Tag: loan

Best Apps to Get Instant Loan Without Salary Slip in India – Urgent Cash Loan Apps 2025

Do you need an urgent cash loan without a salary slip? When money is an emergency need, then banks are not a good option. Bank loans come with a lot of paperwork. The increasing demand for instant loans is becoming evident, particularly for individuals lacking traditional salary documentation. Accessibility is crucial for these individuals to secure financial assistance. You can get an urgent cash loan without salary slip through various instant loan apps that offer quick approval and minimal documentation. This blog post aims to showcase the top instant loan applications available in India.

S.No.	App Name	Key Features	Loan Amount Range
1	PaySense	No salary slip required, quick approval, flexible EMIs	INR 5,000 – INR 5,00,000
2	MoneyTap	App-based credit line, instant approval, low interest rates	INR 3,000 – INR 5,00,000
3	CASHe	Social profile-based credit scoring, fast disbursal	INR 7,000 – INR 3,00,000
4	KreditBee	Minimal documentation, quick processing, direct bank transfer	INR 1,000 – INR 4,00,000
5	Fibe	Instant personal loans, salary advance options	INR 5,000 – INR 5,00,000
6	Indiabulls Dhani	Instant disbursal, health benefits, digital documentation	INR 1,000 – INR 15,00,000
7	Nira	Credit line for salaried and self-employed, minimal documents	INR 3,000 – INR 1,00,000
8	MoneyView	Instant personal loans, paperless process, flexible repayment options	INR 5,000 – INR 5,00,000
9	Kissht	Easy EMI loans, quick KYC, shop now pay later options	INR 10,000 – INR 3,00,000
10	Buddy Loan	Aggregator platform, connects with multiple lenders	INR 10,000 – INR 15,00,000

PaySense

Website	www.gopaysense.com
Rating	4.8
Platform	Web, IOS/Android

You can easily get an instant 10,000 loan without salary slip in India through trusted loan apps that require minimal documentation. PaySense is a financial application that offers a range of features and advantages tailored to meet the needs of its users. The platform provides various benefits, including a user-friendly interface, quick loan approval processes, and flexible repayment plans that cater to individual financial situations. To qualify for a loan through PaySense, applicants must meet specific eligibility requirements, which typically include a minimum income threshold and a satisfactory credit score.

The application allows users to access different loan amounts, enabling them to choose the sum that best fits their financial requirements, along with a variety of repayment options designed to accommodate diverse budgets and timelines.

MoneyTap

Website	www.moneytap.com
Rating	3.5
Platform	Web, IOS/Android

MoneyTap is a financial technology application that primarily offers personal loans and credit lines to users in India. The app allows users to access instant credit through a seamless digital platform, enabling them to meet their financial needs without the lengthy processes typically associated with traditional banking.

User feedback and ratings for MoneyTap have generally been positive, reflecting satisfaction with its services and features. Many users appreciate the straightforward application process and the user-friendly design of the app, which simplifies accessing credit. Users frequently highlight the speed at which funds are disbursed, often praising the instant approval feature that allows them to meet urgent financial needs.

CASHe

Website	www.cashe.co.in
Rating	4.3
Platform	Web, IOS/Android

CASHe is a financial service provider focused on young professionals seeking quick personal loans, offering various loan products with flexible repayment options. The loan application process at CASHe is streamlined and user-friendly, allowing online submissions with minimal documentation and swift approval, often disbursing funds within hours.

Key benefits of CASHe include competitive interest rates, no hidden fees, and a convenient digital platform for loan management, along with advanced technology for inclusive credit assessments.

KreditBee

Website	www.kreditbee.in
Rating	4.4
Platform	Web, IOS/Android

KreditBee offers a variety of loan options tailored to meet diverse financial needs, ensuring that customers can find a suitable product for their circumstances. To qualify for a loan, applicants must meet specific eligibility criteria and provide necessary documentation, which typically includes proof of identity, income verification, and other relevant financial information.

Customer feedback regarding KreditBee has been largely positive, with many users appreciating the streamlined application process and prompt disbursement of funds, although some have noted areas for improvement in customer service responsiveness.

Fibe

Website	www.fibe.in
Rating	3.3
Platform	Web, IOS/Android

This platform offers features specifically designed to cater to both salaried and non-salaried users, ensuring that a wide range of financial needs are met. It provides various loan limits along with competitive interest rates, allowing users to select options that best fit their financial circumstances. The overall user experience is prioritized, leading to high levels of satisfaction among clients who utilize the service for their financial requirements.

Indiabulls Dhani

Website	www.dhaniloansandservices.com
Rating	3.8
Platform	Web, IOS/Android

The Indiabulls Dhani application offers a comprehensive suite of financial services designed to cater to the diverse needs of its users. It provides functionalities such as instant personal loans, credit score monitoring, and investment options, all accessible through a user-friendly interface.

One of the standout features of this app is its ability to assist users who do not possess traditional salary slips, thereby broadening its appeal to a wider audience, including freelancers and self-employed individuals. In comparison to other financial applications in the market, Indiabulls Dhani distinguishes itself through its seamless loan approval process and competitive interest rates, making it a favorable choice for those seeking quick and reliable financial solutions.

Nira

Website	www.nirafinance.com
Rating	4.7
Platform	Web, IOS/Android

Nira is a financial technology application designed to provide users with seamless access to credit and financial management tools. Its distinctive characteristics include:

User-Friendly Interface
Instant Credit Access
Personalized Financial Insights
Flexible Repayment Options
Secure Transactions
Integration with Banking Services

The eligibility criteria for Nira is as below:

Age: Applicant should be at least 18 year old
Residency: Applicant should be a resident of India
Income: A minimum income threshold may be required, which varies based on the type of loan being applied for.
Credit History: Though Nira offers services to people with varying credit scores, a basic credit history check is conducted to assess risk.

MoneyView

Website	www.moneyview.in
Rating	4.5
Platform	Web, iOS/Android

MoneyView is an instant loan app that uses its own credit rating system to decide how much loan you can get. You can check your loan eligibility in just two minutes by entering your mobile number and verifying with an OTP. The app considers other data, not just salary slips, to approve loans. After completing KYC, you can get personal loans up to INR 5 lakh at interest rates starting from 1.33% per month.

Kissht

Website	www.kissht.com
Rating	4.4
Platform	Web, iOS/Android

Kissht is a good option for people who want flexible repayment and a wide range of loan amounts. The whole process, from signing up to getting the money, takes about 5 minutes and is completely digital. Once approved, the loan amount is sent directly to your bank account. You can get personal loans up to INR 2 lakh with minimal documents, interest rates starting at 18% per year, and easy repayment plans of up to 24 months.

Buddy Loan

Website	www.buddyloan.com
Rating	4.6
Platform	Web, iOS/Android

Buddy Loan is easy to use and a good choice for people with low credit scores who may find it hard to get loans elsewhere. It offers instant personal loans from INR 5,000 to INR 15 lakh within minutes. The interest rate starts at 11.99% per year, and you can choose flexible repayment plans ranging from 6 months to 5 years.

Conclusion

In summary, the significance of instant loan applications that do not require salary slips cannot be overstated, as they provide a vital financial resource for individuals who may not have traditional income verification methods. It is essential for borrowers to make informed decisions that align with their specific financial circumstances and requirements, ensuring that they select options that best suit their needs. Looking ahead, the landscape of instant lending in India appears promising, with advancements in technology and evolving consumer demands likely to shape a more accessible and efficient borrowing experience for all.

FAQ

Can I get an instant loan without a salary slip?

Yes, you can get an instant loan in India without a salary slip. Many lending apps provide an instant 10,000 loan without salary slip with easy online application and quick disbursal. However, the terms and interest rates may vary. Always check with the lender for specific requirements.

Which app is best for loan without salary slip?

Here are some of the best apps for getting loans without a salary slip:

PaySense
MoneyTap
CASHe
KreditBee
Fibe (Formerly EarlySalary)
Indiabulls Dhani
Nira

Are loan apps safe?

Loan apps in India can be safe if they are reputable and registered with the Reserve Bank of India (RBI). However, some unregulated apps may pose risks, so it’s essential to verify their credibility before using them.

I need 5000 rupees loan urgently without salary slip, how can I get it?

You can get a INR 5,000 loan urgently without a salary slip by using instant loan apps that offer small personal loans with minimal documents. Apps like KreditBee, Nira, MoneyView, and PaySense allow you to apply online by verifying your mobile number, completing KYC, and linking your bank account. Once approved, the money is usually credited to your account within minutes to a few hours.

August 4, 2025

Best Instant Loan Apps for Self-Employed in India

Self-employed individuals in India often face unique financial challenges due to their irregular income streams.

However, in recent times, loan apps have emerged as a convenient and accessible option for meeting financial needs.

In this blog post, we will offer valuable insights on the top loan apps for self-employed individuals in India to help you make an informed decision.

Loan Apps for Self-Employed Individuals

Loan apps are online platforms that allow individuals to apply for loans directly from their smartphones or computers.

Unlike traditional lending institutions, loan apps often have simpler eligibility criteria and faster approval processes.

For self-employed individuals, this can be a significant advantage as they may not always meet the stringent requirements of banks.

