Why You Should Avail Bajaj Finserv’s Engineer Loan

Benefits of an Engineer Loan from Bajaj Finserv

Vivek Shahni, 31, a mechanical engineer, started a small paint manufacturing unit some years ago. The business orders raw materials based on requirement. Shahni also plans to start a unit in North India to make the logistics easier. The estimated cost of expansion is Rs 25 lakh. Vivek wants to finance the expansion through an Engineer Loan from Bajaj Finserv.

What Is an Engineer Loan?

As the name suggests, it is a business loan for engineers. You could use it as a small and medium-sized enterprise (SME) loan for machinery financing. Bajaj Finserv’s engineer loan is an unsecured loan of up to Rs 30 lakh. It is available to self-employed and consultant engineers.  

Benefits of Bajaj Finserv’s Engineer Loan:

  • Easy to apply:

It is very easy to apply for this loan. Just fill up the form online. A representative from Bajaj Finserv will contact you and process your application. You can get instant loan approval within 24 hours.

  • Avail finance when needed:

You do not need to apply separately every time you need money. Bajaj Finserv sanctions a lump-sum loan amount when processing your loan. So, you can use funds from the loan account as needed.

  • Save interest:

You will pay interest only on the amount you draw. Say you took a loan of Rs 20 lakh. But you used only Rs 15 lakh. In any other loan, you will have to pay interest on the entire loan amount of Rs 20 lakh. Here, you pay interest only on the used amount of Rs 15 lakh. This brings down your interest expense significantly.

  • Expand your business

Use an engineer loan to grow your business. You may want to either expand to a new city or add more people. Bajaj Finserv charges a fixed rate of interest on this type of loan. This may allow you to finance your expansion project with ease.

  • Ready-to-use working capital:

You can use this loan for your working capital needs. Withdraw cash at the time of shortage and keep moving forward.

  • Equipment financing:

Your business needs to upgrade the technology or the machinery from time to time. At times, replacing old equipment can also help you reduce the cost of production. An engineer loan can help you to keep the business machinery up-to-date.

Features of Bajaj Finserv’s Engineer Loan

  • Loan amount:

You can avail an engineer loan ranging from Rs 3 lakh to Rs 30 lakh. This makes it convenient to cover most of your expenses.

  • Collateral:

You do not need to provide any collateral or security. There is also no need for a guarantor. It is an unsecured loan so you can avail it without much hassle.

  • Tenure:

You can choose from a repayment tenure of 12 months to 60 months as per your convenience. Ensure that you choose something you can repay without defaulting.

  • Documentation:

To get the loan, you must submit some basic documents for KYC purposes. This includes your engineering degree and business-related documents as well.

  • Loan account access:

Get all information related to your loan at a single place. Start by logging into your loan account. From here, you can track your transactions, repayments, outstanding loan, and more.

Because of Bajaj Finserv’s online application process, Vivek could avail the engineer loan much faster than he expected. He had applied for a loan of Rs 30 lakh. Of which, he used Rs 25 lakh for his expansion in north India. And he used another Rs 2 lakh for equipment and as working capital. Due to this, he only had to pay an interest on the Rs 27 lakh and not the entire Rs 30 lakh.

The Engineer Loan can be a useful tool while you consider expanding your business. You can avail various benefits and increase your profits.

To know more about the engineer loan by Bajaj Finserv, click here

How frequent travellers can take advantage of a personal line of credit?

As the mercury rises and you look forward to spending some time in a cooler location, you realise that your planned summer holiday is still some time away. With schools out, and the kids lounging around the house, this is the perfect opportunity for a little family bonding by extending a weekend into a long weekend vacation. Plan an ‘unplanned’ holiday at one of the hill stations close by to get over the insurmountable heat in the city. While this sounds great, there is a looming question of raising the financial resources for an unplanned getaway.

A travel loan with a line of credit would be a great way to finance your last-minute family vacation. A personal line of credit or PLOC is a loan that is extended by banks to cover a specific purpose. In the above case, you can apply for a personal loan for travel, which will cover one or more of your family vacations. A PLOC is a loan opportunity that can bring great value to a borrower. A line of credit differs for a regular loan in many ways. In a regular personal loan, a borrower would pay EMIs consisting of the loan amount and interest. In a personal line of credit, the entire loan amount is available to the borrower; however, the interest is charged only on that portion of the loan amount that is used by the borrower.

