amount. Following the deduction, the calculation of the applicable tax would occur. Talking about the profit, the margin is kept INR 5,800 per year because as per the recent GST rule, the tax is applicable to both medical expenses as well as transport allowance. However, the government has been lenient about the decision for the deduction amount. It only increased the amount around INR 6,000 as earlier the deduction amount was INR 34,200.
  1. Hiked cess- The benefit of the taxpayer on the standard deduction might be used up as the government has increased the cess amount. The taxpayers would not have to bear the burden of cess charges of 4%. Earlier the charges were at 3%. In some cases, the tax liability of a taxpayer would increase after he adjusts the standard deduction and cess in the final amount. And also the paperwork required in the process would be least due to the removal of the bills to claim allowances.

 

  1. The relief for seniors- The senior citizens in India account for 9% of the entire populations that is almost 11 crore. And for obvious reasons the elderly section of society needs more attention and care than any other section. Thus the government has decided to increase the limit of exemption of annual income as per the rules of GST Exemption for Small Business from INR 10,000 to INR 50,000. Undoubtedly, this move of the government has made the post-retirement life of the elderly people easy.

 

  1. Re-arrival of long-term capital gains- In the financial year 2018-19 one more tax would be added as the government decides to re-include LTCG in the taxation. And also the effect of the regime will be felt instantly as the calculation of gains will be based on the price of the stock in January 2018. Interestingly, for the retail investors, the gains (only up to INR 1 lakh) will not be taxed.

 

  1. Reduction in the corporate tax- The government has also planned relief for the businesses paying corporate tax. As per the last year, the limit for the corporate tax was applicable to the companies having a turnover of INR 250 crore. And the percentage was fixed at 30%. Now with the new rules in the effect, the applicable corporate tax percentage is reduced from 30% to 25%. Until now the lower tax rate was applicable to the companies having an annual sale of INR 50 crore.

 Summarizing

Since the implementation of the Goods and Services Tax Act, the government has made hundreds of modification in the regime. Fortunately, most of these changes have worked well for the taxpayers of the nation. The government is leaving no stones unturned to make the regime simpler. Also, it is keeping a track on the evasion measures by implementing effective measures like e-way billing system. The pace in which the government is working for the simplification of the regime would result in the increased tax revenues post after few years.

How could Streamlining GST Regulations boost the Tax Collections?

Surprisingly, after the implementation of the Goods and Services Tax Act the revenue collection has been on quite a roller-coaster ride. When was the last time that you heard about an impressive rise in GST revenue collections? Due to multiple compliance issues, the revenues have also been suffering. On the other hand, the government denies all the blames for the fall in the revenue collections. Rather the government proposed that the decline in the revenue collections is temporary and it will increase further. But what will make that happen?

Facilitating MSMEs

Initially, the implementation of GST felt like the government cutting the ground from under the business’s feet, and especially the small ones. But soon after the government started making necessary changes in the regime, the registrants started pouring in large numbers. Although the people have been expecting the government to deliver the goods but getting the harsh thrashes of the complex GST regulations instead. However, the regime finally seems to be entering the stabilization phase.

  • The return forms will be made simpler, especially GSTR3B.
  • For the ease of the tax calculations, the tax percentages of 12% and 18% will be combined into one.
  • The nil-return filers to get relief from filing monthly returns. They’d file returns bi-annually instead.

As per the current collection records, the revenue for February dropped by a few thousand crores. Only 69% of the taxpayers filed returns. However, the collection for the month of January was INR 88,929 crores. And the reason that the collections dipped has everything to do with the current phase that the regime is in.

Steering towards simplification

The mismatch of the invoices and the incorrect tax liability has made the government take the control in order to:

  • Identify the main cause of such a big blunder.
  • Implement pertinent measures to overcome the loss.

After few frequent checks, the reason behind the reduced collections turned out to be the complexity and unawareness. Previously, the taxpayers were required to file returns thrice in a month and 37 times in an entire financial year. And as India GST regulations are complex, the multiplicity of the return filing and taxes made the businesses suffer and ultimately the revenue collections.

Such difficulties in the Goods and Services Tax Act ruled-out the possibility of on-time ITC claims credit to the businesses. In addition to the input tax credit, more than INR 150 crores of ITC claims are pending with the government. The dilemma of the exporters of being helpless in doing business due to the lack of the capital, made Central Board of Excise and Customs (CBEC) evaluate claims manually.