Key Factors to Consider When Choosing a Loan App

When selecting a loan app, it’s essential to consider the following factors:

Eligibility Criteria: Different apps may have varying income requirements, credit score thresholds, and documentation needs for self-employed individuals. So you must choose based on what you are eligible for.
Loan Amounts and Interest Rates: Compare the maximum loan amounts offered by different apps and carefully review their interest rates to find the most affordable option.
Repayment Terms: Consider the flexibility of repayment terms, including options for early repayment and potential prepayment penalties.
Ease of Application: Look for apps with user-friendly interfaces and minimal documentation requirements to streamline the application process.

Best Loan Apps for Self-Employed Individuals in India

Here are some of the best loan apps available for self-employed individuals in India.

S.No	Company	Loan Type	Loan Amount Range	Interest Rate
1	Hero FinCorp	Personal, Two-wheeler, Business Loan	₹50,000 – ₹25 Lakhs	11% – 24% p.a.
2	IndiaLends	Personal Loan Marketplace	₹5,000 – ₹50 Lakhs	10% – 24% p.a.
3	CASHe	Instant Personal Loan	₹1,000 – ₹4 Lakhs	18% – 28% p.a.
4	PaySense	Personal Loan	₹5,000 – ₹5 Lakhs	15% – 24% p.a.
5	Buddy Loan	Personal Loan Aggregator	₹10,000 – ₹15 Lakhs	12% – 28% p.a.
6	Moneyview	Instant Personal Loan	₹5,000 – ₹10 Lakhs	12% – 26% p.a.
7	MoneyTap	Personal Line of Credit	₹3,000 – ₹5 Lakhs	13% – 24% p.a.
8	Finnable	Personal Loan for Salaried	₹50,000 – ₹10 Lakhs	15% – 26% p.a.
9	Bajaj Finserv	Personal, Business, Consumer Durable	₹30,000 – ₹40 Lakhs	11% – 25% p.a.
10	LazyPay	Pay Later, Personal Loan	₹10,000 – ₹1 Lakh	18% – 28% p.a.
11	KreditBee	Instant Personal Loan	₹1,000 – ₹4 Lakhs	12% – 28.5% p.a.
12	mPokket	Instant Loan for Students & Salaried	₹500 – ₹30,000	24% – 48% p.a. (approx.)

Hero FinCorp

App	Hero FinCorp
Founded Year	1991
Headquarters	New Delhi
Loan Amount	INR 50,000 to 5,00,000

A trusted lender offering flexible loan solutions for self-employed individuals.

Hero FinCorp offers personal loans designed to meet the needs of self-employed professionals. They have a wide range of loan amounts and flexible repayment options, ensuring financial flexibility for individuals with irregular income streams.

Key Features:

Interest Rates: Competitive rates starting from 1.58% per month
Repayment Tenure: Flexible options from 12 to 60 months
Quick Disbursal: Loans are typically disbursed in 2 days.
Minimal Documentation: Documentation and paperwork are very minimal, depending on the credit score.

IndiaLends

App	IndiaLends
Founded Year	2015
Headquarters	New Delhi
Website	www.indialends.com

A comprehensive platform for various financial needs, including personal loans.

IndiaLends offers a lot of loan products, including personal loans, credit cards, and free credit reports. The personal loans provided by them can be a great option to match the financial requirements of self-employed individuals.

Key Features:

Interest Rates: Competitive rates starting from 10.75%
Repayment Tenure: Flexible options from 6 to 60 months
Online Application: Convenient online application process
Free Credit Reports: Access to free credit reports to help you monitor your creditworthiness

CASHe

App	CASHe
Founded Year	2016
Headquarters	Mumbai
Website	www.cashe.co.in

A leading fintech platform offering instant personal loans.

CASHe is known for short-term personal loans with quick disbursals and flexible repayment options. This app-based platform is reliable and makes it easy for self-employed individuals to access funds when needed.

Key Features:

Interest Rates: Competitive rates starting from 2.5% per month.
Repayment Tenure: Flexible options from 3 months to 1.5 years.
Instant Approval: Loans are typically approved within a day.
Minimal Documentation: Paperwork is minimal and is available online.

PaySense

App	PaySense
Founded Year	2015
Headquarters	Mumbai
Website	www.gopaysense.com

A popular loan app offering competitive rates and a user-friendly interface.

PaySense provides personal loans with competitive interest rates and a straightforward application process. This loan app is great for self-employed individuals looking for instant cash to apply for loans on the go.

Key Features:

Interest Rates: Competitive rates starting from 1.4% to 2.3% per month.
Repayment Tenure: Flexible options from 3 to 60 months
Online Application: Convenient online application process
Quick Disbursal: Loans are typically disbursed within 24 hours

Buddy Loan

App	Buddy Loan
Founded Year	2018
Headquarters	Bengaluru
Website	www.buddyloan.com

A reliable loan app offering instant approvals and flexible repayment terms.

Buddy Loan provides personal loans with instant approvals and flexible repayment terms. They have highly competitive interest rates making it a great option for self-employed people.

Key Features:

Interest Rates: Competitive rates starting from 11.99%
Repayment Tenure: Flexible options from 6 to 60 months
Instant Approval: Loans are typically approved within minutes
Minimal Documentation: Requires minimal paperwork for a hassle-free application process

Moneyview

App	Moneyview
Founded Year	2014
Headquarters	Bengaluru
Website	www.moneyview.in

A hassle-free personal loan app with quick disbursals.

Moneyview offers a seamless borrowing experience with a paperless application process and fast loan approvals. Their competitive interest rates and flexible repayment terms make it a popular choice for self-employed individuals.

Key Features:

Interest Rates: Competitive rates start at 10% per annum.
Repayment Tenure: Up to 5 years
Quick Disbursal: Loans are typically disbursed in 24 hours in most cases
Minimal Documentation: The Application process can be done online and is hassle-free.

MoneyTap

App	MoneyTap
Founded Year	2015
Headquarters	Bengaluru
Website	www.moneytap.com

A personalized loan experience with flexible repayment options.

MoneyTap provides customized loan solutions with affordable monthly installments and flexible repayment schedules. They have an attractive feature of paying interest only on what you use. Their personalized approach and transparent loan application process make it a suitable choice for self-employed individuals.

Key Features:

Interest Rates: Competitive rates starting from 1.08% per month
Repayment Tenure: 3 to 36 months
Quick Disbursal: Loans are mostly disbursed within 24-36 hours
Personalized Service: Experienced team to provide personalized financial advice

Finnable

App	Finnable
Founded Year	2017
Headquarters	Bengaluru
Website	www.finnable.com

A user-friendly loan app offering a seamless borrowing experience.

Finnable provides personal loans with a user-friendly interface and a seamless borrowing experience. Their app-based platform makes it easy for self-employed individuals to apply for loans and track their repayments.

Key Features:

Interest Rates: Rates are calculated based on reducing balance method.
Repayment Tenure: Flexible options from 3 to 48 months
Online Application: Convenient 100% digital application process
Quick Disbursal: Loans are typically disbursed within 24 hours

Bajaj Finserv

App	Bajaj Finserv
Founded Year	2007
Headquarters	Pune
Website	www.bajajfinserv.in

A trusted financial services provider offering a variety of loan products.

Bajaj Finserv offers a range of loan products, including personal loans, for self-employed individuals. Their experienced team can provide personalized financial advice and assistance.

Key Features:

Interest Rates: Competitive rates from 13% to 32% per annum.
Repayment Tenure: Flexible options from 12 to 63 months
Online Application: Convenient online application process with almost 0 documentation.
Personalized Service: Experienced team to provide personalized financial advice

LazyPay

App	LazyPay
Founded Year	2017
Headquarters	Mumbai
Website	www.lazypay.in

A digital wallet app offering instant personal loans with 100% digital processing.

LazyPay offers personal loans through its digital wallet app. Their instant approval process and minimal documentation make it a convenient option for self-employed individuals.

Key Features:

Interest Rates: Rates are about 18% per annum.
Repayment Tenure: Flexible options ranging from 3 to 24 months.
Instant Approval: Loans are typically approved within minutes.
Zero paperwork: 100% online documentation and approval process.

KreditBee

App	KreditBee
Founded Year	2018
Headquarters	Bengaluru
Website	www.kreditbee.in

KreditBee is a leading Indian fintech platform that provides instant personal loans to both salaried and self-employed individuals. With loan amounts ranging from INR 1,000 to INR 4 lakhs, it caters to short-term financial needs like shopping, emergencies, or bills. The process is completely digital and paperless, offering quick approval and disbursal through its user-friendly mobile app. It’s especially popular among young professionals looking for fast and flexible credit solutions. It is the best instant loan app for self employed.

Key Features:

Interest Rates: Ranges from 12% to 28.5% per annum, based on credit profile.
Repayment Tenure: Flexible tenures from 6 months to 60 months.
Instant Approval: Loans are approved and disbursed in as little as 10 minutes.
Zero Paperwork: The Entire process is 100% online with no physical documents needed.

mPokket

App	mPokket
Founded Year	2016
Headquarters	Kolkata
Website	www.mpokket.in

mPokket is a popular instant loan app in India, especially designed for students and young professionals. It offers small personal loans with flexible repayment tenures typically ranging from 61 to 120 days. The app provides quick approval and disbursal, often within minutes, making it ideal for urgent financial needs. With a completely paperless and digital process, mPokket ensures a hassle-free borrowing experience without traditional credit checks.