For example, Vishal, an IT professional from Bangalore, avails a personal line of credit of Rs.5,00,000 and uses just Rs.1,00,000 for a weekend getaway. In this case Vishal will be charged interest on only Rs.1,00,000.

Here are the benefits of a personal line of credit when it comes to covering your frequent travel expenses:

  1. The monthly repayment of a line of credit includes only the interest component of the loan amount. You can repay the entire loan amount at or by the end of the loan period.
  2. You have the option to repay the loan amount as per your convenience before the end of the loan period. There are no restrictions on repayment. Also, you can avail an amount from the line of credit, repay the principle and again use a portion of the loan amount as per your needs without having to intimate the lender.
  3. There are no restrictions on the amount of credit that the borrower can withdraw at any time. The loan amount is held in an account with the lender, which the borrower can access. You have the right to transfer the loan amount into any account you see fit.
  4. The interest is charged only on the amount from the line of credit that is used by the borrower. You are not charged interest for any part of the sanctioned line of credit that is unutilized by you. As long as the amount is kept with the lender there is no interest payment required.
  5. The borrower has the opportunity to repay the amount withdrawn from the lender or transfer a fresh amount from the lender at any time online without any prior permissions or information to the lender.
  6. There are no limits on the number of prepayments or withdrawals from the line of credit account. Also, there are no fees or charges that are levied.
  7. In most cases the borrower has the option of converting the amount withdrawn from the line of credit account into a term loan for ease of repayment.

When you are considering a personal line of credit to fund a vacation or a long weekend getaway, consider Bajaj Finserv as your lending partner. They make the process of availing the personal line of credit as easy as possible with limited documentation, provide an online application process and offer the borrower additional benefits such as flexible repayment and the option to convert the borrowed amount into a term loan.

Apply for Personal Loan Online     Check your Personal Loan Eligibility

What it takes to set up an ICU unit

What It Takes to Set Up an ICU Unit

If you are looking to expand your existing hospital or build a new, large hospital, you will surely want to include an Intensive Care Unit or ICU in it. An ICU setup is quite a challenging task. Yet, it is an exciting new addition to the hospital. An ICU improves the quality of care that the medical facility offers and instantly makes the hospital more popular. So if you are looking for some helpful guidelines for ICU setup in the hospital take a look at the points mentioned below:

Core Requirements of an Intensive Care Unit

  1. Staff:

First and foremost, you need to get a good team of doctors, nurses and attendants ready for the ICU. The health conditions of the patients change rapidly in ICUs and so the staff must be well-trained and skilled to handle the situations with ease. A consultant doctor must always be available for the ICU duties. A couple of resident doctors must be present at all times. Nurses should be working ‘round the clock and a team of attendants must be present in the unit at all times.  

  1. Equipment:

ICU equipments play a vital role in making the unit a success. You have to procure the correct intensive care equipment. Do not make any budget cuts while doing this as you need nothing but the best quality equipment. You cannot take a chance with human lives and so you have to be extremely cautious while getting the equipments used in ICU.

  1. Admission and discharge:

Admissions in the intensive care unit, in most cases, happen under emergency situations. So you have to set up a simple yet efficient admission system for the ICU. The same applies for the discharge. The patients or their relatives may be stressed or bereaved and so you have to design the discharge process accordingly. This is a very important component of running an ICU and you must devote a lot of time in planning the correct ICU admission and discharge procedures.

  1. Infrastructure:

Another very important factor that you must consider during the physical setup of ICU is the infrastructure. If you are expanding your hospital then you have to either convert an existing space into the ICU or you have to build a new wing where the unit can be housed. If you are building a new hospital, then make sure you devote a proper amount of space for the ICU. Have a separate entrance and exit area and also have a separate waiting room, pantry, etc. The ICU has to be capable enough to work independently, with or without the support of the primary hospital management.

  1. Management:

Last but not the least, you have to cater to the ICU management requirements. Have a designated management team along with some office executives. The ICU management team will be in charge of the billing, the inventory, the admission/discharge processes, the legal formalities and the overall functioning of the unit. The ICU cannot work properly without the support of the management staff.

