Why choose field service management software?

by Bharat Vashistha on October 16, 2020

FSM as the name suggests a software which was developed to manage Field services like operational and technical tasks. The choice of choosing the correct software rests solely on the consumer’s shoulder as different software solutions are offered by a variety of vendors and have a multitude of features.

But there’s something about FSM that sets it a class apart. FSM is preferred over other options due to a vast multitude of reasons. Here are the top 5 reasons to choose field service management software for your company:

Availability

Let’s face it, how can anyone expect technicians on the move to carry an eighteen-pound desktop around while finishing their heavy tasks in different parts of a city? No wonder Field service management software is preferred by those professionals who are always on the run.FSM’s are made for professionals who refuse to bow down to a static life, why then, should their software be stationary?

The best part about it is its flexibility and user-friendliness. The software is able even in the form of an app which is available for those who are always on the move. So no hassle of a desktop or system is required at remote places.

Low costs

Field service management software is boon to the pocket of the consumer as it doesn’t demand hefty installation costs and its maintenance is no sweat either. Not only that, operational expenses and other significant costs can be kept in check through FSM. It also gives ways of predicting and reducing various unnecessary costs that may be incurred in the future.

There is a lesser chance of computational and accounting errors with the advent of Field service management software. Hence, every accounting statement is made with precision and unmatched accuracy, which leaves little room for error and wasteful expenditure. That is why it seems to be an optimal choice to increase profit margins by companies these days.

Industry-specific

Field service management software is edge cutting and industry-specific, which offers specialized solutions to the user with an exclusive experience when compared to other available software in the market. FSM software even aids in managing records of communication and contact

However, they were initially designed to handle interactions of customers but later expanded to advanced management and sales features. FSM falls short when it tracks the information of its customer’spost-completion of tasks, not the information useful for making more sales.

Real-Time Tracking

The Geofencing and GPS tracking system come extremely handy with their real-time tracking ability that allows high octane and effectual scheduling and task assigning. Through Field service management software, customers can track the workers in real-time and also able to rate them as per their satisfaction.

This increases customer satisfaction and ease of operation on the user’s end. In the age of digitalization, customers can also generate invoices after the task expected is achieved, which saves them from unnecessary paperwork and spares them the horrors of mounts of papers.

On the company’s end, all paperwork is instead stored in the form of digitalized data that can be accessed from any place at any point of time. Thus, Field service management software offers a win-win situation for everyone.

The Perfect Matchmaker

The field service management software can be called the perfect matchmaker in its rights. For once, the Field service management software assigns an excellent specialist required to do a task. It matches a technician or a worker with a particular study based on his skill set.

Suppose a technician or worker is already familiar with the customer and is on good terms. In that case, he is usually assigned the same area as he is usually already familiar with the recurring problems. So here, a new worker would not have to spend more time inspecting the problem for the first time.

At times, the client’s history is also stored for better understanding and closer inspection of his problems. This allows room for a new technician to step in, in case of emergencies, if no other alternative is available and if previously familiarized technicians or workers are unavailable due to specific reasons. Thus, FSM software proves to be a true asset to any organization.

Conclusion

From the above discussion, we have seen that FSM software is the smartest choice to make to increase the efficiency of any organization due to its real-time tracking, digitized approach, low costs and industry-specific tools.

Finance

5 Things to Look for in a Trading App for Faster Stock Research

by Bharat Vashistha on October 9, 2020

The participation of people in the stock markets are increasing rapidly in India. In the past few years brokers across India have reported a surge in account openings. Today many budding traders and investors are looking to make a career in the stock markets.

But as new entrants in the markets, not all will have the knowhow and access to relevant information. HNI investors, stock market professionals and Fund houses have an array of resources and access to information available to them through which they trade in the markets.

But a young investor with a small capital, will need to do his own research and avail information from the exchange websites of NSE and BSE. To make lives easier for such investors, today many Trading applications are available. They also provide detailed information and data which if interpreted correctly can be quite valuable for trading in the stock markets.

With a variety of stock trading apps available on both the Apple App Store and Google Playstore, here are top 5 features you should look for in a trading app!

Ease of Use

A basic requirement for any software or application would be its ease of use and the quality of its user interface. An app may have all the features in the world, but if the user experience and accessibility is not simple enough, then the app becomes worthless.

According to the founder of Zerodha, Mr. Nitin Kamath, one of the reasons how his broking company became the largest in India was because of his trading app Kite. He goes on to say that while founding Zerodha, he noticed how all his competition’s software’s were very complicated to use and looked obsolete. He then emphasized on creating an App which anyone could use and hired students from engineering colleges for this purpose.

