Online loans – Blog Campcee http://blogcampcee.com/ Sat, 19 Nov 2022 16:40:13 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://blogcampcee.com/wp-content/uploads/2021/05/cropped-icon-32x32.png Online loans – Blog Campcee http://blogcampcee.com/ 32 32 Personal Loans – Best Instant Personal Loan Apps in India https://blogcampcee.com/personal-loans-best-instant-personal-loan-apps-in-india/ Sat, 19 Nov 2022 16:40:13 +0000 https://blogcampcee.com/personal-loans-best-instant-personal-loan-apps-in-india/

Classroom

oi-Ajeeta Bhatia

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In India, a new set of mindsets, practices and habits towards financial goals are rapidly emerging. People no longer hesitate to take out a personal loan for an emergency or to meet a short-term need, as long as there are no end-use restrictions or collateral attached. Traditional banks take a long time to process these personal loan applications, and lenders charge exorbitant interest rates, making the process extremely risky. Personal loan apps have emerged as a great idea in all this financial setup to provide safe and hassle-free instant cash loans in India within 1 hour. Take a look at the list of best personal loan apps.

PaySense

PaySense, one of the best instant personal loan apps in India, has an app as well as a website where salaried professionals and self-employed people can apply for instant loans. It’s one of the best instant loan apps that doesn’t require a payslip, and it recently merged with LazyPay to form one of the best platforms around. The best part is that you won’t run out of time as this platform is known for approving requests quickly.

  • Interest rate – 1.4 to 2.3% per month
  • Maximum Loan Amount – Rs. 5,00,000
  • Minimum Loan Amount – Rs. 5,000

Bajaj Finserv

Bajaj Finserv, one of the most prominent personal finance brands, has been present in the country for over a decade. Bajaj Finserv is one of the best lending apps in India offering a wide range of services. Bajaj Finserv offers personal loans which are approved and disbursed within 24 hours. Personal loans are available with the option to pay interest-only EMIs, which can reduce your monthly payments by up to 45%.

  • Interest rate – 12-34% per annum
  • Minimum loan amount: ₹30,000
  • Maximum loan amount: ₹25,000,000

Personal Loans - Best Instant Personal Loan Apps in India

Lazy Pay

LazyPay is one of the most popular financial apps in India, powered by PayU, the same company that acquired PaySense. It allows fast and secure processing of online loan applications. To determine loan eligibility, the LazyPay app only requires your mobile phone number. LazyPay disburses over a million loans every month. Its main products are low cost EMIs and instant personal loan of up to 1 lakh through a simple digital process with minimal documentation.

  • Interest rate 15- 32% per annum
  • Minimum loan amount: ₹10,000
  • Maximum loan amount: ₹1,000,000

Dhani

Dhani is one of the best personal loan apps that lets you apply for a loan anytime, from anywhere and for any reason. You can get an unsecured loan quickly without any physical documentation. Many distant students who work part-time depend on it to make ends meet. You can easily get a quick loan of up to Rs.5,00,000 at convenient and affordable interest rates. Each transaction earns you 2% cashback, which you can use for future trades and services. You can get instant loan up to 15 lakh at 12% interest rate.

  • Interest rate – 13.99% per annum
  • Maximum Loan Amount – Rs. 15,00,000
  • Minimum Loan Amount – Rs. 1,000

MoneyTap

MoneyTap is one of the easiest and fastest instant loan apps in India. It facilitates obtaining a quick loan; all you have to do is download the mobile app. Download and register, after registration complete KYC documents and wait for final approval. On the other hand, depending on your credit score, you can get instant credit of up to Rs.5,00,000 which you can use to purchase daily necessities, indulgences, travel and other items .

  • Interest rate – 13% per annum
  • Maximum Loan Amount – Rs. 5,00,000
  • Minimum Loan Amount – Rs. 3,000

Personal Loans - Best Instant Personal Loan Apps in India

BOX

CASHe has established itself as the best personal loan app. Its app makes it easy to log in and register, and the dashboard has all the information you’ll need to get a quick loan. You can choose from a range of loans with a maximum loan amount of Rs.4,00,000, as well as varying interest rates and repayment terms. You can also deposit funds directly to the associated bank account. You can also set up direct debit for loan interest payments, saving you from having to visit the platform each time. CASHe is an app-based digital lending platform that offers short-term personal loans for a variety of financial needs, but only for employees.