Above all

It has become a commercial reality that the businesses are highly getting involved in making fake entries for the sales and purchases. Such kind of tax evasion will shrink the revenue allowance for the sectors like infrastructure, health, education etc. The government would have to put out all stops to end evasion practices and ensure a healthy taxation in India.

Things That Keep You From Getting Life Insurance

Life insurance is a fundamental financial need to secure your most imperative resource: you. On the off chance that you bite the dust, your family not just loses a friend or family member, it likewise loses a wellspring of salary, however holds the majority of the bills and obligations to pay.

Individuals don’t get life insurance for an assortment of reasons. Some essentially would prefer not to consider demise. Some stress that they are uninsurable in light of their wellbeing or lifestyle. None of these reasons, nonetheless, ought to keep you from being protected. Life insurance is one of the key individual hazard administration weapons in your stockpile and you should make its best utilization. Here are four normal reasons individuals give for not making a difference for life insurance.

A Pre-Existing Condition

You may have a medical condition that you think will bar you from scope. In the event that you have a fatal sickness, this will quite often be valid. For different conditions that can in any case result in a long life, many guarantors will at present expand scope at higher rates. For whatever length of time that you completely reveal the condition and the restorative treatment you get for it, you might have the capacity to get life insurance. For bigger arrangements, guarantors regularly depend without anyone else lab tests and an assessment of existing restorative records to ensure you are generally solid.

Obesity

Obesity will quite often increment your premiums, yet much of the time it won’t bar you from scope. Obesity is a potential hidden factor in many sicknesses, for example, hypertension and diabetes. Therefore, you will be viewed as a more serious hazard than somebody who is inside their prescribed weight for stature rules. To spare cash on your insurance arrangement, endeavor to lose a portion of the weight before applying for scope. Solicit your insurance specialist ahead from time at what weight the premiums change so you have an objective to shoot for. You additionally might have the capacity to get your insurance company to re-guarantee your approach after the primary year on the off chance that you lose a lot of weight after your arrangement beginning.

Cost

A substantial face-esteem life insurance arrangement – on the off chance that you are not healthy – could cost several dollars per month. Be that as it may, you can tailor the sort and measure of insurance to your financial plan. Decide the measure of insurance you have to pay the bills for no less than two years in addition to pay off your home loan or some other obligation. That ought to be your base scope. Term life insurance is more cheap than entire life and it gives you no nonsense scope for a set number of years. Having some life insurance is superior to having no life insurance. You can build your scope later on as your financial plan permits.

Too Many Choices

Purchasing life insurance can be a baffling and befuddling process. Each insurance supplier and each arrangement is extraordinary. Try not to let this prevent you from delving in and getting the correct insurance for you. There are two primary kinds of life insurance: term and entire life. Term insurance gives you life insurance scope without any chimes or shrieks for a settled rate for a characterized timeframe. Toward the finish of the term, another rate is advertised. The time allotment matters as insurance turns out to be more costly as you get more seasoned. Entire life insurance offers a venture segment that you can get against or pull back later on.

The Bottom Line

As a result of the requirement for a little fundamental realizing when acquiring life insurance, many customers put it off. Life insurance is an imperative piece of your own hazard administration, in any case, and it is justified, despite all the trouble to bounce in, get instructed, and get guaranteed. Many obstructions that individuals accept will shield them from purchasing insurance are, truth be told, ready to be overwhelmed with the assistance of an accomplished life insurance company.

Important Things to Know About SME Loans

SME finance is a category that is witnessing tremendous growth with the startup and entrepreneurship boom in India. There are several options available with regard to SME Finance that you can check out. However, there are a few things that you should always know about loan for SMEs before you apply. These loans are often necessary for successfully running and growing businesses and will help in maintaining cash flows and also in expansion. Progress should not be hindered due to lack of funds.

SME loans are basically working capital loans which are given to small and medium enterprises that have a financial crunch or are looking for more funds to scale up. SME loans have shorter tenors which usually max out at 5 years. Here are the key things to know about these loans-

1:-Purpose of Loan- You should always have a clearly defined and illustrated objective for taking the SME loan. You will have to present a plan of action to the lender in most cases and this will also help you utilize the funds judiciously. For instance, you may want to hire more professionals for projects or build up inventory or even take care of day to day expenditure till your finances stabilize. The goal should be clearly chalked out. Always have a proper operational blueprint for yourself as well with regard to optimizing resources suitably and repaying the loan.

