The used car market in India is bigger than the new car segment. The affordability of second-hand cars makes these a popular option. Furthermore, you may buy a used car to hone your skills if you have just started driving. There are a large number of options when you look for a second-hand car. Here are five things you should consider while buying a pre-owned vehicle.
Car quality
Although a used car may not be in good condition as a new vehicle, it must be in decent condition. You must check the car’s condition in person by taking it for a test drive and seek assistance from an experienced mechanic.
2. Insurance papers
The insurance papers will help you understand if the car has undergone any repairs or has been involved in an accident. It will also allow you to understand the no claim bonus (NCB) benefits, if available. When you look at the insurance papers, ensure the chassis and engine number match. Once you finalize the deal, it is important to transfer the insurance to your name. However, remember that you need to transfer the insurance before the registration certificate (RC) is transferred to your name.
3. Registration certificate
The RC is the document that proves the ownership of the car. When you buy a pre-owned car, you must change the RC to ensure the ownership is transferred in your favor. You will have to submit forms 29 and 30 to the road transport office (RTO) to change the RC.
The previous owner may have taken a loan on the car. This information is available from the insurance policy. If there is a loan, you need to procure the original invoice and a no-objection certificate (NOC) from the lender. This is important, especially if you are also planning to avail of a used car loan.
5. Other documents
An important but often overlooked factor is the service records. The service book will show if the services have been done on time. Additionally, you must check if the road taxes have been paid. The car must also have the pollution under control (PUC) certificate. All these are important when you buy a pre-owned car, especially through a second-hand car loan.
Financial institutions offer such loans both online and offline. The entire procedure is quick and hassle-free, and completed in a short period of time. The documents needed for the loan are minimal, thus ensuring you have no difficulty arranging for these. Contrary to popular belief, the used car loan interest ratesare affordable with a flexible repayment schedule, thereby ensuring you have no financial difficulty servicing the same.
These loans may be used to meet the working capital requirements or fund capital expenses. These are often known as business loans and are disbursed after lenders assess several factors. Businesses with an excellent track record, such as high and consistent profits and regular repayments to creditors, are usually eligible for higher loan amounts at lower interest rates.
Even if your business performance has been good in the past, sometimes, due to a miscalculation, declining sales, an untoward incident, or a natural calamity, you might face difficulties to repay the loan on time.
If you are late in repaying an installment, then it would only attract a few charges. This is also known as delinquency, as long as it was only occasional and the delay is very short. If the frequency increases and the delays get longer, your loan will be termed as default, which is bad for your business’s creditworthiness.
Implications of default
It depends on the lender as to how long they will wait before they classify your loan as a default. To recover their money, lenders may choose one or more of the following options.
Your lender may choose to send the details of your business loan to the collections agencies that specialize in recovering money from defaulters. This is not good for your credit history, and you must avoid the same.
The records for all credit facilities, including business loans in India, are maintained by Credit Information Bureau (India) Limited (CIBIL). Therefore, if you delay the repayment of a particular installment or are classified as a defaulter, it will be informed to the credit rating agency. As a result, your credit score is negatively impacted. A lower credit score may increase the interest rates on all future borrowings.
3. Seizure of collateral
If you have mortgaged any asset, such as equipment, the lender will liquidate or take possession of it to recover the money. The appointed collection agency that has taken over the loan from the lender may also seize your asset to recover the dues.
4. Lawsuit
In cases of unsecured loans wherein no collateral is pledged, a lawsuit is unavoidable.
To avoid all such problems, you could take the following tips.
5. Restructure the loan
You should always call the lender at the earliest and explain the situation to them. Once convinced, they could be willing to reduce payments or work out a better repayment schedule temporarily.
6. Refinance
Although not very economical, you could choose to get a bigger loan for a longer duration so that you can repay the current outstanding and reduce the installment. Debt consolidation has its pros and cons, and you must evaluate all these before choosing this option.
7. Reduce costs
You may want to grow your business quickly. However, this is not easy and, therefore, reducing the costs to meet your current cash flow needs is recommended.
A lender’s priority is to recover their money back. Financial institutions offer competitive business loan interest rates to help grow your business. However, if you cannot repay on time, lenders are willing to relook at the loan and structure it to help you out.
The availability of funds has increased remarkably over the past decade because banks and non-banking financial companies (NBFCs) offer different types of loans. This has enabled businesses to grow without any constraints.
Loans may be classified into secured and unsecured loans. Both types have their unique features, pros and cons. Based on your requirements, it is recommended to choose the most appropriate type of loan.