  • Interest rate – 2.5% per month
  • Maximum Loan Amount – Rs. 4,00,000
  • Minimum Loan Amount – Rs. 1,000

Article first published: Saturday, November 19, 2022, 10:10 p.m. [IST]

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UFB Direct Banking Review | NextAdvisor with TIME https://blogcampcee.com/ufb-direct-banking-review-nextadvisor-with-time/ Wed, 16 Nov 2022 19:02:45 +0000 https://blogcampcee.com/ufb-direct-banking-review-nextadvisor-with-time/

We want to help you make more informed decisions. Certain links on this page – clearly marked – may direct you to a partner website and allow us to earn a referral commission. For more information, see How we make money.

Good for high rates

UFB Direct Banking Review

Direct UFB

Good for high rates

UFB Direct Banking Review

  • inactive mortgage calculation icon

    No monthly transfer limit

  • idle savings calculation icon

    Great savings rate

Insight:

UFB Direct is a strong online bank with competitive APYs in both money market and high yield savings accounts. But UFB Direct’s other account options are limited, with no current accounts or CDs.

NextAdvisor review

Advantages

  • Attractive interest rates
  • No transfer limit
  • No minimum deposit for savings

The inconvenients

  • Limited account options
  • $5,000 minimum balance to waive the $10 monthly money market account fee

Additional Details

  • Free ATM Card with High Yield Savings Account
  • Access to 91,000 ATMs
  • No minimum deposit required
  • No limit on the number of transfers or withdrawals
  • Must maintain a $5,000 money market account to avoid monthly fees
  • Mortgage options through Axos Bank
  • ATM and POS cash withdrawal limits vary
  • Highly rated mobile app
  • UFB direct deposit accounts are FDIC insured

Editorial independence

We analyze and review banks without the influence of partnerships or advertising relationships. For more information on our scoring methodology, click here.

Full UFB Direct Review

UFB Direct is a division of Axos Bank, another online financial institution. It is a digital-only online bank, but you can visit its headquarters in San Diego, California. UFB Direct has a limited range of accounts, but competitive interest rates, strong customer service and a range of online banking features are just a few banking products.

Savings accounts

UFB Direct’s High Yield Savings Account is on our list of best savings account rates and offers a consistently competitive interest rate. There are no monthly maintenance service fees, minimum deposit requirements or minimum balance requirements.

The account comes with an ATM card that you can use to deposit and withdraw money from ATMs across the country, but you’ll also have options to bank entirely online or through a mobile app. For example, you can use mobile deposit for checks and SMS messaging for banking when you don’t have Wi-Fi, or transfer money using ACH and bank transfers. Unlike some other banks, there is no limit to the number of transfers or withdrawals you can make each month.

However, there are a few fees and limitations to keep in mind. Incoming wire transfers are free, but outgoing domestic transfers cost $35 each and outgoing international transfers cost $45 each. There are also certain limits on the amount you can withdraw with your ATM card, which may vary depending on whether you are making withdrawals at an ATM or making a transaction at a point of sale. Finally, you can transfer up to $30,000 to or from your account in a single day, and up to $60,000 per month.

Learn more: The highest savings account rate currently is 3.83% APY. Here’s where you can get it

Money market accounts

UFB Direct’s Money Market Account also has a competitive interest rate and online banking features similar to High Yield Savings.

The main difference between these two account types is the $10 monthly maintenance fee that you can incur with a money market account. You can avoid fees by maintaining at least a minimum balance of $5,000 each month.

The same fees apply to money market accounts as to savings accounts, including bank transfer limits, cash withdrawals and point-of-sale transactions.

Pro tip

UFB Direct deposits are FDIC insured up to $250,000 per user per account type. However, if you are also an Axos Bank customer and have deposits with that bank, your combined balance will be used to determine FDIC coverage. This means that you will be covered for up to $250,000 between your accounts with the two banks.

