 CA articleship is arguably the most essential part of a chartered accountant’s study, when they work with an accountancy firm to gain insight and knowledge on real work scenarios. Naturally, it is necessary to pursue articleship at some of the most reputed firms in India, as it will present a significantly better opportunity to learn the intricate of accountancy.
India’s growing financial market presents significant opportunity for prospective chartered accountants, as they can complete their articleship with some of the largest firms in the world. Apart from the Big Four Auditors (Deloitte, PWC, KPMG, EY), students can also select from a long list of national and international firms, all with a significant presence in the financial industry. Completing CA articleship with the well-known names grant better career opportunity, as well as better expertise to cater to the ever-increasing and changing needs of customers. After completing articleship training, CAs can either work as salaried individuals at a chartered accountancy firm, or start their private practice. The availability of credits in the form of loan for chartered accountants has made it significantly easier to secure the necessary financing for starting their own CA firm.
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 Personal loans are there to help you cover your urgent and other cash-based needs if you are eligible. One of the major personal loan eligibility conditions that you want to be super sure about before approving the loan is that you should check your CIBIL score. They check your credit history, and if they don’t find it promising, then your application gets rejected.
But what if you still want to get the personal loan even when you have a lower CIBIL score? We are going to enlist a few of the key ways to get the personal loan even without having a low CIBIL score and credit history. Read on! 1) Ask for a lower loan amount Asking for a higher amount as a loan when you have a lower credit score indicates more risk to the lender. They may assume that there will be a chance of defaults on the repayment. Thus, it is good to apply for a lower minimum that can suffice your needs so that the lender may become more comfortable in sectioning the loan amount. Why? It is because they may assume that repaying a smaller amount may be easier! 2) Prove that your income can support loan EMIs If you have recently received a raise or have any other sources of income, then you can submit the proof to the lender showcasing that you can repay loan EMIs easily. Lenders may consider your case once it goes through the proofs and grants loan approval. 3) Apply with a co-applicant If your credit history is bad and you want to get the loan, then you can apply with a co-applicant whose credit score is higher. You can ask the co-applicant beforehand as he/she will need to complete KYC formalities. By opting for any of the ways to get a personal loan without having a sound credit score, you can get funds to cover your needs without concerns. Bajaj Finserv pre-approved deals on small personal loans, personal loans, home loans and more. It can simplify loan deals and make it fast. You can check out your pre-approved loan offers today after sharing basic details such as your name and mobile number. Must Read: Know How To Get Personal Loan With Lower CIBIL Score  The contactless card was first introduced in 2003 by MasterCard. These instant payment tools are integrated NFC technology, allowing a user to complete a transaction without physically swiping the card in a PoS terminal.
How do these credit cards work? Contactless credit cards work by wirelessly communicating between the reader and the card itself. Its NFC chip carries the necessary information to complete a transaction; when a request is made, the data is passed through an encrypted channel, and the transaction sum is deducted from the cardholder’s account. Benefits of contactless credit cards Contactless credit cards offer a more convenient mode of payment, along with several layers of security to protect the customer against unwanted transactions and data theft. These cards can only be used at close proximity, eliminating chances of unwanted read-outs. Moreover, the contactless transaction amount is capped at a maximum of Rs.2,000, and customers making a larger transaction will have to enter their PIN to process the payment. Each transaction carries a unique ID as well, which offers a provision to track the details while eliminating chances of repeat payments. These systems complement already existing credit card security features, like zero-fraud liability cover offered with credit cards like the Bajaj Finserv RBL Bank SuperCard. Despite being a somewhat new addition to India’s financial market, contactless cards have gained massive popularity because of the benefits these have to offer. Visa estimates almost 20 million contactless credit cards in India, with more than 3.3 million merchants accepting contactless payment across the nation.  Accounting software provide an effective solution to GST filing required during various stages of a business process such as raw material purchasing, warehousing of end products, and sale of the product to a customer.
