So you are busy buying out your needs with the purchasing power of a credit card. And since the plastic money is being used, there are tons of rewards and cashback credited to your card account, delighting you every second.
But as the card spends account for about 50%-60% of your need, the bills soar to new heights every month. Well, you are somehow able to pay off the dues even as it takes to compromise on some of your leisure.
Amidst all these, you plan to get your sister married and that too in a glittering ceremony, requiring massive bucks to make it a reality. One that can help your case is a personal loan widely given for such a purpose.
Since you are aware of the importance a credit score holds to your chances of loan approval, you now seek a credit report which could tell you the do’s and don’ts regarding the use of your credit card. And what better than a CIBIL report to look at and incorporate the suggestions made in it to get your card usage in order so that your impending goal of marriage with a personal loan sees the light of the day.
How Can You Access CIBIL Report?
To access the report, you first need to create a CIBIL login as well as mention some personal and credit-related details. By choosing username and password, the login can be created. But make sure to choose in a way that can meet the requirements as set by CIBIL.
Like many logins, CIBIL also wants you to conform to the requisite number of alphabets, numerics and special characters. As soon as the login is made, enter the relevant details properly before the credit bureau runs its authentication. After that, you are through to request for a credit report from India’s credit information company.
What Does CIBIL Report Consist of?
The report would consist of the dates on which you have paid your card dues, the extent of credit limit utilized, etc. Concerns will flare on the report of finding you being chucking out a lot of credit limit every month, raising the bill amount substantially. CIBIL may come with these suggestions to get your debt servicing improved with time.
Get a Curb on Your Credit Limit Utilization – It’s ideal to maintain a credit limit of around 30%-40% to rein in the bill amount surge while also helping you to build your credit history at the same time.
Say No Impulsive Spends – These spends are increasingly becoming an absolute villain by drying out the wallet of most with the payment of surging card bills month-on-month.
So, don’t purchase everything just for the fact that others are doing. They may be more on the income side and won’t require a loan or so to fulfill their needs. Purchase what is necessary and also check the cost of it before doing so. After all, you would want to pay a bill that is affordable.
Rising Credit Card Debt? Apply a Personal Loan to Pay it off
Credit cards are one of the most popular means of paying for transactions. The ‘buy now pay later’ concept of the card makes it quite attractive as individuals having a shortage of cash can also use the card for making transactions. Moreover, the card also allows you to pay a minimum amount due and revolve the remaining outstanding balance to the next month if you are in a financial crisis. Though this revolving credit facility seems like a good way to delay paying your credit card bills, what you overlook is the high-interest charges which are applicable. Revolving credit facility incurs an interest on the entire outstanding balance. The interest rate goes up as high as 40% and you inevitably rake up a high credit card debt. If you have multiple credit cards, the debt becomes too high to pay off. But, there is a solution to the mounting credit card debt you face. You can take a personal loan and pay off the entire debt in one go. Yes, a personal loan helps you to pay off your credit card debts. What’s more, it also has various advantages. Do you know what? Let’s find out –
You can consolidate the entire debt and pay it off in one go
When you take a personal loan for paying off your credit card dues, you get the benefit of consolidating the outstanding balances of all your active credit cards. You can sum up the total debt outstanding to your name and then pay off the debt by availing a personal loan online. Since the debt is consolidated and paid off you are freed from the task of remembering the due dates of multiple credit card bills. You just have to remember the EMI payment date of the personal loan which you availed. You can be freed up of that too if you automate your EMI repayments through Standing Instructions or ECS facility in your bank account. So, a personal loan brings together all your debts under one head and makes it convenient for you.
You save a fortune on interest payments
Do you know that credit cards have the highest interest rates associated with them? Interest rates on your credit cards go as high as 40% per annum. Therefore, your credit card dues multiply because of the incidence of the high-interest rate. Personal loans, on the other hand, have very low-interest rates compared to credit cards. The interest rate for personal loans ranges from 10.75% to 22% depending on your eligibility. Thus, by substituting your credit card debts with a personal loan you lower your interest outgoes considerably.
You can control your EMI payments
When you opt for a personal loan, you have complete control on your EMIs. You can increase or decrease the loan tenure to arrive at the EMIs which would be most affordable for you. Credit card debts don’t give you this control. Under your credit card,you have to pay the minimum amount due to carry forward the remaining balance to the next cycle. This amount might not entirely be affordable especially when you are in a cash crunch. So, take a personal loan and control the EMIs which you pay for your debts.
You can improve your credit score
Even though revolving credit facility is available on your credit cards, the facility, when availed, reflects badly on your credit score. It depicts that you are not paying your credit card dues regularly and are building up debt. This depiction hampers your credit score and lowers it. In a personal loan, the EMIs payable are a part of the loan. They, therefore, have no effect on the credit score. Thus, when you repay your credit card debts with a personal loan your credit score improves as the dues are not revolving every month. Availing a personal loan in place of a credit card has no effect on the score because you substitute one type of unsecured loan with the other.
So, personal loans are the best bet to repay your credit card debts. They do not require any collateral security and are allowed easily. You can take a personal loan online and consolidate your Credit Card debts. So, don’t increase your credit card dues any further. Avail a personal loan and clear them off.
How Does a Home Loan EMI Calculator Works?
Are you planning to apply for a home loan and are worried what the EMIs will be? Well, you need not worry about this at all as the home loan EMI calculator will calculate the EMIs for you in seconds. The home loan EMI calculator is a simple, fast and reliable source of information to calculate your EMI’s. Moreover, you will be well-informed about your loan even before you approach a bank.