Key Features:

Interest rates: range from 2% to 4% per month (approx. 24%–48% annual).
Repayment tenure: It is flexible, typically 61 to 120 days.
Instant approval: Loans are approved and disbursed within minutes.
The entire process is 100% online with minimal paperwork.

Conclusion

Loan apps have made it easier for self-employed individuals in India to access financial assistance.

By carefully considering the factors mentioned in this blog post and comparing the available options, you can find the best loan app to meet your specific needs and financial goals.

FAQ

Which app gives a personal loan for self-employed individuals?

Here are some of the best apps to get loans for self employed individuals:

Hero FinCorp
IndiaLends
CASHe
PaySense
Buddy Loan
Moneyview
MoneyTap
Finnable
Bajaj Finserv
LazyPay

Can a self-employee get a personal loan?

Yes, self-employed individuals can get personal loans. Lenders evaluate income stability, credit scores, and financial documents like bank statements to assess eligibility.

How do I know if I qualify for a self-employed loan on loan apps in India?

To qualify for a self-employed loan on Indian loan apps, you’ll typically need stable income proof, a good credit score, and documents like bank statements or ITR filings.

July 24, 2025

Piramal Finance and MobiKwik Collaborate to Provide Personal Loans

MobiKwik, a recently listed fintech giant, has partnered with Piramal Capital and Housing Finance (Piramal Finance) to provide users nationwide with personal loans up to INR 2 lakh. According to a statement from the fintech startup, the agreement will allow MobiKwik users can apply for loans under the ZIP EMI plan using company’s app, with amounts ranging from INR 50,000 to INR 2 lakh. These loans are available to all MobikWik app users between the ages of 23 and 55 who earn more than INR 25K. The loan period ranges from six months to two years. The fintech major stated that it hopes to meet its clients’ various financial demands with its new product, which includes, among other things, travel, medical, and educational costs.

Solving the Credit Issue of the Customers

The collaboration between MobiKwik and Piramal Finance is a big step in meeting the credit needs of millions of Indians. According to MobiKwik cofounder and MD Bipin Preet Singh, MobiKwik, the company is confident in delivering a smooth user experience by fusing Piramal Finance’s financial services experience with its digital platform.

These loans are available to those who earn more than INR 25,000, are between the ages of 23 and 55, and have a repayment period of six to twenty-four months. MobiKwik has eight arrangements in place to provide personal loans prior to Piramal Finance.

About MobiKwik and its Latest Developments

MobiKwik is a digital banking platform that was founded in 2009 by Bipin Preet Singh and Upasana Taku. It provides a variety of financial products and payment methods to consumers and merchants, including digital wallets, UPI, pocket UPI, and Zaakpay (payment gateway). With 167 million registered customers and a network of 4.4 million merchants, the firm bills itself as India’s biggest provider of digital wallets.

Notably, MobiKwik was one of 13 cutting-edge tech firms to go public in 2024. The company’s shares were listed on the BSE for INR 442.25 each, which was 58.5% more than the IPO issue price of INR 279 per share. Higher tax costs caused MobiKwik to go into the deficit in the September quarter of the fiscal year 2024–2025 (Q2 FY25). The fintech juggernaut posted a net loss of INR 3.59 Cr in the second quarter of FY25, compared to INR 5.22 Cr in the same time last year. During the reviewed quarter, operating revenue increased 42% to INR 290.65 Cr from INR 203.45 Cr in Q2 FY24.

Despite a 33% yearly drop to $1.9 billion, India still ranks third in the world for fintech funding in 2024. With eight IPOs and two new unicorns, the ecosystem demonstrated resiliency. Digital lending solutions dominated investment, with notable funding rounds including DMI Finance and Credit Saison. Elevation Capital and Peak XV Partners were among the major investors.

Pocket FM Announces Layoff of 75 Employees in Latest Round

Pocket FM announces another round of layoffs, letting go of 75 employees as part of its workforce reduction efforts.

StartupTalkyNitin Konde

January 17, 2025
Choosing the Right Loan: A Guide for Smart Borrowing
Loans can feel like uncharted territory. But with the right guidance, it is an opportunity to transform your finances and bring plans to life. Your financial needs are as unique as your dreams. That is why this guide covers it all – because when you are informed, you can borrow smarter and get closer to your goals. In this blog, we will walk you through everything you need to know about loan insights, from understanding different types of financing options to improving your eligibility, so you are fully prepared when it is time to make that big decision. This blog also shares the best loan websites to make your loan journey smooth and rewarding.

Types of Loans You Can Explore

Understanding which loan suits your specific need is essential. The following are some of the most common loans people explore:
- Personal Loans: Ideal for a wide range of uses, from consolidating debt to paying for a wedding or emergency expenses. These loans are often unsecured, meaning you do not need to provide collateral.
- Auto Loans: Looking to finance a new or used car? We provide insight into choosing the right loan for your vehicle with tips on securing the best rates.
- Educational Loans: For those funding education, you may apply for educational loans from StashFin, as it is the best loan website.
The Loan Application Process: Step-by-Step

The process of loan application can be easy with better preparation. Here are some of the important steps we will cover to ensure your success in the process:
- Pre-Qualification: Find out how lenders analyze your application and what they particularly look into about your income, credit history, and debt-to-income ratio (DTI).
- Document Checklist: There are a few essential documents, including income proofs, tax returns, and bank statements, so that you can be sure of an easy loan application.
- Loan Terms and Interest Rates: Be aware of what you commit to through loan agreements, fixed versus variable interest rates, and an annual percentage rate (APR).
Impact of Credit Score on Your Loan Eligibility

Your credit score has a tremendous influence over whether or not you can obtain a favorable loan.
- Know Your Credit Scores: Understand what determines your credit scores and how it may affect your eligibility.
- Check Your Credit Report: Check your credit report and correct any errors that may be affecting your score.
- Improve Your Credit: Increase your score before you apply for a loan, for example, by paying off balances and maintaining timely payments.
How Credit Scores Plays an Important Role in the Fintech Industry?

A credit score is one of the most important factors when your applying for a loan. Want to find out how you can improve your credit score?. Read more.

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Repayment Strategies and Debt Management

Repayment terms can vary widely based upon the type of loan, interest rate, and the duration. There are a few key repayment strategies to consider:
- Monthly Budgeting: How to budget loan payments so you do not fall behind.
- Early Loan Payoff: Discover all the pros and cons of paying off a loan early in advance, such as penalties and savings on interest rates.
- Refinancing or Consolidation of Debt: Learn whether refinancing or consolidating debt would be beneficial for you in managing multiple payments by reducing your interest rates.
Blueprint for the Perfect Loan Website: What a Borrower Should Look for?

A perfect loan website should be user-friendly, transparent in all dealings, and feel empowering to the borrower. It should offer the following:
- Clear, Transparent Information: Interest rates, fees, and terms are presented upfront so a user can understand the costs easily.
- Personalized Loan Options: Tailored loan recommendations based on user needs, credit history, and financial goals.
- Easy Application Process: A quick and intuitive application form that guides the user step-by-step seamlessly through all stages.
- Advanced Tools and Calculators: Interactive tools, like loan calculators, to help borrowers plan repayments effectively.
- Secure and Trustworthy Platform: Strong security measures to protect user data and ensure peace of mind.
- Educational Resources: Blog articles, FAQs, and guides to make borrowing accessible and answer common questions.
- Responsive Customer Support: Accessible support channels, like chat and phone assistance, to provide guidance when needed.
Built around these features, an ideal loan website does not just provide financing; it builds trust and confidence through every step in the borrowing journey.

Identifying Scammers and Choosing Trusted Lenders

Unfortunately, there are predatory lenders and scams in the loan industry. This blog equips you with the tools to:
- Identify Red Flags: Recognize warning signs like upfront fees, high interest rates, and high-pressure sales tactics.
- Find Reputable Lenders: Choose a lender with a solid reputation, transparent terms, and a good customer service record.
- Stay Informed: Read about the latest regulations and guidelines that protect borrowers so you know your rights.
Why StashFin is Your Trusted Partner?

StashFin is a loan website that offers several benefits like an interest-free period for a month, an easy application process, minimum interest rates, and minimum documentation. StashFin prioritizes transparency, ease, and empowerment in all things related to loans.

By arming you with knowledge, tools, and resources, this reliable online lending platform helps you make borrowing a positive experience that serves your unique financial needs. Its mission is to empower you with accurate, up-to-date, and reliable information about loans. Here, you will find resources designed to make borrowing simpler and more transparent. With expert guidance on loan types, eligibility, application processes, and repayment strategies, this loan website aims to support you through every step of your borrowing journey.

StashFin also enables you to have the flexibility to decide the tenure of your loan repayment. It provides loans of up to INR 5,00,000 with flexible repayment terms of up to 36 months. Enjoy competitive interest rates starting at 11.99% APR (Annual Percentage Rate). StashFin also has no other hidden costs. The world of loans can open doors to your goals, and StashFin is here to help you navigate every step of the way.