Chartered accountants and GST professionals can thus use the following accounting software in India to simplify the process of filing of GSTR-1, GSTR-3B, GSTR-6, and GSTR-9 among other GST return requirements. Tally ERP 9 is an advanced accounting software available to multiple users under full subscription for effective management of GST payments, inventory and payroll organisation. This software also provides services related to accounting management, budgeting, and customer management. Vyapar aims to simplify the GST calculation and filing process by providing system as well as online accessibility to the accounting database. Vyapar also integrates online banking and transaction with the accounting process. Being an integrated enterprise resource planning software, Horizon ERP caters to retail businesses in terms of GST filing, bar code generation, POS statements. It is also essential for credit and debit note management. Chartered accountants and GST professionals can avail a loan for chartered accountants when setting up a firm. They can also use the funds to finance the purchase of the best GST software for effective tax management and accounting services.  With over 51.7 million active credit cards in India, it can be said that individuals are becoming more dependent on credit cards. However, the risk of exposure to cybercrimes like credit card fraud, identity theft, etc. is also on the rise.
This has made it imperative for cardholders to respond promptly to the situation by getting the card blocked at the soonest. Steps to block credit cards Since the process to block credit card online is relatively quick and easy, more users incline towards it. By opting for the online method, users can prevent their lost credit card either through net banking facility or via designated mobile app. Here’s how to block the credit card online -
On the other hand, users can access the ‘Credit Card’ option on their designated financial app and complete the steps as directed. For instance, Bajaj Finserv RBL Bank SuperCard users can access the RBL MyCard App easily and provide the required details promptly to complete the blocking process.
Users may decide to visit the credit card issuer and avail their help to have their credit card blocked at the earliest. Irrespective of the method cardholders opt for, they must make it a point to inform their card issuer at the earliest. Doing so, they would be able to minimise the risk involved and would be able to tackle the same effectively.  Personal loans are unsecured loans and do not demand any collateral or security to be mortgaged by borrowers. As a result, it becomes imperative for lenders to charge higher interest rates on the provided credit. So, if you are looking for ways to reduce the interest rates, you would have to go through a specific set of rules before you are eligible for a personal loan in Delhi. How to get a personal loan at a lower interest rate To avail a low interest personal loan, make sure you follow the points mentioned below for a smart option.
All these combined together are the most effective options in availing a lower interest rate for your personal loan in Delhi. Ensuring every pointer is met is the best way to land on a better loan deal with a more economical and affordable rate of interest. Additional Read: Getting a Personal Loan at a Lower Interest Rate in Delhi The drive to take India’s economy to the $5 trillion marks has necessitated the implementation of several Government-backed schemes.
These policies aim to create sustainable employment amongst India’s youth, specifically concentrating on the economically weaker section of the community and rural areas. From Udyogini scheme to PMEGP, the Government of India aims to create an environment where the artisans across the nation benefit from adequate funding, training, availability of raw material and equipment, as well as better market exposure for their goods. These schemes are designed to assist the traditional industries, allowing them to match the present market demand without sacrificing quality. Prime Minister’s Employment Generation Programme, Scheme of Fund for Regeneration of Traditional Industries, Scheme for Promotion of Innovation, Rural Industry and Entrepreneurship, Credit Guarantee Scheme for Micro and Small Enterprises, are only some of the Government launched schemes to help boost the nation’s economy. A number of these provide advances in the form of a business loan at a subsidised (or against credit guarantee) rate, while some concentrate on providing adequate training and infrastructure to help organisations reach their target capacity.  Due to a poor credit score or no credit history, it can become difficult to avail credit cards or loans. The only option is to build your credit rating and increase your creditworthiness.
