An investment account can be called one of the most fundamental and furthermore the most mainstream banking items in India. To guard your cash, to procure revenue over the equilibrium, to make monetary exchanges, there are n number of purposes behind you to have an investment account.

While each Indian who turns 18 tries to have his own financial record to deal with his accounts yet the issue comes when banks expect you to keep up a base equilibrium.

A base equilibrium is a fixed sum that you have to keep up in the investment account on a normal equilibrium premise. Non-upkeep of the base equilibrium pulls in punitive charges.

In spite of the fact that a few banks give Zero Balance Savings Accounts to its clients where they don’t have to keep up any base offset yet that accompanies a restricted arrangement of highlights.

Discovering zero equilibrium accounts isn’t that incredible an arrangement any longer. However, what’s significant is finding the correct zero equilibrium account – one which is advanced, includes less administrative work, offers extraordinary financing costs, doesn’t charge extra or concealed expenses, and other savvy highlights.

All things considered, for individuals who wish to open a zero-balance bank account, we are here to disclose to you the best 5 Zero Balance Savings Accounts in India. These choices will assist you with settling on a superior decision while opening your record.

An investment account can be called one of the most essential and furthermore the most mainstream banking items in India. To guard your cash, to acquire revenue over the equilibrium, to make monetary exchanges, there are n number of explanations behind you to have an investment account.

While each Indian who turns 18 tries to have his own financial record to deal with his funds yet the issue comes when banks expect you to keep up a base equilibrium.

A base equilibrium is a fixed sum that you have to keep up in the bank account on a normal equilibrium premise. Non-upkeep of the base equilibrium pulls in correctional charges.

In spite of the fact that a few banks give Zero Balance Savings Accounts to its clients where they don’t have to keep up any base offset however that accompanies a restricted arrangement of highlights.

https://moneyhop.co/blog/top-5-millennial-friendly-zero-balance-savings-account-in-india/

Discovering zero equilibrium accounts isn’t that extraordinary an arrangement any longer. However, what’s significant is finding the correct zero equilibrium account – one which is computerized, includes less administrative work, offers extraordinary loan costs, doesn’t charge extra or concealed expenses, and other shrewd highlights.

All things considered, for individuals who wish to open a zero-balance bank account, we are here to reveal to you the main 5 Zero Balance Savings Accounts in India. These choices will assist you with settling on a superior decision while opening your record.

. Although it may seem difficult for owners to make use of these loans, particularly first-timers, this is not so.

Approval of business loan depends on different parameters, and if these are not met, a loan has a will be denied. The best way to deal with the rejection is to explore the factors behind it and build on them to obtain the business loan eligibility criteria for your next submission.

Reasons for your business loan application getting rejected

Low credit score

A good credit score reflects the successful management of the budget and expenditures. If you have a low credit score, it shows your lack of financial prudence. You must check your score with reputed credit rating agencies before applying for a loan. One of the most common reasons for refusal on l business loans is due to the use of a high percentage of credit amount.

Insufficient cash flow

Your cash flow analysis shows your ability to repay your loan after you have covered the operating costs. Insufficient cash flow influences lender trust to approve the loan. You can increase your cash flow by:

Reducing unnecessary costs
Holding correct invoice
Establish an Emergency Fund
Excess debt

If your company is in over-debt, prospective investors will be turned away. A lender’s primary concern is repayment. When a lender sees you having colossal debt, it is natural that he will be cautious. Maintaining low credit balances and paying off past debts would help solve this problem and can get a business loan quickly.

Weak business plan

Developing a detailed business plan would be wise. You will need to do an in-depth study of the market factors before submitting the documents required for business loans. It lets you get an objective and realistic analysis of the possibilities a scenario provides to your company.

Lack of collateral

Investors are looking for concrete evidence to support their investments. When you apply for a loan, you must have a clear understanding of your inventory of assets which you can use as collateral. If you are unable to provide tangible assets, you may need to mortgage your assets to get the business loan you need.

