Most adults fancy two-wheelers at the beginning of their adulthood, and it continues for a long time. The reason is that bikes sync well with the traffic and road infrastructure in India. Also, bikes are affordable and can be bought in 1/5th of the price of purchasing a car. Many save funds to buy their favourite bikes while a large number of people depend on loans to achieve their dream of owning a two-wheeler. Owing to the high demand for motorcycles and the associated financial requirements, many lenders in the market provide financial assistance. Banks, big and small, have been offering two-wheeler loans for a long time and are benefitting the borrowers but with the increase in diverse types of customers, banks would not be able to serve all the borrowers.

Benefits of availing bike loan from NBFCs:

Non-Banking Financial Companies(NBFC) are entities incorporated under the Companies Act of 1956 to provide financial services to individuals or organizations. NBFCs are growing tremendously and pose a high competition to the traditional banking system in terms of services, thus gaining the confidence of the borrowers. Let us understand the key benefits of availing a bike loan from NBFC in the below section;

1. Faster Processing:

One of the significant benefits provided by the NBFC is more rapid processing of loan applications as opposed to traditional banks. As a bike enthusiast, you would be on a lookout for seasonal offers and would like to leverage on the same, but the immediate requirement of funds can serve as a hiccup. Banks, public and private will take some time to process your loan application, and you can miss out the seasonal offer to own your dream bike. Thus, you can leverage the quicker processing nature of NBFCs to your benefit. Few borrowers do not mind higher interest rates if the processing time is more rapid.

2. Competitive bike loan interest:

As the bike finance market is vast, both banks and NBFCs provide loans at competitive pricing to their customers. With the rise of demand for such financial products, NBFCs want to lower the bike loan interest rates so that they can compete with the banks in this regard. Such a move works in favour of the borrowers as they can take advantage of the low-interest rates offered by NBFCs. Lower interest rates also mean lower monthly EMI, which in turn will give rise to a comfortable repayment phase.

3. Absence of stringent rules:

Rules and regulations bind the traditional banking system. While the modern banking system strives to be flexible with customers, a borrower would come across a few stringent rules of the bank. Such laws would generally delay the processing of bike loans and disappoint the borrowers. As mentioned before, NBFCs are not bound by banking act and have relatively fewer rules. However, NBFCs do evaluate the repayment abilities of the borrower and process the loans accordingly. Generally speaking, customers take the immediate decision of availing finances for the bike as the two-wheelers are not such expensive assets. If there are many regulations which would delay the disbursal of the funds, the borrower would have to look out for the options for availing funds. NBFCs address this pain point of the customers and have been more relaxed on the rules, thus making the loan process a hassle-free one.

4. Loans for poor credit rating holders:

Such a feature works in favour of the borrowers who have poor credit due to multiple debts. The NBFCs do cater to the requirements of the individuals with loan application rejected customers. NBFCs do provide financial assistance to such individuals with higher rates of interest calculating the risk factor involved. Although it is advisable to avail newer loans after taking care of existing debts, such flexibility offered by NBFCs empowers individuals to buy their dream bikes.

Conclusion:

The benefits mentioned above are a few reasons why NBFCs are gaining prominence among the borrowers. In the customers’ perspective, you are glad that you have multiple options to avail financial assistance. Thus the trend is a win-win situation for both the NBFCs and the customers. However, as someone who wants the best product, you need to look at various options before purchasing a two-wheeler.

Is your finance becoming a regular headache and severe stress causing health issues, such as, anxiety, insomnia, heart disease, isolation? Stressing about your finances won’t resolve your financial issues, in fact, by not taking steps toward managing your financial stress in constructive ways; you could be on your way to a multitude of health and stress-related problems. So, before the calamity strikes your way, here are five simple tricks to beat your monetary stress.

Traditional Indian families have a particular preference for buying gold as an investment. It is evident from the fact that Indian households hold about 24,000 tones of gold. Therefore, they are likely to pledge it as collateral while availing loans. According to a report by KPMG the gold loan market in India has grown by 11.8% in 2017-2018, and the growth rate is estimated to increase further in the upcoming years. This growth of the popularity of gold loans is not because of one, but many factors:

 

Fairly simple eligibility criteria

When you apply for a gold loan, you do not have to worry about the long list of eligibility criteria that you need to qualify in other collateral-free loans, thereby, making the application procedure relatively straightforward. So, there is no need for having a high CIBIL score to be eligible for the loan. In case of a gold loan, only KYC documents are required and not your payslips as in the case of Personal Loan. Also, if you have already taken a loan, not wholly paid, you can still receive your gold loan without facing any problems due to previous loans.