To do so, you can to avail a credit card against FD or secured credit card and improve your credit score. Secured credit cards are issued on by pledging an FD. Thus, to approve these credit cards, issuing authorities don’t require a high credit rating, good credit history or even proof of income. On default, the financial organisation can use your asset to recover the loss due to your outstanding. Hence, these cards are easily available as they cut down the credit risk of the lenders. Secured credit cards have the following pros and cons – Pros of secured credit cards
If you need to build or improve your credit score, a credit card against FD is an easy way to do so. With a good score, you can apply for lucrative credit cards like the Bajaj Finserv RBL Bank SuperCard. As per reports, it is estimated that in the financial year 2019-2020, the knitwear exports from Tirupur would accrue around Rs.30,000 crore when compared to last fiscal years’ total export worth Rs. 26,300 crore. These numbers indicate the bright prospect of hosiery business in Tirupur.
Further, several financial institutions are now offering substantial business loan in Tiruppur to encourage small scale hosiery firms to expand their venture globally. It goes without saying that individuals require to rely upon both financial assistance and sound business planning to expand successfully. For instance, entrepreneurs need to conduct market research and adopt feasible business strategies to become familiar with their market standing and competition. Additionally, by focusing on product differentiation, they would be able to create a unique identity in the market and would further improve customer service. Similarly, by improving supply chain management with the help of skilled local professionals and the latest technology, exporters would enhance their international networking. By accumulating adequate capital, individuals would also be able to fund their expansion-oriented requirement easily. However, if they are faced with a financial crunch, they may avail a business loan and fulfil their requirement successfully. Successively, entrepreneurs should find out the details to apply such credit facility smoothly.  Indians lack access to quality healthcare, which leads to several fatalities in any given year. With the emergence of technology, the country hopes to improve the reach of its medical sector. Mobile health or mHealth is the driving force behind this technological shift.
Mobile Health is all health-related programmes that are available on mobile devices today. From weight-loss applications to apps that help you maintain a balanced diet, all of these come under mobile health technologies. Since most individuals already possess smartphones and high-speed internet connectivity, mHealth offers ease of access when it comes to affordable and high-quality medical services. Both patients and doctors benefit greatly from the rise of mobile health services. Patients can find health and wellness information at the tips of their fingers. Moreover, they can set reminders and alerts to ensure prescription compliance for the best results. Such applications can also effectively reduce medication error cases, limiting unintended casualty or side effects. Nanotechnology is another promising field that can help in improving the healthcare status of India. Nevertheless, more research is necessary before it can be utilized with maximum effectiveness. Availing a loan for doctors should help with the financial requirements to integrate such state-of-the-art technology into your healthcare setup and better serve patients.  Personal Loan vs. gold loan, which one a customer should choose entirely depends upon their requirement. The two mentioned forms of credit are different and offer a varied range of loan amounts to customers helping them solve their financial situation.
Customers should consider a few pointers to determine which one is feasible for them and will better serve their purpose while providing easy repayment options.
Additional Read: Personal Loan vs. Gold Loan  Contactless cards and chip cards are two different variations of payment cards with their characteristics and benefits on offer. Every financial institution is offering these cards nowadays for users to upgrade to them.
