Personal Loan to Invest in the Stock Market

Should you use a Personal Loan to Invest in the Stock Market?

When you take a Personal Loan you mostly have a clearly defined use for it, like paying for a child’s higher education, for medical expenses or any other expense. These loans can be a quick way to get some cash, without the need for providing security. You usually do not have to explain how the loan is going to be used to the lender.

Also Read : Popular Reasons to Take a Personal Loan

If You Want to Use the Funds to Invest in Shares, You need to Consider Certain Points :

  • Do you have enough experience in investing in the stock market to anticipate the fluctuations accurately enough to protect yourself against huge losses?
  • If you discover an investment opportunity, do you have enough information on it to be sure that it will do well and provide enough returns to justify the investment?
  • You have to keep in mind that whether you gain or lose, you still have to repay the loan, with the interest.
  • If your investment does not pay off as anticipated, have you considered how you will pay off your debts?
  • Personal Loans have to be repaid in a short period of time. It might take longer for you to actually see the result of your investment.

If you have considered all these and other factors and are still sure that you want to use a Personal Loan to invest in shares, you can explore the many Personal Loan offers from banks and NBFCs.

How to Apply for a Personal Loan

Financial institutions have made it very easy to apply for a Personal Loan and get it approved. The entire process can be completed online. Check the many Personal Loan offers available from different finance companies. Consider various factors including the Personal Loan interest rates. Decide who you are going to take the loan from and log on to the company’s website and apply for the loan. Bajaj Finserv explains the basics of applying for a Personal Loan quite well.

Eligibility for a Personal Loan

Before you actually apply for a loan, check the bank or finance company’s website to ensure that you fulfil the eligibility criteria. Different companies have different policies regarding Personal Loan Eligibility. Whether you are salaried or self-employed, you have to meet certain requirements to apply for the loan. The factors considered might include some or all of the following:

  • Proof of a minimum amount of income, per month for the salaried and per annum in case of self-employed individuals.
  • Proof of age. You have to be within a certain age bracket to be eligible. This might differ according to the lender.
  • You might also be asked to provide proof of work experience.
  • You might also be asked to furnish proof of a minimum period of residence in your current home.

If you meet all the requirements, you can apply for the loan.

Also Read : How Personal Loan Applications are Processed

You will then be asked to furnish the required documents. Once these are verified, you loan will be approved and the amount credited to your account. You can then use it to invest in shares. Draw up a clear plan for the investment and stick to it.

Set Goals for Your Investment Plan

If you want to use a Personal Loan to invest in stocks, you also need the safety net of a regular income to ensure that you can pay off your loans. Some simple rules can help you keep your vision clear.

  • Plan on how long you want to continue investing before you see a definite gain that justifies your investment.
  • Be sure that you will still have your current job at the end of the defined period, whether employed in a company or running a business.
  • Be sure that you will have enough money to put aside as savings to cushion you in case of a loss on your investments.
  • Keep your profit goals small and pick shares that will perform well over a long period.

Taking a Personal Loan for investment in shares is a good idea if you have enough experience in the stock market and you have a clearly defined plan with definite goals in place.

Apply for Personal Loan Online Check your Personal Loan Eligibility

Easy Way to Getting a Home Loan

The Faster, Easier Way of Getting a Home Loan

Now that you’ve found yourself the property of your choice, it’s time to apply for a Home Loan. Companies like Bajaj Finserv allow you to apply for a Home Loan online. But how are online Home Loans advantageous and are they a safe bet? Let’s find out

Easy Way to Getting a Home Loan

No More Paperwork

The most tedious part of the loan seeking process are getting together the eligibility documents for a Home Loan. With online applications, this tension gets reduced considerably. No more running around getting photocopies or arranging them in folders. With Online Home Loans, like the one offered by Bajaj Finserv, you only need your salary details, and your personal account number and you’re good to go.

