With the help of good types of equipment and machinery, you can cut down on the labor performed by the human resources of your company. When you let a machine do the work, the products are churned out faster and sometimes; even the quality is better. The minute details are never missed by a device that can easily slip the eye of a human. A machine cannot get tired, once you click the switch on, and with some guidance of a human, it can virtually work endlessly. However, machines are costly and not every company can afford them. This is when you must look out for machinery loans offered by various banks in India.
Know The Features Of Your Loan
Money is an extremely sensitive subject. Before you look out for a loan, you must carefully consider this decision and then take a step towards it. One way you can make sure that you know the values and the associated details are through “Machinery Loan EMI Calculator“. Such a calculator has a four-fold function. You can find out the amount of monthly payment or EMI you have will be asked to pay every month. You will understand the amount of money you are eligible to ask for. Besides, you can also calculate the amount of time you will require to repay your advance so you can plan other functions of your company accordingly. Lastly, you will be able to figure out the amount of interest that you will have to pay for each item. EMI calculators have an easy to use interface which makes it very easily usable by the client.
Before you head out to ask for a loan, you must first understand whether you are eligible for the loan. In order to find out if you’re eligible, you will need to provide the following Machinery Loan Documents:
- A latest colored photograph.
- Identify proof of any one of the promoters. You can choose to bring your Aadhar card, pan card, voter ID; Government issued documents with a photograph, Bank sign verification along with a picture or your passport.
- Income proof which entails sales and purchase bills or your financials inclusive of the last three years.
- Your firm’s KYC documents.
- Bank statements of all your accounts for the past year.
- Existing advance details and their standings.
- Valid and original quotations of the machines you are planning to buy.
Benefits Of A Machinery Loan
While there are many advantages that a machine can bring forth to your company, one of the biggest is increased productivity. You can produce more in less time with enhances machinery. More products are inevitably going to provide you with more profit when you use the latest machinery or is expected that the products are going to be better and achieve higher standards so that will lead to even more gain for your company.
Check your eligibility and ask for loans for purchasing high-quality machinery for an enhanced profit of your company.
Everyone has a dream of owning a house and a vehicle of their own. Earlier it was difficult to realize this dream, but now with many car loan offers from banks and other financial institutions, has finally made these dreams a reality. Now it is too easy to buy a vehicle without zeroing your bank balance and living off cat food.
The interest rate differs from bank to bank but is usually around 12.50 to 17.50% for second-hand cars and 9.25 to 13.75% for new vehicles. The repayment period can stretch from 1-7 years. There are few banks who offer 100% financing on selective car models! That is not the end of it. It involves other charges as well which you will have to keep in mind like there will be a processing charge which is around 0.4-1%. There can be foreclosure charges which are about 5-6% of the loan amount. Some banks allow part payment where if you wish you can pay partly payment of the loan, but it will again involve some extra charges.
The Loan Amount:
The amount depends on your job type, your income, your residence, and your credit score. It can be 4-6 times of your annual income or 25-48 times of your monthly income. Your credit score also plays a significant role in the approval of a car loan. Banks usually look for a minimum of 750 credit score, if yours is 750, then you should try and get the score higher than that, and if it is less than that, then well there’s no hope. Remember the higher the credit score, the better.
Some Helpful Tips:
- If you have set your mind on getting a vehicle, you should go through every loan offer that you can find on the internet before you choose one. Different car loans offer various benefits and different interest rates. You should opt for the one having the most benefits with the least interest rate.
- For women, banks offer special car loan offers. They offer discounts and low-interest rates. It is a good time to be a woman!
- Read all the terms and conditions carefully before you send in your application asking for a car loan. This will help you to avoid any extra cost that is not mentioned in the papers.
- Resist the temptation of going over your budget.
- Make use of online EMI calculator to calculate your EMI Payments for different vehicle advance.
- If you are impatient and want to avoid the paperwork, the approval, and processing time of your application, then there some banks who offer “Instant Car Finance Approval“ These loans usually do not need a guarantor and also have a part payment option.
The banks offer flexible payment options with low-interest rates and long tenure. The loans are less burdensome than home loans as they are collateral free. These loans are issues against your car.
Everyone dreams of buying their favourite car. Have you dreamt of the same thing? If yes then making these dreams turn into reality has become easier than ever before. It is your gateway to the security and the safety that a four-wheeler offers over any other mode of transport. You can soon be the proud owner of the vehicle that you wish without having to shell out a single penny. Pay it back in installments whenever you want. Let us take a quick peek of the car loans to get to know more about it.
The Benefits Of The Loan
- The first and foremost benefit of this type of loan? You become the owner of the car that you wished to buy. No need to compromise on the model because of the budget, because now you can take a loan and directly buy the vehicle that you have actually been dreaming of.
- It will let you be tension free and hassle free. No need to pay the entire amount of vehicle right away. You can simply take a car loan, pay the money to the dealer and enjoy your brand new vehicle while paying back the money in small amounts for the next few months or year. This way the entire pressure is not on one single payment.
