Important Eligibility Criteria for MSME Loans

There can be no denying the fact that one has to fulfill certain eligibility criteria for availing MSME loans. Some of the important MSME Loan eligibility criteria that one must fulfill for being eligible for availing MSME loans are discussed below.

A comprehensive business plan: One of the prominent criteria for availing MSME loans for any new business.
A registered business: It is a must whether you are an experienced entrepreneur or someone who has just joined the market. Registration of the business is an absolute must for qualifying for any government plan or for any MSME business loan.
Profit and loss statement: For existing businesses, it is important as these are clear pointers towards the fact that how well the business is managed before the funds can be disbursed.
Previous year’s ITR: These are important documents for they reveal your taxes. Lenders go through them carefully to see if the applicant has paid all his taxes.
Good credit history: This showcases the record of the applicant’s previous loans. If he has a good credit history then his chances for availing the loan increases manifold.
Certificate from all the authorized bodies: GST and other registrations offer a compliance check to the businesses. Lenders are happy to deal with someone whose business is registered with the concerned authorities.
Your permanent address proof: Every applicant needs to furnish it when he is applying for the loan.
Sign of co-borrower (if any): In case of co-borrowers his signature must be on the loan documents.
Collateral documents (if required): In cases of pledging collateral against the loan one must submit the documents regarding it.
Bank Statement: The lender asks for it as it shows the income and the expenses of the applicant.
The enterprise must have a logical projection.
The enterprise must have an end-use of funds.

A Quick Overview on Loan against Securities

With time traditional bank loans have become costly therefore, the lenders are coming up with new options to allow meeting intermediate cash flow requirements of customers. A loan against shares is one such facility that is provided by banks and NBFCs against certain securities owned either by the borrower’s relatives or the borrower himself. For instance, if you are provided with a loan against securities of worth Rs. 2 lakhs and in case, you withdraw Rs. 50,000 and deposit the money back into account within a month. In that situation, you will be charged interest for just one month on Rs. 50,000.

Some of the steps to be followed are mentioned below:

In order to avail loan against shares, all you got to do is fill the application form with personal details of the borrower and of securities to be undertaken.
The documents required for the loan against securities are identity proof, address proof, signature proof, IT returns of concerned company/proprietorship/partnership firm, audited balance sheet and Profit & Loss account for the previous two years.
In order to be eligible for this particular loan, the applicant either has to be Indian resident, NRI or owner of a private trust, partnership firm, sole proprietorship, and private limited or public limited company.

Some of the benefits that you can avail at IndiakaLoan.com include low-interest rate and processing charges, a dedicated relationship manager available round the clock, pay interest on the amount used, instant disbursal through net banking, set your personal loan limits, high loan to collateral value, nil part payment & foreclosure making loan repayment as per comfort, no prepayment penalty, manage account online from anywhere anytime, and simple documentation process for loan against securities. However, the applicant should assess his/her cash flow situation and market conditions before choosing the financial institution for loan against shares.

Everything you need to know about GST Calculator

GST is an indirect, multi-stage, comprehensive, and destination-based tax in India which is levied on the supply of goods and services. This new form of tax came into effect on 1 July 2017 and substituted indirect taxes in the country. It is basically distributed into 5 distinct tax rates; 0 percent, 5 percent, 12 percent, 18 percent, and 28 percent. However, certain products like electricity, alcoholic drinks, and petroleum-related are not taxed under Goods and Services Tax.

How to calculate the GST amount easily?

GST can be calculated on both; exclusive and inclusive basis easily in one go with different GST rates. All you have to do is follow some steps. Firstly, select GST inclusive or exclusive as per the need. After this, input the original amount. Afterward, choose the GST rate from the drop-down menu list. Finally, click on calculate in order to know the result. The result will showcase the complete GST amount and pre/post-GST as per the original requirement.

How to calculate GST online? Below formula is used to calculate GST:

GST amount = (PricexGST %)

Net Price = cost of the product + GST amount

What are the benefits of the GST Calculator?

GST calculator is an online calculator that helps to compute the GST payable for a quarter or month. GST calculator helps to resolve certain issues such as data collection, time management, and other related issues. Some useful benefits are outlined below:

It provides a precise estimate of the amount of tax you have to pay.
It helps you save time for the calculation of GST.
It eradicates the chances of fraud activities if you are an aware customer who knows his/her taxes.

Things to Keep in Mind before Applying for Home Loan

Whether it is about buying a home, already owning one, thinking of moving house or just getting a second real estate property, a home loan is the perfect solution for all the problems. A home loan is a long term commitment. Before applying for the home loan process, it is important to analyze your total eligibility, which mainly depends on your repayment capacity. Ensure that the home you are buying also meets a certain criterion.

Here are a few things buyers need to check before applying for a home loan:

Information

The foremost thing to keep in mind is the location of the property you are planning to purchase. Buyers need to understand whether the property they are buying is good enough, the builder has a good record in terms of successful delivery or the builder has all the needed permissions.