Wrapping it all up

Borrowing can be a powerful step toward achieving your dreams when done wisely. From finding the right loan type to improving your credit score, StashFin is dedicated to supporting you on this journey. Explore its resources, use the tools, and let this loan website guide you toward making the best financial decision for your future. Remember, the right loan is not just about funds – it is about empowerment and turning your aspirations into achievable realities. Start your journey with confidence and follow the tips and strategies mentioned in this guide to secure a loan tailored to your needs.

Top 5 Factors That Affect Your Personal Loan Eligibility

Planning to get a personal loan? But unsure if you’ll qualify or not. Take a look at these factors that affect Your Personal Loan Eligibility.

StartupTalkyAnamika Mahapatra
November 21, 2024
Pakistan’s Economic Crisis – Explained

The Islamic Republic of Pakistan was formed in 1947 after the partition of the British Indian Empire. The country was, initially, a dominion of the British Commonwealth until 1956, when it drafted and framed its own constitution. Ranked among the emerging and growth-leading economies through its rapidly growing middle class, the country’s political history since independence is characterized by periods of significant economic and military growth as well as economic and political instability.

Pakistan is geographically, ethnically, and linguistically diverse and is a member of the United Nations, the Shanghai Cooperation Organisation, the Organisation of Islamic Cooperation, the Commonwealth of Nations, the South Asian Association for Regional Cooperation, and the Islamic Military Counter-Terrorism Coalition.

Current Economic Crisis
Bail-Out Loans & History
Talks With IMF For Loans
Conclusion

Current Economic Crisis

It was Pakistan’s rising economic crisis that led to a political stand-off between the then Prime Minister Imran Khan and the current Prime Minister Shahbaz Sharif, who took office in April 2022. However, the country’s economy has been steadily dwindling as its forex reserves fell to a 9-year low reaching below USD 3 billion in early February 2023. The country’s currency, the Pakistani Rupee, has seen a steep fall to reach Rs. 271.50 against one US dollar. Inflation within the country is at a 48-year high with just enough foreign reserves to cover imports for less than a month. The country’s consumer price index in January 2023 had increased by 27.6% and the wholesale price index increased by 28.5%.

What are the 5 Main Causes of Inflation?

Inflation can make or break a country’s economy. But, what causes inflation? Read this article to find the causes and consequences of Inflation.

StartupTalkyHarshit Baluja

Unsurprisingly, the rising inflation has led to an exponential price increase in essential commodities like wheat, onions, gas cylinders, etc. To add to its woes, the oil companies of the country are on the verge of collapse due to the ongoing economic crises and its currency devaluation. This has also led to a lot of petrol pumps running out of fuel disrupting everyday life. The breakdown of the national electricity grid of the country also led to nationwide power outages, specifically affecting Karachi, Islamabad, Lahore, and Peshawar.

Pakistan’s rising expenses are adding to its troubles as the country’s high borrowing led to total debt and liability of Pakistani Rupees 59,697.7 billion in FY ’22. This amount was approximately 89% of the country’s total GDP. Unemployment and poverty are proving huge hindrances to food, healthcare, and wages for the citizens of the country.

Bail-Out Loans & History

By the year 2008, Pakistan’s external debt was Pakistani Rs. 6435 billion. Being an election year, Pakistan People’s Party came to power in that year and during its five-year tenure, increased the country’s debt by 135% to reach Pakistani Rupees 15096 billion by the year 2013. This amounted to 64% of the country’s GDP. A large increase in this debt was domestic with external debt increasing by 22%. Hence the external debt which was at USD 42.8 billion in 2008 reached USD 52.4 billion in 2013.

Pakistan’s Economic Crisis Deepens

The elections of 2013 brought Nawaz Sharif to power under whose rule, the external debt increased by 226.8% from USD 52.4 billion to USD 75.3 billion. The primary reason for this debt increase was the China-Pakistan Economic Corridor through which Pakistan procured loans from China and, in return, awarded contracts to only Chinese companies. This also resulted in high imports from China. Imran Khan came to power in 2018 and subsequently added to the increasing external debt to USD 110.6 billion during his rule.

As per IMF data, it has disbursed 21 loans to Pakistan over the years, the first request emerging from the country as early as 1958. Since then, IMF had agreed to disburse a total loan amount of USD 31.73 billion of which USD 20 billion has been disbursed through different transactions like Stand by Arrangements (SBA), Extended Fund Facility (EFF), Extended Credit Facility (ECF) and Structural Adjustment Facility Commitment (SAFC). An IMF loan is released in these different installments based on certain norms that are set by the lender.

Talks With IMF For Loans

Nathan Porter, leading the IMF mission began talks with the Pakistan government represented by their finance minister, Ishaq Dar, on January 31^st, 2023. The talks failed to reach a satisfactory conclusion for Pakistan regarding its immediate requirement of USD 1.1 billion loan amount to prevent the country’s bankruptcy. The country is on the verge of defaulting on its external liabilities and is heavily dependent on the IMF’s loan. The loan amount is a part of the USD 6.5 billion loan program. IMF said – “Virtual discussions will continue in the coming days to finalize the implementation details of these policies.”

Conclusion

As inflation mounts and poverty rules the country, Pakistan is in dire need of monetary help from the IMF. However, this loan is also feared to increase inflation and price hikes for the common citizens of the country, further increasing their burdens. The ongoing Russia-Ukraine hostilities are adding to rising inflation around the globe as well. It remains to be seen, how the current government of Pakistan handles the ongoing economic crisis.

FAQs

Why is Pakistan in an economic crisis?

Pakistan’s economic crisis is caused by economic mismanagement, political uncertainty, high inflation and energy prices, and urgent foreign debt payments.

What role can international organizations, such as the IMF, play in helping Pakistan navigate its economic crisis?

IMF and other international organizations can help Pakistan by providing financial assistance, technical expertise, policy advice, and coordination to support economic growth, but such assistance may come with conditions that could be politically and socially difficult to implement.

What impact has the economic crisis had on the daily lives of Pakistani citizens, particularly those living in poverty?

The economic crisis in Pakistan has made it harder for people, particularly those in poverty, to afford basic necessities like food and healthcare due to rising inflation, unemployment, and expensive imported goods.

What is the impact of the economic crisis on Pakistan’s job market?

The economic crisis in Pakistan has led to rising unemployment rates, limited job opportunities, and job losses in the manufacturing, construction, and public sectors.

February 28, 2023

SoFi – Enabling Easy Education Loan for Students

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by the organization it is based on.

As many of us are aware, attending college in America causes millions of students to believe that the only way they will be able to survive is by taking out student loans and leading a meager life for the rest of their adult lives. The price of education in the United States is excessive and sometimes out of reach.
Mike and his Stanford pals made the decision to concentrate their efforts in this area. This is the issue that SoFi would aim to resolve more effectively than any other business.

Financial services provider SoFi was established in 2011 and is now headquartered in San Francisco. The firm, which was first recognized for its work in student loan refinancing, has since broadened its range of products, including credit cards, mortgages, investment accounts, personal loans, and banking services.

About Sofi
SoFi – Industry
SoFi – Founders, and Team
SoFi – Startup Story
SoFi – Name, Logo, and Tagline
SoFi – Mission, and Vision Statement
SoFi – Products
SoFi – Business Model
SoFi – Funding, and Investors
SoFi – Investments
SoFi – Acquisitions
SoFi – Competitions
SoFi – Challenges Faced
SoFi – Future Plans

About Sofi

SoFi Technologies, Inc., sometimes known as SoFi, is an American online bank and personal finance startup. SoFi, a financial services company based in San Francisco, offers a variety of financial services via desktop and mobile apps, including student and vehicle loan borrowing, personal loans, mortgages, credit cards, investment, and banking.

SoFi is a unique type of financial institution whose objective is to aid individuals in managing their money correctly. Its products are designed with the members in mind, giving them the resources they require to take charge of their financial destinies.

Putting members first is the firm’s top priority, and it’s even one of its core values. The firm is viewed as successful if its people are successful. SoFi provides special member advantages at no cost as a result.

SoFi – Industry

The term “financial services” refers to the monetary services provided by the banking sector, which includes comprises like credit unions, financial institutions, individual asset managers, card companies, insurance providers, consumer finance firms, accounting firms, brokerage firms, investment funds, and some govt-sponsored entities.

With a CAGR (Compound Annual Growth Rate) of 9.7%, the worldwide financial services market increased to $25,588.3 billion in 2022 from $23,319.52 billion in 2021. Though temporarily, the Russia-Ukraine conflict gave rise to the possibility of a COVID-19 pandemic-related global economic rebound. Economic sanctions, a rise in commodity prices, and disruptions in the supply chain as a result of the conflict between these two European nations have created an impact on several markets throughout the world. At a CAGR of 6.9%, the global financial services industry is anticipated to reach $33,358.77 billion by 2026.

SoFi – Founders, and Team

SoFi was founded by Daniel Macklin, Ian Brady, James Finnigan, and Michael Cagney in the year 2011.