Instant Approval

If you had to apply for a Home Loan the traditional way, you’d have to give in your application and wait for days, maybe even weeks, before your application was processed and approved. Financial institutions like Bajaj Finserv process your online application within minutes and you can have your loan approved and even disbursed almost immediately. Apply for a Home Loan online and forget the anxiousness of waiting forever for a reply from the bank.

Anywhere, Anytime

Probably the best part about online Home Loans is the fact that you never have to worry about banks being closed on the weekends or rushing from work to get there before closing time. Even if you’re sitting at the airport late at night on a Sunday, you can just log on to a website like Bajaj Finserv and go through the entire process of online Home Loan in less than 10 minutes.

Extra Security –

All online loan applications are filled over secure internet servers. This means that no matter what kind of information you provide, there are zero chances of it being misused. Everything from your salary details, your property details, your tenure and Home Loan interest rates are confidential and only you will have access to them.

Companies like Bajaj Finserv are making loans more convenient and easy to access by offering these online Home Loans. With this feature you’ll never have to go to a bank and stand in queues again. So don’t fret because now there’s no need to wait to get your Home Loan approved anymore.

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Home Loan for Self Employed

Home Loans for the Entrepreneurial Spirit

With job satisfaction increasingly becoming a priority for most people, several of them are stepping out and starting their own businesses to pursue their passion while earning a living. To give entrepreneurs a boost, lenders are creating Home Loans designed to cater to such self-employed professionals. Bajaj Finserv offers Home Loan for Self Employed with low interest rates.

Eligibility for Non-Salaried Individuals

To meet the criteria for Home Loan Eligibility for the self-employed, keep a few things in mind when opting for a loan. There are differences in the documents required for self-employed professionals as compared to salaried professionals. Keep these documents handy before applying for a loan. Also, remember that the tenure of the loan you opt for will not be the same as a salaried one. You will also have to pay a processing fee, so include that when you are calculating the cost for taking a Home Loan. Since you run a business, lenders will assess your business’s strength and the income you generate before approving your loan application.

Ready Reckoner for Documents

Important documents required for Home Loan for self-employed include IT returns, fiscal profit and loss statement, residence and identity proofs, photographs, educational qualification degrees and certificates, and a brief about your business. You will also need to submit a copy of the license for your business and your business plan. Make sure you have your latest bank statements on hand as well. Having copies of any investments you have made such as mutual funds, shares or fixed deposits, will also be useful when applying for a Home Loan. Once your Home Loan is taken care of, you may consider setting up your home with necessary appliances. You can choose the hassle-free Durable Finance options offered by Bajaj Finserv that enables you to purchase ACs, washing machines, refrigerators and other electronics for your new home.

Competitive Interest Rates Online

Home Loan interest rates vary from financier to financier. While the rate is higher for self-employed individuals as compared to salaried ones, there are various attractive options to choose from in the market. If you create a strong proposal, you can get interest rates on par with the salaried rates.

Bajaj Finserv, one of the leading financiers in the market, offers you the chance to apply online for Home Loan and avail several benefits including faster approvals, part prepayment facility, online account access, and nil foreclosure charges. Click here to apply online for a Home Loan.

Apply for Home Loan Online Check your Home Loan Eligibility

Home Loan Procedure in India

All About Home Loans and How They Work in India

Understanding Home Loan in India might seem like a hassle but with the advent of online services, it has become both convenient and efficient. A few requisite documents, eligibility criteria, and interest rates are some of the important things that you need to be aware of before getting a Home Loan. Following are the terms and conditions you need to be familiar with to undergo an easy Home Loan procedure:

Home Loan Procedure in India

Eligibility Criteria

Home Loan eligibility criteria usually includes some basic requirements like – you need to be a salaried individual of at least 25 years of age, and an Indian resident when the loan is being sanctioned. A work experience of 3 years or more is essential when applying for a Home Loan.

Calculation of EMI

Factors such as the loan amount, tenure and the rate of interest determine the EMI that you’re required to pay every month. Understanding how Home Loan EMI is calculated is essential in the process of planning your EMIs. Bajaj Finserv offers a useful Home Loan EMI calculator that you can use to determine how much money you’ll be paying on a monthly basis. This will ensure stable finances and a better understanding of your expenses.