However, before upgrading users should know about what is a contactless card and what is a chip card. Contactless cards These cards work on contactless payment technologies like RFID and NFC. Here, the user has to bring his/her credit card near (2-3 inches) a POS terminal equipped with this technology and with a single tap they can make the payment. Users can distinguish this card by looking at the Wi-Fi symbol on it. Chip-enabled cards Chip cards are equipped with a microchip that contains the user data. These cards also have the traditional magnetic strip in them. These cards behave like other usual payment cards where users have to swipe them or insert them in POS terminals to make transactions. These cards, also known as EMV cards, here EMV stands for Europay, MasterCard and Visa. They have jointly developed this technology to improve the security of payment cards. These two cards share some common difference between them; they are –
It is advisable that individuals should compare both of these cards on their merits and make a decision according to their convenience.  Several Indians avail a used car loan to finance the purchase of a pre-owned car. With the rate of used car purchase increasing annually, financial institutions offer several benefits to individuals procuring a used car loan. The 4 important things about used car loans include – 1. Value of the pre-owned vehicle Lenders consider the value of the vehicle while approving a used car loan. The mileage, the number of transfers between owners, the condition of the exterior as well as the interior determines the value of the car. NBFCs issue used car loans only if the vehicle has a decent market value. In addition, the interest rates of the loan depend on the model of the pre-owned car. 2. Document requirements of the car A used car should have valid documents under the name of the latest owner for the approval of a used car loan. The registration certificate (RC) of the car, insurance papers, and NOC from the previous owner need to be submitted to the lender. Individuals have to possess valid KYC documents, income certificates, and driving license for loan approval. 3. Tenor of the loan The loan tenor depends upon the age of the previously-owned car. In case the car is older than 5 years, the lenders impose shorter tenors thus increasing the EMIs. Individuals should use a loan EMI calculator to manage the repayment schedule during the tenor. 4. CIBIL score of the applicant An applicant’s CIBIL score must be at least 750 or higher to secure a used car loan. Higher CIBIL scores indicate the repayment capability of the lender, thus making a used car loan easily accessible. Owing to the above conditions, individuals can opt for a personal loan. Fulfilling the personal loan eligibility is also easier. Additionally, buyers don’t have to make a down-payment when using these loans to buy a second-hand vehicle. Additional Read: Important Things You Must Know About a Used Car Loan  To increase the Gross Enrolment Ratio (GER) of Bihar, the concerned state government launched Bihar Student Credit Card Yojana. This scholarship scheme aims to encourage students to pursue higher education with this credit facility.
Nonetheless, to understand how it helps students, they should learn about the associated terms and conditions of usage. To begin with, the scholarship programme under MNSSBY proves advantages in several ways. For instance, it extends substantial credit of up to Rs.4 lakh as credit. Further, girls, transgender, and physically challenged students are entitled to avail the same at a more affordable rate of interest. Beneficiaries can use the loan value to meet expenses like paying tuition fees, purchasing academic books, enrolling into programmes designed to enhance soft-skills, etc. Likewise, the entire repayment process set by this scheme is simple. It directs students to repay the loan availed once they secure a stable job. Regardless, to avail such benefits, one must meet the eligibility criteria set under this scholarship scheme. For example, a resident of Bihar who is below the age of 25 years and has completed their 12th standard examination from a state or central recognised institute is eligible for this scheme. Likewise, those studying in graduation courses should not be above the age of 30 years to be deemed eligible. Additionally, they should furnish the required set of documents for eligibility. However, in case one fails to meet the eligibility criteria, they may opt for an alternative financing option. For example, they may opt for a feature-rich credit card like the Bajaj Finserv RBL Bank SuperCard to finance their requirements accordingly. Successively, they should keep in mind that no matter which financing option they choose, they must be aware of the steps involved. It will help streamline the process more proficiently and improve their scope to secure approval.  International travel can reduce your savings considerably if you don’t opt for a travel loan. You can conveniently plan your next summer vacation without straining your finances with such an advance. Besides, there are several budget-friendly destinations that are breathtaking, and you can visit them without burning a hole in your pocket. So, if you are planning for your ideal summer gateway, here are 3 pocket-friendly places you can consider –
It has a unique blend of old and new, traditional and modern. Dotted with temples, monasteries and vibrant shops – Kathmandu is a treat to your senses.
Explore Singapore’s night safari, spend some quality time at the Marina Bay and shop till your heart’s content from more than thousands of fashion labels. Ensure to avail a vacation loan such as a personal loan for travel to tend to your travelling expenses with ease.
You can soak in the amazing beach life and the taste of this island country for an otherworldly feel. However, travelling to the Maldives is a bit expensive. Therefore, obtain a travel loan to explore all the majesties this place has to offer. With a financial advance at your disposal, it is time you pay a visit to these scenic destinations next summer. Additional Read: Affordable Summer Vacation Destinations  Sukanya Samriddhi Yojana is a government-backed programme initiated for parents or legal guardians of a single girl child. The programme caters to the development of girl children by letting parents invest in a savings account that offers higher returns with a lucrative interest rate of 8.5% presently.