Daniel Macklin

Dan Macklin, a.k.a. Mr. Macklin, is the Vice President of Community & Member Success at Social Finance, Inc., which he co-founded. Mr. Macklin oversaw product development and medium enterprise sales for Standard Chartered Bank in China and North-East Asia. In both London and Singapore, he held executive positions at Standard Chartered Bank in the CEO’s Office and corporate banking. Mr. Macklin graduated from Durham University in England with a B.A. in business economics. Additionally, he has an MBA from Stanford Graduate School of Business.

Ian Brady

Ian after co-founding SoFi joined Kensho Technologies as an advisor. He also co-founded and served as the CEO of AVA, which is a personalized nutrition platform leveraging artificial intelligence and nutrition science. He is currently the CEO of Hologram Sciences, which is a personalized biotech and health incubator backed by $100M in funding from Royal DSM. He pursued his MS in management from Standard University Graduate School of Business.

James Finnian

James Finnigan is the President and founder of Bernie’s Perfect Poop. James Finnigan has also held the position of co-founder at SoFi. His educational pursuits included an MBA from Stanford University Graduate School of Business and a BS in Electrical Engineering from Rice University.

Michael Cagney

Mike is the co-founder and CEO of Figure, where he oversees business development and strategy. Mike, who formerly held the positions of CEO, chairman, and co-founder of SoFi, brought a decade of expertise in the financial sector to his leadership of the organization.

Some other team members of SoFi are :

Anthony Noto – CEO
Michelle Gill – Chief Financial Officer
Rob Lavet – General Counsel
Maria Renz – Executive Vice President Consumer Finance and Wealth Management
Richard Garside – Global Head of Operations
Darwin Ling – Investor
Greg Safran – Head of Strategic Partnerships
Michelle Gill – Executive Vice President Lending & Capital Markets

SoFi – Startup Story

Mike and three other fellow University students founded SoFi in 2011 because they believed there has to be a better way to pay for their university fees. Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady, the founding members of SoFi, were following in the footsteps of pioneers.

Ten years after its inception, the business reached this point after traveling down a path filled with extreme flips and turns, nearly collapsing totally after being shaken by charges of unethical behavior. Nevertheless, they have persevered through the difficulties to establish themselves as a market leader in the publicly listed sector.

Utilizing the network of alumni from their own institution, SoFi came up with a novel way for students to receive financial aid for their college education.

Other peer-to-peer social lending options were accessible at the time, but SoFi concentrated on communities and gathered cash to be dispersed through college financial aid departments.

SoFi was able to provide a fixed interest rate of 5.99% through this scheme, which was far less expensive than the interest rates on government student loans at the time, which were 6.8% on loans like Stafford loans. For students, this resulted in a more affordable, dependable system.

On the other hand, the initial investors, the graduates, might anticipate a return of at least 5% annually. It was a win-win-win situation, like most good enterprises that address a need.

SoFi stated in October 2013 that it had raised $500 million, which was available for the refinancing of student debts at 100 qualified institutions. These funds included credit lines from Bancorp and Morgan Stanley. By 2014, further investment rounds have allowed SoFi to diversify into personal loans and mortgage lending in more than 20 states.

SoFi reported that it secured $4 billion in loans in 2015 after receiving a $1 billion investment from SoftBank. When SoFi reported in 2016 that it had 175,000 customers, or “members,” with a total loan volume of $12 billion, Moody’s assigned it a triple-A rating.

SoFi had issues in 2017 and 2018, with the then-CEO Mike Cagney stepping down in the midst of accusations of sexual harassment and violating compliance standards. The Federal Trade Commission (FTC) accused SoFi of exaggerating how much money might be saved by refinancing student loans, but the business settled the complaint in 2018.

With the Los Angeles Rams and Los Angeles Chargers of the NFL, SoFi signed a 20-year agreement to rename their stadium to SoFi Stadium. The next year, SoFi acquired the investing platform 8 Securities as well as the payments provider Galileo.

SoFi – Name, Logo, and Tagline

SoFi is a short term for “social finance,” which depicts it as a finance company aiming at solving social problems.

SoFi’s tagline says, “Bank, Borrow, and Invest—Get Your Money Right.”

SoFi – Mission, and Vision Statement

SoFi’s mission is to help people reach financial independence to realize their ambitions. And financial independence doesn’t just mean being rich—it means getting to a point where your money works for the life you want to live. Everything we do is geared toward helping our members get their money right.

SoFi – Products

SoFi’s product range includes:

Student Loan Refinancing
Medical/Dental Resident Refinancing
Parent PLUS Refinancing
Medical Professional Refinancing
Law and MBA Refinancing
Private Student Loans
Undergraduate Student Loans
Graduate Student Loans
Law School Loans
MBA Loans
Health Professions Loans
Parent Student Loans
Personal Loans
Credit Card Consolidation Loans
Home Improvement Loans
Family Planning Loans
Travel Loans
Wedding Loans
Mortgage Loans
Mortgage Refinance
Auto Loan Refinance
SoFi Invest®
IPO Investing
Crypto
Fractional Shares
Active Investing
Automated Investing
ETFs
SoFi Protect
Renters Insurance
Homeowners Insurance
Auto Insurance
Life Insurance
Cyber Insurance
Estate Planning
SoFi Credit Card
SoFi Checking and Savings
SoFi Insights
SoFi at Work
Small Business Financing

SoFi – Business Model

SoFi generates revenue in four key areas: Financial services, Lending, Technology, and Insurance.

Financial Services

Their range of financial services includes:

SoFi Invest: With the exception of cryptocurrency trades, SoFi Invest offers a $0 account minimum and no trading commissions. SoFi makes money by lending shares to other financial institutions whose clients want to short the market or cover their short positions, and it also receives payments from market makers for order flow services.
SoFi Money: Cash management accounts with no minimum balance requirement and no monthly fees that resemble checking and savings accounts; In addition to income on deposits, SoFi benefits from payment network fees on debit cards bearing the SoFi logo through a partnership with MasterCard.
ETF Management Fees: The SoFi Select 500 (SFY), SoFi Next 500 (SFYX), SoFi Social 50 (SFYF), SoFi Gig Economy (GIGE), and SoFi Weekly Income ETFs are among a group of ETFs that are subject to yearly management fees (TGIF).
Investing Automation: SoFi’s Robo adviser software develops and rebalances portfolios automatically. There are no administrative costs.

Lending

SoFi receives revenue from loans from:

Securitizations: Loans are bundled together in securitizations, which use their combined cash flows to pay tranches—collections of investors—in a predetermined order.
Net Interest Income: The difference between interest collected and interest paid to fund loans is known as net interest income, according to SoFi.
Whole Loan Sales: A group or pool of loans are sold to investors, like pension and insurance funds, who are willing to pay a premium upfront in exchange for future cash flows. Because SoFi’s borrowers hardly ever default, its loan bundles are regarded as being in very high security, which enables SoFi to charge higher than usual premiums.

The absence of origination, inadequate money, and late fees in SoFi’s lending strategy is a significant plus. Private student loan payback durations from SoFi range from five to fifteen years while refinancing loan repayment lengths range from five to twenty years. On all of its refinancing and private loans, SoFi offers a grace period of six months.

For undergraduate students and graduate or professional students, the current interest rate on federal student loans is roughly 4% and 5.5%, respectively. Private student loan interest rates for graduate and undergraduate students range from 2.99% to 12.99%, according to Bankrate.

Technology

Technology platforms used by SoFi include:

Apex Clearing offers custody and clearing services for investments.
Galileo provides services of digital banking, card issuance, payment processing, and business-to-business payments.

Insurance

Term life insurance: As a result of its collaboration with Ladder, Sofi receives a marketing charge whenever one of its users applies for insurance.
Homeowners insurance: is provided in conjunction with Lemonade.
Auto insurance: Through their association with Root Insurance, they offer auto insurance.

SoFi – Funding, and Investors

Date	Round	Amount	Lead Investors
Jan 7, 2021	Venture Round	$369.8M	–
Dec 25, 2020	Secondary Market	–	–
Sep 20, 2019	Secondary Market	–	–
Sep 1, 2019	Venture Round	–	–
May 29, 2019	Venture Round	$500M	Qatar Investment Authority
Jan 23, 2019	Venture Round	–	–
Jun 8, 2018	Secondary Market	–	–
Nov 14, 2017	Secondary Market	–	–
Feb 24, 2017	Series F	$500M	Silver Lake
Sep 30, 2015	Series E	$1B	SoftBank

SoFi – Investments

Date	Organization Name	Round	Amount
Apr 13, 2021	Wage	Seed Round	$5M
Jul 27, 2020	Indigo Diabetes	Series B	€38M
Jun 6, 2019	Partake Foods	Seed Round	$1M
Feb 13, 2018	BlockFi	Seed Round	$1.6M
Dec 20, 2016	Indigo Diabetes	Series A	€7M
Jan 21, 2016	PieSync	Venture Round	$1.6M
Aug 6, 2015	CoScale	Venture Round	€2M
Apr 1, 2015	neoScores	Series A	€2M
Mar 10, 2015	GlobalYeast	Series A	$6.8M
Jul 17, 2014	Porphyrio	Series A	€850K

SoFi – Acquisitions

Acquiree Name	About Acquiree	Date	Amount
Technisys	Technisys offers digital banking technologies for the financial services industry.	Feb 22, 2022	$1.1B
Golden Pacific Bancorp	Golden Pacific Bancorp is a bank holding company for Golden Pacific Bank Company.	Mar 9, 2021	$22.3M
8 Securities	8 Securities offered mobile-only investing, a robo-advisory service, a social trading platform, and zero-commission brokerage.	Apr 21, 2020	–
Galileo Financial Technologies	Galileo is a payment processing platform offering neobanking, card issuing, and B2B fintech solutions.	Apr 7, 2020	$1.2B
Lantern Credit	Lantern Credit, LLC is a financial technology company working to solve systemic inefficiencies in the consumer credit market.	Apr 1, 2019	–
Zenbanx	Zenbanx is a financial technology company that created a mobile multi-currency account for people who live, work, or travel across borders.	Feb 1, 2017	$100M

SoFi – Competitions

The top 10 competitors of SoFi are:

TurnKey Lender
Sageworks Lending
Finflux
FIS Commercial Lending Suite
Calyx PointCentral
LoanPro
Centrex Software
FIS Loan Management System.