Purpose of the loan

You should be aware of why you need to apply for business loan. Do you need it to purchase new equipment or for research or to develop a new product or is it for renovating your office? If you are uncertain about your loan’s intent, lenders are less likely to approve your application.

Are you able to keep track of every amount that goes in and out of your account? Do you find yourself living from paycheck to paycheck and unable to save money?

The truth is, most of us are unaware of how much we need to live comfortably each month and this could lead to stress when paying bills. To manage your money effectively, creating and sticking to a budget is essential, and a zero-based budget will help you account for every single kobo you earn or spend.

In simple terms, a zero-based budget is your income minus expenses equal to zero (i.e. I – E =0). With zero-based budgeting, you will understand how your hard-earned Naira is being spent (expenses, debt, and investments).

Creating a zero-based budget might seem tasking, however, using the right digital saving and banking tools will make the process easy to start.

How to make a zero-based budget
1. List all your income sources

When making your zero-based budget, start by adding your possible sources of income. This can include your salary, income from your side hustle, cash gifts, residual income from investments, etc. You can do this with a sheet of paper, excel spreadsheet, or online savings platforms.

2. Write down your monthly expenses

Before the month begins, write down every planned or recurring expense starting with food, utilities, shelter, and transportation. Also, include a category for miscellaneous (unplanned expenses). Don’t forget to add your periodic savings to your budget too; saving money should be a priority.

3. Compare your cash inflow and outflow

Remember the goal of a zero-based budget is to have a balance of zero at the end. If your income and expenses do not equal zero that means you will need to increase your income or reduce your expenses, or both.

The desired outcome of the zero-based budget is to have every Kobo accounted for. This does not mean you will have zero Naira in your bank account, it means that you will have zero Naira left in your budget.

If you have a ¦20,000 excess in your budget, you will need to assign it to something profitable. For example, an investment platform like OVERWOOD will help you earn compound interest on idle funds.

The biggest advantage of adopting a zero-based budget is that it gives you control over what is happening with your money. A zero-based budget will direct you on how to spend your money the right way.

You should use a personal loan to meet unforeseen expenses. It should not be obtained on the spur of the moment or simply because one feels like splurging. There may be times when you are facing an emergency financial crisis and need instant cash. In such scenarios, a personal loan could help you because it can be used for any purpose. These loans come with high-interest rates, and if you take a secured personal loan, you may risk losing your collateral. Before you apply for a personal loan, find out what you will use it for, and then decide whether you want to begin filling out an application or not.

Listed below are a few scenarios where a personal loan can prove to be useful:

Buying Latest Gadgets
Are you a digital-technology expert or enthusiast? If yes, then you desire to buy the latest gadgets. However, purchasing a new expensive gadget can be a stressful process. As the technology is continuously changing, new gadgets integrated with ‘smart’ technology are emerging to make your work easier. This increases your urge to buy these gadgets. So, apply for a personal loan to fulfill your desire to purchase the latest gadgets. However, don’t forget about the interest rates and the EMI you need to pay.

Medical Expenses
Medical expenses can take a severe toll on your finances. There are times when you don’t have enough money set aside to cover your medical expenditures. If you’re medical bills are overdue, it is better to think of different ways through which you can make payment. One way is getting a personal loan as it is a hassle-free process, and the loan amount is disbursed quickly. Make sure to select the lender that can be disbursed the loan amount into your account quickly.

Necessary Home Renovations
You have planned the renovation of your home with a budget. While renovating the home, you realized that the actual cost of renovating exceeds the budget you have in mind. This is where a personal loan can be used. With this loan, you can do many things such as remodeling the house, change the fittings and furnishings, etc. Here, it is important to note that your creditworthiness will decide the loan amount and interest rate you will be charged with.

Child’s Education
As a parent, you want to provide everything your child desires and needs. Quality education is one of the things your child needs to have a bright future. However, education is continually getting more expensive. Along with this, the education loan is insufficient to cover tuition pay, relocation costs, living costs, etc. Getting a personal loan can prove to be very helpful in such cases. The loan amount can be used to cover living costs, relocation costs, etc.