Others products

UFB Direct’s banking products are limited to high yield savings and money market accounts. However, it also offers several types of home loans, through its partner bank Axos Bank. Some features include multiple mortgage options, refinance services, and lender fee waivers if you meet certain conditions. Additionally, you can earn a percentage of cash back on your loan repayments with Axos if you also have a checking account with the bank.

Customer service

Compared to the other banks we’ve reviewed, UFB Direct scores highly for both customer service and communication. It offers great flexibility to customers when they need help.

You can reach UFB Direct by online chat, phone and mail. The bank’s site has a dedicated resource section with frequently asked questions for new and existing customers, and about the service. Although you can send a secure message through your online account to a representative, a direct bank email address is not readily available.

UFB Direct’s app is also highly rated on Google Play and the App Store, with 4.5 and 4.8 stars respectively. Customers appreciate the check deposit feature and simple banking tools. However, some reviewers mention connection issues and longer than expected bank transfer times.

Accessibility

UFB Direct does not list any accessibility efforts or support contacts on its website. We have contacted the bank for further information on the accessibility of the site, but have not received a response at the time of publication. We will share an update if it is available.

Is UFB Direct for you?

If you are looking to take advantage of competitive rates for your savings balance, UFB Direct is a good option.

Keep in mind that bank account options are limited. There is a high yield savings account and a money market account. Other common banking products, such as checking accounts and certificates of deposit, are not available. If you’re looking for one place to do all your banking to easily transfer between accounts at the same institution, you might want to consider other options.

But even beyond its exceptional rates, UFB Direct’s high-yield savings have big advantages. These include no fees, no minimums, and even no transfer or withdrawal limits, which can be helpful for months when you may have several unforeseen costs, such as car or house repairs.

However, if you’re interested in the bank’s money market account, be prepared to maintain a balance of at least $5,000 to avoid the $10 monthly fee.

UFB Direct also makes online banking easier with features that can help you streamline deposits and transfers online or through the mobile app. And ATM access means you’ll also have the ability to deposit and withdraw cash as needed. The bank does not offer a list of eligible ATMs on site, but once you have created your account, you can find an ATM locator on the online banking portal.

UFB Direct FAQs

Where is UFB Direct located?

There is a UFB Direct branch in San Diego, but otherwise the bank is online only.

Is UFB Direct insured by the FDIC?

Yes, UFB Direct deposits are FDIC insured up to the standard of $250,000 per account.

Does UFB Direct require a minimum balance?

No, UFB Direct does not require a minimum balance for its High Yield Savings or Money Market Accounts. However, you will need a minimum balance of $5,000 in your money market account to avoid a monthly service charge of $10.

Does UFB Direct have a checking account?

No, UFB Direct does not have a current account.

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Water Crisis Loans | The sun on the north side https://blogcampcee.com/water-crisis-loans-the-sun-on-the-north-side/ Fri, 11 Nov 2022 22:02:03 +0000 https://blogcampcee.com/water-crisis-loans-the-sun-on-the-north-side/

Fewer than 300 businesses that endured the Jackson water crisis that began Aug. 30 received low-interest loans through the US Small Business Administration.

Lesley Hill, public affairs specialist for the SBA, said a total of 269 businesses received economic disaster loans.

The loans are intended to meet working capital needs caused by the disaster, said SBA Mississippi District Director Janita R. Stewart.

Loans are also available to most non-profit organizations of all sizes, small agricultural businesses, small agricultural cooperatives, and small businesses engaged in aquaculture in Hinds County and the adjoining counties of Claiborne, Copiah, Madison, Rankin , Simpson, Warren and Yazoo who suffered economic losses. following the Jackson water crisis.

The total dollar amount of loans approved for small businesses and nonprofits as of Nov. 3 is $158,400, he said. Eighty-five percent of requested loans have been processed, he said.

Loan information by county is not yet available, Hill said.

Companies and associations have until June 14, 2023 to apply for a loan.

Interest rates are 3.04% for businesses and 1.875% for nonprofits, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial situation.

Applicants can apply online at https://disasterloanassistance.sba.gov/ela or call (800) 659-2955.

