What is the best way to get an emergency loan in India

Now, When A Crisis Strikes, Help Is at Hand

The key step during a financial crunch is to not panic but carefully consider all the options you have available. You can opt for emergency Personal Loan during an illness in the family which will help you tide over hospital expenses. You can decide between secured and unsecured loans and apply online for a Personal Loan. A secured loan has options like loans against the gold you own or against your property. You can even ask for loans against any mutual funds, stock or shares that you may have invested in. Bajaj Finserv lets you get a Loan Against Securities, which you can avail during the time of need. You could also choose an unsecured loan option like credit cards or a Personal Loan, depending on your ability to repay.

Types of Loans in Case of Emergency

Indian consumers are known for investing in property and gold and consider it a safe option and your gold purchases will certainly come in use during an emergency. You can get a loan against any idle gold you have and get your precious jewellery back on repayment of the loan. You can also make use of any investments in insurance policies or mutual funds and get a loan by pledging them. A third option for a quick solution is to get a credit card. For urgent credit requirements, this form of unsecured loan works well. You can also make use of your investment in real estate and pledge any property you own to get an urgent loan against it.

Personal Loans Available Online

Personal Loans are suitable for medical emergencies, urgent travel abroad, weddings in the family, loan for higher education, or to tide over a cash-strapped situation. You can get an online approval for a Personal Loan within minutes thanks to Personal Loan from Bajaj Finserv. You also get attractive Personal Loan interest rates ,making repayment easier. A Personal Loan is a sound option when you don’t want to pledge any property or security. The time taken to process a Personal Loan is also shorter as minimal documents are required.

Avail a Loan Against Your Securities

If you have made sound investments in mutual funds, bonds, insurance or fixed deposits, they can be used in case of an emergency. Without dissolving the deposits or policies, you can ask for a loan against them. A loan against fixed deposits usually has a better interest rate as compared to a Personal Loan. Bajaj Finserv brings to you the option of a Loan Against Fixed Deposit guaranteed to have quick approvals.

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What is Tax Identification Number (TIN)

With the #MakeInIndia wave taking over, India is the new land of opportunity when it comes to start ups and anyone who wants to start a new business needs to first and foremost have a Tax Identification Number (TIN). A Tax Identification Number (TIN) is an initiative made by Income Tax Department of India to modernize the collection, processing, monitoring and accounting of direct taxes using information technology. It is a unique registered eleven digit number that is used for identification of dealers registered under VAT. Further, this number is identifiable at any given point to cross check the legitimacy of your business wherein your Tax Identification number verification can be done through a repository of tax related information from across the country.

A business in India is required to have a TIN number so let us see how can one acquire this tax identification number and what are the advantages of having this mandatory number:

How to Get a Tax ID Number?

Yes, in this digital age, you can apply online for a TIN number for your business enterprise. You can apply by logging on to the website of the sales tax department of your respective state. Here are the documents you will require:

  1. ID Proof / Address proof / PAN card of proprietor with six photographs
  2. Address proof of Business premises
  3. 1st Sale / Purchase Invoice/ Copy of LR/GR & payment/ Collection proof with bank statement
  4. Surety/Security/Reference

This may differ slightly from state to state. After these documents are checked and scrutinized, a unique TIN number is provided to the applicant. For applicants who have Central Sales Tax Number, this can be changed to a TIN number by making a simple request to the tax department.

There are various types of Tax ID numbers depending on the nature of the business and the state it is registered in. For example, those businesses in trading or within the manufacturing goods industry absolutely require a Value Added Tax (VAT) Registration which is synonymous with the TIN registration. All traders generating a turnover of more than Rs. 5 lac per year (or Rs. 10 lac in select states) are required to have this registration. When registered for VAT, the manufacturer or trader is allotted a unique ID which consists of 11 numbers and serves as a TIN number for that particular business.

Why You Need a TAX ID Number (TIN)?

