Business & Finance Journal

  You thus possess a fantastic company concept and the motivation to see it through. But let's face it, funding is necessary for beginning or growing a business. That's where commercial loans come into play! We'll outline the procedures in this article so you can pick the best business loan for your operation in India. Let's get in and get you the money you need to fly! Step 1: Assess Your Financial Needs Before diving headfirst into the loan market, take a moment to assess your financial needs. Calculate how much capital you require and how you plan to use it. Whether it's for purchasing equipment, hiring staff, or expanding your operations, having a clear understanding of your financial needs will help you narrow down your loan options. Also Read: NBFCs Vs Banks: Which One Is Better For Business Loans? Step 2: Understand Different Loan Types The loan market can be overwhelming, but fear not, my entrepreneurial friend! Take the time to familiarize yourself with the

  When you go to a bank or an NBFC to get a loan, they'll usually ask you what your credit score is. They'll look at this info before deciding if you're good to go. Your credit score is the starting point for getting the money you need. Here’s a beginner’s guide to understanding credit scores. Understanding Credit Scores Basically, a credit score is a number that tells you how likely you are to pay back what you borrowed. In India, you can get your credit score from credit bureaus like CIBIL. These bureaus collect info from different financial institutions like banks, credit cards, and lenders to make up your credit report. Also Read: What Is Loan Settlement And How Does It Affect Your Credit Score? Components of a Credit Score Payment History: The payment history of an individual is the most influential factor in determining their credit score. It is a record of whether or not they have made regular payments on their loans, credit cards and other debts. Paying bills on ti

Personal loans are a prominent financial instrument that can give people easy access to money when they need it most. Personal loans can be a helpful tool if you need to pay for unforeseen expenses, consolidate debt, or finance a home improvement project. In this article, we'll examine 6 key benefits of personal loans and how they could help borrowers in reaching their financial objectives. 1. Flexible Usage One of the primary advantages of personal loans is their versatility. Unlike specific-purpose loans like auto loans or home loans, personal loans can be used for a variety of purposes. Whether you need to pay off high-interest credit card debt, finance a dream vacation, or cover medical expenses, a personal loan can provide the necessary funds without any restrictions on how you use them. 2. Quick and Convenient Access to Funds When faced with urgent financial needs, personal loans can offer a fast and hassle-free solution. Many lenders provide quick approval processes, allowi

Non-Banking Financial Companies (NBFCs) have been instrumental in driving the growth of the Indian economy. In recent years, these entities have proliferated dramatically and become the preferred source of credit for several small businesses and individuals. Here are five factors that have led to the growth of NBFCs in India. 1. Regulatory Challenges Faced By Banks Stringent regulatory norms for banks have compelled them to adopt a cautious approach with regard to lending. This has resulted in a credit gap that NBFCs have been able to fill effectively. It has been observed that the credit-deposit ratio of banks has been declining over the years, providing ample opportunities for NBFCs to capture a significant share of the lending market. Also Read: Understanding The Role And Functions Of NBFC In India 2. Favourable Demographics India’s population is the second-largest in the world and is expected to increase at a steady pace. The country’s economy is poised to grow at a robust rate whi