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NBK launches digital signature for personal loans and credit card applications https://blogcampcee.com/nbk-launches-digital-signature-for-personal-loans-and-credit-card-applications/ Tue, 08 Nov 2022 09:56:28 +0000 https://blogcampcee.com/nbk-launches-digital-signature-for-personal-loans-and-credit-card-applications/

As part of providing customers with the most advanced digital solutions to enable them to enjoy its premium banking services in an easy and fast way, the National Bank of Kuwait (NBK) has launched a new service allowing customers to sign digitally all required documents related to various services including: obtaining a loan/credit card or increasing the credit card limit. The service can be used through NBK Online Banking and NBK Mobile Banking without the need to visit a branch, and NBK is launching this service in Kuwait for personal loans, credit cards or credit card limit increase.

The new service is a continuation of the fully digital account opening service, without going to a branch, launched by the bank last year.

To benefit from this service, customers must mainly register and activate their digital signature via the PACI self-service terminals and perform the necessary steps in front of the terminal (the customer must have a valid smart civil identity card to register using the terminal). After downloading the Kuwait Mobile ID app, customers need to tap “Settings”, “Cancel Mobile ID” and “Confirm” first before registration. Self-service kiosks are available at select NBK branches such as (NBK Headquarters, The Avenues (IKEA side) and Surra Branch)

Customers can now apply for a loan or credit card and digitally sign all required documents using PACI’s ‘Kuwait Mobile ID’ app in a few easy and simple steps.

On this occasion, Mr. Mohammed Al-Othman, GM-Consumer Banking Group at National Bank of Kuwait said: “We seek to provide an integrated digital banking experience offering our customers the most advanced digital products and services, as well as digital payment solutions. that meet their needs, according to the latest international standards.

“Digital services have become a necessity, given the exceptional circumstances we have been through and the rapid advances in technology, as clearly evidenced by the increasing reliance of customers on digital channels for their transactions,” he added.

Al-Othman continued, “We are committed to providing our customers with the latest services exclusively as usual. The new service is a continuation of a series of digital banking services that we pioneered in Kuwait in recent times, aimed at providing our customers with fast and easy banking, while ensuring their convenience and safety.

“We are keen to maintain our digital excellence, which we see as a key part of our tireless efforts to cement NBK’s leadership. To this end, we are moving forward with our digital transformation roadmap, capitalizing on our formidable technological infrastructure built over the years, thanks to which we have outstripped all our competitors, and continuing to work to translate these efforts in advanced solutions that meet our expectations. customer expectations,” he concluded.

NBK is working to upgrade its NBK Mobile Banking app by recently introducing new services and improvements, including allowing customers to apply for loan or credit card, and increasing credit card limit in stages simple giving them easy access to NBK products. In addition, customers can open a fixed deposit in various currencies more flexibly, as well as create a monthly standing order, benefit from the services of investment funds, as well as transfer money to the NBK Capital international brokerage account. for a seamless investment experience, and last but not least, providing the OTP autofill feature.

NBK continues to provide the most advanced digital banking services and payment solutions in line with its digital transformation strategy, which primarily focuses on meeting the needs of its customers by developing its digital channels to offer banking services and payment solutions. world class payment.

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Letter: Loans were once a norm in our capitalist society. And now? | Letters https://blogcampcee.com/letter-loans-were-once-a-norm-in-our-capitalist-society-and-now-letters/ Sat, 05 Nov 2022 04:15:00 +0000 https://blogcampcee.com/letter-loans-were-once-a-norm-in-our-capitalist-society-and-now-letters/

Hey, I want my money back.

I got a National Defense student loan in the 1960s to fund my college education. I signed the loan papers, agreeing to repay the loan after graduation, plus interest, at an artificially low rate. What I have done. Forget or miss a monthly payment and a dunning letter has been received from the financial administrator of the loan. So far, so good.

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Bad Credit Loans Online: Easy Steps to Getting Approval https://blogcampcee.com/bad-credit-loans-online-easy-steps-to-getting-approval/ Fri, 04 Nov 2022 04:22:57 +0000 https://blogcampcee.com/?p=7376 What are bad credit loans, and how do they work?