 

Simple and fast procedure

The disbursement of Gold Loan is much quicker as compared to most of the other loans. It might take you just a few hours to get a loan against your gold. Gold loan is a secured loan, i.e., your gold acts as your collateral. So, there is no need for the bank to verify your financial background. It saves a lot of time and effort for both parties. Thus, the bank checks the worth of your ornaments and accordingly, your loan gets disbursed.

 

Lower Interest rates

The interest rates or gold loan per gram rate are usually less than that of other loans. It is primarily because banks are more comfortable in giving out a loan with security. In case the applicant fails to pay his loan, the bank can quickly get the money back from selling that gold. So, the safer the loan is for the bank, the better terms are provided to the applicant.

 

Higher Loan Amount

If a middle- class person who has been in a job for a long time needs a loan, he will probably get a personal loan according to his salary. Thus, his average salary comes in the way of getting funds for his immediate needs. By taking a gold loan against the gold ornaments that are usually bought by people as jewellery for special occasions or as a gift people receive at their weddings, a middle-class person might be able to avail of the loan amount that he needs. Also, while most personal loans have an upper limit for amount, the gold loan does not have a limit.

 

Thus, a gold loan is a good and easy option for any middle-class person who may need funds for any immediate purpose. The idea of taking gold out of your lockers and using the ornaments for your urgent needs has proved helpful for many and might prove to be the right choice for you as well.

Do you think only having a car enough? Can it make you sought out pretty much? No, not at all. The moment you bring the car at home, many things in the form of expense starts coming in front. It is common for those people who somehow managed to buy a second-hand vehicle as purchasing a new one is not in everyone’s budget.

Only you know that trouble that how hard it was to deal with car finance. Now if these small cars financing matter is coming in front, then you are blank with the thought of what’s next? After all, you know that bringing this car to home was a lot of pain. Still, there is a lot of work pending in it which needs to be done so that this car can work properly.

A car is full of expenses

Not just this, even you need to go with pollution, servicing, repairing and some of the essential things that can cost a lot to your pocket. Yet you need to go with some modification according to your choice of interest. That was your dream with the first car for that also you need funds. Don’t you think that it’s creating too much stress? You need to look for a solution as soon as possible. You don’t want to think about car finance all the time and enjoy the car ride.

Yet, it seems almost impossible because if your car is not in the condition to take out and you have to invest more money. Then how it’s going to work already your financial situation has taken a wrong turn in buying a car. There is no way that you can arrange more money to add in the vehicle, but you cannot even leave things like that in the middle. It needs to get a solution and that too within time, so for that, we can only see a single way-out.

How about borrowing for a car?

It is one of those methods that are not only going to recover your financial circumstances even you can go for a long drive. Maybe you are thinking that what it can be as no one is going to help you anyway and everything depends on your call. In that case, why don’t you go for borrowing as even your financial status is not so good then also you can go for loans? There you can get plenty of options according to your condition and repaying capacity.

Are you still confused then we can suggest you one loan according to your current phase? In this dynamic time, why don’t you go for bad credit car finance from a direct lender? You don’t have to think for a second as this is the best solution that can fill you with happiness. Even by this you can come up from poor credit score also keep an eye on your car finance? All the problems will get a solution from one method, then why to wait even to go ahead and take loans.

Financial hold up can cover up finance

Besides, once you take this financial support so there can be a possibility that you end up saving a bit. From that, you can also do some car modification that you wanted to do for a long time. Now you don’t have to kill your thoughts and idea that’s was always in your head for the car, do whatever you feel. Nothing is going to be a matter of concern only you need to understand the importance of car finance and deal from it smartly.

Even for once, your car finance shakes, and you end up having zero car finance, then your car can go to the garage. Never feel that you have the lending option available and you can do anything quickly. Though lenders are always there for the aid, still you need to walk on the right path. Keep some amount safe with you always so that later on you don’t face any trouble.