The contributors can open this savings account after the birth of a girl child before she attains the age of 10. Further, they are allowed to invest or make deposits until 15 years after which the savings accrue interest. The initial amount to open the savings account is Rs.250, which is also the minimum amount a contributor should invest every year. The maximum one can invest under this scheme is Rs.1.5 lakh in a year. Further, the beneficiaries under this programme can be exempted from tax under Section 80C of the Income Tax Act. The saved funds can be claimed for withdrawal only after the maturity period and not before. However, 50% of the funds can be withdrawn for educational purposes or to meet wedding expenses. In such cases, they would need to provide valid documents in support of the claim. Since this programme only caters to the need of a girl child and her financial security, individuals looking for investment options can choose other beneficial and secure modes of deposit like fixed deposits. They can deposit their savings for a fixed tenor and avail lucrative interest for the term deposit made. Rapidly-developing business models followed by its numerous disruptions often shift the focus of companies from its working capital needs.
Nonetheless, technological advancements, GST implementation, and alternative sources for debt funding bring in the need to take a new perspective on working capital management (WCM). With predictions of WCM becoming a value driver in all businesses, its significance is at an all-time high. The broader aspect of WCM includes its role in maintaining a perfect balance amongst profitability, growth and liquidity of a trade. A proper WCM also enhances the solvency of a business by helping it meet its short-term obligations. It also strengthens the credit profile of a trade with in-time payment of debts that has a positive impact on the credit score of a business. This ensures easy availability of financial aids. Then again, entrepreneurs can opt to avail business loans to meet fund their Working capital needs. WCM also improves a business’ ability to face financial dips or crunches and helps in the convenient expansion of a business by offering adequate cash. Considering the benefits that adequate management of WC requirements brings, entrepreneurs, need to be well-versed with its comprehensive idea and approach financers in case they need help with the funding.  Travelling to exotic island destinations abroad is a costly affair, and it is not a sound financial decision to break into your savings to bear the substantial expense. Hence, a travel loan can be your go-to option to cater to the significant expenditure associated with travelling abroad. So, if you are short-listing the popular island destinations, here is a list of places you can consider visiting next summer – 1. Santorini (Greece) An ideal place to plan your honeymoon, this Aegean recluse is surrounded by beautiful beaches, turquoise waters and hillocks, making it a perfect beach destination. And, if you need funds to bear the high expense, avail a personal loan that can fetch you a handsome sum of up to Rs. 25 Lakh. 2. Caribbean islands Although not a popular destination yet, this virgin beach holds tremendous potential. It is a hot-bed for surfers and sunbathers who desire tranquillity and warmth of the southern sun. 3. Honolulu (Hawaii) Hailed as one of the prettiest coastlines, this Hawaiian paradise is every beach lover’s favourite spot. With an active nightlife and sumptuous cuisine, Honolulu can be your ideal island gateway. However, travelling to this part of the globe is a costly affair. Hence, avail travel finance to bear such a substantial expense. 4. Republic of Cyprus If you prefer rocky beaches and archaeological ruins, this island destination is perfect for you. Besides, Cyprus is famous for its wine; hence, you can also enjoy the culinarily and gastronomically experience that this place has to offer. 5. Phuket (Thailand) With its white-sand beaches and lush rain forests – Phuket is a majestic place to visit next summer. It is also renowned for its water sport activities and vibrant beach life. 6. Bali (Indonesia) Bali can be an ideal gateway if you want to explore the majestic beaches of the East. Considered as the first choice of island destination by tourists in 2019, Bali is a tropical paradise. Although travelling to Bali is comparatively cheaper than the western counterparts, you can avail a Bajaj Finserv travel loan to eliminate the chances of straining your finances. Read More: Top picks for the perfect backpacking trip to Indonesia With these travel ideas in hand and a financial advance in place, you are all set to visit a scenic island destination next summer. Additional Read: Island Destinations You Can Visit Next Summers  A personal line of credit is an unsecured loan. To elaborate, such credit options come with a specific loan value that can be used by borrowers to meet several requirements as and when required. Therefore, it can be said that it comprises certain characteristics of both personal loans and credit cards. Consequently, individuals may avail either a line of credit or avail a instant personal loan from a trusted NFBC. The following highlights the top 3 benefits of a personal line of credit – 1.Substantial loan limit A personal line of credit comes with a high credit limit. It directly allows borrowers to meet their subsequent requirements effectively. 