Green Day Loans with terrible credit are defined as short-term loans of less than $1,000 that are sanctioned and paid out to clients who have credit scores that are less than ideal. Those who can demonstrate that they can afford the loan and who meet the conditions for mitigating circumstances are eligible to get it. The interest on these loans is added to the principle, and that total is then divided by the number of months that were approved for the loan (the repayment period). A basic lending approach is followed by loans given to borrowers with poor credit. The prospective borrower fills out an action, and if their request is accepted, the lender finalizes the parameters of the loan. Loan-finders connect borrowers with lenders, but they do not participate in the actual transaction for the loan.

How to Get a Loan Even if You Have Bad Credit in Four Easy Steps

We investigated how simple it was for individuals with poor credit to submit applications for loans. Simply comply with the following four steps:

Step 1: Determine whether loans for people with bad credit are absolutely required. Quantity and length of time

Loans for those with poor credit are offered in amounts ranging from $100 to $5,000, and the terms for repayment can range anywhere from three to twenty-four months. Determine the appropriate total and term.

Step 2: Complete the application for both the bad credit auto loans and any other installment loans that you are interested in.

There is only one application form to fill out, regardless of whether you are applying for a bad credit loan for an automobile or a bad credit loan for anything else. Fill out the application for an installment loan for those with a poor credit history and enter your details. Installment loans for people with poor credit and auto loans for people with poor credit both require the same information.

Step 3: Give the Decision Regarding Your Personal Loan Two Minutes to Register Your Interest. Low credit score

Even with a horrible credit history, it is not difficult to obtain acceptance for personal loans in a short amount of time. Even applying for personal loans with guaranteed approval for persons with poor credit is a quick and easy process that only takes a few minutes. You won’t have to wait more than two minutes to find out if you are approved for a personal loan of $5000, even if you have low credit and a history of defaulting on loans.

Step 4: Receiving Online Payment for Accepted Loans Despite Having Poor Credit

The repayment process for online loans for people with negative credit that are authorized is normally extremely expeditious. You should expect to get your money within a short amount of time once you have finished reading, signing, and returning the loan agreement that the lender gave to you.

What are the rates on personal loans for people with bad credit?

Keep in mind that there is an interest payment associated with any and all personal loans for persons with poor credit. In extremely unusual circumstances, the interest rate may exceed 35.99%.

How do loans for people with bad credit have to be paid back?

Always make sure you read into the repayment terms before agreeing to any online loan for persons with bad credit. The majority of them charge interest rates that range from 5.99% to 35.99%, although there are certain lenders who are flexible.

Where Can Someone With Bad Credit Immediately Borrow Money?

Even while traditional banking institutions could be slow to extend credit to customers with poor credit histories, there are still some places where you can apply for short-term loans with terrible credit in a way that is not overly complicated. There are, of course, conditions that you need to fulfill to demonstrate that you are qualified for a loan and can afford its terms. For instance, you might be able to get a loan with bad credit from an online lender if you meet the following requirements: you need to be at least 18 years old, a citizen or legal resident of the United States, and you need to have a bank account in the United States. You also need to be able to provide supporting documentation. You are also required to have a monthly income of one thousand dollars.

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Are you looking to save money on a car loan? This trick can save you money https://blogcampcee.com/are-you-looking-to-save-money-on-a-car-loan-this-trick-can-save-you-money/ Wed, 02 Nov 2022 11:00:24 +0000 https://blogcampcee.com/are-you-looking-to-save-money-on-a-car-loan-this-trick-can-save-you-money/

Image source: Getty Images

It can save you thousands of dollars when buying a car.


Key points

  • There are two ways to get financing for your car: get a loan from the dealer or get outside financing.
  • Many dealerships make most of their money from financing your loan, selling your insurance, warranties, and other services.
  • Dealerships generally mark up the interest rate on the loans they take out. This means that you will end up paying more interest over the life of the loan.

Are you looking for a new or used car? If so, you might be wondering how you can save the most money. You’ve done your research on the car you want, taken it for a test drive, and compared prices so you can negotiate the best deal. While all of these steps are important to take, many buyers overlook this tip that can help you save a lot of money.