Keep an eye on car finance and expenditure

Having your car and driving it safely is everyone’s dream, but you need to know one thing that it also needs maintenance. No matter if it’s new or second hand but cares and improvement are must timely, and that need right car finance. In that case, if you have some amount saved, then you will not be facing any difficulty and make it done quickly.

Plan a car budget every month and then run accordingly so that you don’t have to run out of money. Be sure that you are not using your car funds otherwise from where you will have more money. Start running on proper car finance and keep enhancing it timely so that everything goes in a feeling of peace and you can enjoy those long rides.

Remember one thing always that not only a few things come whenever it comes to car finance. You need to manage plenty of things so that nothing pulls you down later on. Be smart enough to deal with everything and have a reasonable budget always for your car. Else, if you ever feel helpless, then borrowing option is still open but don’t let any affect your vehicle.

Description: Dealing with car finance can be stressful as there are many things to look. For that, if you need to hold up, then you can have a way out. Go through with this blog to get the answers!

To provide short-term credit to farmers, the Government of India offers Kisan Credit Cards at an affordable interest rate. This credit card serves comprehensive financial assistance to farmers as well as saves them from availing loans from unorganised local lenders at substantially higher interest rates. Several financial organisations of the country offer Kisan Credit Cards.

Who can avail?

Individuals, as well as groups of owner-cultivators, sharecroppers, and tenant or lessee farmers, are qualified for this facility. Covering segments like inland and marine fisheries, aquaculture, cropping, and animal husbandries this financial tool serves all. To encourage the agricultural industry, the government keeps Kisan card apply process simple and easy. 

How to apply?

Farmers can apply for this credit card both online and offline –

Online mode:

• As a first step, applicants are required to visit the official website of their preferred financial institution.
• After that, they need to find and select Kisan Credit Card among the available credit card options on the online portal.
• Next, individuals have to click on the “Apply” tab to proceed further.
• Then, the online application page will appear on the screen.
• As a next step, applicants have to fill the online form with required and accurate details and hit the “Submit” button.
• On successful submission, an application reference number will be generated. Applicants have to note down the number for further reference.

Farmers have to wait for 3-4 working days for the financial company to process their application. During this time, individuals can check credit card application status online.

On meeting the eligibility criteria, applicants will be contacted to submit their documents. After successful verification, lenders will issue the credit card and send it to the provided address.

Offline mode:

However, farmers can also visit the branch of their preferred financer along with the necessary documents for Kisan card apply. Representatives of that organisation can help them out with the entire application process and avail the credit card.

However, it is important to know all the important factors before applying for a credit card and the list of required documents.

What are the documents required?

According to RBI, financial organisations can decide the list of necessary documents as per their requirements to provide these credit cards. Nonetheless, the list of required documents is as follows –

• Duly filled application form.
• Copy of KYC documents.
• Documents of land.
• Applicant’s photograph in passport size.
• Any other security documents as per the financial institution.

What are the benefits of Kisan Credit Cards?

• Kisan Credit Card comes with flexibility in credit repayment for up to 3 years. To reduce the debt burden, this card enables farmers to repay after harvest seasons.
• The loan disbursement process is also simple and hassle-free.
• It is a comprehensive loan facility for all agricultural requirements.
• This credit card provides financial help in purchasing seeds, fertilizers, etc. Moreover, it allows farmers to avail discounts on specific transactions from sellers.
• Farmers can withdraw required funds within the credit limit anytime with minimal documentation from any branch of the card issuer.
• The credit limit on this card is expandable depending on the income.
• This loan facility comes with crop and accident insurance to cover unpredictable financial loss.

For marginal farmers, Kisan Credit Cards offers a flexible credit limit of Rs.10,000 to Rs.50,000. Depending on the cropping pattern and required finance, lenders decide the loan amount. Nonetheless, farmers can always opt for credit cards that offer a higher credit limit. 

Credit cards like the Bajaj Finserv RBL Bank SuperCard provide a higher credit limit and several other industry-first features.

In addition, there are several exclusive benefits of the SuperCard that other cards don’t offer. 

Lastly, Kisan Credit Cards are an all-in-one credit card that is typically designed to provide financial help to farmers in their agricultural activities. This scheme comes at a time when farmers are desperately in need of financing.