To sum it up:

An ideal ICU setup requires you to follow the correct guidelines. An ICU is a very beneficial unit of a hospital and every medical centre must have an ICU. So whether you are expanding a hospital or setting a new one up, make sure you have a fully-functional ICU in it. The ICU will add value to your hospital and also make the place more suitable for a larger number of patients and their family members. So go ahead and start an ICU in the hospital if you haven’t done so already.

<Click here to Apply for Doctor Loan>

Bajaj Finserv cuts home loan interest rates to 8.50% for limited period

If you are planning to buy a home, then this is the perfect time to apply for a Home Loan as Bajaj Finserv is offering Home Loans at 8.50%, one of the lowest interest rate in the market. This limited period offer is valid till 24th April and will help you achieve the elusive milestone of buying your dream home.

Whether you are a first-time home buyer or wish to transfer your existing Home Loan balance, you can avail this exclusive offer from Bajaj Finserv by applying online for a home loan.

Home Loan at 8.50%
Buying a home is one of the most important decision in your life, and you should take extreme care when it comes to applying for a Home Loan as you don’t want a loan that puts unnecessary strain on your finances. And that’s a good enough reason to opt for a Home Loan from Bajaj Finserv.

If you opt for a home loan of Rs.30 lakh to Rs.49.99 lakh and above, till 24th April, you will get your home loan at 8.60% interest rate. An interest rate of 8.50% will be applicable for loans higher than Rs.50 lakh. This offer is valid on online applications for home loans and balance transfer from other banks.

Here are the features and benefits of taking a Home Loan from Bajaj Finserv:

Easy loan approval and disbursal

Choose the option to apply for a home loan at your convenience. As long as you fit the eligibility criteria, you can get approval for home loan in as little as 5 minutes!

Top-up loans

If you opt for a home loan balance transfer with Bajaj Finserv, you can also get a top-up loan at a low rate of interest, which you can then use to set up your dream home or for anything else you need.

Refinance

If you have used your own funds to purchase a house in the last 12 months, then you can opt for the refinance option offered by Bajaj and avail a loan amount that’s less than or equivalent to the registered value of your property.

3-EMI Holiday

Bajaj Finserv offers a 3-month EMI grace period to help you plan your monthly expenses.

What are the requirements?

You need to be a salaried individual to avail this offer. You need to apply for your home loan or balance transfer through our online application form. You should have your credit score and required documents handy. Here’s a list of documents you need to apply for a home loan.

Check eligibility

Check your home loan eligibility through our Home Loan Eligibility Calculator. If you are eligible, you can apply for a home loan with through our online application form. Your loan will be approved within few minutes and a Bajaj Finserv representative will get in touch with you to collect your documents.

Don’t miss the bus!

For most of us a home loan is an investment of a lifetime and therefore it is necessary to opt for an affordable home loan. Bajaj Finserv’s Home Loan offer at 8.50% interest rate is valid till 24th April, 2017. So, apply for your home loan right now!

Apply for Home Loan Online     Check your Home Loan eligibility

types of fixed deposits

What Are the Different Types of Fixed Deposits in India?

Ratan Palesha wanted to invest his money in a Fixed Deposit (FD). But, he had no idea about the different types of FDs available in the market. He wondered which would be the best kind of FD for him. Finally, he called his financial advisor. After much deliberation, he decided to go for a tax-saving FD.

Are you also confused about the many types of FD schemes available? Take a look at this article then. Find out about the different kinds of FDs and their features.

Callable Fixed Deposit:

This is the most basic kind of FD. It is quite uncomplicated. You lock in a sum of money for a term of your choice. The bank or Non-banking Financial Company (NBFC) gives you a fixed interest rate. Your dividend grows accordingly. You can withdraw or break the FD before its maturity date. But you have to pay a penalty in that case. You can also take a loan against a callable FD.

Non-Callable Fixed Deposit:

In this case, you have to invest a sum of Rs 15 lakh or more. But, you cannot break the FD before its maturity date. This is a good option if you like to save in a disciplined manner. Non-callable FDs are usually available for short tenures of one or two years only.