2.No restriction on end-use Being an unsecured loan, it comes with no restrictions. Individuals can borrow a sum of money they require and fulfil their needs accordingly. This makes them an ideal option to fund on-going projects like home or office renovation, etc. 3.Affordable interest rate Personal loans come with a competitive rate of interest. By holding a credit score of 750 or above, applicants also receive the option of availing lower rates. The same is also achievable when they have a high income, high credit score and sound occupational background. Regardless, if individuals wish to avail a substantial loan amount at a go, they can get a personal loan. Further, there are several fees and charges involved to maintain this loan option, which must be checked before applying. Before applying, individuals must base their decision depending on their financial requirements and their ability to repay the same. Get answers to your queries instantly related to personal loan, anytime and anywhere Contact Bajaj Finserv Customer care number. Additional Read: Benefits of Getting a Personal Line of Credit The growth of medical tourism in India has seen significant progress in recent years, thanks to several interesting and friendly policies undertaken by the Government.
Experts are estimating a $9 billion market for healthcare tourism by the end of 2020, encompassing almost 20% of the global market and overtaking several developed western countries. Several factors played a key role in turning India as one of the giants in the medical tourism market in recent years. The nation boasts one of the largest English speaking demographics, allowing for minimum communication gap between treatment seekers and healthcare facilities. India also has a substantial number of recognised healthcare facilities, sporting cutting-edge equipment that can accurately diagnose and assist in treating several ailments. Expenses also play a crucial role in the growth of medical tourism in India. The Indian healthcare industry offers service at a comparable charge, without compromising on the overall quality. Thanks to a relaxed exchange rate and relatively low cost of everyday items, patients can save up to 90% on the overall cost of treatment if they opt to visit India. Doctors can provide services without facing financial losses thanks to the availability of credits like a loan for doctors offered by various financial institutions. All these have provided a welcome change of pace to patients, especially for individuals hailing from developing countries, who need imminent medical attention. Considering the increasing GER, different educational institutions are also emerging. An individual aiming to build an institution may require financial assistance and to suffice such requirements they can avail a business loan. An individual should avoid making a few mistakes to avail a business loan for school funding.
Among few mistakes, individuals with a lacklustre business plan may face rejection on their application as it creates obstacles of answering a few essential questions. Not preparing to face questions like their strategy of spending the funds or their repayment method, etc., is also a mistake. Other than that, individuals with a relatively low credit Score may face rejection as such 3-digit expression helps to determine a borrower’s credit-worthiness. This expression ranges between 300 and 900, and an individual is required to hold a minimum score of 750. One of the common mistakes an individual can make while availing a loan for school funding is to avoid perusing through the fine print of the agreement. Such documents incorporate details of different clauses, charges, terms and conditions. Furthermore, applying for multiple advances can also create issues with an individual’s business loan application. By avoiding the above-stated mistakes, an individual can easily avail a business loan which can efficiently suffice their financial requirements to build a school.  Personal loans are unsecured loans, which can be availed easily by most borrowers by fulfilling the easy to meet eligibility criteria. Nevertheless, since no asset is pledged as collateral, the associated risks are high.