SoFi – Challenges Faced

In November, shares of financial technology company SoFi Technologies (SOFI 0.44%) fell 10% in value. This year, the company has had a lot of issues relating to the down economy, which were represented in the third-quarter results report, which was announced on Nov. 1.

The company’s net loss more than doubled from $30 million last year to $74 million this year, and its deeper entrance into banking means it is more vulnerable to loan defaults. SoFi benefited from higher interest rates in the third quarter, with an increase in net interest income on loans, and loan volume climbed as well.

However, it is hampered by the government’s extension of the student loan moratorium until June 2023. That implies SoFi’s bread and butter will continue to take major damage long into 2023. The volume of student loans fell by more than half in the third quarter. Rising interest rates are also having an impact on the housing market, which had an impact on SoFi’s loan book in the third quarter. The number of home loans fell 73% from the previous year.

SoFi – Future Plans

Expansion into new markets: SoFi has the chance to broaden its business operations into other geographic areas, which can boost its clientele and revenue.
Leveraging its reputation and brand: SoFi has developed a solid reputation in the financial services sector, and the company may use this to entice new clients and business partners.
Utilizing data and technology: SoFi has access to many client data and could employ cutting-edge analytics and machine learning to enhance its products and services and provide customers with a more individualized experience.
Acquisitions: SoFi might pursue acquisitions to gain access to additional clients, resources, and experience while accelerating its growth.

Over 1.5 million people are currently SoFi subscribers in the United States and Canada. The company has 10 locations across North America and more than 1,500 employees. Recently, SoFi’s stock has fallen because of the suspension of student loan repayments, but previous performance is no guarantee of future outcomes.

FAQs

What does SoFi stand for?

SoFi stands for Social Finance.

Is SoFi a Bank?

SoFi offers its banking services through SoFi Bank N.A.

Who is the CEO of SoFi?

Anthony Noto is the CEO of SoFi.

February 8, 2023

8 Things You Must Know About Home Loan EMI Calculator
Before going for renovation or buying a new house, you must analyse your financial budget. It refers to managing financial inflow and outflow- you need to match the loan repayment schedule with the upcoming inflow to avoid default payments. This is where the home loan calculator comes into the scene. It is a self-help tool which automatically calculates EMI based on required inputs.

Your EMI is impacted by various variables such as loan tenure, interest rate, and principal amount. Therefore, you can calculate the EMI which suits your budget by adjusting the variables. Read on to understand all the variables in detail.

How Does the Home Loan EMI Calculator Work?

As aspiring borrowers, the first and foremost duty is to accurately estimate the EMI amount they would be responsible for paying. A house loan EMI calculator may be used to get an accurate estimate.

Therefore, you can use a home loan calculator to estimate how much you’ll have to pay monthly for your mortgage before applying for a loan.

The formula used to calculate EMI is: E = P * r * [(1+r)^n / (1+r)^n -1], where,

E = EMI

P = Principal

R = rate of interest calculated monthly

N = loan tenure in months

Note that the EMI is calculated based on fixed interest rates. And the EMI fluctuates based on the prevailing marketing rates.

Things to know about Home Loan EMI Calculator

The home Loan EMI calculator uses a simple formula to calculate the EMI. EMI means the equated monthly instalments. These instalments are inclusive of principal and interest.

The EMI calculator also tells about the eligibility for a loan and the house loan amount sanctioned for a property as collateral.
- The EMI calculator is an easy-to-use tool that does not ask for personal or professional information. You just need to input the principal, loan tenure and interest rate to calculate EMI. After that, you will be able to know everything about your Amortisation schedule. It will help you understand how your monthly EMI will be segregated between paying off the principal amount and the remaining amount at the end of the month.
- Along with a graphical representation of the repayment schedule and a breakdown of the EMI into principal and interest payments, some EMI calculators also display the total amount of the EMI.
- Some comprehensive EMI calculator also integrates running EMI, local state tax, and insurance cost in the calculation.
- Apart from home loans, you can calculate EMI for car loans and Personal Loans. Also, you can adjust the EMI in arrears or EMI in advance while calculating for car loans.
- EMI calculator is a ready reckoner tool which can be used to compare the loan offers of various institutions. It helps substantiate the variables into a comparable figure- EMI. It also calculates the gross cost of the loan, i.e., the total interest and other charges paid over the loan tenure.
- You can also use the home loan EMI calculator for floating-rate loans. Floating Rate Loans are loans with fixed interest rates and vary based on benchmarks decided as per loan agreement. To calculate the EMI of floating-rate loans, you should consider two opposite scenarios.
In the optimistic scenario, you can consider the interest rates to go down by 2-3%. It would result in lower EMI payments, or you may opt for short loan tenure. In the pessimistic scenario, you can consider the opposite. Such analysis would help you plan future possibilities and prepare for the worst-case scenario.

The EMI calculator lets you try different combinations with different interest rates, loan amounts, and several tenures is what makes them so user-friendly. It helps you make an informed financial decision and forms a solid repayment strategy you can follow once the bank grants your home loan.
December 15, 2022
Is Spending Good for the Economy? Should We Save or Invest?

Money has always been the prime driving factor of any economy since human settlements started to be sophisticated. From the barter system to the current complicated transactions, the value of services and objects has always been a determining factor. And this value is satisfied today largely through the use of money.

As our economy goes through its highs and lows, it is inevitable that people get confused as to whether they should spend money or save money. This is also because of the fact that there is an unending cycle caused due to the necessity to save money to buy services and to spend money to buy services.

We have always been taught to save money as much as we can. The more we save and the less we spend, the better will be the financial security and stability of our economy. This is something that is constantly fed on to us.

However, Economists across the world have a different opinion in this regard. They say that consumers should strike a balance between spending and saving. It will be harmful either for the individual or the economy if this balance goes off.

Why you should spend money to Support the Economy?
Things to know before you spend to Support the Economy
Why you should save and invest money to Support the Economy?
Things to Know about Savings

Why you should spend money to Support the Economy?

GDP of India

As far as the economy is concerned, consumer spending is a very important thing to keep it stable and better. Had the rich people of the past and present decided to save their money in their closet without spending it, there would have been absolutely no progress in the economy.

The national economy improves only when there is a healthy flow of money through all units of transactions. This is because when you make any kind of large purchase like a house, car or shop; it creates a ripple effect in the economy. It will start to benefit the people associated with the industry and the other local businesses. This is due to the circular flow of money in the economy. Your spending will become another person’s income and vice versa.

Lack of consumer spending can even lead to an economic slowdown. This happens because of the before-mentioned ripple effect. When money doesn’t flow, companies will be unable to reach their profit margins, there will be losses, it will in turn affect the incentives and salaries of the employees which will further affect the people who are dependent on them. Like drivers, house helpers, street vendors etc.

When that happens, the purchasing power of people is affected which will adversely impact the supply-demand nuances of an economy. It can even lead to a recession when left unchecked.

Spending also does not mean that you should use up all your money. It should be in ways that will benefit you immediately or in the longer run. It should first satisfy all your needs. When it comes to wants, you need to analyse what all you actually have to spend for and take a decision that best suits your conscience.

Things to know before you spend to Support the Economy

Check your surroundings

The fact that you should spend money does not mean that you should do it blindly. There are a lot of things that you need to consider before that. The spending capacity of every person varies, and it is based on this capacity that one should control their spending.

Career and Spending

The first thing that one needs to look for is the general employment condition. Analyse if the job you are in at the moment is stable, is it in demand, are there any chances of layoffs etc. Apart from that, analyse the growth of your company as well. If it is expanding over the years, then it is a positive sign.

You need to have a backup plan if there are any chances for unprecedented repercussions. For example, uncertainty is more if your company depends on something external for their expansion like weather, any particular raw material etc.

Family Planning

Your spending should also depend on the nature of your family. Have a thorough analysis of the future plans of your family, your health conditions and also your parent’s plans. Your spending pattern will vary depending on whether you and your partner are planning to have any children, expecting any large repairs on your assets, potential health issues, or retirement plans of your parents, among other things.