Cumulative Fixed Deposit

A cumulative FD is one in which the bank or NBFC pays out the dividend in a lump sum at the end of the FD’s term. The investor cannot withdraw the interest earned during the term. The financial company adds the interest to the principal from time to time and the fund continues to grow.

Non-Cumulative Fixed Deposit:

In this case, the principal continues to stay invested. But, the bank or NBFC disburses the interest at regular intervals to the investor. The dividend acts as a regular source of income. These FDs are ideal for retired people or those who need a secondary source of income.

Tax-Saving Fixed Deposit:

Next, we have the very beneficial tax-saving FDs. You have to book these FDs for at least five years. The principal is tax-deductible under Section 80C of the Indian Income Tax Act, 1961. But the interest you earn would be taxable.

Flexi Fixed Deposits:

This is a very interesting type of FD. Flexi FDs are linked to the investor’s bank account. The money keeps traveling between the bank account and the FD account. All this time, it earns the higher FD interest rate. You can understand this with an example. Rahul issued a cheque for Rs 75,000. He only had Rs 40,000 in his savings account. But the cheque did not bounce. The bank honored it and took the remaining sum out of his FD account. The rest of the money in his FD account remained invested and earned the high-interest rate. Certain types of Flexi fixed deposits would have allowed Rahul to put this extra money back into the FD. This happens through the ‘Sweep-in’ facility.

Which Fixed Deposit Should You Opt for?

As you can see, many types of FDs are available in India. All the FD schemes can fetch you their best possible returns. But, the different FDs meet different financial goals. So, you have to choose a scheme based on your needs. For instance, you often spend more than you wish. Then a non-callable FD could help; it could teach you financial discipline. Are you looking to save tax? Then the tax-saving FDs are tailor-made for you. Or are you a youngster repaying your student loan? A non-cumulative FD could be your best friend.

Additional Read : FD or PPF? What Is the Best Form of Investment for You?

The bottom line:

Different people have different needs. Financial experts have designed the different kinds of FDs keeping this in mind. So, go through the features and benefits of every type of FD. Select the scheme that would fetch you the highest returns on the best terms.

Invest in FD @8.05% High Interest Rate

From clinic to polyclinic Tips to expand your practice

From Clinic to Polyclinic: Tips to Expand Your Practice

Amish Misra co-owned a clinic with his brother, Dilip, who is a doctor. While Dilip oversaw the medical aspects of the practice, Amish’s job was to look after the management and the finances of the business that was based in Jodhpur. Being an entrepreneur, Amish soon identified the potential the business had and promptly decided to expand it into a larger polyclinic. He knew he needed to arrange the finances to fund the polyclinic and he also had to take care of all the other requirements. If you too are looking to expand your medical business but don’t quite know how to go about the task, take a look at the guidelines mentioned below.

What Is a Polyclinic?

Quite simply put, a polyclinic is a medical facility that is larger than an individual clinic and smaller than a hospital. It is a medical centre where you can meet a number of doctors, get pathological tests done and even have minor procedures done. A polyclinic is usually set up by a group of physicians who run the practice under a single registration.

How to Get Started:

If you are a doctor, you need to mostly focus on patients. If you an ability to manage a business, it is an added advantage. However, if you think finance, business administration are tasks that occupy a lot of mind space, you can get a partner on board who knows business. You need to combine your skills with someone who has a business acumen.

What Matters Most:

  1. Your experience: You have spent a few years on practicising medicine. You wish to expand the scope of treatments that you offer. You may also want to work with fellow medical practioners and offer niche practices. You want to have more expertise on specific treatments. You can certainly think of a clinic expansion.
  2. Your patients: You have already nurtured relationships with patients. You want to create one-stop shop for your patients so that they do not run around for diagnosis or expert advice. If you can provide your patients with a place where they can meet you, get an X-ray done and show the reports to a radiologist, they will be happy and you will have successful business in your hands.
  3. Finances: After some years of medical practice, you would have learnt a few things about personal finance. It is crucial that you have a proper record of accounts. This is critical for your future expansion plan. You must have the adequate finances to expand your health clinic. Polyclinic funding is possible and you must be financially strong enough to be able to arrange a business loan for this purpose.