Home Loan Interest Rate

Before applying for a home loan, it is essential to compare the home loan rate of interest of at least 4-5 banks. Always opt for the cheaper one or try bargaining with the lender. Apart from the interest rate, also consider the financial institution’s loan procedure, expertise, quality of services provided, and the ability to advise on the track record of builders across the country.

Facilities available

Sometimes we have to pay extra time in terms of fixing meetings, getting fast loan approvals, and other services. If you do not mind paying a little extra then, you can go for the services where you can get a low rate of interest and others. Also, look for lenders who offer the loan even before the home is finalized.

So, keep a checklist ready to avail the best home loan from banks and NBFCs. With the help of these small checks, your home loan journey will be safe and secure.

Unsecured Business Loan and Business Growth

Capital, undoubtedly, plays a major role in fostering any business. However, arranging finance for business promotion or for any other need pertaining to business might not be easy on occasions. It is here that unsecured loan comes into play and ensures that entrepreneurs do not suffer for lack of funds. The value of unsecured business loan is therefore firmly established.

Unsecured Business Loan in India – Advantages Galore

The advantages of unsecured business loan are many. For starters it is collateral free. Yes, you would not have to pledge any collateral if you intend to avail unsecured business loan. However, as an unsecured loan does not involve any collateral it poses some element of risk for the lender. This explains the reason why the interest rate levied on the unsecured business loan is higher than secured business loan. It is also not as easy to avail unsecured business loan. Loan tenure of unsecured business loan is also shorter than secured business loan.

Another important point to be kept in mind while availing unsecured business loan in India is the fact that there are some lenders who charge prepayment while some do not. The interest rate levied on the loan also may vary from one lender to another. The applicant will therefore do well to read the offer carefully before putting his signature.

Unsecured Business Loan: Points to Remember

Understand that your work does not end with the approval of the loan but it actually starts. If you don’t take care of a few points your entire effort of availing the loan will go waste.

First and foremost, it is imperative to manage your funds efficiently and stay clear from spending on unnecessary items.

Secondly, it is vital to repay every due on time. Failing to do so will lead to bad credit score which does not augur well for your enterprise. Unsecured business loan is easily available but one should refrain from availing it on impulse and should only opt for it as a last measure. Availing for loan shows that your enterprise is struggling financially and is not being efficiently managed.

Get Instant Personal Loan | Advantages of Personal Loan

Personal loans come in very handy in arranging finances at a time when one faces cash crunch. Quite often these are important instances which cannot be overlooked and therefore one has to arrange for the finances any which way. It is here that personal loan come as a savior and help people bail out of the financial crisis. Whether it is your child’s wedding or an exotic family vacation, or any other event that demands for immediate expenditure, you can bank on personal loan to do the trick for you.

Benefits of Personal Loan

There are plenty of benefits that personal loan brings for the borrower. Some of the prominent benefits of personal loan are listed below.

Personal Loans Are Versatile

Unlike mortgage or student loan, personal loan can be used for a variety of purposes like marriages, vacation, expensive purchase, consolidate credit card, medical expenses and for almost every purpose.

Fixed Monthly Payment

This is the biggest advantage of personal loan. As the installment is fixed you can plan the repayment accordingly which will ensure that you never default on your repayments.

Borrow Any Amount

Yes, you can borrow the amount you require be it small or big. However, credit score rating plays a big role in it.

Decent Interest Rate

The personal loan interest rate levied by the lenders is very decent. No wonder it plays an important role in making the loan popular.

Swift Loan Approval

Yes, unlike mortgage or home equity loan which might take at least a month, personal loan can be availed in a few days at the most. One will hear a call after submitting the online form and if the application is cleared the amount will be credited in your account at the most within a few days.

Enough Time To Pay

Unlike payday loans, personal loan give the lenders ample time to repay. However, all this is to be settled at the time of availing the loan.

Conclusion

The above account clearly brings to foe the numerous advantages of personal loan. However, careful approach is needed at the time of application as one should pore over the terms and conditions carefully to avoid any problem later.

What is Area Conversion Calculator for Land?

Unit conversion is the process of converting the standard units from one form to another depending on the need. If you are thinking about the way you can convert the land area to the desired unit of measurement then with the help of an area conversion calculator, you can change any type of unit area, whether it is in metrics or imperial systems.

It can also serve as an area convertor between hectares, square feet, and acres based on total width and length. All you have to do is simply put the value of the area of land that you wish to convert, select its available measurement unit and then choose the unit that you have to change.

Land area converter is mostly used in two types of loans; home loan and loan against property. The land area calculator makes it easy for buyers to know the exact value of the property against the land size.

Area Land Calculator India

There are units like Bigha, Bigha-Pucca, Killa, and Kanal, the usage of which is limited to North India as compared to other parts of the country. Similarly, different units are used in South India such as Ankanam, Ground, Cent, and Kuncham. If we talk about East India then, states like Assam, Tripura, and West Bengal use land measurement units such as Dhur, Kattha, Lecha, and Chatak whereas, in Western India, states like Gujarat and Rajasthan make use of units such as Biswa, Bigha, and Biswansi.