You should always go to a dealership with outside financing for your auto loan instead of going through the dealership. Here’s why.

How Car Dealerships Really Make Money

Few people realize that dealerships don’t make the majority of their profits from selling cars. In fact, according to research, dealerships only earn on average about $65 per used car and actually lose about $200 per new car sold! So how do dealerships make money? Their main sources of profit are dealer financing, the sale of extended warranties, gap insurance, additional car add-ons, and other services.

Discover: These personal loans are the best for debt consolidation

More: Prequalify for a personal loan without affecting your credit score

What is Dealer Financing?

Most people don’t have the money to buy a new or used car, so they have to borrow money. Car dealerships will offer you a loan to simplify the process of buying a car. All you have to do is choose the car you want, pay the deposit, fill out the paperwork and the car is yours!

However, many people don’t realize that dealerships usually mark up the interest rate on the loans they take out. This means that you will end up paying more interest over the life of the loan if you go through the dealership. Also, if you have bad credit, the interest rate the dealership offers you is likely to be quite high.

A dealer can get 3.5% for a $40,000 car you want to buy. Over five years, that works out to $3,660 in interest. The dealer can then increase the rate to 5%, which equals approximately $5,290. The dealer keeps the difference of $1,630 as profit. This is money that you could possibly keep for yourself by finding outside financing.

How to seek external funding

If you decide to seek external financing, also known as direct lending, for your auto loan, there are a few things you will need to do. First, you will need to find a lender. You can use your bank, a credit union, or search online for the best rates. The key is to compare the offers of several lenders at once and choose the one that suits you best.

Once you’ve found a lender, you’ll need to complete an application and provide documentation, such as proof of income and the car you want to buy. Once your application is approved, the lender will send you or the dealer the money which you can then use to pay for your car. Your rate will depend on your credit score and other factors. You will generally save more because there is no markup.

If you’re looking to save money on a car loan, seeking external financing is a great option. By doing so, you can avoid the dealership markup and potentially get a lower interest rate, even if you have bad credit. To seek external financing, all you need to do is find a lender and complete an application. You may have to spend more time finding the best financial institution for you compared to getting a loan from the dealership, but it could save you thousands of dollars.

The Ascent’s Best Personal Loans for 2022

Our team of independent experts have pored over the fine print to find the select personal loans that offer competitive rates and low fees. Start by reviewing The Ascent’s best personal loans for 2022.

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Group companies lend at the cost of Reliance Capital Rs 1,755 crore in financial terms https://blogcampcee.com/group-companies-lend-at-the-cost-of-reliance-capital-rs-1755-crore-in-financial-terms/ Sat, 29 Oct 2022 18:14:14 +0000 https://blogcampcee.com/group-companies-lend-at-the-cost-of-reliance-capital-rs-1755-crore-in-financial-terms/

Loans made by Reliance Capital to various entities of the group in 2019-20 resulted in a financial effect of about Rs 1,755 crore, according to a transaction audit report submitted to the trustee of the related company. insolvency.

Trustee of Reliance Capital, appointed under the Insolvency and Bankruptcy Code 2016, engaged Transactions Auditor BDO India LLP to conduct an investigation of the company’s affairs regarding the company’s transactions .

Based on the findings of the auditor of the transaction, the administrator filed requests regarding disbursements to a total of seven entities before the Mumbai bench of the National Company Law Tribunal (NCLT) on October 22, 2022, Reliance said. Capital in its regulatory filings on Friday.

All of these transactions were loans made by Reliance Capital to the relevant entities. According to separate stock exchange filings, the administrator estimated the impact of a loan to Reliance Entertainment Network at Rs 1,142.08 crore; Rs 203.01 crore to Reliance Unicorn Enterprises; Rs 162.91 crore to Reliance Big Entertainment (RBEPL); Rs 131.52 crore to Reliance Broadcast Network (RBNL); and Rs 59.12 crore to Reliance Business Broadcast News Holding.

Loans to Reliance Alpha Services and Zapak Digital Entertainment also had an impact of Rs 39.30 crore and Rs 17.24 crore, respectively (Zapak). The administrator of Reliance Capital is Nageswara Rao Y. Pursuant to the order of the NCLT bank in Mumbai dated December 6, 2021, he has been appointed in accordance with the requirements of the Code.