Here are the few advantages of using a home loan EMI calculator:
- Saves your precious time
- Gives you accurate results
- Helps you to plan your finances
- Offers a list of housing deals just for you
Home loan EMI calculator computes the EMI according to the details entered by you in the calculator. It works on the following inputs:
• Loan Amount
• Tenure of home loan
• Interest Rate
Loan Amount:The amount of money that you borrow to purchase a house is the home loan amount. The amount that can be borrowed depends upon the cost of the property and your repayment capacity. The lenders generally give 80% of the property value as a loan (the rest 20% is to be paid as a down payment). Keep all these things in mind to have a better idea of how much loan amount you need to apply for. Do your calculations correctly in order to get the correct value of your EMIs. Also, enter an amount keeping in mind that EMI or monthly installments cannot account for more than 40% of your monthly income.
Tenure:Once you have decided the loan amount, choose the tenure for the repayment of your loan. Home loans are long-term loans with long repayment tenure of up to 30 years. You can choose the loan tenure as per your choice, but remember the longer tenure you choose the more interest you will have to pay. However, you can modify the tenure on the EMI calculator and arrive at a tenure that works for you.
Interest Rate:After entering the loan amount and tenure on the home loan EMI calculator, you need to enter the interest rate offered by your preferred bank. You can check the home loan interest rates by visiting the bank’s website or through the website of different financial aggregators.
Amortisation Details: The home loan EMI calculator also has the option to display the amortisation details of your home loan. These details help you understand your principal home loan amount, interest paid and the outstanding loan details on monthly, half-yearly or annual basis.
After entering all the details on the EMI calculator, press the ‘Calculate EMI’ button. You will get your monthly home loan EMIs in seconds.
Conclusion:Using a home loan EMI calculator can help you manage your finances better. In addition, it saves a lot of time and gives you accurate results. It is more reliable and easy to use as compared to the mathematical formula.
How to Start Business Support Services?
Even if you are in a technological startup, there are many techies’ tasks you will probably need to outsource. Budgets are tight, and every startup employees are famous for being forced to wear a number of hats. However, employing a DIY approach can sink a startup faster than an investor who pulls out funding at the last minute. The best approach is budgeting for business support solutions so that the founder and employees can focus on their own jobs.
The size of the market for business support services in Darwin is difficult to estimate for a number of reasons. The primary reasons are the providers, services and customers who are constantly evolving with technological advances. For example, the secretarial service of the 1960s and 1970s were the good electric typewriter was pretty much all you needed but now it’s get off the ground today’s businesses. And who knows what technology will be able to do in 30 to 40 years from now?
To understand the future perspective, take a look at how the industry has evolved over the span of the 20th century. The administrative demands of doing business have grown tremendously, creating a need for clerical support. With the introduction of desktop computers and increasingly sophisticated office equipment, the skills and knowledge requirements of employees have also increased.
At the same time, the general business landscape has changed radically. Big business is looking for ways to streamline their operations, and one popular option is a farm out, where they retain another company to provide a service that may have traditionally done by employees. Small business companies want to stay lean and profitable; even they are turning into outsourcing rather than fattening up their payroll.
Combine the obvious need with new ways of operating in the business world; you have a dynamic young industry wide open with opportunities: business support services. In fact, there are so many opportunities that if you don’t have a clear plan, target market, and specific services, your chances of success are low. With a lot of thought and preparation and a minimal amount of cash, you can quickly be on the road to profitability.
Types of services
You can offer a wide range of services; the following list encompasses the kind of services you can offer. The most important thing listen to your clients, they will let you know what they need and then you can decide if you can provide it.
- Business improvement and automation solutions
Taxation is very important for business support services because it helps you for the preparation of tax return for individual and companies and trusts.
The biggest advantage of bookkeeping is that remote bookkeeping solutions can go paperless. By using your Smartphone you can have a secure portal into your accounting software. The stressing of filling and fear of losing your receipts is not an option for you.
Business improvement and automation solutions
As technology improves and industries become more competitive, many businesses want to remain profitable. With new software applications being developed daily you can take advantage of technology to increase productivity and reduce administrative costs. There are many affordable technical solutions available that suit your business needs. Through the implementation of business support, you can roll out new software system and processes.
The manual processes and diverse data and legacy system used financial reports must provide accurate and timely information. The processes should be the standardized and efficient workflow that enables your organization to capture and share accurate financial data across the enterprise.
You have three broad markets for business support services in Darwin.
- The general public
- Small commercial and home-based businesses
- Large corporations.
By “general public” we mean the individual person who is not into businesses. The two largest segments of this market are people with college or school students and housewives.
Small commercial and home-based.
The majority of your clients will fall under this category. These are companies that require administrative support but do not have the money, space or need for the full-time employee. They may prefer to outsource specific tasks rather than invest in the talent and equipment necessary to get a job done right. Hiring temporary employees can be more costly than small businesses needs demand.
As the number of small businesses continues to grow, so does your potential market. The list of services they use is limited only by your imagination and personal preferences. As you develop a relationship with small businesses, you will be in a position to make a suggestion that will increase volume and expand the scope.
Large companies also use business support services when their own staff members are unavailable for certain reasons like vacations or illness. They may not actually need a temporary staff they just need someone to come in and be present in the office. Sometimes they may need someone who can handle all or part of the work of the absent staff.
Marketing is an area where your creative side can shine. It is something many people don’t like to do it it’s very essential if you are going to build a successful and profitable business. Don’t get discouraged if your marketing efforts don’t produce an immediate response. You will have to put together a professional and attractive information package. It is not unusable for a sales contact not to generate a response for months or even a year.
Advertising is a great way to bring new business, but choosing effective media may take some experimentation. The single best place to advertise is your local newspapers because that’s the place where people look when they need a service and don’t know who to call. Don’t limit yourself with local newspaper; try to put ads on a radio station and news channel. You can place ads in the university newspaper classified section and get a good response from that.
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