By just creating a simple user interface and then adding features, Zerodha has become one of the most successful start-ups of India.

Charting Tools

As a trader, be it for stocks, commodities or currencies, the most important feature would be an intuitive charting software. In Technical Analysis, charts refer to a series of prices of an underlying asset displayed on a graph. Traders, analyse such price charts with an attempt to predict the future price movements.

Before the dawn of the internet, traders used to manually enter data and draw charts over varying time frames. But today, charting has become much more detailed. With the help of AI and Data analytics, traders can not only view stock prices, but also overlay a lot more technical indicators over the price of the underlying.

Most traders would prefer apps which have an easy to use and comprehensive charting software with the ability to add many indicators and calculations.

Fundamental Data

The above feature would benefit short term traders the most. But there should also be a feature which should benefit the long term investor in you. So a trading app should contain informative data for fundamental analysis.

These include key data such as information about the company’s management, shareholding pattern, Financial results and Algorithmic calculations of important accounting ratios such as PE Ratio, Profitability ratios and liquidity ratios.

Scans

Every trader and investor has a unique strategy which they use for most of their trades. Someone could be a Price Action trader whereas another could rely on the RSI and a combination of other technical indicators.

But for anyone, finding stocks which satisfies their strategy could be quite cumbersome as there are over 6000 stocks listed on the exchanges in India. In such a case, Apps should provide a variety of scans, which anyone can enter and narrow down on the stocks which meet the requirements of the trader.

For example, let’s say Rakesh is a day trader who relies on candlestick patterns and the RSI to make positions in a stock.

In order to find which stock is showing a positive candlestick pattern and at the same time has a positive divergence or strength in the RSI, he would have to individually look at the charts of every stock. But with the help of a scanner, a list of stocks which meet his criteria will be easily available for him to trade on the go.

Instant Stock Based News

News and information play a significant role in the financial markets. News is what drives people’s sentiments in the market. Any positive or negative event can be good for one company and the same could be bad for another. But to know what event has occurred when and where is what makes news so relevant.

For instance, let’s take the example of a recent deal between Reliance Industries and Google. Media outlets reported that Google was in talks to buy a stake in Reliance’s Jio platform. The deal was announced later, but the stock price of Reliance had already shot up by 5% in anticipation of the news.

So an essential feature of a trading app would be to have access to instant news that may impact the overall stock markets or any individual company.

Author’s Bio

Raghav Agarwal is a graduate in Business Administration. With a keen interest in the world of financial markets, he loves to read and write about various financial instruments. Currently he is working with Elearnmarkets.com as a member of the Knowledge team.

Finance

Download Now HDFC RTGS Form

by Bharat Vashistha on October 7, 2020

HDFC RTGS Form is used for sending the amount overhead of Rs 2 lakh through any HDFC Bank Account. HDFC NEFT Form is used for sending money lower than Rs 2 lakh through any HDFC Bank Account. You are required to fill the RTGS Form / NEFT Form for sending money. Now you can Download HDFC RTGS Form / NEFT within here for sending of money in India. Instapdf is the top place to download HDFC Bank RTGS Form, HDFC NEFT challan document.

Similarly, you can download the HDFC Bank RTGS form / NEFT Pdf file, HDFC Bank RTGS/NEFT Challan print out, challan document. This site similarly giving Application for RTGS Transfer of HDFC Bank /HDFC Bank Actual Time Gross Payment Apps etc.

HDFC RTGS System and HDFC NEFT System

Bank provides RTGS (Real Time Gross Settlement System) & NEFT (National Electronic Fund Transfer System) which permits a well-organized, safe, cost-effective, and consistent system of allocation of money from bank to bank in addition to from remitter’s account in a specific bank to the recipient’s account in alternative bank transversely the nation.

HDFC RTGS Timings: Time for allocation money over RTGS is Monday to Friday: 10 AM To 3:30 PM and Saturday (apart from 2nd and 4th): 10 AM To 3:30 PM.

HDFC NEFT Timings: Time for allocation money over NEFT is Monday to Friday: 10 AM To 4:30 PM and Saturday (apart from 2nd and 4th): 10 AM To 4:30 PM.

HDFC RTGS Form Requirements

In command to simplify an RTGS approach of allocation, one requests to refill the RTGS procedure of the bank after which the dealings are to be originated. HDFC is one of the foremost banks in the nation and has a moderately simpler submission procedure for its RTGS built dealings. The HDFC Bank RTGS Form entails the subsequent material from your finish:

Recipient Details

Name of the recipient
Account number of the recipient
Address of the recipient
Branch name and address of the recipient bank
Bank IFSC code of the recipient
The money you wish to send through RTGS.