Required Documents

Most financiers require minimum documents when applying for a Home Loan. Along with your personal details, you will be required to upload your documents while applying online. Documents required for a Home Loan include a signature proof, address proof, identity proof, date of birth proof, income details (salary slip or IT returns), and bank account statements.

Low Interest Rates

Home Loan interest rates in India are usually lower than other forms of mortgage owing to their longer tenure. Non-banking financial companies like Bajaj Finserv offer Home Loans with low interest rates on online applications. With low-interest rates, you are assured of stable monthly expenses and a better control over your loan repayment.

Bajaj Finserv allows you to apply online for a Home Loan. All you need to do is fill up a form and you’ll get instant approval on your Home Loan. With the online account access, you can also keep track of your payment schedule, repayment track etc. Prepayment facility and nil foreclosure charges are some of the other features you’ll enjoy after getting your loan sanctioned.

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<< Click here to Calculate your Home Loan EMI >>

<< Click here to Apply for Home Loan >>

Why Prepayment Charges matter?

When you take a personal loan, you agree to repay the amount within a certain period of time, like 3 years or 5 years. The EMI you pay towards repayment of the loan also includes personal loan interest rates. Financiers like Bajaj Finserv offer Personal Loans with attractive terms and special benefits like instant approval, prepayment facility, and online account access.

Sometimes, you might have a sudden influx of funds like an increase in income, or a good payoff on an investment. In this case, you might want to consider paying off the loan earlier, to save on the interest payment. When you consider foreclosing the loan, you also have to factor in any prepayment charges that the bank or finance company might charge you.

Why Do Some Companies Charge Prepayment Fees?

Finance companies earn money through the interest they charge on loans. If you foreclose the loan, they will lose the interest they would have otherwise received. To compensate for this loss, some banks and financial institutions charge a prepayment penalty. Personal loan prepayment charges in India differ depending on the lending company but mostly hover around 4-5% on the remaining amount you have yet to pay.

Why Should You Consider Foreclosing a Loan?

When you borrow money, the interest charged is higher than the interest you will be paid on deposit accounts. For instance, your savings account might earn you around 4 to 7% interest. But the interest you have to pay on a personal loan can begin at around 15% and easily go beyond that. So it makes sense for you to pay off the loan quickly to save on the interest amount.

Figure out the interest payment you will have saved if you choose to foreclose. Then calculate the prepayment charges you have to pay if you foreclose. If prepaying the loan saves you a significant amount, choose to foreclose the loan despite the prepayment charges. You can also use the part prepayment calculator.

Personal Loan Offer – You Can Find Loans Without Prepayment Charges

When you are looking for a good personal loan, check out various offers. There are so many varied offers on personal loans in India now. There are many offers of personal loans without prepayment charges too. However, before you decide, take into consideration other factors like interest rates. At times, a lower interest rate might offset the prepayment penalty.

Check out the Personal Loan fees & interest rate being offered at Bajaj Finserv. You can get a personal loan for up to INR 25 lakhs with the option of instant approval.

If possible, always give preference to paying off a loan before the due date. This will result in saving you a good bit of the interest you would have had to pay otherwise. Even with foreclosure charges, if you foreclose well before the full tenure, you will find that it is beneficial. However, foreclosing a loan when it is very near the due date might not make any difference. When you apply for a personal loan, choose one that has has low-interest rates and is more convenient for you. Bajaj Finserv offers a online Personal Loan that gives you online account access and the option to apply online.

 

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The Benefits of a Personal Loan and Why You Should Stick with It

What better way to meet your personal monetary requirements than with an easy-approval, no-hassle personal loan. A simple online form, approval in mere minutes and you’ll be on your way to your dream vacation. Here is an in-depth dissection of a personal loan.

Larger Loan Amount

One of the biggest advantages associated with personal loans is that you can get loans of a large amount without any hassle. If it is an expensive watch you want, or that trip that you have been planning, a personal loan can be the key.