Factors to Consider When Expanding a Clinic:

Now let us take a look at the factors that you must consider when you expand your clinic into a polyclinic hospital.

  • Management and staff: Running polyclinic is not only about medicine; it is also about running a business. So make sure you have a good management team who can take care of the paperwork, the finances, the legal aspects and the marketing strategies. From doctors to nurses to lab technicians to receptionists, you will have to hire them all. Every person you employee will play a role in the expansion.
  • Space: When expanding your local clinic into a larger polyclinic, you have to arrange for a larger space. So identify a large space at a good locality and make sure it is accessible, has parking facilities and is safe to operate the business in.

Expanding a business is always an exciting prospect. However, a medical enterprise is far removed from any other, economically driven business. It is an ethical business that requires a lot of time, attention and care. Keep this in mind when you expand your clinic into a polyclinic. Once this is taken care of, you can go on to arrange the funding of the polyclinic and open a wonderful new facility that would help the patients in getting better treatments and help you in becoming a successful entrepreneur. Good luck!

<Click here to Apply for Doctor Loan>

PL-APR-134

Your Guide to Planning a Gorgeous Indian Summer Wedding

Contrary to popular belief, summer is the best time to take those wedding vows. Why? Your out-of-town guests can be there for you with all the kids since it’s the summer holiday and the chances of rain playing spoilsport is slim to none! What’s more, nature is at its best with colourful flowers in full bloom. Here are expert tips to ensure that your summer wedding goes off without a hitch!

Do you dream of a fairy tale ceremony against the picture-perfect backdrop of clear blue skies? Planning an epic summer wedding is not as humongous a task as you may think. While there are numerous ways to make it a memorable day, these are some tips that you should bookmark to make sure that your summer nuptials are an unforgettable celebration!

  1. Go for Artful Décor in Breezy Hues: Considering the heat and humidity of Indian summer as well as you’re and the guests’ comfort, choose a wedding theme that is cooling and breezy. A combination of white or beige with pastel colours is best for the overall venue. To add a splash of colour, pick bold accents in bright yellow, coral blue, lavender, or tangerine, which by the way, is the colour of this season! Keep the décor simple and elegant for your summer wedding.
  1. Play with Floral Decorations: With summer at its peak, your wedding can be the perfect floral paradise replete with verdant blooms. When you select your flowers, ask the florist to choose varieties that won’t wither away in the heat. Some statement-making options to pick from during the season are sunflowers, Asiatic lilies, chrysanthemums, marigold and orchids.

Get a leg up by planning your wedding expenses in advance so your summer wedding proceeds in a more organised and stress-free fashion. See the handy infographic for more information on dividing your wedding expenditure into chunks.

budget-breaking-infograph

  1. Keep the Food and Drink Summer-Friendly: An Indian wedding isn’t complete without fantastic food, and the menu for a summer wedding deserves some extra thought. Nariyal paani with malai (coconut water with cream), chaas (buttermilk), aam paana (green mango cooler) and lemonade are must-haves on the drinks table! A salad bar and a barbeque counter, which serves fresh, green salads with lemony dressing and roasted summer vegetables is a great summer-friendly accompaniment for your chosen main course. Also plan to offer refreshing treats for dessert, be it kulfi, popsicles, ice golas and flavoured yogurt to your guests.
  2. Plan Your Wedding Attire with Care: It’s a big day for the bride and groom, and it’s important for the couple to feel comfortable rather than bogged down with the heat. Brides: speak to your stylist and ensure that your wedding sari, ghagra or gown is light and free-flowing using fabric such as linen, crepe or chiffon. A sleek hairstyle such as a pulled-back chignon, a braided crown or a ballerina bun will also keep the hair from sticking to your neck! A trial session is a must to ensure that you don’t smudge or sweat in the heat. Grooms: Choose a light-hued, breathable fabric for the tuxedo, bandhgala or suit and keep an outfit in reserve that you can change into after the main ceremony in case it gets too hot.
  3. Arrange Shady Outdoors and Cool Indoors: Plan to enjoy the outdoors for a small ceremony during your wedding. Apart from setting up a white tent with air mist fans and coolers, ensure that you make adequate arrangements indoors with AC to give yourself and your guests needed respite from the heat. Cold hand towels and water bottles for each guest also adds a nice touch.
  4. Plan the Perfect Wedding Background Score: A musically perfect playlist will make your special day exceptional! Prepare a good selection of wedding songs in a high-resolution audio format that resonates with all those special moments of the couple and the two families that will be coming together! Mix it up with light music during the ceremony and a mix of Bollywood and pop to play later for your guests and family to groove to.