Specifics refer to you

Name of the aspirant
Account number of the aspirant
The cash deposit by the aspirant
Contact specifics of the aspirant – Mobile number and email address
If the aspirant is a non-HDFC client, they essential to give their address.

Further Details

Name and code of the division from which your famine to pledge the course.
Date of procedure start
Time of procedure start

When you completely provide all this information, you may require to place your sign at the top of the form. The bank would then give the receiving print of the submission document. The HDFC Bank RTGS Forms ruins the similar for equally HDFC and non-HDFC clienteles. You can use the HDFC RTGS form for the NEFT document too. You have to assign your cheque end to end through the application document and the name of the recipient ought to be “HDFC Bank Ltd – RTGS”. If you have any worries concerning slightly of the arenas, you can contract out to any HDFC bank staff and they must be clever to aid you over.

Charges for HDFC Bank RTGS & NEFT

The charges of RTGS and NEFT in HDFC Bank are mentioned under the table:

You can do NEFT AND RTGS through HDFC Bank mobile application. The best disperse in Online NEFT is It is free of charges.

Amount of RTGS	Transaction Service Charges (Exclusive of GST)
Rs.2 lakhs and up to Rs.5 lakhs	Rs 15
Above Rs.5 lakhs	Rs 15

Amount of NEFT	Transaction Service Charges (Exclusive of GST)
Up to Rs.10,000/-	Rs 2
Rs. 10,001 and up to Rs. 1lakh	Rs 2
Rs. 100001 to Rs 200000	Rs 10
Rs 200000	Rs 10

Shopping

The Most Captivating Flowers To Encapture Your Loved One’s Heart

by admin on October 5, 2020

The reason behind your smile is a beautiful & nourishing person for whom you wish the world. You want to do everything right by them, not even leaving an area for error. You are always looking for ways to spoil them & let them know how much you care & miss them. There is not a moment when you do not think of them. Every passing minute, every hour, there is a constant need to make sure they are okay & are doing well. Any hiccup in any situation makes your soul hurt. The thought of even living a day without them is a complicated and sad picture for you.

So, if you have decided to spoil your loved ones with the gorgeous gifts of all time, flowers, then you have made the right decision. Flowers are the perfect way to surprise your loved ones with the most fantastic surprise. Flowers are known for their versatility and are ideal for every small or big event or celebration you have planned in your mind. There is a long list of flowers to pick from when choosing the perfect one to encapture the heart of your loved one. This guide here might come in handy in determining the most amazing flowers for your loved ones this season. With the help of online flower delivery, you can find any flowers you want online & get it efficiently delivered right at your home.

The Lovely & Charming Roses

One of the classic signs of love is a rose. The sheer beauty of a rose has been a struggle for many people to describe & write & still don’t do justice to it. The alluring presence of a basket full of roses is enough to make anyone’s heart melt with all the love & glorious beauty there is. Roses have been used for centuries to declare what’s in your heart with the most graceful attempt to capture the heart of your loved one. A surprise of the fresh blooming red roses would be the perfect way to pour your heart out to your loved one to see. You can easily find red roses bouquet delivery in bangalore.

The Most Delicate & Gracious Lilies

Lilies are the most gracious & elegant ways to show your deep & strong love for your dear ones. The presence of these glorious lilies in any room is enough to make everything seem better & brighter. Giving someone the gorgeous lilies to someone could be the perfect way to steal their heart & show how much you care about them. The best thing about getting lilies for your loved ones in the most gorgeous of conditions is that now you can find any lilies you want online & have it delivered to your loved ones.

The Stunning & Gorgeous Orchids

One of the other famous blooms which are renowned for captivating hearts is the most stunning & gorgeous orchids. Every flower has a story & a meaning behind it. Orchids stand for love & strength. This season surprises your loved ones with the most stunning orchids you can find in town. These flowers could symbolize your everlasting love for one another, which grows deeper & more substantial every day. These gorgeous orchids could be the perfect surprise you were looking for to surprise your loved ones. You can quickly get your fresh & radiant bouquet delivery in bangalore, more swiftly than ever. Flowers are a great way to surprise your loved ones with love & care you have for them. The flowers are the perfect way to spoil your loved ones. Gone are the days when you had to rush to the local florists every time you needed to find some fresh flowers to surprise your loved ones. Now, not only can you find the newest & radiant flowers in town, but you can order them right from your couch & get them all-new from the gardens. It is easier than ever to spoil your loved ones with the most amazing & the most gorgeous of flowers. It does not matter if it’s a big celebration or a small one; your dear ones deserve the most beautiful looking flowers in town. Online Flower Delivery in Delhi has made it easier for you to get any flowers you want to deliver right at your doorstep.