2:-Interest Rates- The SME loan interest rates vary from one lender to another and you should do your homework with regard to finding out the best deal for yourself. Compare multiple lenders and the interest rates that they offer. This will help you choose the best option for your needs.

3:-Lender Types-  You should not stick to conventional lenders like public or private sector banks. You should carefully evaluate offers from NBFCs and other financial institutions which may have better deals for enterprises as well.

4:-Collateral Requirements- In many cases, you can find SME loans without collateral. Many lenders offer these loans without asking for any collateral against the loan. However, just to make sure, you should always check this aspect before applying. These are loans that are easier to obtain since they have faster approvals and minimal documentation requirements.

5:-Flexible Financing- In some cases, you can check out options like a line of credit in order to flexibly use funds and repay conveniently as well. A line of credit facility helps you pay interest only on the amount that you use within the credit limit and the interest component has to be repaid every month while the principal can be repaid at the end of the tenor. This is a flexible way of using the money along with repaying it.

Also Read: All You Need To Know About SME Loans In India

These are some of the important aspects of SME loans that prospective borrowers should know and understand prior to applying. There are several lenders offering SME loans at competitive rates and these can help businesses scale up or take care of necessary expenditure in a hassle free manner.

 

How to Get a Personal Loan in Baroda

A Personal Loan is an unsecured loan. Both salaried professionals and self-employed individuals can use it to meet any financial need.

Let’s say there is a wedding in your family, or you want to surprise your wife with an expensive gift on her birthday, or you need to meet any other monetary requirement. A Personal Loan here is a great way to make ends meet.

Personal Loan in Baroda

Baroda, also known as Vadodara is a beautiful city in the state of Gujarat. It is considered to be one of the safest cities, as well. Personal Loan in Baroda is offered by different banks and other financial institutions at different rate of interest.

In order to get this loan, you need to fulfil the criteria set by the bank or financial institution for Personal Loan eligibility in Baroda. Fulfilling eligibility criteria includes minimum salary required for Personal Loan in Baroda in case of salaried individual, credit history, minimum age etc.

Your Credit Rating

Credit rating is an important factor depending on which banks and financial institutions offer Personal Loans to individuals, no matter whether you are salaried or self-employed.

How to Apply for Your Personal Loan

Applying for Personal Loan has become very much easier using online platform. You need to just visit the official website on the bank from which you’ve decided to take the loan. There you will get online Personal Loan application form. Go through the form properly before filling it up and enter the details and submit the form online. Moreover, you have to submit the documents required for Personal Loan in Baroda.

After your information is verified and you submit the required documents, your lender approves your loan application.

Get Help From the EMI Calculator

But before you apply online for Personal Loan in Baroda, you can use the EMI calculator on the website. An EMI calculator is one of the best ways to decide the amount you should take as a Personal Loan.

It lets you know the monthly instalment you need to pay. Using the EMI calculator is quite similar to using a normal calculator. You need to provide details such as loan amount, tenure and rate of interest of the loan. If the monthly instalment turns out to be a higher amount, you can make the loan amount less or tenure longer. It will make the instalment amount less.

You can make a comparison, and take a sound financial decision.

6 Engineers Loan Benefits for the Self-Employed at a Glance

It just does not matter what kind of engineering expertise– electrical, software or mechanical- your engineer firm has; the need for money is what forms the crux of every business’ requirement.

To keep up with the pace of your customers and clients’ requirements, you will need to upgrade your engineering firm’s infrastructure and various other factors from time-to-time. And to do that, you will need money.

In case there is a shortage of funds at your end, you can’t let the firm suffer and fail in meeting the client’s demand. For the same, you can avail an engineer loan to fulfil your needs if you are self-employed.

In the same context, if you acquire an engineers’ loan, it will provide you many benefits that will help you manage your business in a hassle-free way.

Let’s have a look how!

Engineers loan has amazing benefits Heres a short snap!

  1. Simple eligibility criterion

The eligibility criteria for engineer’s loan is easy to fulfil. You need to either be a consultant engineer or self-employed and should fall in between the 26-65 year age bracket.