As you plan your summer wedding, don’t forget to factor in the wedding expenses, which can be very exorbitant these days. Should that stop you from fulfilling your dream of having a talk-of-the-town wedding ceremony? Of course not! A Personal Loan of up to Rs. 25 lakhs from Bajaj Finserv can offer wings to your dream of the picture perfect summer wedding.

This collateral-free loan comes with varied tenures and can be repaid via equated monthly instalments (EMIs) as per your convenience.

PL-wedding-infographic

Apply for A Personal Loan from Bajaj Finserv

With low interest rates and easy online application, taking a Personal Loan from Bajaj Finserv may be the right way to finance the family wedding.

Apply for Personal Loan Online     Check your Personal Loan Eligibility

RERA Impact on the Real Estate Sector

RERA’s Impact on the Real Estate Sector and your Home Loan Interest Rates

According to experts and analysts, the Real Estate Regulatory Act (RERA) may result in stimulating India’s real estate industry as quickly as in the second half of 2017. Here’s everything you need to know about RERA, which came into effect on May 1, 2016.

  1. Mandatory Registration: RERA makes it compulsory for all real estate developments and projects, whether they are commercial or residential, to register with it for transparent execution. This Act gave each Indian state the directive to implement this policy in one year.
  1. For Increased Accountability and Credibility: The idea behind the Act is to bring accountability and transparency into the Indian real estate sector, which is known for being unorganized and fragmented with fraudulent transactions becoming a common occurrence. The Act thus asks for compulsory disclosure of project plans and details including information pertaining to the promoter, project, land clearance and status. The developers will also be held accountable for project completion deadlines and all promises made to home purchasers.
  1. Increasing Consumer Confidence: A full disclosure of the above-mentioned details is sure to inspire consumer confidence and help in protecting the right of homeowners and purchasers. Once positive effect of RERA is also ensuring that homebuyers will get possession of their new houses on time. Secondly, it would help prevent scams and dupes in the real estate market and help consumers know exactly what they are paying for and get what they were promised.
  1. Leading to Reduction in Prices: All this is sure to result in a price drop in real estate, with a decrease in land prices up to 20% in some places, according to industry experts. For Home Loan borrowers, this could lead to a fall in Home Loan interest rates leading to a reduction of their Home Loan EMI.
  1. Compounding Already Low Home Loan Interest Rates: The RERA will also help in further lowering Home Loan interest rates and Home Loan EMIs for new Home Loan borrowers, which were already lowered after demonetization and other government initiatives. With Home Loan rates lowered, it is now more important than ever for new and potential Home Loan applicants to be aware of and improve their credit score for the ease of their Home Loan sanction from lenders.
  1. Giving a Boost to The Real Estate Sector: The lowering of Home Loan interest rates due to RERA and other affordable housing policies is expected to be a catalyst in increasing the number of homebuyers and Home Loan borrowers. Increased transparency of the real estate sector from the buyer’s point of view has encouraged more first-time buyers. This is expected to greatly support the growth of real estate in India between 2017 and 2018.
  1. Keeps the Relationship Between Homebuyers and Real Estate Developers Equal and Fair: With the new set of compliances in place for developers, RERA finally puts buyers and developers on a level playing field. When it comes to penalties, both will now pay the same rate of interest in case the buyer delays payment or the seller delays giving possession. This equality was missing in real estate transactions in the past.

RERA’s long-term view is to impact the real estate sector for the better, giving homebuyers clarity and lowered costs and making developers more accountable and thus, more efficient. It couldn’t be a better time to take a Home Loan at low interest rates with a reputable lender and take advantage of RERA while making your dream of becoming a homeowner come true.

Apply for Home Loan Online Check your Home Loan Eligibilty

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