Finance

What Does Public Liability Insurance Actually Cover?

by Bharat Vashistha on October 5, 2020

If you’re a business, sole trader or are working as a contractor and have heard you need some kind of public liability insurance, despite hearing something about its importance, you might not actually know what it actually entails. In essence, public liability insurance is a means for people to cover damage to property or an injury that they cause while at work. This could mean that you’re covered for repair to the property that was damaged, medical bills if a person was injured, or legal fees should the case go to court. There are many more nuances related to public liability insurance, so in this article we take a look at what these policies specifically cover.

What public liability insurance does cover?

Even if you don’t like the look of a public liability insurance quote you’ve researched, without it you may have to contend with some very serious financial implications down the road. These implications occur because public liability insurance isn’t actually required by law in Australia, meaning there are many instances where people are not adequately protected. Perhaps the most basic aspect of public liability insurance is covering damage to property. Insurance in this case will cover the costs related to repairs or replacements of items that are accidentally damaged, which could be either big or small. Public liability also covers injuries due to an individual’s actions in the workplace, whether it be their own or someone else’s. The costs covered here will be related to things like medical bills and rehabilitation costs, although each case will be different. Legal costs are also covered by public liability in the event that you have to contend with a liability claim. It’s important to know that even if their claim doesn’t hold up in court, you may still need to pay the cost of the case out of your own pocket.

What doesn’t public liability insurance cover?

Public liability covers a lot, but it doesn’t cover everything. For example, while a liability claim might be successful, it may still not cover extra costs, including things like punitive damages, taxes and fines. Public liability insurance also doesn’t cover instances where property under the control of your business is damaged or when the property of employees is damaged. In the case of injuries to you or your staff, as these are not third parties, workers compensation insurance will instead need to be pursed. Although it should be obvious, any illegal or deliberately targeted behaviour that results in damage to property or injury to people will not be covered. There are a few other exceptions to the rule that are also not commonly considered, such as asbestos, pollution, aircraft products and any product recalls, although these things are quite uncommon for most workplaces.

Public liability insurance is valued for a reason There is a reason that many employers require contractors to have liability insurance cover – this form of insurance provides excellent peace of mind to both employer and employee, ensuring that any issues that occur in the workplace create a financial burden. After all, it only takes one small unforeseen accident to cause a smaller workplace to fold, and this can make the small cost of entry seem like a relative bargain in comparison!

Business

What is the main function of a logo?

by Bharat Vashistha on September 21, 2020

The logo, identity, and brand

A logo is a symbol or sign that aims to identify an entity or a company. The logo does not function as a sales tool, but rather serves to symbolize identity. A logo represents a company like a face that represents a person. We use a logo to remind people of a company’s service, quality products, and other similar qualities.

Identity is totally based on the aspects of a brand. It is the appearance of an organization in visual forms through the use of typography, color, and images. Identity generally refers to guidelines specifically designed as a guide for the visual description of a business. Common examples of identity include visual tools such as stationery design, brochures, flyers, websites, signage, uniforms, and other similar visual tools.

The general perception that a brand is limited to its logo, slogan, colors, and typography. A brand is the emotional perception of the integral image of a company. The process of coherence and commitment contributes to the construction of a brand. The positive perception will only be established if the company provides good service and quality. Any company can try to establish its brand in a positive way, but the decision rests with the customers.

Graphic software for logo design

You should design the logo in vector graphic format, which is based on dashes and dots on the computer so the size can be enlarged without affecting the quality or resolution of the image. This is completely different from the raster or bitmap format that is created with the pixels in an image. There are many vector-based design applications you can choose from, such as CorelDraw, Adobe Illustrator, or Inkscape.

Criteria for a good logo

Some of the criteria that used to design a logo:

Simplicity: a logo is always simple, based on the principle of ‘less is more.’ It is because a logo is evaluated for its operability, not its aesthetics. Its simplicity will make it easier to identify the functions represented in it.

Individuality: The unique a logo is, the easier it is to notice or identify it, among others.

Memorable – A good logo can be easily remembered. A memorable logo can enhance your business image and brand.

Relevance: The main purpose of the logo is to provide identification; there must be a clear relevance between the business represented and the logo.

Flexibility – Logos must be flexible enough so that they can be easily applied to a wide variety of visual media, such as engraving, screen printing, or 3D signs. This flexibility depends on the simplicity built into a logo.