Some of the common land measurement units and conversion factor include 1 square feet into 144 square inches, 1 acre to 9 square feet, 1 hectare in 10,000 square meters, 1 bigha to 968 square yard, 1 bigha-pucca into 3025 square yard, 1 killa in 4,840 square yard, and many more.

Advantages of Unsecured Business Loan for SMEs

Whether it is a big firm or small, the success of the business is always determined by the soundness of its financial status. Thus, it becomes imperative for business owners to arrange enough finance to meet numerous daily and unplanned expenditure of their business.

In the competitive market, one can require funds anytime and delay in arranging funds can hamper the work. In such a situation, it is better to manage desired finance with the help of unsecured business loan as it can be availed with no collateral and easy documentation.

With so many banks/NBFCs offering unsecured business loan at lower interest rates, it becomes tough to select anyone. It is here that IndiakaLoan comes into the picture as it is one of the most preferred collateral-free unsecured business loan providers.

Some of the benefits you can avail from IndiakaLoan offerings:

It provides loan for every type of enterprise venture with cash credit limit ranging from Rs 10-40 lakhs to support businesses with their financial needs.

It also offers flexi tenure between 12-36 months, thus, making the repayment hassle-free.

It provides the facility of availing the loan easily by completing the entire process without any problems.

The foremost point to consider is that it offers unsecured business loan at lowest interest rates ranging between 17-25% depending on the eligibility of the applicant.

Who all can apply for an unsecured business loan through IndiakaLoan.com?

The unsecured business loan can be availed by the people in the following categories: self-employed individuals/professionals, partnership firms, manufacturers, traders, retailers, sole proprietorship firm, business owners who have been in the business for a minimum of three years, the firm possesses have a turnover in access of 1 crore, businessmen’s profit after tax of the preceding years should be positive, applicant not less than 28 years of age, and most important, good credit rating score.

Benefits of Machinery Loan EMI Calculator

At some point, every business needs to update its machinery, improve or even replace an existing one. This is where machinery loan comes as a respite for business owners. This type of loan is beneficial for SMEs or large enterprises that prefer the associated tax benefits for possessing their own equipment via loans.

The machinery loan is given for varied purposes such as construction, manufacturing, corporate aviation, automobile and allied industry, IT and office, electronics & appliances, health care, and others. The machinery loan calculator can suggest better about the monthly installment that the borrower must pay each month towards the loan repayment throughout the loan period. It is also available online to easily assess the EMIs.

What are the benefits of using machinery loan calculator?

In common, there are three advantages of the same. First, it helps in providing an estimate of monthly installment which you have to pay for a loan amount as per repayment capability. Second, it aids to choose your loan tenure and handle finances in a proper manner. Third but not the last, it helps businesses to manage their cash flow nicely and meet the entire short-term monetary requirement with effortlessness.

How does the machinery loan calculator work?

You have to simply enter certain parameters like interest rate, loan tenure, and total loan amount availed on the equipment loan calculator. Thereafter it calculates the installment as per the following formula:

E = P * r * (1+r) ^n / ((1+r) ^n-1)

With the help of Indiakaloan.com machinery loan emi calculator, it becomes smooth enough to evaluate all the things thereby, eradicating manual calculation. With India’s best financial advisor, all you have to do is simply put the details and the equipment loan finance calculator will complete the further process effectively.

How do banks decide on your loan eligibility?

When the person applies for any type of loan, whether it is personal, home or mortgage, one thing that the financial institution looks for is the ability to repay the amount. To be on the safer side, the applicant can make use of loan eligibility calculator as it works on mathematical formula to assess the needed loan amount. Moreover, it is the easiest and fastest way to check your loan eligibility online.

Although, it takes various factors into consideration such as net monthly salary, loan tenure, running EMIs, and other monthly income. Below mentioned are the basic points on which your loan eligibility is determined:

Credit History

Your credit history helps banks and NBFCs to know about your behavior of payment and the way in which you settle your loans. In case, the past loan is delayed due to some reason or not submitted on time, the lower your score is likely to be. A credit score above 550 and near to 900 is good for any sort of loan eligibility. A score below any of these is considered bad.

Applicant’s age

The minimum age for self employed applicant is 25-70 years whereas salaried individuals’ age must be between 23-62 years to apply for this type of loan. Also, check home loan eligibility calculator to know maximum loan amount to be availed.

Work experience

The lender considers your work or employment history to ensure that you have a steady and reliable source of income. Also, banks and NBFCs want to know whether the employer has the capability to pay employees salaries on time or not. If you are working with good MNC then, the chances of availing loans becomes higher. Certain professionals like doctors, lawyers, and engineers are also considered safe for the same.

Debt to income ratio

In order to avail any type of loans, it is important that the percentage of existing financial liabilities with respect to the income should not cross the 50% mark. It is so as the majority of the salary is going into paying off current debts, thus, maximizing the risk of defaulting in nature.

Down payment

According to RBIs guidelines, the LTV ratio for a home loan should not cross 90% of the property value, meaning that you will have to pay the required amount to purchase the home. Also, giving a large share of the down payment at the start reduces the loan amount and the LTV ratio, therefore, maximizing complete loan eligibility.