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Solve Your Financial Issues With An Instant Personal Loan From Bajaj Finserv

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Bajaj Finserv

Everything we want is available to use within a few hours or, in some cases, days. But this does not change the fact that we lead a fast-paced life. In times of emergencies, we tend to believe that our funds will be available for access immediately. However, the reality is far twisted. Often, we are unable to retrieve money from our life savings or investments due to various norms.

So, the question is, how do you sustain stability in times of financial crises when you are unable to access your savings? The answer is simple – instant personal loan. Don’t fret just because we mentioned taking a loan. Many times, the need for a sudden financial aid can arise suddenly – it can be due to medical or other personal emergencies. Constantly dipping into your savings or investment plans can harm your future finances.

During such times, taking an instant personal loan can help you deal with your short-term financial crises. In India, it has become easier to acquire a personal loan in a day. Thanks to the advancements in technology, you can apply for a personal loan from the comforts of your home or on the go. Simply visit the lender’s website or download a personal loan app.

One such personal loan app gaining popularity in the market is the Finserv MARKETS App. We’ve enlisted a few features and benefits of applying for a personal loan via the Bajaj Finance mobile app below:

  • Eligible applicants can avail an instant personal loan of up to Rs. 25 Lakhs under specified conditions. If you are looking to acquire a high loan amount, focus on improving your CIBIL score and providing valid income proofs from all sources.
  • You can opt for a longer tenure to repay the loan amount, which, in turn, will reduce the EMI amount. The tenure period can be as per your convenience and affordability.
  • Bajaj Finance provides an online tool that helps customers manage personal loan repayment. With the EMI calculator, you can determine your monthly EMIs based on your loan amount, tenure, and applicable interest rate.
  • Besides this, you can also use the loan eligibility calculator to understand whether you are eligible to acquire the necessary credits or not. Using this will help gain insights on the maximum loan amount that the lender can sanction to you based on your income and expenses.
  • Once the loan application is approved, the amount is disbursed immediately and will be credited into your account in no time.
  • Bajaj Finance also offers Flexi loan facility, allowing you to borrow the amount as per your convenience. This further helps maintain affordable EMIs.

The personal loan application via the Finserv MARKETS app is simple and hassle-free. We’ve explained the steps to apply for a personal loan using this app further in the article. However, before we get to it, let us know the eligibility criteria and documents needed to acquire a personal loan in India.

Eligibility Criteria

  • The applicants should be Indian citizens in the age group of 23-55 years old.
  • They should be employees at a reputed MNC, private, or public firm.
  • The salary should match the threshold specified by the lender. The minimum salary amount depends on your residential city.
  • The applicants should have a CIBIL score of 750 or above.

Documents Required

  • KYC documents – Aadhaar card, voter ID, PAN Card, driving licence, etc.
  • Employment proof – Company ID card.
  • Salary slips for the last two months
  • Bank account statements of the salary account for the last three/six months.

How to Apply for an Instant Loan with Finserv MARKETS App?

After knowing the eligibility criteria and documents needed to apply for an instant loan in India, here’s how to apply for it using the Finserv MARKETS App:

  1. Download and Install the Finserv MARKETS App from the Google Play Store or Apple App Store.
  2. Open the app and go to the ‘Personal Loan’ section.
  3. Fill the application form with personal and other requested details.
  4. Upload the requested documents and apply.
  5. The lender will assess the loan application and verify the documents.
  6. If the loan is approved, the amount will be credited into your account shortly.

Conclusion

Bid farewell to the tension arising from financial contingencies by acquiring an instant personal loan at Finserv MARKETS. Manage your money smartly without jeopardizing yours and your family’s financial future.

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What Your Small Business Really Needs to Become Successful in 2021

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What Your Small Business Really Needs to Become Successful in 2021

Most of us have had a bumpy start to the year, whether that be in our personal or in our professional lives, but after the year 2020, nobody is that surprised if things don’t go to plan. But, if you own a small business, which is seemingly an ever-growing trend in America, you still want to make it work.