A TIN is mandatory if you are a business owner and are required to pay taxes. Additionally, in a scenario where the business owner is seeking to apply for a loan to fund their business, a TIN number is part of the documentation one will need to provide in order to secure a loan. For example , Bajaj Finserv provides loans such as Ecommerce Seller Finance, a loan offered to sellers registered with e-tailers to expand their business. For a Seller Finance Loan eligibility with Bajaj Finserv, you must be selling on their partner e-tailer’s marketplace and should qualify for the below parameters:
1. The applying business should be amongst any one of the following:

  1. Public Limited/Private Limited Company
  2. Partnership Firm
  3. Proprietorship Firm
  4. HUF Firm
  5. TIN VAT Number

2. The applying business should have a valid TIN/VAT number. Sellers listed to the e-tailer from Bajaj Finserv can avail a loan amount ranging from 1 to 100 lacs. As business is growing and your investment in stock is increasing in multiples, this option reduces your financial burden. You can invest in stocking up of inventory or raw materials in one single go and your amount also gets adjusted in a phased manner with a bearable interest cost.

Why Do You Need to Find a Tax Identification Number? And where can you find one?

A cautious and wise business owner can use the TIN number to verify who you are trading with as you can now look into details of a trader in any part of the country. The good news is that now anyone can verify, check or find tax identification number of any dealer of any state in India. And this information is available because of the foresight and extensive initiative of the Empowered Committee of State Finance Ministers and the commencement of the Tax Information Exchange System (TINXSYS). With the aid of this centralized system any business owner or individual can check his or other dealers details attached to the VAT TIN or CST Number.

For example, a local business can verify the details such as VAT TIN Number, Address CST Number (Sales Tax Number) of another business using the TIN Number of the dealer before doing any transaction with that dealer or vendor. This is important to protect your own business interests before conducting any sale purchase or transaction with another party. You can log on to http://india.gov.in/ and can check details such as:

  1. CST Number
  2. Dealer Name
  3. Dealer Address
  4. State Name
  5. PAN Number of Dealer
  6. Date of Registration under CST Act
  7. Dealer Registration Status under CST Act
  8. This record is valid as on (date)

For more tax identification number related information, you can contact http://india.gov.in.

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A beginner’s guide to Simple Interest

Interest rates play an essential part in the entire loan acquiring process. What is simple interest definition, you ask? Well, simple Interest is a type of interest that is applied on the amount of money borrowed or invested during a certain period of time. This interest is only calculated on the principal amount without taking any other financial considerations into account. Before going in to the specifics, you need to first learn how to calculate simple interest.

Simple interest is calculated using the following formula –

  • I = P x r x t

Where I – interest

  • P – principal amount
  • r – rate of interest
  • t – time period

You have to remember that the rate of interest is generally given in percentage or a ratio of the principal amount. Hence, it is calculated in decimals. The time period is the total duration of the loan, also called the loan tenure.

Interest rates are a key factor in zeroing in on the perfect loan or investment option. Bajaj Finserv offers Personal Loans at attractive interest rates with easy approval policy.

Calculating Simple Interest

A question that bothers almost every borrower is what is simple interest example? Here’s a simple one for you:

If you take a loan of INR 1000 (P) at an interest rate of 5% (r) over a period of two years (t), the simple interest will be calculated in the following way –

  • I = 1000 x 0.05 x 2 = 100

So the interest paid over the period of the loan would be INR 100, and the total amount paid along with the principal would be INR 1100.

Applying Simple Interest to Your Finances

Generally, you can apply simple interest for loans but in certain financial transactions that include credit cards, simple interest is replaced by compound interest. Compound interest used in credit card transactions can be quite burdensome, and the calculation process is complicated. But if you apply for a Bajaj Finserv Standard Chartered World and Platinum Credit Card, you can earn benefits every time you use the credit card and avail of features like utility bill payments and redemption opportunities.

For a short-term loan, the total amount that you need to pay is called the maturity value or future value of the loan. If you have applied for a short-term loan or are planning to invest for a short period of time, you can calculate the amount of interest you need to pay or receive by the following simple interest loan formula –

  • A = 1000 (1 + (0.05 x 2)) = 1000 (1 + 0.1) = 1000 X 1.1 = 1100

Therefore, the total amount would be INR 1100.

Once you understand the concept of simple interest, you can follow up with understanding the different kinds of interest available out there. Familiarize yourself with the other charges that you might incur, before you apply for the loan. If you are applying for a home loan you can seek the services of Bajaj Finserv, who offer benefits like part prepayment facility and online account access.

