Archive | April 2016

Do You Know Personal Loan Interest Rates Depend On Your Profile?

images (50)Are you working with Infosys or TCS? Then, you are an employee of a company that is in the set of Priority for the banks. One of the cryptic facts is that banks have some companies in this set of Preference, which they term as Listed Companies. According to a recent report, the leading banks like HDFC have around 33,000 companies listed with them, under some categories like Super A, Cat A, Cat B, Cat C and Cat D. IT Giants like Infosys, TCS, Wipro, L&T, Cognizant, HCL, CapGemini etc. fall under the Super A Category.

The most efficient feature of falling in this group is that there is always a special offer running for these customers by the banks and the NBFCs. The Interest Rates are relaxed or deviated for the employees of these companies. Also, the Loan Amount Eligibility is more than the ordinary customer. These customers get an interest rate on their loan amount starting from 11.99% to 15% according to his profile. There are some 1100 Companies listed with HDFC, which are considered as Super A and Cat A.

Other companies that are called as Cat B, Cat C or Cat D also enjoy a good reputation with the lenders, as these employees also get some deviation according to their profile. Their Rate of Interest lies in the bracket of 16% to 23%.

But if you are not so lucky to work in a listed company, then also there are many doors open for you. The NBFCs, such as Bajaj Finance or Fullerton India lend money according to the repayment capability of the customer. If you are working with a non-listed company, say Gaurav Enterprises and you have a salary of Rs. 80,000 per month and you need a loan amount of 10 Lacs; then you will not be eligible from the bank. The banks will consider you eligible for a loan amount of 80,000 as your company is not listed with them but NBFC like Fullerton India, will provide you a loan amount up to 12 Lacs according to your profile and Repayment ability. Also, the Personal Loan Interest Rates can be as low as 17.25% with other features such as part-payment facility or reduction in processing fees.

Federal Disability Grants for Financial Needs

download (83)The ‘specially able’ people – the disabled can now lay their claim on several government or federal grants that offer financial assistance to meet the day to day needs of life, helping them realize their dreams in life. However, these are not to clear off personal debts or for personal use.

The U.S. has categorized the grants into specific four areas that assist you in purchasing a house for shelter, for education purpose, to facilitate in starting your own business to become self-employed and to meet with certain personal needs. These resources for the grants are offered by both government and private foundations to enable you move on with life.

The funding and the resources offered assist you to meet the challenges of life and not remain limited by your impairments. Go ahead and search online for the grants that you need.

Disability Grants Offered for Financial Assistance

Housing Grants

Under Section 504 the Department of Housing and Urban Development (HUD) offers funded programs that support people in attaining rental assistance, support, housing vouchers and purchasing home.

Moreover, these funds offered by the government housing assistance facilitates in purchasing equipment and other required essentials for a complete accessible shelter to reside in. Besides this, there are other available government programs too like Fannie Mae, Habitat for Humanity, The Fair Housing Act, NCB Capital Impact and others that help with house ownership plans. Usually there are long queues for the grants hence you must apply immediately.

Education Grants

Several college financial aid programs are awarded by the federal government every year to disable students with varied impairments. The financial aid includes scholarships, grants, loans that can be used for varied educational purpose. The U.S. Department of Education grants billion of dollars through varied federal programs:

· Federal Pell Grants: offered to undergraduate students, the amount given depends on costs incurred to attend school, financial need, part-time or full time student, plans for attending a full academic year or less.

· Perkins Loans: offered at low-interest loans, the annual loan amount is more for the graduate students than for undergraduate students.

· Federal Supplemental Educational Opportunity Grants: it is awarded to undergraduates only with varying ranges.

· Federal Stafford Loans: it is given to both graduate and undergraduate students at variable interest rates. If students qualify for subsidized Stafford loan, The Government pays the interest on the loan while you are in school.

· Federal Work Study: undergraduate and graduate students can join a job to pay the expenses of their education through this program.

There are other National Organizations and Associations that help students pursue higher education through sponsor grants for college education. Moreover, there are several colleges and universities that offer programs for disabled. In 1975 the Disabilities Education Ac was initiated to addresses the educational issues of the disable students, offering them better access to learning opportunity.

Business Grants

The Grants.gov offers disability grants program for financial independence and business setup. Programs like Disability Research Project and Centers Program Grant grants an annual amount of $950,000 for different business purposes. Another essential program- Small Business Administration (SBA) offers assistance in financing, giving business opportunity proposals, planning and professional advice. Other state and local government as well as nonprofit organizations and private organizations give business grants for business startups.

Personal Needs Grants

Though very limited, local, community, nonprofit organizations, government agencies and private associations offer funds for disabled individuals to meet with the day to day needs like paying for utilities, vocational rehabilitation and others.