There are so many things, as you have probably found out, which are essential for your business to continue to provide you with a stable income, and it’s not uncommon for your business to lose money before it starts making a profit. This can be seriously heartbreaking, especially if you’ve been putting in the long hours for months to make it work.

This is not always a bad sign, as some businesses that explode onto the scene can disappear just as quickly because they just are part of a trend and have no longevity. If your business builds slowly and steadily, it can be a sign that you will be there in the long run.

Now, some people will tell you it’s the idea that runs a business. This is true. But what most people won’t tell you is that it’s the knowledge and the ambition behind the person who runs the business that clears the path for the business to walk down.

So, what does a business really need to become successful in 2021?

Well, firstly it’s trust and confidence from customers and employees. With the threat of cybercrime on the rise, network security has never been so important. It can be very costly to recover from a data breach and can put your business out of action permanently. Not only due to the money it costs to rebound back, but also the loss of client trust and confidence. They trusted you with very sensitive information, such as bank details or medical records, and you failed by not protecting it well enough.

Another thing that will help your business stay afloat, especially within the modern era, is IT consultancy. Having an IT consultant to help you choose the right bang for your buck when it comes to the technology market can save you a lot of money in the long run. Services such as Spectrumwise can help you with IT consultancy and help protect your network security too.

In addition to this, it is wise to know your market. Having a good marketing strategy, for example, using social media influencer marketing to help advertise your product, can be a real booster for your business. This kind of marketing is a great way to get your business’ name known earlier on when you can’t quite afford to advertise.

Lastly, it is always a good idea to make your business worth investing in. Using environmentally friendly materials can have a good effect on your business, and working off of green energies or openly supported generally well-regarded charities can help your business’s association grow into a large, positively fuelled empire.

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ULIP vs. ELSS vs. PPF – Which Tax-saving Investment Suits You the Most

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Tax-saving Investment

If you are looking for tax-saving investments, some of the available options include unit-linked insurance plans (ULIPs), equity-linked savings scheme (ELSS), and Public Provident Fund (PPF).

ULIPs are life policies that combine insurance and investment returns in a single product. ELSS plans are mutual funds that invest in equities and offer tax benefits. PPF is a long-term investment option focusing on building a retirement corpus.

Choosing the right product from many options depends on your current earnings and future financial objectives. Here is these products offer:

ULIPs

These insurance policies utilize part of the premium towards market-linked funds such as debt or equity funds. They do not provide guaranteed returns, as the chosen investments are subject to market fluctuations. You can switch between the various investment options as per your financial goals.

ULIP tax benefits are available under Section 80C of the Income Tax (IT) Act, 1961. Additionally, maturity proceeds are eligible for tax deduction under Section 10(10D) of the Act.

Before you choose to invest in ULIPs, remember that there is a minimum five-year lock-in period. You can use an online ULIP plan calculator to know more about this investment option.

ELSS

This is a good option if you want to invest in mutual funds and save tax. ELSS plans are diversified funds that invest in particular stocks based on their market capitalization. Almost 65% of the corpus is invested in equities, and therefore, the returns are dynamic and depend on the market performance.

By investing in ELSS, you can avail of a tax exemption of up to INR 1.5 lakh per annum under section 80C of the IT Act. Additionally, the return on investments from ELSS is taxable at 10% without any indexation benefits if the total earnings are more than INR 1 lakh during the financial year.

The lock-in duration for ELSS investments is three years.

PPF

PPF is a popular investment option because it offers guaranteed returns as well as tax deductions under section 80C of the IT Act. In addition to the section 80C exemptions, similar to the ULIP tax benefits, the maturity proceeds from PPF are tax-free, which allows you to build a sizable retirement corpus.

The lock-in period for a PPF investment is 15 years. However, you can make partial withdrawals or avail of a loan after seven years. The interest rate is determined by the Government of India and is revised quarterly.

Here are some factors to consider while evaluating the three investment options:

  1. Risk profile

PPF is a risk-free investment option and is backed by the Government of India. In comparison, ELSS and ULIPs are risky, as these products invest the corpus in market-related investments. If you do not want to assume high risks, PPF can be a suitable investment option.