Timelessness – Logos are generally used for very long periods, perhaps decades. If your logo is too modern, you will have to redesign it after a certain period of time, which will make it inconsistent and confusing for customers. Also, the redesign costs are quite high.

What you think if you saw a logo design that incorporates an image of huge, muscular men with a font written in bright, dazzling colors?

Will you trust him? I doubt!

Physical fitness is important in life, which is why there is a steady increase in the number of fitness service providers around the world. The exponential growth of fitness centers has resulted in stiff competition to stand out. In competition, a well-designed fitness logo is necessary to fully convey your message and make your brand unique.

Designing a good logo is the first step in establishing an identity. The fundamental function of a fitness logo is to represent health, strength, and fitness.

The question is how to design a distinctive, attractive, and unique logo for your brand.

What image should be used?

Most of the time, fitness logos are designed with an image of a man or a photographed representation; this is too boring, generic, and out of date. Try something different and unique, use illustrations with fancy fonts and colors. Instead of creating abstract designs to symbolize people, use your environment or location for inspiration. Do not use on Muscle Men or fierce animal images as Gym Central Image.

Appropriate color scheme

Anything can be used when it comes to color. The vibrant and strong colors give a refreshing look, subtle colors can also be used, but again the main purpose of the logo is to attract attention and create interest in the target market, so the vibrant colors are more striking and robust. Do not wear excessive black or colors that are generally associated with women.

Font style

You want to sound professional to your audience. Using a simple, straight font will give you a look you want. If you want to be experimental, use the 3-D effect or give it a forward lean touch that symbolizes speed and strength. Don’t use hyphenated fonts as it doesn’t give your logo a professional look.

Work with a professional

Working with a professional for logo design is always recommended. Many companies are hesitant to invest in logo design and prefer to do it themselves.

Although today the Internet offers many free services and tools to design your own logo. But the logos produced using these tools and techniques generally lack a professional touch. Do not design completely on your own without proper knowledge of the procedure; seek help.

Keep these points in mind and stand out from the competition.

Apart from everything, the main importance of a logo is to create a visual identity, rather, to create the personality of a company. Color plays a vital role in creating logos. Color should be used to label or hierarchy, to represent or to unify. Secondary colors can be used to harmonize the main color palette. Supporting colors are used to keep the design fresh and forward-thinking. A harmonious effect must be created through the color used in the logo; it must be unique, versatile, and functional. Few balances must be maintained when creating it; a balance between color, shape, and position is essential. Symmetrical balance, asymmetric balance, and the radial symmetric balance must also be maintained.

Business

Simple Ways to Create a No Nonsense Approach to Your Business

by Rahul Sharma on September 17, 2020

Gone are the times where a group of numbers are used as basis for an individual’s identification. Also, no more are instances wherein an employee has got to use an access card with great care he or she will gain entry or access to the office or facility. Nowadays, tons of business and governments have invested on biometric logging systems, which are software technologies that use persons’ physiological characteristics for safety and security purposes, whether it involves logging in or logging out of labour or accessing vital data. These software systems power certain hardware that function physiological readers. The unique information obtained from fingerprints, finger or palm veins, irises, or maybe facial composition are then stored within the software, identifying the individuals.

Ever since the arrival of the web and advancements in technology sector, many CFD trading businesses have flourished. Case in point: the increase of the outsourced employees. Many of today’s big names within the industry had humble beginnings as start-up companies. One among the explanations for his or her success is by knowing where to take a position and what systems to adapt. Start-up companies can greatly enjoy investing on biometrics. However, it’s important that they strongly consider which software and hardware best suit them supported what they have, also because the nature of their CFD trading business and other circumstances.

As such, here are some considerations before making an investment on biometric systems:

• There is nothing wrong with investing on fingertip scan technology, which is that the commonest sort of biometric system. However, start-up companies must also consider if it works during a certain sort of working environment. As an example, workers exposed to dirty tools and machinery, to not mention the likelihood of sustaining cuts and bruises, would have difficulty having their fingertip scanned due to their hands’ condition. In such instances, fingertip scanning systems aren’t conducive during this sort of working environment.

• While fingertip scans are available, there also are other sorts of biometric scanning systems that start-up companies may consider investing. Samples of such are the palm vein and finger vein scans, also referred to as vascular biometric systems. Rather than fingerprints, the vein pattern underneath the skin of the finger or palm is employed to spot the individual.

• Start-up companies shouldn’t recoil from investing on biometric systems, albeit it’s somewhat costly. They ought to view it as an impractical investment; instead, they ought to view the future benefits of getting one.