Wedding Expenses
In India, weddings are typically lavish and big. To make your dream wedding come true, you need to have adequate finances. A personal loan may look like a great idea if you do not have sufficient funds to organize the wedding. Since there are no limits on using the funds from this loan, you can use it as per your needs. You can utilize it for catering, flower arrangements, or shopping.

Moving Expenses
Moving to a new home is exciting, but it can also be stressful. You may be relocating for work or other personal reasons. Either way relocating is a hectic process and can get costly. Applying for a personal loan makes perfect sense in this case. It will cover any unforeseen costs that occur as a result of your relocation.

Repaying Family Or Friends
Your relationship is at risk if you’re indebted to someone who helped you out with a loan but you can’t pay them back. A personal loan can help you; however, it is better to communicate with that person first. Perhaps you can come up with new payment plans that are mutually acceptable. If this is not possible, then you can go for a personal loan.

Vacation/Holiday
It is best to save money when you are planning to go for the trips. However, an unplanned holiday is often inevitable. It is extremely doubtful that you will be able to afford a vacation. So, what is your next step? Apply for a personal loan, get the loan amount disbursed to your account within a few hours. Then, enjoy a hassle-free holiday.

Conclusion

Whatever amount of money you have saved may not be enough in case of an emergency or unplanned event. This is where personal loans come into play. The applying process for a personal loan is easy, and disbursal is quick. Taking a personal loan can be helpful if you’re using it smartly. Remember that it is better to take a loan when there is an emergency, and you need instant money.

Whether you’re a startup or an established company, you may find yourself in need of short-term funds sooner or later to cover a variety of business expenses. Whether you need extra working capital for bridging cash flow gaps or covering day-to-day expenses, utilizing short-term small business financing is a great option to run and grow your business efficiently.

The two most sought-after ways to get capital to meet your short-term financial needs are small business credit cards and lines of credit. But which is best for your type of small business? When do you use which? And how to qualify and apply for each of these financing options? These are some of the many important questions we’ll touch on in this article.

Business Lines of Credit

Business lines of credit are an example of revolving credit. Unlike traditional bank loans, you have the flexibility to borrow a fixed limit of funds that you can use whenever you need it. The best thing about a line of credit that you’ve to pay interest on the amount only you’ve used. And once you repay the used credit plus interest, the total amount will be available again.

These loans can be secured or unsecured by a lien on your assets or other business assets such as real estate, inventory, and more. Both traditional banks and alternative lenders provide lines of credit to small businesses. Though you must have strong revenue and an established business credit profile to become eligible for the mid or long-term lines of credit, while lenders are willing to offer short-term lines to even startups and businesses lacking collateral and good credit score.

Features of Business Lines of Credit

Loan Amount – $10K – 1M
Loan Term – 3 Months – 18 Monhts
Interest Rate – 7%-25%
Time to Fund – 24-48 Hours
Fees – Opening fee, annual renewal fee, and monthly maintenance fee
Uses of Business Lines of Credit

Finance day-to-day expenses and cover working capital gaps
Hiring new employees
Purchasing inventory and equipment
Making payroll
Using for seasonal expenses, expanding business location, and investments
Qualification Requirements for Business Lines of Credit

Although qualification criteria for business lines of credit vary from lender to lender, here are some of the common requirements your small business needs to fulfil.

Must have a business history of at least 1 year
Must have good annual revenue and profitable business
May have to put collateral for the larger amount such as accounts receivable, machinery, inventory, real estate, etc
Need to provide a guarantee if you’re an independent small business owner
A minimum credit score of 650
Business Credit Cards

A business credit card is an ideal unsecured small business funding solution to cover a variety of your small business expenses. With a business credit card, a monthly spending limit has been set by credit card issuers and you can spend as much as you need up until that limit and then pay it later (usually every month).