Impact of IPL on Indian Economy

Cricket is like a religion in India, Many cricket fans every year await for IPL, but do you know how influential impact IPL has on the Indian Economy? Lets find out

StartupTalkyShruti Jalan

Why you should save and invest money to Support the Economy?

While we talk about the importance of spending to boost the economy. Let’s not forget that all kinds of spending are not the same. It should have a long-term reciprocal benefit as well. A logical analysis of the economy shows that the route to improved productivity of a nation lies in the improvement of capital goods.

This can be done only when you save your money and invest it in productive activities. However, be mindful that saving is totally different from hoarding. This is the reason why it was said earlier that one needs to strike a balance between spending and saving.

Saving does not mean dormancy of your money. It simply means that it is entrusted with productive activities that will subsequently improve the economy, unlike hoarding.

Things to Know about Savings

People tend to inherently have an attitude to save money due to the constant reinforcement we have had about financial management. However, everybody needs to know about certain nuances and advantages of savings and how they will impact the economy.

Safe haven

If you have good savings means you are better protected against debt. You can cover your unexpected expenses without taking a loan. It is indeed a great relief considering the repercussions that a thoughtless loan can have. Along the same line, it will help you control your living expenses and thereby finish your loans as soon as possible. This means that your ability to recover during an economic hardship is higher and that will further improve the chances of recovery of the economy. It also means that you are better protected when you are living on your own means.

Top 5 Factors That Affect Your Personal Loan Eligibility

Planning to get a personal loan? But unsure if you’ll qualify or not. Take a look at these factors that affect Your Personal Loan Eligibility.

StartupTalkyAnamika Mahapatra

Inflation and Savings

Savings are not without any risks. Depending on the condition of your nation’s economy the value of your savings can increase, remain constant or depreciate. People who save and invest will have to pay a huge price if the economy goes through a recession. So brace yourselves for uncertainties and losses while you save as well.

Knowing the Difference

The balance that we need to have between spending and saving is the most important discipline that we need to follow to support the economy. To spend does not mean that you should use your money to buy all the things you want.

Neither does that mean that you should donate everything you get. You should be able to analyse your needs and wants. Have a critical approach to decide on which all of your ‘wants’ should you address after satisfying your needs.

This critical approach goes for saving as well. Saving all your money in your drawer does not help you or the economy. For your savings to improve, you need to channelise them in the right direction. Make sure that they are productive activities and will positively influence your savings. It is also important to remember that savings do not equate with hoarding.

Conclusion

As responsible citizens, we need to be mindful of the options we have with regard to supporting our economy. At the end of the day, a healthy and expanding economy will be beneficial to each one of us. When you spend, make sure to do it in a way that is most useful to most people around you. And while saving too, make sure that it improves over time. Let’s all do our part to help our nation prosper.

FAQs

How does spending increase economic growth?

Higher government spending will also have an impact on the supply-side of the economy – depending on which area of government spending is increased.

How do you build a strong economy?

Keeping Manufacturing Units in the Country and reducing the cost of borrowing and increasing consumer spending and investment can help in building a strong economy.

Is saving bad for economy?

A rising personal saving rate can temporarily slow economic activity, assuming no other changes to income.

June 13, 2022
Top 5 Factors That Affect Your Personal Loan Eligibility
This pandemic was hard for everyone one of us and we all struggled to oversee discretionary spending due to unanticipated expenditures. Many people also saw a dip in their savings to fulfill the family’s requirements. So to mitigate the increased financial stress some people turned towards personal loans but how do you know if you are eligible for a personal loan or not and what variables affect her personal loan eligibility.

Here’s what you need to learn about the 5 most important factors that may influence your personal loan eligibility.

Before that let me give you the specifics of the personal loan. So, let’s dive right in!

What Is a Personal Loan?
Factors Influencing Personal Loan Eligibility
Pros and Cons of Personal Loans
Is Personal Loan the Right Choice for You?

What Is a Personal Loan?

A personal loan is a form of installment loan that provides you with a set chunk of money, typically ranging from $1,000 to $50,000, in one single payment. They are typically unsecured, which means you need not provide assets to protect funds. The repayment period can differ considerably from one year to a decade. They are used for just about anything, though some financiers may limit their use.

Making an application for a personal loan is akin to making an application for a credit card. You will be asked to input your info, financial data, and loan info. The creditor will conduct a solid credit analysis before authorizing you, which may momentarily lessen your credit rating.

If the creditor is satisfied with your fiscal predicament and creditworthiness — typically, a rating in the mid-600s is required — the creditor will ascertain your interest rate, loan balance, and provisions.

However, these days there are platforms like Zest Money that have simplified getting personal loans much easier. With Zest Money you can get a personal loan even if you do not have a credit score. Simply download the Zest app, complete the KYC, and get a credit limit that you can use to shop in over 100,000 offline and 15,000 online stores. The best part is that the Credit Limit is available at 0% interest when paid on time. Once you sign up for a Zest Money Credit Limit, you also become eligible for Zest Money Personal Loans that too without uploading any additional documents. Besides, you can choose your EMI plan, and repayment term, and even foreclose the loan without paying any foreclosure charges.

You can also check these instant loan apps which have simplified the process of accessing personal loans.

Factors Influencing Personal Loan Eligibility

Age

The most vital eligibility criterion when applying is that you are within the bank’s age cohort. Age is an important factor as it tells lending institutions about your capital adequacy and earning power. If you’ve graduated college and are in your 20s, you may lack basic monetary stability. Likewise, if you’re over the age of 60 or are retiring early, your earning power will be reduced during this time.

Candidates between the ages of 25 and 55 are usually considered by banking firms. The age thing varies from bank to bank.

Monthly earnings

Monthly Earnings

Your potential to repay debt is directly proportional to your earnings. Your revenue is a critical component of your fiscal portfolio. The baseline salary requisite, on the other hand, varies by lender. Your lending institution takes into account the city you reside in as well as the corporation you work for when assessing your earnings.

Although the main income stream is taken into account by the lending institution, having extra revenue from passive channels such as subletting out your home or rental estate can be advantageous. Having a supplementary stream of revenue can help lending institutions feel more confident that you will compensate your EMIs on time.

Credit record

Personal loans are types of unsecured debt. They don’t have any assets or security backing them up. As a result, lending institutions use credit metrics to evaluate your ability to repay.

Your credit record reveals your EMI transaction regularities in the past. As a result, you must pay your EMIs on time to avoid falling behind on your loan payments. This will have a massive influence on the elements that influence personal loan acceptance.

Debt to income ratio

Assume you work for a reputable firm and are paid well, but the majority of your earnings are going toward EMI payouts. This factor influences your personal loan qualifications. The lending institution calculates your debt-to-income ratio by splitting your total earnings by the total amount of your current debt.

If your debt-to-income rate has risen, your lending institution may deny your loan request or cost you a higher rate of interest on your personal loan. Generally, it is best to keep the debt-to-income ratio below 50%. A higher proportion of this component increases the danger of nonpayment.

Stable employment

Employment

When approving a personal loan, your lending institution considers your total professional experience as well as your present employment status. If you work for a well-known company and have a consistent stream of revenue, your lending institution deems you a lienholder with stable employment.

If your manager has a background of late compensation or is not economically solvent, the lending institution may deny your request. This is attributed to the reason that these variables influence the potential to reimburse your personal loan.

Pros and Cons of Personal Loans

Pros of Personal Loans:
- Personal loans can be used for a variety of purposes. They are used for a bunch of uses, including travel costs, medical bills, buying new accessories, gadgets, and even home/car upgrades.
- Personal loans are available very quickly. In certain instances, the loan can be obtained within 24hrs. So, if you need emergency money, personal loans are your safest choice.
- When contrasted to a mortgage payment or a car loan, personal loans usually do not necessitate as much paperwork. As a result, the handling time is reduced.
- No need for security to acquire this loan, and the credit period is much smaller than that of a home loan or a car loan. In comparison to other loans, this carries less peril for the applicant because if you seem unable to pay back, your security is voided. Your assets are secure because personal loans do not require any security. This helps make this type of loan appealing to anyone who does not own any assets such as a car, a home, or stocks.
Cons of Personal Loans:
- Lenders consider these to be risky since they do not require any security. These loans have extremely high-interest rates to compensate for their dangers.
- Most financiers do not accept loan payments in installments. This implies you will have to repay the lender for the period of the loan. Because your ﬁrst installments are used to pay interest, it can be very costly.
- Because these loans are very risky, most bank requires their borrowers to have a good credit score. As a result, if your credit score is low as a result of past loan defaults, your request will be denied. As a result, the accessibility of this loan is subject to rigorous qualifying criteria based on creditworthiness.
- Even banks that provide loans to debtors with poor credit end up providing reduced principal amounts and rising interest rates than those provided to debtors with good credit. These debtors are also subjected to stricter repayments.
Is Personal Loan the Right Choice for You?