The impact of biometric logging systems goes way beyond personnel identification, as these have also extended to issues with regards employment and labour as mentioned by experts. Tons of employers have invested on biometric scanning systems as how to scale back instances of labour errs clocking in and out of work on behalf of their other co-workers, which is fraudulent. Employers also found these systems beneficial due to their accuracy, hence avoiding the likelihood of employees alleging claims of failure to pay overtime.

On the opposite hand, some employees have challenged the utilization of biometrics, not only seeing them as intrusive of their privacy, but also discriminatory in certain aspects. Problems with disability and non-secular beliefs gave rise to numerous lawsuits and claims in connection to the utilization of biometrics. This is often why it’s imperative for employers to get the groundwork on ensuring that the fears of employees using biometrics for the primary time are allayed.

If anything, we are already within the age of biometric systems. It’s not anymore a topic of science fiction; they’re here to remain for an extended time. It’s really up for the start-up companies to form careful choice in not just making such an investment, but also making it work for the advantage of their employees.

Business

Personal Loan vs Car Loan

by Bharat Vashistha on September 10, 2020

Right from our very young age, we have heard about car loans as an option to finance our dream vehicle. Right from our parents suggesting to applying for one, the day we want to buy our car all the way to automobile companies regularly promoting their car loan offers, all of us are well accustomed to what a car loan is and how it can help us in financing our dream vehicle. But in recent times, another financial instrument that has gained popularity for being able to finance big purchases is a personal loan. Although the concept of a personal loan is quite new in India, many millennials are going for it, thanks to the easy application process and, moreover, the attractive rates of interest it offers.

If you have been planning to get a vehicle for your family or yourself for some time now and are confused between the choice of a car loan and a personal loan, this article is for you. In today’s article, we will share with you everything you need to know about both these products and hopefully help you in deciding which one will be best suited for you.

Let’s get started.

What Is a Personal Loan?

One of the first and most important aspects you need to be aware of is the meaning of a personal loan. A personal loan can be understood as a short-term unsecured loan of amounts ranging between ₹10,000 to ₹25,000,00, which comes with low and competitive interest rates and also flexible repayment options.

An unsecured loan is any loan that is collateral-free, meaning as a lender, you do not need to pledge any asset or put forward any collateral to avail the loan. Since a personal loan is an unsecured loan, it comes with many advantages, the most significant of which is the fact that you do not have to showcase any asset to reap the benefits of this loan. You can simply apply for a personal loan through a lender of your choice, and within 24 hours, you will have the money in your bank account. Along with this, personal loans also come with flexible repayment options and attractive rates of interest, both of which are often missing from other traditional loans in the market.

What Is a Car Loan?

Now that you know the meaning of a personal loan let us understand the meaning of a car loan. A car loan or a four-wheeler loan is a type of loan which helps you finance the vehicle of your choice by lending you upto 80% on-road price of the vehicle. By taking a car loan, you can pay a minimum down payment, usually about 20% of the vehicle price, and convert the rest into easy monthly installments for the next 12 to 60 months. Car loans in India come attached with a fixed rate of interest and are designed in a way so that the average consumer from all income groups and economic backgrounds are able to buy the vehicle of their choice.

Difference Between a Personal Loan and a Car Loan

Now that you know the meaning of both a car loan and a personal loan let us explore some of the most significant differences between both of these.

Loan Amount

One of the first and most important differences between a car loan and a personal loan is the loan amount that you will be able to avail. A car loan in India generally gives you upto 80% of the current on-road price of your vehicle, meaning that the difference amount has to be borne by you in the form of a down payment.

On the other hand, if you take a personal loan to finance your vehicle, you will be able to get the full cost of your vehicle and thus completely eliminate the need to pay a down payment.

One of the main reasons behind this difference in loan amount is the fact that car loans are designed in such a manner so that the owner can take part responsibility for the vehicle from the very first day and also so that a payment discipline can be encouraged among future consumers. However, although this method was planned with a good intention, it quickly became a barrier to many, and thus personal loans were introduced, and the need for a down payment was abolished.

Interest Rates

The next difference between a car loan and a personal loan is the rate of interest at which both of them are offered. Car loans in India typically have a very high rate of interest, which ranges between 7 to 12% per annum, meaning that as a borrower, you will have to spend more money in the long run to afford the vehicle of your dreams.

On the other hand, the interest rates for personal loans in India are quite low and affordable. For example, MoneyView, which is one of the leading personal loan lenders in India have the lowest interest rates in the industry of 1.13%, which means that availing a personal loan with low-interest rates will enable you to save more money in the long run.