Whether you’re running a corporation, working as a sole proprietor, or an LLC owner, freelance gig, or side hustle, almost every type of business can apply for a business credit card. Besides, if you’re an aspiring entrepreneur who has just started his new venture and don’t have a credit history, you can still apply. You don’t need to have a perfect credit score or put collateral to get a business credit card. Moreover, the loan approval process is much easier and faster than many small business financing products.

Features of Business Credit Cards

Loan Amount -$50,000 or more
Loan Term – Up to 55-60 days interest-free
Interest Rate – 13.24% – 19.24% Variable
Time to Fund – 24-48 Hours
Uses of Business Credit Cards

Purchase equipment, inventory, and supplies
Mitigating cash flow issues
Cover various day-to-day and other operative business expenses
Qualification Requirements for Business Lines of Credit

Depending on the specific cards and lenders, you’ll likely need, if not all of the following.

Enter the full legal business name for businesses and your name in case of a freelancer or a sole proprietor.
Business address and phone number
Business history
Number of employees
Federal tax identification number
Estimated monthly expenses
Personal credit history and guarantee
Business Lines of Credit vs. Credit Cards – Which is Better?

Well, it totally depends on your specific business financial needs and budget. If you need access to large amounts with lower interest rates and a flexible payment plan, then a line of credit could be your ideal small business financing option

However, if you want special discounts, rewards, cashback, and offers and are able to pay your entire credit in full each month, then it will make more sense to apply and secure a business credit card for your business’ financial needs.

No matter whether you’re securing a business line of credit or credit card, it’s always a smart idea to apply through an online funding marketplace. It will help you find and compare a variety of these small business loans offers from multiple lenders so you can choose one that best fits your current financial needs and budget.

Insurance as we know is a security to protect us in a difficult or unforeseen situation. There are many types of insurance that one can avail,

• Life insurance
• Auto insurance
• Property insurance
• Travel insurance

There are many subtypes and a lot of companies offer customized products too.

Who is an Insurance agent?

An Insurance agent works or represents an insurance company and is a point of contact for individuals looking for insurance. They explain various types of insurance products and help the buyer pick the one that is best for them. They also do the documentation part and support as a POC for policyholders during the term of the policy.

What does an Insurance agent do?

• Helps people make informed decisions about insurance
• Helps customers through the claim process
• Looks at customer’s current coverages
• Help customers review their policies
• Explains each type of coverage in depth and give examples of how it may help

India being a really competitive and price sensitive market, some people would say that they want the cheapest insurance, and the agent will likely ask them, ‘’Think about what would happen if you had to make a claim? Would you want the policy with the best price or best benefits?” This usually tells them that the agent has their best interests in heart, because when the customer needs to make a claim, the agents can help begin that process.

The great thing about Insurance agents is having the opportunity to help someone who’s going through a tough time; to turn someone’s day around.

Difference between Agent and Broker?

The agent directly works on behalf of or represents an insurance company. The Broker works on behalf of or represents and insurance buyer (you)

There are 2 types of agents,

Captive Agent – These agents work on behalf or represent a single insurance company
Independent Agent – These agents work on behalf or represent multiple insurance companies

How to become an Insurance Agent?

Being an Insurance agent can be a really rewarding career choice. Once you have decided to become an insurance agent, you need to register with the Insurance Regulatory and Development Authority of India or IRDAI. One needs to fill the required forms, uploaded and pay. Post registration, the exam date and timing are conveyed to the applicant.

IRDAI even provides study materials to candidates in various languages to make it easier for them.

What are the benefits of becoming an insurance agent?

• Start Earning at the Age of 18
• Be Your Own Boss
• Creates a Stable Income and Control the Growth
• Flexible Work Timings
• Zero Investment Required

Being an insurance agent can be really productive and anyone can do it. Retired people to homemakers can have a great source of Incomes, besides the eligibility criteria is minimal (10th Pass) so what are you waiting for? Become an Insurance agent today!