Also, you should have at least 5 years of work experience after graduation and a degree from a recognized institute. Of the five years of employment, you should be working for at least three years as a self-employed.

Check your eligibility criteria for the engineers’ loan online today to know more.

  1. No need to provide any collateral

The loan for engineers is an unsecure one which means you do not need to provide any collateral or security to avail the loan. All that you need to do is – match the eligibility criterions of the lenders!

  1. Low-interest rates

Today, online lenders provide attractive rates on engineers’ loan. The service providers generally have lower EMI options so that the loan can meet your business needs.

You can compare all interest-rates on offer by known lenders online and choose the best deal.

 

  1. Minimum documentation

The documents required for an engineer’s loan is minimal. If you have the following documents, you become a step closer to acquiring the loan:

  • Complete application form
  • Applicant’s photographs
  • KYC documents (Both applicants’, if you are to avail a joint loan)
  • 3 years’ business vintage
  • Practice certificate (As the business proof)
  • Engineering degree details

 

  1. Faster loan approval and money disbursement

An engineer can acquire a loan of up to Rs.15 lakh with an online approval in 24 hours and money in the bank in 48 hours.

  1. Personal line of credit

A personal line of credit is a facility that you get under the engineer’s loan which helps you pay EMIs as you utilize the amount. The features of a line of credit in an engineers’ loan are:

  • Withdraw money multiple times as per your needs and requirements
  • Pay for the amount that you use
  • Pay only the interest as EMIs
  • You can settle the remaining amount after the completion of your loan tenor
  • Gives you flexibility and ease of the convenience

An engineers’ loan also gives you the facility to prepay your loan without any extra charges and reduce your ensuing EMIs.

The Bottom Line

There are many benefits of engineers loan and is a handy financial tool available to help self-employed engineers fulfil their dream of smoothly running a firm.

Discover your eligibility criterion today with any of the online lenders and grab your loan for your aspirations and needs.

Investment Funds – Stay or Switch?

We all have or will get a million opportunities to earn. But more than making money, it is important to make a plan to invest the money. Investment is important because one needs their wealth to grow and increase their financial growth. Why just stick to your monthly salaries if you can get more? Why compromise on your future goals? Why not live a life you have always dreamt of living. Yeah! Investments can make that possible.

Talking about investments, let us see what the different investment options are. Some of the common ways in which one can invest are:

  • Bank products
  • Bonds
  • Stocks
  • Investment funds (mutual funds, closed-end funds, exchange-traded funds)
  • Insurance

Each investment depends on the returns you are expecting as well as the risk you are willing to take. Let us first discuss few of the most common ways of investing.

  1. Fixed Deposit (FD): Fixed deposit investment is a type of investment that allows the borrower to earn money based on the interest rate charged on the amount deposited by him. The investor deposits a certain amount as per his wish and gets returns based on the interest rate and the tenor of the investment. Some of the characteristics of Fixed Deposits are:
  • Guarantees Returns: When you invest in FD, the financial company (banks and NBFCs) assures a return based on the amount you deposit and the fixed interest rate offered.
  • Less risk: In the case of fixed deposits, the risk associated is comparatively lower than other investments as this type of investment has fixed interest rates.
  • Safe and secure: Investing in fixed deposits proves to be a safe option as it is closely monitored by government agencies.

 

  1. Mutual Funds: A Mutual Fund investment is an investment scheme in which different groups of people come together and invest money in bonds, stocks, securities etc. Such a type of investment involves a large pool of money which is managed by Fund Manager. Here are a few characteristics of Mutual Funds:
  • Risk Diversification: Through Mutual Fund investment, your money gets invested into a variety of investments. As you are investing into different schemes, you will have an assurance regarding the risk associated which will reduce the fear of investing everything in just one type of investment.
  • Low cost: Mutual funds do not offer any barrier on the amount to invest.
  • Flexibility: Mutual fund investment offers a unique feature of switching from one fund to another. Let us try to understand this feature.

 

Switching between Investment Funds: Switching of mutual funds is a process of transferring whole or a part of the investment from one mutual fund scheme to another. This option makes a switch from dividend plan to growth plan as well as from one fund scheme to another possible. However, there are certain things associated with switching between investment funds. These are:

  • How to switch Mutual Funds: One can make a switch between different mutual funds by one time request, Systematic transfer plan (STP) and Triggered switches. Each type of option is associated with different procedures and features.
  • Tax repercussions: The Tax repercussions on switching between mutual funds depend on whether you are switching from equity to debt funds or debt to equity funds. Redemption from one fund follows a new purchase of another and hence attracts taxes. However, this also depends on the duration before the switch.
  • Exit and Entry loads: In case one decides to switch between investment funds, it is important to consider entry and exit loads. The charges vary from one type of mutual fund to another.