Secured vs. Unsecured Loan

The third important difference between a car loan and a personal loan is the fact that a car loan is a secured loan by nature, meaning that you have to put forward a collateral or pledge an asset in order to get a car loan. A lot of consumers might not realize this at first glance because a car loan directly doesn’t ask you for collateral when you apply for one.

But when you look into the terms and conditions of a car loan, you will quickly realize that your vehicle is, in fact, the collateral in this scenario, which means that if you fail to pay your car loan due to any reason, your vehicle will be seized and the loan company has the right to sell this vehicle to recover their losses. This process of making the vehicle the collateral for a loan is known as hypothecation, and this practice is prevalent across both four-wheeler as well as two-wheeler loans in India.

On the other hand, you do not need to pledge any asset or put forward any collateral to get a personal loan, meaning that you are the complete and rightful owner of the vehicle from the very first day itself without any complications.

Ending Lines: Which One Should You Choose?

Now that you know the difference between a car loan and a personal loan, the obvious question that must be pondering your mind is which one should you choose?

If you are purchasing a mid-range vehicle within ₹10 to ₹15 lakhs, you will always be better off if you choose a personal loan over a car loan with the obvious reason, being complete ownership of the vehicle and low-interest rates. So go ahead and apply for a personal loan to finance your dream vehicle today. All the best.

Finance

Know the Benefits of Transferring a Home Loan

by Bharat Vashistha on September 4, 2020

When you transfer your outstanding balance amount from your current lender to a new lending institution, it is known as a balance transfer. In this case, the new lender will pay off the outstanding amount to your current lender who transfers all loan-related documents to the former. You then pay the loan EMI to your new lender according to their interest rates and terms and conditions. Furthermore, there are several benefits that one can avail by opting for home loan transfer. Some of them have been mentioned below –

Lower interest rates –

If you are currently paying the home loan at a significantly high interest rate, then you can consider transferring your outstanding home loan balance to a new lender who is offering better interest rates. It will help in reducing the repayment burden for you.

Furthermore, opting for home loan transfer at a reduced interest rate will enable you to save a substantial amount in the long run.

Better service terms

Besides the reduced interest rate, the home loan balance refinance will also enable you to enjoy better service terms offered by the new lending institution. For instance, you can avail shortened tenor, better customer service, nominal foreclosure and prepayment charges when you switch your home loan.

Top up loans

One can also avail other facilities like top up loans when refinancing their outstanding loan amount. A top up loan is an additional funding option that one can avail on top of their home loan without meeting any eligibility criteria for submitting any documents. It has no end-use restriction and can, therefore, be used to achieve a host of financing needs like education fees, medical expenses, weddings and so on.

Some lending institutions also provide pre-approved offers to borrowers which makes the loan application quick and hassle-free. Such offers can be availed on multiple financial products like loan against property, home loans etc. You can check your pre-approved offers by entering your name and contact information.

When to Opt for a Home Loan Balance Transfer?

You need to know the right time to switch your home loan balance to make the most of the benefits.

The main objective of a home loan balance transfer is to reduce the interest rate on home loan as well as save a substantial amount. Consequently, you should only switch when there is a significant difference in the interest rate being asked by your current and new lender. You can also use a home loan balance transfer calculator to compute the reduction in your EMI amount.

If you have just availed a home loan and are therefore still in the initial years of your repayment period, you can carry out a home loan balance transfer. Since at this stage, the interest component in your EMIs is higher than the principal amount you will be able to avail the benefits of reduced interest rates. On the other hand, if there are only a few years left in your repayment period, there is no point undertaking home loan refinance as at this stage.

Home Loan Balance Transfer Procedure

You can follow the steps to apply for home loan balance transfer –

Step 1: Make an application to your current lender, informing them that you want to transfer your home loan balance. You may need to pay a foreclosure fee.

Step 2: Collect all your documents along with the NOC or no objection certificate from your lender. Additionally, you also need to know what a home loan NOC and why you should get it.

Step 3: Submit the essential documents to your new lending institution.

Step 5: You will receive a confirmation message from your old lender regarding the closure of your loan account.

Step 6: Once you receive the confirmation, you need to pay all the requisite fees to your new lender along with the EMI.

Documentation

Given below are the documents that you need to submit during home loan transfer –

KYC documents
NOC
Property documents
For salaried employees – salary slip, Form 16 and account statement for the previous 6 months
For self-employed individuals – income tax returns for last year, balance sheet and profit and loss statement, business registration certificate.

You must also go through the eligibility criteria specified by your new lender to ensure that you are eligible for a loan balance transfer. Even though this may vary for lender to lender, there are some standard requirements you must meet. Such as, there must be no history of defaulting on your payments and your property must be ready to occupy or already occupied. Other than that, you must carry out a cost benefit analysis while opting for a home loan transfer facility.