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What is a Share Loan? All your questions, answered

When applying for a loan, the first priority is definitely the rate of interest. While in other loans, the rate of interest is fixed irrespective of the amount, in case of loan against shares, interest rates are calculated depending on the amount. But because the loan is procured against your shares, the amount of loan that you can get is about 50-70% of the value of shares that you pledge.

When you take a loan against shares, you don’t have to dissolve your shares for availing the loan. So it’s perfect during emergencies and you’ll still be entertained with the dividends and bonus shares that you would have normally gotten. Loan against shares in India have been gaining popularity over some time now and here are the advantages they offer:

Rate of Interest

The advantage of loan against shares is that you will be charged interest only on the amount you withdraw from the account and for the span of time the fund is utilised. This feature makes loan against shares the ideal choice for people looking to save on interest payments.

Ease of Access

Another advantage associated with loans against shares is that you can apply and get your application approved easily. For instance, NBFCs like Bajaj Finserv offer Loan against Shares with online facility where you can get an instant approval on your loan. All you need to do is fill the application from wherever you are and get an approval instantly.

Prepayment Facility

As per the availability of cash, you can choose to prepay your loan at any interval without any extra charges. Bajaj Finserv offers part prepayment facility which allows you to payback your loan quickly and save money on interest payment. During the tenor of your loan which is generally 12 months you can make part payments of any amount that you wish.

Now that you know more about loan against shares, here is what you should know about the process:

How do they Work?

More often than not, banks change the shares against which loans can be taken at regular intervals. This is done to ensure the stability and liquidity of shares which can be pledged. If you have shares in physical form, most of the banks require that you convert them into dematerialised form and then only you can apply for a loan. Dematerialising physical shares is not difficult and some banks may provide loan against shares in physical form too.

Eligibility for Loan Against Shares

Most banks offer loans against shares with some basic eligibility criteria, for example, you should be a salaried individual with regular income, and minimum age requirement of 25 years. Also the shares that you pledge should have a minimum value of 25 lacs. All the required documents should also be kept ready for submission.

Bajaj Finserv, one of the leading financiers, offers Loan Against Shares with features like security swapping and dedicated relationship manager. Apply online for loan against shares here.

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What is Negative Amortization?

Negative Amortization is a method of repaying a loan with regular payments. It means that even while you are making minimum payments, you are not paying any interest on your loan. Therefore, the amount you owe goes up.

When a leading financial institution like Bajaj Finserv offers you this convenience, they add the unpaid interest to the amount you borrowed. When you make a payment which does not include the interest charged at the time, you create a deferred interest. The amount of deferred interest created is then added to the principal balance of the loan which leads to a situation where the principal owed increases over time instead of decreasing. This is the basic concept of negative amortization definition.

Negative amortization is one of those amortization types that does not continue indefinitely. At some point of time during the loan tenure, the amount must start to amortize over its remaining term. Typically, loans that amortize negatively have scheduled dates when the payments are recalculated, so that the loan amount will rather hold a negative amortization limit or will amortize over the balance tenure. This means that when the principal balance of the loan reaches a certain contractual limit, the payments will be calculated again. The tenure for this loan is constant with either the principal amount or the interest rate allowed to change.

Negative Amortization Cap:

There could be a time that you reach the cap limit of this loan. It is the maximum amount of the principal that the loaner can reach. For example, if a person borrows a loans of Rs. 1,00,000 with a negative amortization cap of 120%, the maximum amount the principal can reach is Rs. 1,20,000.

Negative Amortized Loan Example:

Consider this example of negative amortization loans wherein the loan comes with an 8% annual interest rate, a remaining principal balance of Rs. 1,00,000, and a provision that allows the borrower to make Rs. 1000 payments at a certain number of scheduled dates of payment. The loan’s due interest of the following payment would be: 0.08 / 12 x 1,00,000 = Rs. 666.67. If the borrower makes a payment of Rs. 1000, then he incurs Rs. 166.67 in deferred interest (Rs. 1166.67 – Rs. 1000). This will be added to the principal balance of the loan for a total remaining principal balance of Rs. 100,166.67. The following month’s interest charge would be based on this new pending principal amount and the continued calculation for the dates scheduled for the repayment.

