>WHEN TO APPLY FOR BUSINESS LOANS? Posted by Amant on April 26th Cheap Bills Jerseys , 2018
Money is the fuel for your business. You need a continuous inflow of capital to infuse in your business for various reasons. However, there are times when the earnings from the business are inadequate to manage the peak seasons. At other times, the financial crunch becomes so severe that you lack money to run even day-to-day operations. If you are an MSME owner, even a small amount of capital can turnaround your business.
Now, the question is when the right time to apply for a business loan in India is? If you apply too early Dawson Knox Bills Jersey , the money will either lay idle or misutilised. If you apply too late, you will miss on tapping the business opportunity promptly.
Here is your ready reckoner to the ideal time for applying for a business loan in India.
During Off-Season
When your business is going through slow months or seasonal lows, the sales volume is poor and income is less. But, you still need working capital to manage day-to-day expenses such as salaries, store operations Devin Singletary Bills Jersey , utility bills, etc. A business loan can meet your working capital requirement. This way, you don’t need to cut down prices, offer discounts, lower staff wages or take any kind of hit on the revenue.
Also Read: FLEXILOANS AIMS TO DISBURSE 10 Cody Ford Bills Jersey ,000 LOANS IN ALL BY MARCH 2019
EquipmentAsset Purchase
If you are planning to buy new machinery or any asset to grow your business, capital is a must. Instead of digging into your working capital or profits, take a business loan instead! The extra money will ensure that you don’t have to compromise the quality or production of goods or pull purse strings elsewhere.
Business Expansion
When you are thinking of expanding your business, there are numerous costs involved. It is akin to establishing a whole new branch, franchise or store. So Ed Oliver Bills Jersey , if business expansion is on the cards, apply for a loan at least a few months in advance.
During Peak Seasons Too!
Peak seasons are too an ideal time to apply for a business loan! The seasonal ups bring high sales volume which means inventory needs to be replenished fast and suppliers ask for creditadvance. So, the loan is required to pay to suppliers and manage inventory. You need to keep the inventory moving so that you are always ready to meet customer demands on time. The inventory management becomes crucial during peak seasons.
Unexpected Opportunities
Remember how Paytm took its business to the next level during demonetization? Is your business prepared to cash into such golden opportunities? Such times call for a business loan. However, if you approach banks or other financial institutions, they are most likely to take a few weeks to process your loans. So Zay Jones Bills Jersey , your best bet would be to explore digital moneylenders like FlexiLoans to avail quick business loans online in less than 48 hours without going any paperwork hassles!
Apart from the above, you can also apply for quick business loans when you need to hire new employees, automate your business processes or pay salariesbonuses to the workforce.
>Facing financial crunch for higher studies? Opt for educational loans!
Posted by patilsuraj06 on January 4th, 2017
If you are the one among those students who want to study higher but are facing financial crunch, then this is the time for you to go and apply for education loan.
These days Tre'Davious White Bills Jersey , education loan is becoming quite popular because of increasing fee structure. It was in 1995 when the State Bank of India started this initiative. Later on, looking at its popularity, many banks started offering the same.
It wont be wrong to say that Education Loan For Study Abroad has come up as a blessing when fee structure has gone up enormously for higher education.
Recently, the RBI included education loan as part of the priority sector lending. This was a positive step. Meanwhile students should remember that it is just like any other commercial credit. Here, the banks have the discretion to chose whether to sanction the loans for students or not. The banks check the credit worthiness of students.
Eligibility for Education loan
Education Loan for Study Abroad are available to Indian nationals to pursue different approved courses leading to graduatepostgraduate degree and PG diplomas conducted by colleges. There are many professional and technical courses of repute which are considered for granting such loans. There are different loans which are also granted for courses in reputed foreign universities. Different expenses are also covered under education loan. They include fees payable Tremaine Edmunds Bills Jersey , exam and library fees, accommodation charges, reasonable expenses for books and equipment such as computer, etc.
Finance limit
The finance amount is Rs. 10 lakh for studying in India and Rs. 20 lakh for studying abroad. Banks can also lend high amount in special cases at their own discretion.
Security issues
There is no security up to Rs 4 lakh; however, parents should be a joint borrower in this case.
For the range falling in between Rs 4-7.5 lakhs Josh Allen Bills Jersey , there has to be parents’ collateral security which comes in the form of third party guarantee
For the funds above Rs 7.5 lakhs, parents have to be joint borrowers. There should also be a tangible collateral security of the suitable value which is required.
The Moratorium period for repayment includes the coverall course period and a year or 6 months after getting job, whichever comes earlier
Margin money is nil for loan up to Rs. 4 lakh. However, it comes around 5 per cent and 15 per cent respectively for studying in India and abroad on loan above the ceiling of Rs. 4 lakh. At time when your loan amount is higher than Rs 20 lakh to study abroad, the overall percentage is calculated within in a margin of the required amount and the bank sets a ratio in this case.
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25.12.2019 09:51
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