FinanceGeek1998

In today's fast-paced world, personal loan apps have revolutionized the way we borrow money. Life is full of unexpected expenses, and sometimes we need a little extra financial help to tide us over. Personal loan apps have become increasingly popular in India, providing a convenient and hassle-free way to borrow money. With just a few taps on your smartphone, you can access instant funds to meet your financial needs. In this article, let’s explore the 10 best personal loan apps available in India. 1. PaySense PaySense is a popular personal loan app that offers instant loans with minimal documentation. With a user-friendly interface and seamless application process, PaySense provides loans ranging from INR 5,000 to INR 5 lakhs. The repayment tenure can be chosen between 3 to 60 months, ensuring flexibility for borrowers. 2. MoneyTap MoneyTap is a unique personal loan app that provides a line of credit to users. It allows borrowers to withdraw funds as per their requirements and inte

  As a business owner, you are well aware of your dependency on bank loans when your company has ups and downs. There are only so many companies that can weather economic ups and downs without a business loan. Businesses with capital shortages and cannot expand always turn to bank loans. Small and medium-sized enterprises (SMEs) are now being supported by the government through several programs and lending options. What you need to know about NBFCs vs. banks and which is preferable for obtaining business loans is provided below. Eligibility Requirements For Loans Banks often have severe requirements they need to follow to approve a company loan. To ensure that the loan amount is legitimate, extensive background checks and papers are required. They also want you to have a high credit score, company management expertise, and a yearly turnover. The borrower will need to devote quite a bit of time to the entire process. In contrast, Non-Banking Financial Corporations (NBFCs) follow a simpl

  In the last couple of years, India has seen tremendous growth in the number of startups. Entrepreneurship is on the rise, and young entrepreneurs are setting up innovative businesses in various industries. However, setting up a business requires money, and raising funds can be one of the startup's biggest challenges. That's where professional loans come in. Let’s understand professional loans and how they’re helping in the growth of startups in India.  What Is A Professional Loan? Professional loans (also known as business loans) are designed to meet the financial needs of entrepreneurs, including startups. They provide entrepreneurs with the capital they need to fund their business operations, buy equipment, hire staff, and expand their businesses. They serve as a bridge between the initial investment and the investment needed for growth. Also Read: Things To Know About Professional Loans Flexible Financing Options The flexibility of a business loan for a startup is one of i

  Recession, an economic downturn characterized by a decline in economic activity, can have far-reaching effects on various sectors, including the finance sector. Here are some of the consequences of a recession on the finance sector and its implications for India's economy. Let's briefly explore each of these consequences! Impact on Banking Institutions During a recession, banking institutions face several challenges. The demand for loans decreases as individuals and businesses become cautious about their spending and investment decisions. This decline in loan demand affects the profitability of banks, leading to a decrease in their lending activities.  Additionally, banks may witness an increase in non-performing assets (NPAs) as borrowers struggle to repay their loans amidst financial hardships. To mitigate these risks, banks tighten their lending criteria, making it more difficult for individuals and businesses to access credit, which further impacts economic growth. Also R

  The conventional lending process is being transformed by digital lending, which has become a revolutionary force in the Indian financial scene. Thanks to technology and the internet, money borrowing and lending are now more accessible and easier than ever. Let's examine the factors that fueled the expansion of online lending in India and how it benefits both borrowers and lenders. Accessibility and Convenience In India, a new age of accessibility and convenience has been ushered in by the development of digital lending platforms. Borrowers no longer need to submit a loan application in person or endure a drawn-out procedure.  Borrowers may apply for a loan from the comfort of their home or workplace with just a few clicks. Because of this convenience, more people may now get credit, especially those who previously might not have had access to it through conventional banking channels. Also Read: Things To Remember When Taking Digital Loans In India Application Process Simplified T

Investing in financial instruments can be complex, especially when it comes to assessing the creditworthiness of issuers. This is where credit rating agencies like CRISIL play a vital role. Here’s everything you need to know about what CRISIL ratings are and why they hold immense importance for investors in India. What is CRISIL? CRISIL, Credit Rating Information Services of India Limited, is India's leading credit rating agency. Established in 1987, it offers independent and unbiased opinions on the creditworthiness of issuers and their financial instruments. Role and Function CRISIL evaluates various entities, including corporations, banks, financial institutions, and government bodies, providing them with credit ratings. These ratings help investors make informed decisions and assess the credit risk associated with the investment. Also Read: How To Use Credit Cards To Improve Your CIBIL Score? Understanding CRISIL Ratings Credit Rating Scale CRISIL ratings follow a scale that r

  Early in your career as a young professional, it's important to have sound financial practices. You can build a secure future, establish financial stability, and accomplish your goals by developing effective money management abilities. Here are 10 tips for money management for young professionals to manage their money and choose wisely to protect their financial security. 1. Create a Budget Create a monthly budget that details your revenues and expenses. Keep track of your expenditures, give priority to necessities, and set aside some of your money for savings and investments. A budget guarantees that you are living within your means and gives you visibility into your finances. 2. Save Regularly By setting away a percentage of your salary each month, you could develop the habit of saving. Try to set aside at least 20% of your income. Establish a long-term savings strategy to achieve future objectives like property or retirement while setting aside money for an emergency fund to m