Accordingly, before you apply for a personal loan in Ghaziabad, make sure that you compare different lenders and choose which offers you a loan at affordable interest rates. Apart from interest rates, it is also advised that you consider other features to get the best personal loan. Look for the following features and benefits to avail the best personal loan –
Application procedure You can apply for a personal loan by following the steps below –
 According to the Income Tax Act, all Indian citizens are bound to pay income tax. Tax is even levied on your interest income from fixed deposits and similar other investment avenues as well. If your interest income on these savings instruments are more than Rs.40,000, financial organisations are authorised for tax deduction at the source, that is called TDS.
The exemption limit was Rs.10,000 till 2018-19 financial year, but it increased to Rs.40,000 with effected from FY 2019-20. Form 15G is a self-declaration form to request your financer no to exact TDS. You can submit it both in online and offline. You have to provide your name, PAN details, Status, financial year, residential status, address details, email ID, contact number, details about your tax assessment year, details about your other 15G form submission, concerned income details, total income details, and details of your investment for assessment. From the Income Tax Department website and also from your financial institution’s website you can download this form. If you don’t submit it on time, TDS will be exacted from your account. Then, you have to claim a refund from the Department of Income Tax by filling ITR and also you need to fill 15G form as soon as possible so that no further TDS can be exacted.  Used car loans are a unique financial product offered to borrowers who are looking for financial assistance to purchase a pre-owned vehicle. It is similar to a secured credit, disbursed against a hypothecated vehicle that a borrower wishes to acquire. There are several financial institutions that offer used car loans to eligible applicants. However, prospective customers should assess several different aspects before he or she decides on a particular lender and credit scheme. It is unlikely to consider a particular institution the best for a pre-owned car loan. There are several factors that should be considered while selecting a particular lender; take a look –
Other than a used car loan, borrowers can also opt for other forms as credit, such as a personal loan. These are unsecured loans advances, disbursed against an affordable rate of interest and flexible repayment tenor. An ample sum disbursed allows a borrower to finance the purchase without any down payment. Additional Read: Financial Institution Is Best For A Used Car Loan  Personal loans are unsecured credits that customers avail to meet several financial necessities. Such loans, offered by financial companies, have a flexible tenor of up to 60 months, i.e. 5 years. Individuals opting for quick personal loans often apply for an extended tenor of 5 years so that the equated monthly instalments (EMIs) are reduced thereby putting minimal financial strain over an individual. However, customers may accumulate surplus funds at a later point in time and may wish to pay off the loan quickly. In such situations, they can consider the below-mentioned pointers and quickly repay their loan. Ways to repay personal loans quickly 1. Opt for short tenor Consider opting for a personal loan with a short tenor so that it takes less time to pay off the credit. However, opting for a short tenor will have a direct impact on the EMIs as it will increase. Customers should choose for this option if they have enough funds to repay loan EMIs, keeping other financial obligations aside. 2. Part-prepay the loan In case a customer has surplus funds, it can be used to make part-prepayment of the loan balance. This will help in reduced financial burden over a customer as either the loan tenor will be reduced or the EMIs, depending upon one’s requirement. However, financial companies may charge an additional fee to make part-prepayment of their loan. 3. Make full prepayment of loan Paying the outstanding loan balance in full can be considered if a customer has enough funds in their account. They can opt for foreclosure of their quick personal loan by paying off the entire outstanding balance. This not only helps them save on the total outgo but also from the hassles of keeping track of EMIs. 4. Balance transfer In case a customer receives a better quote of a personal loan with a relatively lower rate of interest, opting for balance transfer can be a wise decision. Even if the financial company charges a balance transfer fee, the reduced personal loan interest rate will help decrease the EMIs and the total cost of loan. Customers availing a quick personal loan and looking for ways to repay it fast can consider these pointers and reduce the total payable interest for the loan. Get answers to your queries instantly related to personal loan, anytime and anywhere Contact Bajaj Finserv Customer Care Number. Additional Read: Repay Your Personal Loan Quickly |
AuthorAman 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. |
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