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Get the chance to meet the Who’s Who of the NBFC and insurance industry. Join us for upcoming events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on TwitterInstagram and Pinterest.

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Government proposes new unsecured loan scheme for rural women entrepreneurs: report https://blogcampcee.com/government-proposes-new-unsecured-loan-scheme-for-rural-women-entrepreneurs-report/ Wed, 26 Oct 2022 09:47:51 +0000 https://blogcampcee.com/government-proposes-new-unsecured-loan-scheme-for-rural-women-entrepreneurs-report/

Credit and finance for MSMEs: The central government has softly launched a new credit scheme for women in rural areas to spur the creation of new businesses and jobs in villages, according to a Hindustan Times report, citing officials.

The business finance program will enable individual members of a self-help group (SHG) to obtain bank credit. From now on, SHG members can only get the credit as groups.

Also read: Zoho joins government e-commerce platform ONDC to help small businesses and other sellers sell online

Under the program, SHG members can obtain unsecured loans without any prior entrepreneurial experience, the report said based on an introduction to the program. “Government will provide interest subsidy to individual borrowers on loan up to Rs 1.5 lakh for three years on prompt repayment,” the presentation reads. The government soft-launched the program last week.

Nagendra Nath Sinha, Secretary of the Ministry of Rural Development, said, “The business financing program will create more business opportunities for women. This, in turn, will create more jobs in the rural belts as entrepreneurs would need manpower to run their business. “The program will also help create additional sources of income for women and diversify income to boost the rural economy,” Sinha added according to the report.

Under program guidelines, SHG members who have completed “two loan cycles or a 24-month vintage” are eligible for credit, according to the HT report. In addition, women entrepreneurs without prior experience can also obtain up to Rs 50,000 of credit. For loans up to Rs 2 lakh, members must have two years of experience in their business.

Apart from SHG members, the scheme is also available for sole proprietorships. A government official, quoted by HT, said women between the ages of 21 and 60 can apply for the program.

Also Read: Income Tax Portal Update Early This FY Won’t Impact MSME Benefits Udyam: Govt

The credit scheme was designed with the post-pandemic financial needs of the rural economy in mind, another senior official said.

“The union government’s MGNREGS (Mahatma Gandhi National Rural Employment Guarantee Scheme) and Garib Kalyan Yojana, which provides free food grains, have been extremely helpful to millions of rural poor people during this difficult time. But it is high time that rural households can diversify their income,” the official involved in the business financing program said on condition of anonymity.

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LoanTap Opens E-2W, Auto News, ET Auto Online Marketplace https://blogcampcee.com/loantap-opens-e-2w-auto-news-et-auto-online-marketplace/ Sat, 22 Oct 2022 11:25:00 +0000 https://blogcampcee.com/loantap-opens-e-2w-auto-news-et-auto-online-marketplace/

New Delhi: LoanTap, a FinTech lender in the country, has launched an online marketplace for electric two-wheelers.

With India’s top brands and over 1,000 dealers all in one place, customers will have a wide range of options to choose from. They can check out the features and choose the bike of their choice without worrying about funds, as LoanTap aims to provide seamless online processing of E-2W loans in the marketplace itself, the company said in a press release.

The market aims to be the one-stop solution to improve clean mobility with loans of up to 80% to 100% of the value of the e-bike to be repaid in EMI over a term of up to 36 months.

LoanTap said its E-2W loan will help finance e-bikes in the range of INR 20,000 to INR 200,000. Anyone with a minimum income of INR 10,000 and over the age of 21 is eligible to apply, and the company will facilitate E-2W loan approvals and disbursements within 24 hours.

Satyam Kumar, CEO and Co-Founder of LoanTap, said, “Making electric vehicles a practical option for everyone is our ultimate goal and we are doing so by introducing the first-of-its-kind E2W marketplace. As the nation’s leading FinTech NBFC, we understand the needs of millennials and their aspirations. On this path of economic and environmental revolution, LoanTap aims to make travel flexible, convenient and affordable for all its customers.

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