When you apply online for a Personal Loan offered by Bajaj Finserv, you can get a loan up to INR 25 lakhs which is the highest ticket size offered in the country. Minimal processing fees and 90 seconds are all you need to get your loan approved.

Invest Smartly

Personal loans allow you the opportunity to invest in any time-bound investment and earn great returns. For instance, a major company just went public and has equity shares on sale for the general public. By quickly acquiring a personal loan, you can purchase the shares and avail of the profits in the long run. Financiers like Bajaj Finserv also offer Personal Loans with Flexi Loan feature that allows you to maintain control over your repayment strategy.

Instant Approval

One of the most important personal loan benefits in India is that you can get instant approval for the loan. Here are some of the eligibility criteria that you must adhere to if you want a breezy loan:

  • You should be a salaried individual of at least 25 years of age
  • You should have at least 3 years of work experience
  • You should be an Indian resident when the loan is being sanctioned

Once you meet the eligibility criteria for personal loan, you just need to upload a few documents and you’re good to go.

Tricky Interest Rates

Personal loan interest rates are the only thing that can make you stop and question your decision to apply for one. Owing to the absence of any form of mortgage, financiers charge a rate of interest that is higher than your regular loans. So, keep this in mind before you apply for one.

A personal loan can be of great help when you are in need of cash and simply don’t have the time to apply for a regular one. Non-banking financial companies like Bajaj Finserv offer Personal Loans with benefits like online account access and part prepayment facility. You can also apply online for a personal loan here.

<< Click here for a 5-minute online Personal Loan approval >>

< Click here to check your Personal Loan eligibility >

Personal Loan hacks to Maximize your savings

Certain circumstances in your life demand a personal loan. These may be a wedding, a medical emergency, or planned vacations. At times, a personal loan may be used to pay off bigger loans such as those taken on a property, business, or vehicle. On other occasions you can also use it to consolidate all your debts too.

While a personal loan provides a quick financial solution, it comes with a high rate of interest which could be hard to pay off. This article discusses how to save on a personal loan and secure your finances.

The following are a few money-saving tips that will help you manage your loan.

  1. Research and Plan: Always ensure you have read the fine print thoroughly. If you have any doubts contact customer support and have your questions answered before you proceed. Assess your assets, liabilities and expenses to make sure you commit to repaying the loan on time.
  2. Compare and Calculate: Compare the market prices of various financial products and calculate the optimum loan for your requirements through various loan emi calculators.
  3. Timely Repayment: Automate payments to ensure that the loan is repaid on time. Late payments incur penalties and further add to your financial woes.

How and Where Can You Save?

Housing and Property

With the realty market booming and prices skyrocketing, you may have opted for a personal loan to cover the cost of constructing or refurbishing your house. Section 24(b) of the Income Tax Act provides an option wherein the type of loan taken is of little importance. Deductions are calculated on the basis of property acquisition, construction, repairs, or reconstruction. Therefore, you can earn tax benefits on a personal loan.

In other words, if you have taken a personal loan for a down payment on a house, or to furnish your kitchen, or redo your living space, then you get an additional deduction on the interest payment of the loan. All you would have to do is provide evidence, such as bills and receipts, of the claimed reconstruction or renewal (Also read : Second Home Taxation details your broker keeps from you!).

If the property is under construction, then the interest amount can be claimed in 5 instalments, up to 5 years after the project’s completion, given that the project was completed within 3 years.

Business Ventures

A growing number of salaried professionals double as entrepreneurs. Financing a small business through a loan or spending the loan on a specific part of the business can also reap benefits. In such cases, deductions are available for the business and its earnings. This also requires documentation supporting the nature of business and costs incurred.

Applying for a Personal Loan

A personal loan is highly beneficial in emergency situations and unforeseen circumstances. Bajaj Finserv offers personal loan at interest rates which are among the best in the country. Bajaj Finserv also offers a viable solution for all your personal needs. Apply online for a personal loan today. Bajaj Finserv offers personal loans of up to 25 lakhs for salaried professionals. Plus, instant approval and online account management ensure easy access to all your financial data.

