If you are self-employed, starting your business or a side gig is more challenging than you might think. Banks make it easier for small businesses by providing them with the necessary funding. There are other ways a small-time saver can take advantage of without needing to visit the bank. Here are some money-saving tips you should be aware of:
Everyone owns a Savings Account today. At an age where everything is going digital, many are ditching their cash in favour of Credit Cards and other digital wallets. If you do not hold a Savings Account, you miss out on an incredible opportunity that comes with having one. You need to think about long-term financial goals. So, why not start by saving money from now on?
Savings Account helps reach these goals more easily. It also has many benefits that go beyond helping you accumulate money over time. Here are other reasons to open one today:
You need money to meet your life’s necessities. It lets you be stress-free without needing to worry about bills or repayments. Earning it is just as important as saving it. Keep it in a secure location and access it whenever required. Emergencies strike anytime. However, if you are prepared to face them, they appear less challenging to overcome.
Are you planning to open a Bank Account? Well, you are on the right track towards taking ownership of your financial life. In 2020 the Indian government launched many schemes that let you open an account online hassle-free. Bank Accounts allow you to save funds and fetches an interest in them. So, it is not wrong to say you earn as you save.
A Demat Account is digitalised that keeps shares in the same format. You can buy stocks and store them safely with the account. It is like having a Bank Account. Shares, Bonds, Exchange-Traded Funds, Mutual Funds, Government Securities, and other investments are held in this account.
If you own a Bank Account, chances are you have a Saving Account. This is the most common account that we use for parking our savings. It is what we access regularly. Based on your benefits, you can opt from a range of Savings Accounts. For instance, if you prefer to withdraw all the funds, opt for a Zero-Balance Account, or consider a Senior Citizens or Women Accounts if you want higher interest rates.
In April 2015, the Indian Government introduced the Pradhan Mantri Mudra Loan targeted towards small business owners. Under this, entrepreneurs and young business people can apply for Loans up to Rs. 10 lakh from the bank to efficiently start and run the business. Micro Units Development and Refinance Agency, called Mudra, aim to improve small business owners' prospects.
The Mudra Loan eligibility criteria and documents required before you apply for one are as follows:
Many people rely on public transportation for their commutation needs. But this makes them vulnerable to time constraints, queues, and increased travelling costs. Hence, it is natural to aspire to own a vehicle. Often, the first transport that comes to mind is a motorcycle. The reason for this is its affordability, low maintenance, and fuel efficiency.
Have you found your ideal vehicle? Do you ever dream about speeding down the? Or thinking what it is like to drive around in your own air-conditioned car than suffocating in the local bus?
In any event, if you want to buy a new pair of wheels, apply for a Car Loan. If calculating your equated monthly instalments is giving a tough time, carry out the process with the EMI calculator for Car Loan.
What is an EMI calculator?
When loans get mentioned, credit scores tag along. But what does it mean? Why is it needed? These are the common questions that come to mind if you have never applied for a loan. However, it is essential to learn about it before applying for any loan type. It ranks high among the factors considered by lenders for judging eligibility.