While it is possible to switch between investment funds, one should think properly before making any decision. Be it mutual funds, fixed deposits or any other type; all investments carry some risk. Hence, it is very important to understand the criticalities associated with investments or any decision related to them.

Doing These Simple Things May Prolong Your Life

The success of everything we do in our lives depends on our health. It’s difficult to attend work when we acquired an illness, it’s impossible to have an outstanding business operation when we are admitted in a healthcare facility and it’s not ideal to socialize with others if we are suffering from a contagious disease. This becomes more problematic. As you reach your senior years, your health becomes more fragile and prone to certain types of diseases.

Australians should prioritize their health more than ever. It is imperative for them to be more cautious when it comes to their health. Apart from gaining a positive sense of well-being and self-confidence, when we are successful with such worthy goal, the catalog of connected health benefits that would most likely claim are the following:

  • You’ll have an increased productivity. With a healthy heart, stronger bones, muscles and a maximum function of the brain, an individual can continuously perform all of the necessary tasks that he or she is entitled to do each day. With a lesser possibility of acquiring illnesses and a grant of more amounts of energy, it’s safe to say that any individual who succeeds in ensuring a good status of health may claim an increased productivity which is advantageous in any aspect.
  • You’ll save lots of money. If you do not have insurance, it is not impossible to suffer from financial difficulties due to illness. Being healthy guarantees a large potential for savings. It’s because an individual in such state would most likely have a fewer medical bills and other related expenses because getting sick would now be rare for him or her. Apart from that, a balanced diet would be followed therefore an individual would eat less and spend for cheaper grocery purchases. Indeed, being healthy is also a good investment to accomplish our further goals in life. Hence, it is important to consult with insurance broker Sydney to know how insurance can protect you and your family.
  • You’ll look physically better. Weighing less is an assured inclusion of being healthy. With that, an individual should expect a noticeable improvement with the physical aspect. Also, the healthy food items majorly consisting of fruits and vegetables that we would consume are good sources of vitamins and minerals which can make our skins glow naturally. Also, when an individual follows a poor diet, a sluggish body with a pale complexion may be acquired. Hence, with proper diet and exercise program utilizing efficient equipment including elliptical cross trainer, treadmill, or electric bike, you can achieve the body you’ve been wanting for so long.
  • You’ll gain a longer life span. Most of all, a healthy body ensures us with a longer life expectancy. Even if accidents are inevitable, there are also abundant cases of illnesses that eventually became responsible for the large statistics of fatalities every year. According to several studies, switching to a vegetarian diet is one strong way of reducing an individual’s risk of experiencing an early demise.

There are plenty of ways on how every interested individual can attain and benefit from good health but these would center with two elements: a balanced diet and a regular exercise. Having enough hours of sleep, regular exercise using simple fitness equipment like treadmill, dumbbells, elliptical cross trainer, or electric bike, healthy diet and a normal weight are things that we need to do. Additionally, you would want to ask insurance broker Sydney for advice so you can be sure to be protected. Beyond doubt, when it comes to our health, it’s always imperative to consider every element for reaching positive results. Compared to investing with material objects, spending not just our money but also a huge portion of time is what our health deserves.

Right Ways Of Debt Consolidation Of Credit Cards

Are you the kind who is piling up the statements in the desk in the fear of facing them? Do you feel strangled by the debt from your credit cards? Actually, you are not alone in this case. There are many individuals who are going for consolidation for their credit card debts. Let us discuss the right ways of consolidating the credit card debts.

Learn Options Well: Before selecting the type of consolidation of the credit card debts, you need to learn all the options properly.

  • Consolidation Loan For Debts: A personal loan is available for consolidating your debts. Generally the interest rates remain simple compared to the variable interest of the credit card. The repayment terms remain 3-5 years and you can exactly know the time when you will become debt-free. For gaining the lowest rate of interest, your credit report should be good. You can also check with the online lenders as sometimes their rates are lower than the conventional sources.

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