- Keep capital at your hand. Everyone needs liquid cash in their bank accounts for emergency purposes. If you spend this entire amount on buying the vehicle, then there will be nothing left with you for the urgent scenarios. In this case, the loans can actually help you to save the amount of money and keep some in hand.
The Interest Rates
The “Car Loan Interest Rate For All Banks“ usually starts from as little as 9.25% and can get up to much higher ranges. Even though most of the banks charge quite similar, there is a minor difference in the interest rates from one bank to the other. Make sure about the “Car Loan Interest Rate Comparison“ before you make up your mind about the bank to settle for.
The Eligibility Criteria
- The work or the business experience that one has should be more than 1 year,
- The person should be salaried or should at least be self-employed to get the loans.
- The vehicle that you wish to buy with the money should not be more than 10 years old.
- The person taking the loan should at least be 21 years of age or more. People younger than 21 cannot take it on their name.
So these are all the details that you had to know about getting car loans. It is really easy to get them from the bank nearest to you, so if you feel like buying vehicles then don’t hesitate. Simply head to the bank get a car loan and buy the best one which you wanted to buy.
When a credit card can come in handy, there is nothing better to kick back and relax from long working hours to pamper yourself that might require you to shell out big chunks of money to treat yourself to a nice spa, good holiday or a scrumptious dinner at a fancy hotel. Some people like shopping so much that they don’t even give it a second thought and carried away easily. If you don’t practice good use of credit card then you might have looming cloud of debt over your head. So to “Get Rid of the Credit Card Debt” you might want to start dealing with your actions before it gets out of hands. ShubhBank guides you through some steps that will turn your credit habits onto the right path.
Prioritize the debts: The utmost rule when it comes to debt is to cut off the primary source of your debts. In most of cases the credit card debt is due to the highest outstanding balance and higher rate of interest. If you have multiple cards, you should sequence your debt clearance plan.
Consolidate the debts: the other way of dealing with credit card is to consolidate it and pay it off with your savings or by opting for personal loan. This thing only works if your card debt is a large amount that you can’t seem to pay off right way. Nothing can beat the clearance of your card balance in one go.
Pay as much more than your minimum due: The automated minimum due payment system is convenient and “Hassle Free For Credit Cards“ but it comprises a lot of debt and high rate of interest over time. So to reduce the debt, pay as much as you possibly can to reduce the outstanding amount, improving your debt situations.
Use your credit card wisely: You will be surprised to know that many abuse their credit card limits to an extent that they end up digging into a bigger debt hole. If you are also in that situation where your debts are considerably growing large, the smart way to handle is cut off the use of credit card purchase for a while and focus on paying your overdue bills.
Opt a 0% APR card: The other option to deal your debt is a new credit card and transfer your balance to it and target on clearing a decent amount of your debt by 0% APR period ends.
Check your credit report: If you need insights into credit card payment history and it limits, you can check your credit score for free at website ShubhBank.com. It will give you the clear picture of your debt situation to quickly plan your way out.
The magical plastic card is a financial tool that can reward you with various benefits, discounts and perks, if you treat it right. So practicing a good paying habit will never let you to fall into a pit of debt.
In these days, women are progressing in variety of spheres. Today the banks are assisting the women who are creating both wealth and employment through entrepreneurship and have formulated variety of loan products for such women. Any women that wishes to start a new business can Apply for the Loan which extends a large loan quantum without a collateral that helps in generating sustainable employment. The women applicants can get loans at discounted interest rates for variety of loans related to retail trade and house. Some of these significant loan offers empower the woman to start and establish their own ventures. This will make the women become independent and take control over financial fates.
Everyone is preoccupied with our constant urge to save big in this world, so we are always on the lookout for effective ways to save money. Let’s look at how having a good Credit Score can help you save money. A good Credit Score is an indicator of your money management aptitude. The better you manage your debts, better your score. And as a good money manager, you most likely have your expenses under control. That also means a well-kept Savings Account. You probably are already a pro at all thing money. ShubhBank will help you check your Credit Score for free. Once you Check your Credit Score at Shubhbank.com, we will inform you every time your report gets updated. That too for free. You can also view your credit report and see your rating on each factor that goes towards building your score. You cannot say no to this exclusive offer.
ShubhBank is a completely independent loan service provider availing you the valuable information on all available Loans in India. LOAN are very common these days and often promise all sorts of benefits compared to the traditional high -street bank loan. OUR bank encourages many individuals in fulfilling their dreams and we make difficult the easy. WE provide the best loans by catering them to customer’s needs and risen as a best loan consultancy company in country .Some eligibility criterions like income , age and CIBIL score evaluate your availability of loan, loan quantum, interest rate and tenure of the loan. The interest rates are primarily be classified into fixed and floating rates. Our skilled professional s will help you to choose the best offers, best offers best interest rates, features and benefits that suits your needs over the rest of the banks in Indian.