Pick your required grant that matches best with your needs and look for details to apply for free grant money. Make a complete list of the eligibility factors and credentials necessary to qualify for them and also the deadlines to register. Complete the application process and track the progress. Pursue your dreams and improve your life with the government given funds that meets all your essential needs.

Kaushikee is an avid grant writer. She writes for many grant sites & blogs, doing thorough research work and accumulates all essential information that makes the blogs informative.

 

When You Are Cash-Strapped, Try Personal Loans

download (84)Overview

A day can come when you find yourself in a position where you are facing a little bit of a cash crunch. You may need the cash for several reasons – you have overspent from your budget, you need instant cash to sustain you until your next paycheck, a festival is around the corner and you need the cash boost to finish shopping, etc. Whatever the need, personal loans are here to the rescue!

Key features of personal loans

• It can also be termed as fast loans. After submitting your application, you can get funds within 24 hours.
• Personal loans are small loans because of the amount which is typically between 500,00 and 1,000,000.
• They are easy loans to obtain since they do not require too much documentation. The application can be submitted online.
• Depending on the borrower, the cash loan can either be a secured or an unsecured loan.
• The credit duration is short ranging from two weeks to one month. Generally the lender sends a reminder email to the borrower when the payment is due.
• The interest rates for cash unsecured loans is higher than other personal loans that are available in the market

How to get loans for bad credit?

Are you facing financial troubles? Are you in desperate need of cash but don’t have the requisite credit score to get a loan? You can still get yourself out of your low cash situation by opting for loans for bad credit.

Since your credit score is bad, you are considered a high risk customer as the lender cannot be certain if you will be able to repay the loan. You can still opt for the following loans:

• Bad credit personal loans are easy to get and are of shorter duration to tide you over the tough times
• You can take loans from friends or family

The plus side to personal loans for bad credit is that they are still unsecured loans i.e. you are not required to mortgage an asset to secure the loan. It is also important to remember, however, that this loan is to get back on your feet so you can get back your credit rating.

Precautions to take while opting for personal loans

Though the small loans in the form of cash are supposed to tide you over your cash crunch, they sometimes end up putting you deeper in debt than actually solving the problem. Borrow carefully and repay regularly. Plan your budgets.

This entry was posted on April 7, 2016.

How To Apply For A Personal Loan

download (82)Personal loans are loans granted to a person by a financial lending institution. The repayment of the loan is agreed upon by the lender and recipient upon approval of the loan. These loans are different than vehicle or home loans because the amount borrowed is generally much lower. When applying for a personal loan, the financial institution will look into several different factors to decide if a person qualifies. The lender will considers a persons credit score, unsecured debt, current bills, income, and how much the asking amount is for.

A persons credit score is a number lenders will use for any loan. This number fluctuates when businesses report the repayment status of financial obligations. Medical bills, credit cards, living expenses, and other bills a person may have will report to the credit score. When a person repays on time without any delinquencies or if they are delinquent on payment it will reflect. If a person files bankruptcy, it will reflect in the credit score report. The lending institutions generally require the credit score to be a certain number before they even consider a loan granted. The credit score will also determine if the person needs a cosigner for the loan.

Unsecured debt is any debt with a fluctuating interest rate. This could qualify as credit cards or balloon payments on a vehicle or house loan. Unsecured debts are a dangerous factor in the equation because they are at risk of getting out of control and could prevent the lender from receiving their monthly payment. Before applying for a personal loan, it is best to minimize as much unsecured debt as possible. When the debt is minimized it will increase your credit score and reduce a persons monthly budget giving them a better chance of being approved for the loan requested.

Lender’s take into consideration a persons current living expenses. These living expenses include monthly rent or house payment, utilities, food, vehicle payment, insurance, and gas. All of these expenses are required to live on a daily basis. The lender will take into consideration if there is roommates or if the person pays the entirety. Lender’s also prefer to see these expenses combined leave the person with a certain percentage of your income free to ensure the loan repayment will be done successfully. If the living expenses are a majority of the income, it is best the borrower try and find a supplemental job to offset the formula the lender uses to determine if they qualify for a loan.

A person must bring proof of income when applying for a loan. Generally the lender will request a minimum of three months proof. The lender will consider the longevity at the employment position, how much a person makes hourly or salary, and if there are any court ordered garnishments taken out of the checks. The lender will calculate your income into the equation and also take into consideration if a person already has some money in the bank. The lender likes to a there is some money saved up for emergencies. With a saving account built up there is a less likely chance of a person defaulting on the loan.

Once the information is presented to the lender it will be sent over to the underwriter’s department to make the final determination if the person qualifies. If needed, the underwriter’s will then request any additional information. Upon approval is when the person will sign the financial contract with the lender and the money is received. At anytime during the signing process and after the borrower is welcome to call the financial institution if they have questions.

This entry was posted on April 2, 2016.