\Nuts and dried fruits are increasingly becoming a part of people’s lifestyles due to their high nutritional value and the growing awareness among people to adopt a healthier way of living. With an annual growth rate of 10%, this industry is seeing a global demand whose value is expected to reach INR 20 lakh crore in the next two years with the share of the Indian market being INR 30,000 crores in the same period.
Orissa, in Bhubaneswar stands seventh among the producers of dried fruits and third among the producers of cashew nuts in India. The number of suppliers of nuts and dried fruits hence has increased in this state. As the number has increased, so has the competition among them. To become successful for any business owner in this industry, it can take quite a while. For the increasing expenses, one can always avail a business loan in Bhubaneswar.
So, to make things easier for them, listed below are a few ways to improve a dried fruits and nuts business in Bhubaneswar:
Dried fruits and nuts are not just limited to self consumption, but it is also a very popular gifting option among consumers, generally as well as in festivities. Investing in good quality and unique packaging will help boost business, but the minimum investment required for a packing machine is INR 3 lakhs to 8 lakhs.
Starting with Processing
In addition to supply, business owners should also include processing of dried fruits to expand their product mix and increase profits. By introducing processing, the prices of the products offered can be increased, but to get there, the business owner will have to incur some expenses of his/her own when procuring the equipment. These expenses start at INR 2.5 lakhs.
For a dried fruits and nuts business in Bhubaneswar, sourcing the raw materials is also important as it affects the quality of the product. Hence, it needs to be made sure that the quality expectations of the customers are met.
For more information regarding the same, the resource mentioned below should be followed:
How to Expand Your Dry Fruits Supply Business in Bhubaneshwar
Individuals who wish to have a home of their own will require housing finance to realize this dream. Here, banks, Housing Finance Companies (HFCs) and Non-Banking Financial Companies (NBFCs) are the best sources for housing finance. Applying for a Home Loan requires one to search for the most suitable scheme as per their profile and apply to the right lending institution offering the most feasible terms and the best benefits. Before applying, a prospective applicant should check the eligibility criteria and required documents for Home Loan. Every bank, HCF or NBFC has its own eligibility criteria and documentation requirements which are more or less unique for them. So, the applicant should check the same individually and then apply.
In the sections below, we have given a guide to the basic formalities pertaining to the eligibility requirements and the documentation involved with a Home Loan:
The credit score of the applicant is an important part of availing a loan. Lending institutions always check the score and past repayment history of the applicant as a parameter of the financial credibility of the applicant and how likely he/she is to repay the loan availed as per the decided schedule. An important aspect worth remembering here is that applying to multiple lenders to increase chances of availing the loan tends to bring the credit score down.
The stability of income & employment, age, and existing liabilities collectively decide the eligibility for the Home Loan.
Among the documentation requirements, salaried and self employed applicants will have to submit valid proof of identity, age, address, and income. Self employed individuals will also have to provide proof of business existence.
Depending on which bank, HFC or NBFC the applicant is applying the loan from, the documents required will vary.
Know more about the same from the reference given below: Required Documents and Eligibility for a Home Loan Application
The advantages of availing a versatile debt instrument like a personal loan are associated with the flexibility of using the funds as the way the borrower deems fit. Any short-term financial requirement under the sun, except for one or two instances that are speculative in nature, the individual can avail a personal loan for a wedding, higher education, for a family vacation, foreign trips, home renovations, medical emergencies, for a purchase or even a cosmetic procedure. These loans are generally collateral free and the applicant need not furnish any asset as mortgage security. With the right bank or Non-Banking Financial Company to avail the loan from, the applicant can benefit from the low rates of interest and flexible tenures of repayment.
When opting for a personal loan, the applicant needs to consider the eligibility conditions related to the age, income, employment stability, existing financial liabilities and credit history and score. As these are unsecured in nature, the chosen lending institution needs the assurance that the borrower has a stable job and his/her financial liabilities are not too high. Moreover, the credit score has a very important role to play here as lending institutions decide on its basis if the applicant is financially trustworthy to avail an unsecured loan. Higher the credit score, lower is the rate of interest charged by the lending institution. In addition to the rate of interest, the credit score determines how much the applicant should borrow.
There are several banks and Non-Banking Financial Companies (NBFCs) that provide Personal Loan eligibility calculator. These are free online tools that can be used to assess the eligibility of an individual and the maximum amount he/she can borrow.
Additional Reading: Boost Your Personal Loan Application By Calculating Your Loan Eligibility
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.