For this loan, if the negative cap is 120%, then the amount can go on increasing to Rs. 1,20,000 without the client being defaulted. The amount cannot go above this limit, and the repayer has to make sure the amount is repaid through the monthly installments. Amortization can be through either the principal amount (as is the case in the above example) or on the interest rate. Either way, the time period of repaying the loan remains constant.

Moratorium Period:

Good lenders such as Bajaj Finserv provide a moratorium period for this type of a loan. Bajaj Finserv provides facilities such as ‘3 EMI Holiday’, wherein they give you the option to skip the first three EMI’s, in order to make repayment easier.

Therefore, while taking a long term loan, do try to get as much information as possible and ensure that your lender is a consumer friendly lending institution.

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Home Loan Subsidy

Get Your Dream Home with Home Loan Subsidy

A Home Loan subsidy is a financial aid you can get, in the form of tax reduction, while seeking a loan to purchase residential property. The government has taken measures, through the new Budget, to make housing affordable to low income groups. You can find out your Home Loan subsidy eligibility and take advantage of this benefit. The income limit has been raised to two lakhs per annum as eligibility for financial benefits. Getting a Home Loan need not be difficult if you equip yourself with a few basic facts before applying for one.

The New Budget Makes Space for Home Loan Subsidy

The Budget for the financial year will prove beneficial to those looking to buy a new home. The Home Loan interest subsidy scheme will allow low income groups to gain access to loans, out of the funds allocated by the government. The government has also introduced a slew of incentives in order to fulfil its housing-for-all dream.
The Home Loan subsidy in budget 2015-16 allows for a 6.5% interest subsidy for Home Loans. You can choose a Home Loan option that suits you best, after carefully considering all the factors that come into play. The Home Loan subsidy by government gives buyers more leverage. This means your EMI will be lowered by up to INR 2,582, if you take a loan for a 15-year duration of up to INR 6 lakh. Bajaj Finserv offers Home Loan for Salaried individuals with low interest rates, which you can apply for online.

Attractive Interest Rates

Home Loan interest rates play a key role in helping you decide which type of loan to opt for. With the RBI lowering the Repo Rate, you can be assured of low interest rates as well. Apply online for Home Loan and choose Home Loan for Self Employed individuals by Bajaj Finserv that boasts of a low interest rate. As the economy seems to be on an ascending streak, industry insiders believe that the repo rates could go even lower as the year progresses, leading to a further fall in interest rates on Home Loans. The next step on purchase of a home is to furnish it well. Bajaj Finserv gives you the option of Durable Finance to purchase household appliances and other home needs. Bajaj Finserv also extends facilities such as 3 EMI holidays, wherein you don’t have to pay the first 3 EMIs, so that you could use the funds for repairing/renovating/furnishing your home.

Avail Tax Benefits When You Opt for a Home Loan

There are several tax benefits on Home Loan that you need to be aware of. When buying a home, registration and stamp duty charges can be claimed as deduction, provided you apply for the same within the year. You can claim a deduction on interest if you pay EMIs as part of loan repayment. And since a portion of your EMI goes toward the principal of your loan, you can even claim a tax reduction on the principal!

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Secure your future with Financial Assets

A financial asset is anything that you own or will own that has some value attached to it. Some financial assets examples include real estate, gold, equity, bonds, shares, insurance, and mutual funds. Financial assets, like the stocks you own, are quite useful as you can even get a loan against them for any personal needs. Bajaj Finserv offers you Loan Against Shares with instant online approval and nil foreclosure charges.

Financial assets provide financial security for the future and can also help you get good returns if you decide you sell them off. The different characteristics of financial assets include having a specific value in the market. They also have a scrap value, which determines their selling price and appreciates or depreciates over time. If it is a physical asset, like real estate or gold, you should consider the maintenance cost and the estimated life value before you invest in one.

Types of Assets to Choose from

You can choose from several categories of financial assets based on what you expect from them. Mutual funds give you a chance to invest in a varied portfolio, which are managed professionally and also offer good returns at a low cost. You can opt for Mutual Funds by Bajaj Finserv available at competitive interest rates. Other financial assets you can invest on includes real estate. Real estate is a favoured financial asset in India and has several benefits to it. With the burgeoning economy, the value of real estate properties is on a constant high and selling it can fetch you handsome profits.