Always remember, there are a number of ways to save money on the interest you pay on personal loans. Choose wisely to get the maximum benefit of the loan without having to spend most of your savings.

 

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Home Loan Terms

Understanding Common Home Loan Terms to Make Better Decisions

If you are a first time home buyer, then you are probably concerned with the jargon used by mortgage professionals. Especially in situations where they bombard you with big and complicated words, and you’re only option is to nod your head in agreement without really understanding. Since a Home Loan has enormous financial ramifications on your future, it is critical to make a sincere effort to familiarise yourself with common mortgage terms. This article will help you decrypt the mortgage industry’s vocabulary and make your life a lot less stressful.

Common Words and Acronyms

Here is a Complete Home Loan Glossary:

Floating Rate Interest Home Loan

This scheme offers an interest rate that changes periodically. There is usually an upper limit to how much it can increase.

Fixed Rate Home Loan

Unlike Home Loans with floating rate of interest, this is an interest rate that stays the same through the tenure of your Home Loan (which could stretch anywhere from 15 to 50 years).

Closing Costs

This covers costs such as origination fees, attorney’s fees, documentation fees, etc. This is usually paid by the buyer when buying real estate. Before taking a Home Loan, be sure to take a look at Bajaj Finserv list of minimal fees and charges for Home Loan

Collateral

This is the property or asset that the borrower gives to the lender as security. This basically means that if you can’t repay the loan, the lender will have ownership over the assets you’ve used as collateral.

Credit Appraisal

When you apply for a Home Loan, the loan company does a background check on you – your credit score, monthly income, savings, other loans, etc. are all analysed. This helps them determine your eligibility for the loan, how much of a loan you qualify for. This entire process is called a credit appraisal. When applying for a loan from Bajaj Finserv, remember to submit all required documents for Home Loan that would be needed to check your eligibility criteria.

Disbursement

This is the term used to signify the release of the loan from the financial institution to the borrower.

Down Payment/Margin

According to the Reserve Bank of India, when you buy a property, you can take a loan of up to 80% of the property’s value. The remaining 20% has to be directly paid by you. This amount is called the down payment.

Equated Monthly Instalments

EMI is an acronym we often hear. EMI is defined as the amount you repay to your lender every month. This combines both the principal loan amount, as well as the interest owed. Bajaj Finserv gives you three EMI Free Months to give you a financial cushion, in case you need it.

Foreclosure

Completely paying off your loan before the end of your loan’s tenure, is known as a foreclosure.

Joint Ownership

This happens when two individuals, usually spouses, buy a property together.

Loan to Value Ratio (LVR)

This refers to the percentage of loan you are getting in relation to your property’s value.

For example, if the value of your house is INR 1 crore and the loan is for INR 70 lakhs, then the LVR is 70%.

Lock-In Period

Many institutions have a clause that states that a borrower must stay with them for a fixed number of years. If you decide to change banks in between your repayment duration, then you may have to pay a penalty fee.

Maturity

This is the lifespan of a Home Loan, within which the debt must be repaid.

Post-Dated Cheques (PDC)

These are cheques with future dates. These cannot be processed before the mentioned dates. Many lenders ask the borrowers for a years’ supply of PDCs that have the EMI amount and your signature on them.

Resale

This means that you are buying a property that has been previously owned by someone else. Use of the word implies that you are not the first owner and that you did not buy it from a builder. In such cases, be sure to ask the seller to hand over all financial records of the property.

Most people are not aware of Home Loan terms in India. If you apply for a loan without any knowledge about mortgages, you may not be able to get the best deal. For example, did you know that Bajaj Finserv offers online Home Loans at some of the lowest interest rates in India? So, first understand the important terms, do some additional research, and then take on the world of real estate!

<< Click here to Check your Home Loan Eligibility >>

<< Click here to Calculate Home Loan EMI >>

<< Click here to Apply for Home Loan >>

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