If you need money quickly, personal loans are an appealing choice. Here’s how to tell if a personal loan fits one’s scenario:
- You require the finances as soon as possible. Many lending institutions, particularly those that function online, can make capital available in a couple of times.
- You have an excellent credit rating. Borrowers with stellar credit are eligible for the lowest rate.
- You want to get rid of your massive debt. Personal loans are an excellent tool to manage and pay off high-interest credit card debt.
- You will put the money toward important purchases. Personal loans can also be used to pay for large costs or to renovate your home.
Personal loans, on the other hand, are not suitable for all. They are, after all, still a debt obligation. Here are a few explanations why it may not always be the safest alternative for you:
- You have a bad habit of spending too much money. Paying off your debt with a personal loan may not seem like a sensible approach if you intend to simply start accruing fresh credit card debts.
- You are unable to make substantial repayments. Consider a personal loan’s repayment schedule and monthly bills. Use a personal loan calc to discern whether you can finance the monthly payments over the financing tenure.
- You don’t need the cash immediately. Saving for a big settlement may make better sense than taking out a personal loan and making interest-only reimbursements for many decades.
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Conclusion

These are the variables that portray your creditworthiness when applying for a personal loan. Lending institutions mostly take this into account when determining your qualifications for a personal loan and the rate of interest. As a result, it is advisable to confirm the prerequisites of your ideal lending institution beforehand to obtain a reasonably priced personal loan interest rate. Also, do check the pros and cons before you decide to apply for a personal loan.

FAQs

What are the eligibility criteria for a personal loan?

Sufficient monthly earnings, good credit records, and stable employment are some of the eligibility criteria for a personal loan.

What is the minimum salary required for a personal loan?

Most banks set a minimum salary limit of Rs. 15,000 – Rs. 20,000 per month for a personal loan.
April 25, 2022
PNB Scam: How Did Banks Lose Money in Nirav Modi Case

Banks play an important role in the economic development of the financial sector of India. They are running a business that involves all the transactions done by every person. As banks are running a business, sometimes they earn and sometimes they lose. The very common cause of banks losing money is the inability to collect the money-back which was distributed as and if they have a concentration of loans in a particular business segment that falls in hard times, those losses are even more severe.

In 2018, Punjab National Bank, one of India’s largest public-sector banks experienced a fraud of INR 11,400 crores at its Brady House branch located in Mumbai. The accused person was Mr Nirav Modi, a well-renowned diamond maker of India. Here’s the complete story of how the PNB scam was unfolded.

Who is Nirav Modi?
Nirav Modi’s Business of Luxury Diamond
How did Nirav Modi Avail Loans from Banks?
How Nirav Modi Operated the PNB Scam?
FAQ

Who is Nirav Modi?

Nirav Modi is an Indian fugitive businessman; he is the founder of Firestar Diamond International and his uncle Mehul Choksi is the chairman of Gitanjali Group. These two companies were involved in the Diamond business and had a retail chain of 4000+ stores in India.

Nirav was brought up in Belgium and did his early schooling at the Wharton School at the University of Pennsylvania. He came back to Mumbai and started with his family business of jewellery manufacturing.

Nirav Modi’s Business of Luxury Diamond

In 1999, he founded Firestar. After working for years and getting experience in the business Nirav in 2008 launched a diamond store bearing his name in New Delhi. Seeing and attracting a huge crowd he thought of opening more stores and started the 2nd store in Mumbai followed by 17 more stores. Nirav launched his stores globally with stores in New York and Hong Kong city.

Nirav Modi Store

According to news, his company had a presence in 12 countries with 30 boutiques in 2018. Firestar is the only diamond manufacturing company in India to source the coveted Argyle pink diamonds, found only in Western Australia.

At this time Nirav was also looking to expand its product line with more affordable pieces. He became a lot popular after designing his “Golconda Lotus Necklace” with an old, 12-carat, pear-shaped diamond as a centerpiece in the year 2010. The diamond had previously been sold in the 1960s and had to be repolished.

Golconda Lotus Necklace

Stores were running very well and were recognized as a theme of pure luxury, many Indian celebrities were doing the advertisement for Nirav Modi’s jewellery. Nirav Modi was also featured in the Forbes list of Indian Billionaires in 2013. To run such a vast and huge business globally he was always in the need of funds which he took from small public sector banks.

How did Nirav Modi Avail Loans from Banks?

At first, he started with a small number of loans which he was able to repay the bank within the time limit. The first fraud started in 2010 when Nirav took the loan with the help of a fake letter of undertaking issued by PNB bank at its Brady House branch. Letter of Undertaking is said to be a sort of guarantee that is issued by a banking entity to the concerned party for attaining short-term credit from the overseas branch of an Indian bank.

How Nirav Modi Operated the PNB Scam?

Nirav thought of this as an easy way to obtain short-term credit. He then started giving fake Lou’s to the bank and used to obtain a lump sum amount of money. Nirav managed to get 1,212 more such guarantees in the next 6-7 years.

The Letters of Understanding were signed in favour of Indian bank branches for the one-year import of pearls, with the Reserve Bank of India’s guidelines allowing for a total of 90 days from the date of shipping. The guideline mentioned in the letters were ignored by overseas branches of Indian banks. They disregarded providing any documents or information with PNB that had been made accessible to them by the companies when they applied for loans.

When PNB approached banks to provide a 100% cash margin, the bank argued they had availed this facility in the past as well. The transactions were never registered in the bank’s main system, leaving PNB management in the dark for years. This suspected there could be a fraud that led to them digging further into the transaction history.

Later it was found out that PNB employees were also involved in this process of providing fraud loans. They got the commission from Nirav and used to do the job for him. PNB employees used the SWIFT network to send messages to Allahabad Bank and Axis Bank regarding financial requirements.

At that time they found that these letters were on a fraud basis and the money was transferred to Dummy accounts of firms that were inactive in business and were acting according to the command of Nirav Modi. A total of INR 6,400 crore acquired through PNB Lou’s was transferred abroad to buy real estate and personal property through “dummy corporations.”

Nirav Modi New York House

All these methods were used by him to transfer the money received by these banks for business purposes and were spent on his personal use and luxury. He escaped India in January 2018 after which a warrant was issued by the CBI and Enforcement Directorate to arrest him.

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Conclusion

The PNB scam is said to be one of the biggest fraud cases in India’s banking history to date. Till now the Government authorities of India have sealed and auctioned several thousand crores worth of properties and assets of Modi. Yet the government has not been able to get money recovered in full.

There is a need for improvement in our Indian Banking Sector and mainly a focus on providing the loans and credit facilities to the people who need them the most and who can repay without making defaults.

FAQ

How did Nirav Modi get loans?

Nirav took the loan with the help of a fake letter of understanding issued by PNB bank.

How much money did Nirav Modi borrow from the bank?

Nirav Modi and his uncle Mehul Choksi defrauded the bank of over Rs 14,000 crore.

In which year did Nirav Modi take the loan?

Nirav Modi took the first loan from PNB on March 10, 2011, and later managed to get 1,212 more such guarantees over the next 74 months.

December 20, 2021

Tag: loan

PaySense

MoneyTap

CASHe

KreditBee

Fibe

Indiabulls Dhani

Nira

MoneyView

Kissht

Buddy Loan

Conclusion

FAQ

Can I get an instant loan without a salary slip?

Which app is best for loan without salary slip?

Are loan apps safe?

I need 5000 rupees loan urgently without salary slip, how can I get it?

Loan Apps for Self-Employed Individuals

Key Factors to Consider When Choosing a Loan App

Best Loan Apps for Self-Employed Individuals in India

Hero FinCorp

IndiaLends

CASHe

PaySense

Buddy Loan

Moneyview

MoneyTap

Finnable

Bajaj Finserv

LazyPay

KreditBee

mPokket

Conclusion

FAQ

Which app gives a personal loan for self-employed individuals?

Can a self-employee get a personal loan?

How do I know if I qualify for a self-employed loan on loan apps in India?

Solving the Credit Issue of the Customers

About MobiKwik and its Latest Developments

Types of Loans You Can Explore

The Loan Application Process: Step-by-Step

Impact of Credit Score on Your Loan Eligibility

Repayment Strategies and Debt Management

Blueprint for the Perfect Loan Website: What a Borrower Should Look for?

Identifying Scammers and Choosing Trusted Lenders

Why StashFin is Your Trusted Partner?

Wrapping it all up

Current Economic Crisis

Bail-Out Loans & History

Talks With IMF For Loans

Conclusion

FAQs

Why is Pakistan in an economic crisis?

What role can international organizations, such as the IMF, play in helping Pakistan navigate its economic crisis?

What impact has the economic crisis had on the daily lives of Pakistani citizens, particularly those living in poverty?

What is the impact of the economic crisis on Pakistan’s job market?

About Sofi

SoFi – Industry

SoFi – Founders, and Team

Daniel Macklin

Ian Brady

James Finnian

Michael Cagney

SoFi – Startup Story

SoFi – Name, Logo, and Tagline

SoFi – Mission, and Vision Statement

SoFi – Products

SoFi – Business Model

Financial Services

Lending

Technology

Insurance

SoFi – Funding, and Investors

SoFi – Investments

SoFi – Acquisitions

SoFi – Competitions

SoFi – Challenges Faced

SoFi – Future Plans

FAQs

What does SoFi stand for?