Physical Assets for Quicker Returns

Most Indian households tend to have property and gold as their primary financial assets. This is because the risk involved with them is less and the returns are high. With property, you can get a good amount on reselling, while the instant liquidity of gold, appeals to most consumers.

Intangible Assets for Long Term Goals

Assets like mutual funds, bonds, and shares may not give you instant returns but if you invest wisely you will reap sound profits over time. Bajaj Finserv gives you Fixed Deposits with flexible tenure that you can take your pick from, allowing you to better plan the repayment process. Financial assets are also useful when you apply for personal loans as they can be used to pay off some portion of your debt.

There are varied forms of financial assets and the one you choose to acquire should be based on an extensive analysis of your requirements and financial situation.

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The Great Indian Lifestyle Festival is the Perfect Time to Buy a New Treadmill

Exercise is hard, but it is necessary to our well-being. The bare minimum that you need to lead a healthy life is cardio. Cardio is short for cardiovascular exercise and while it might sound complicated, it’s really not.

All you have to do is run. But then again, running outdoors in India is not always an option. There are a number of nuisances you’d have to deal with. Everything from cars to dogs, and even cows, will get in your way. This puts a damper on the whole exercise thing, doesn’t it?

Don’t lose heart! There’s an easy solution to this that will let you have all the benefits of cardio without having to deal with Indian roads and pollution. Simply buy a treadmill and you’ll be able to exercise in the comfort of your own home.

“Treadmills are kinda expensive though…”, you say. You don’t have to worry about that at all. Bajaj Finserv will let you buy treadmills on EMI during the Great Indian Lifestyle Festival. Besides helping you achieve your fitness goals, investing in a treadmill during this festival will make you eligible to win big discounts and a number of awesome prizes.

Read on to find out more.

Why EMI?

Thanks to Bajaj Finserv’s lifestyle finance, you can buy a treadmill during the Great Indian Lifestyle Festival and start using it immediately. You can then pay for the treadmill over time with affordable payment options.

Bajaj Finserv doesn’t have any hidden costs and gives you the option of paying for your treadmill over a period of 24 months. They even offer part-prepayment facility, which means that you can choose to pay for the treadmill faster, if you’re able.

But wait, do I have to pay any interest on the amount?

Nope. Bajaj Finserv only charges a nominal processing fee, so you end up paying almost the exact price of the treadmill that you buy. As an added bonus, if you buy your treadmill between 1st July and 31st August, you might get more than you paid for!

More than Your Money’s Worth

If you shop using Bajaj Finserv’s lifestyle finance during the Great Indian Lifestyle Festival, you not only get great offers on treadmills, but you also stand to win up to INR 20,000 cash back, a brand new Maruti Swift, 18 PlayStation Portables, and 4 Samsung LED TV’s.

You can avail of this offer at over 2000 outlets across 32 cities, so you can get offers on fitness equipment from top dealers like Bodyline Sports, Stayfit, Cardio Fitness, and Proline.

Treadmill, Here I Come!

Now that you’ve made up your mind to buy a treadmill, here’s how you go about it.

The process is really straightforward. All you have to do is turn up at one of the stores affiliated with Bajaj Finserv and the in-store representative will walk you through the whole process. You only need minimal documentation, unlike when applying for a home loan, and you’ll be approved on the spot in only 5 minutes! How’s that for simple?

What About those Offers?

Once you’ve bought your treadmill on EMI basis from one of the Bajaj Finserv affiliated stores, you need to answer this question: THE GREAT INDIAN LIFESTYLE FESTIVAL IS CELEBRATED IN WHICH SEASON?

SMS BAJAJ LIFESTYLE to 9773633633, and you’ll be eligible for all those great prizes.

Soon, you’ll be getting into shape on your brand new treadmill while thinking about your newly won PSP, Maruti Swift, or LED TV. You can also buy all sorts of other fitness equipment during this festival.

So if you’re thinking about investing in a treadmill, check out Bajaj Finserv’s Great Indian Lifestyle Festival offer. Stop thinking and start shopping while you can!

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