Business

How Much Personal Loan can You Get on Your Salary

by Bharat Vashistha on August 25, 2020

When we start earning on our own and become self-independent, a common thought that arises in all of our minds is that never again will we need to borrow money from anyone. But no matter how well established we are and how much of a steady salary we earn every month, sometimes even the best of us face a cash crunch situation, where we need a quick way out.

In such situations, although there are a variety of options to choose from, one of the very best is to take a personal loan. A personal loan, which is a short term unsecured loan usually between ₹10,000 to ₹500,000, is transferred directly to your bank account by a lender who specializes in short term lending transactions.

If you are a salaried employee, getting approved for a personal loan becomes much easier, as the lender uses your steady salary as a guarantee that you will pay back your loan on time. But do you know how much amount you can get on a personal loan when you are salaried?

If this question has been pondering your mind for some time now, then this blog post is for you.

In today’s article, we will discuss the various factors that are taken into account while approving your personal loan application and also share with you the various amounts you can avail as a salaried employee from a personal loan. Let’s get started.

What Is a Personal Loan?

In simple terms, a personal loan is a short term, unsecured loan rendered by a lender who specializes in short term lending transactions. The amount of personal loan ranges between ₹10,000 all the way to ₹500,000 with some lenders rendering higher amounts up to ₹200,0000.

While the application process for a personal loan is very simple and straightforward, thanks to the huge number of lenders who are present in the market, getting it approved might be a challenge.

Factors Under Consideration

Now that you know what a personal loan is, let us take a look at some of the factors that are taken into consideration when you apply for a personal loan.

Credit Score

One of the first and most important factors that are taken into consideration when you apply for a personal loan is your credit score. In simple terms, you can understand your credit score as a number that determines your creditworthiness or, in other terms, how likely you are to pay back a loan when you take one.

In India, there are 2 main organizations that keep track of your credit score, and they are CIBIL and Experian. Both private organizations by nature take into consideration four main factors when assigning you a credit score; the number of loans you have taken in the past, the total amount of debt that you presently have, historical data on the EMIs you have paid, any missed payments or defaults which might have occurred in the past.

Depending on the lender you choose to apply with, they will either consult with your CIBIL score or Experian Score to determine if you are worthy of getting the loan or not.

Your Monthly Income

The second factor that is taken into consideration when you are applying for a personal loan is your monthly income. In this aspect, your application is categorized into either of two categories, salaried employee and self-employed professional. Depending on the category you fall into, your application is reviewed and then approved if you are eligible for the loan.

Generally, it has been observed that if you are a salaried employee, your chances of getting your personal loan approved are higher. While there is no set forth amount you need to earn every month in order to get a personal loan, different companies put forward different criteria based on their individual risk-taking abilities.

For example, Money View, which is one of the leading personal loan lenders in India, has a mandate which states that you need to have a minimum monthly income of ₹13,400 in order to apply for a personal loan on their website.

Along with this, when you start doing your own research and check with multiple lenders, you will realize that each of them usually has a higher minimum income amount when you are self-employed as compared to when you are a salaried professional.

Personal Details

Thanks to the digital India movement, most personal loan applications these days are completely online. All you need to do is either visit the official website of the lender or download their smartphone application and enter your details.

When applying for a personal loan, you will need the following documents.

Aadhar Card
PAN Card
Residential and Permanent Address
Phone Number
Bank Statement

Although these are basic details and requirements, almost every personal loan lender in the market asks for these and takes them as factors under consideration when reviewing your personal loan application.

Thus you need to make sure that you keep all these details handy and that each of them is linked with one another so that your lender can seamlessly verify all your details.

How many loans Can You Get Depending on Your Salary?

Now that you are aware of all the criteria that are taken into consideration when lenders review your personal loan application, the obvious question that must be pondering your mind is, how much amount can I loan if I am a salaried employee?

Well, there is no clear mandate on how much money you can loan when you are salaried, but the general understanding in the industry is that the higher your salary, the better your credit score and the greater is the stability of your job, the higher will be the amount which you can loan.

Most lenders in India today give out personal loans in the range of ₹10,000 to ₹500,000 with some lenders giving as high as ₹25,000,00. Depending on the above-mentioned factors, the lender will assess your application and then approve your loan amount.

Conclusion

Getting a personal loan when you are in a cash crunch situation is one of the best things to do. Not only will it save you from your cash crunch situation, but also help you build a healthy lending habit and contribute to a higher credit score in the future. So go ahead and apply for a personal loan from your favorite lender today.