  1. Investment horizon

All these three avenues come with a minimum lock-in period. The shortest lock-in period is three years for ELSS investments and the longest is 15 years for PPF. If you are investing for long-term financial goals, such as children’s higher education or retirement, ULIP may be an excellent instrument. You can also use an online ULIP plan calculator to determine the amount you will need to meet future monetary objectives.

  1. Tax benefits

ULIPs and PPF are exempt-exempt-exempt (EEE) investments where the principal, interest, and maturity benefits are tax-free. On the other hand, if your earnings from ELSS exceed INR 1 lakh during a financial year, these are considered as long-term capital gains taxable at 10%.

Although several other tax-savings investment options are available, you need to consider the changes made to the tax regime in the Union Budget 2020. Moreover, these are relatively popular and safer tax-saving instruments. Before making your investment decision, understand the ULIP plan meaning, and research on PPF and ELSS, to ensure you choose an option that best suits your requirements.

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Here’s why you still need Personal Health Insurance instead of relying on Corporate Insurance

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Health Insurance

Most corporate jobs, along with the salary, offer additional perks. One of the biggest attractions among these various benefits is corporate health insurance. However, these corporate plans are limited to the benefits they offer. At times, they prove to be as good as not having an insurance plan at the time of need. Due to the increased risk of lifestyle diseases and critical illnesses, these plans are insufficient to cater to all healthcare needs. Therefore, it is essential to have a personal health insurance plan covering your healthcare needs with an adequate sum insured. Here is a list of things to analyze about the insurance plan offered by your employer to get a clearer picture of why you need to invest personal health insurance policy:

●    Not Customized:

The option of customizing the plan as per your needs is restricted as in corporate insurance. You can opt for personal medical insurance from Care Insurance Company or HDFC Ergo. They offer customized plans according to your preference and need of sum insured.

●    No Consideration of Medical History:

There is no thought given about the individual family’s medical history. There are restrictions on things like types of diseases and critical illnesses covered, the inclusion of dependents, etc. On the other side, one can opt for individual health insurance plans, as per the medical history.

●    No Coverage after Job Change:

You can get the benefits under corporate health insurance till you are on the job. Once you leave the job, you cannot file the claim.  These plans cannot be extended or renewed like individual plans and solely depend upon the employer’s decision.

●    No Additional Benefits:

Under these health insurance policies, you cannot get additional benefits such as no claim bonus, automatic recharge, lifelong renewability, etc. Whereas, in personal health insurance, you can avail such benefits to enhance the policy coverage.

●    No Adequate Coverage for Family Members:

Coverage for family members is solely the discretion of the employer. It may be possible that you cannot cover your parents or children, or spouse in your corporate policy, or you need to pay a higher premium for the separate cover.

Therefore, if you are also facing the above issues in your current corporate health policy, opt for personal health insurance to assure your health and safety in the future.

Top Health Insurance Companies offer Best Health Insurance Policy in India

Health Insurance Company Network Hospitals Claim Settlement Ratio
IFFCO Tokio 4000+ 92.66%
Care Health Insurance 8350+ 92.3%
HDFC Ergo 10000+ 90.32%
Max Bupa Health Insurance 4500+ 83.92%
Star Health 8800+ 78. 15%

Benefits of Personal Health Insurance

Look at the below benefits that individual health policy has over corporate health insurance and why it is the best health insurance policy:

  • Offer cashless hospitalization facility during a medical emergency and planned hospitalization in the network hospitals
  • Provide coverage for in-patient hospitalization, pre and post hospitalization, domiciliary hospitalization, and AYUSH (Ayurveda, Unani, Sidha, Homeopathy) treatment
  • Coverage for diabetes, hypertension, thyroid, and other pre-existing diseases
  • Provide coverage for on-going treatment, medication, and therapies
  • Offer coverage for advanced treatment, daycare treatment, and alternate treatments
  • Annual health check-ups help
  • Offer tax benefit under section 80D of the Income Tax Act of India 1961

Takeaway!

Thus, corporate health insurance offers minimal coverage. But, if you really want to secure yourself and your family against medical emergencies, then opting for personal health insurance is crucial.

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