A loan availed of by mortgaging a property is secured and is known as a Loan against Property (LAP). When you avail of a LAP, you receive a certain percentage of the asset value. This is known as Loan to Value (LTV). Loans issued without any collateral are known as unsecured loans.
When you consider a business loan or any other type of credit facility, you should consider certain factors. These include equated monthly installments (EMIs), interest rate, loan tenure, and LTV.
When you choose a longer repayment tenure, the EMI is lower. Generally, a loan against property offers a longer duration when compared to unsecured business finance. Furthermore, when you compare the servicing charges and interest rates, the unsecured business finance rate is higher than the loan against property interest rates. If you require the funds for a longer duration, a LAP is more advantageous.
When you choose to avail of a loan, you need to meet the eligibility criteria. These include your income, credit score, age, and documentation. Your credit rating plays a crucial role in determining your eligibility for an unsecured business loan; a loan against property eligibility, on the other hand, depends on the asset value.
4. Documentation
Generally, documents needed to avail of an unsecured credit facility are lesser when compared to those required while applying for a LAP. This is because, in addition to your basic documents, you will need to submit property-related documents when you avail of a LAP.
Any property (commercial, residential, or industrial)
Loan amount
INR 3 lakh – INR 75 lakh
INR 5 lakh – INR 10 crore
Repayment tenure
1 Year – 4 years
Up to 15 years
Eligibility
Retailers, doctors, chartered accountants, traders, professionals, and manufacturers, and private and public limited companies
Partnership and sole proprietor firms, salaried or self-employed professionals, micro, small, and medium enterprises
Before you decide on one of these loans, you must compare the various products offered by different financial institutions. Furthermore, assessing your personal requirements will help you make an informed decision. In addition to your needs, you must consider your repayment capability to choose one of these options.
Telecom management group says Telecommunications are continuously changing, and so are the infrastructures they ride on. The newest generation in cellular technology is 5G. It may still be in its infancy, but soon enough, it will impact your business significantly.
When Is 5G Coming?
Nearly half of the nation will take advantage of the remarkable data speeds 5G offers in less than a decade. Currently, cities across the country are upgrading their infrastructure to accommodate 5G. As soon as businesses can hop on 5G networks, the amount of work they’ll be able to accomplish in a variety of ways will expand exponentially.
The Current Situation
Currently, cellular networks can’t always handle all of the data needs of a particular company representative. We often find ourselves waiting until we can get back to the office or a wireless hotspot to access data hog files or multimedia. A business with a cumbersome internet-based platform on which internal and external operations are accomplished may have difficulty working efficiently in environments where only cellular networks are found.
The Difference With 5G
With 5G, any data can be accessed from anywhere 5G is found with incredible upload and download rates. This improved speed and capacity mean business developers, PR reps, or individuals who rely heavily on their technology, such as real estate agents or consultants, can work wherever they need to, whether in traditional office environments or on the road while meeting with clients.
How Does 5G Work?
5G works differently than previous methods. It uses a cloud-based network slicing approach to cellular data. Companies that need more data can pay their carrier a bit more for a larger slice of the pie. This pay-for-more method significantly decreases response time from seconds to milliseconds. Downloads that take minutes will only take seconds.
The Internet Of Things
The consequences are also significant for technology manufacturers specializing in the Internet of Things (IoT). Smart appliances can get smarter and communicate faster in more complex ways, thanks to the robust nature of 5G. Currently, about 8 billion devices are connected to IoT. These numbers will double in just a few years, thanks to 5G.
Implications For Retailers
For retailers, 5G will significantly increase a company’s ability to market its product or service. Customers will experience lightning-fast load speeds for retailer websites. Those websites’ nature can become much more data-consuming and complicated with virtually no obstruction encountered by the customer. Retailers can create a more interactive experience for the customer, making online shopping incredibly simple, fast, and frustration-free.
Because it works on a different frequency than 4G, the switch to 5G will be costly, cumbersome, and slow. While your business is waiting for 5G infrastructure to come to your area, you can begin preparing by educating your company on the nature of 5G. Work with 5G consultants to get your business ready to make the jump and kick off operations in a 5G world as soon as it becomes available. 5G will also improve how we use telecom expense management and help any growing business.
With the explosion of online banking, you might think that checking your bank account is as simple as logging on. In reality, even with a sophisticated internet banking interface, many financial institutions require an additional identification factor to access one’s account. This shouldn’t be surprising given that customer login information needs to be bently secure to withstand being compromised by malicious attacks and prevent fraud due to their carelessness of custothemselves.
Check HDFC Net Banking Online without a Debit Card. Even with a sophisticated internet banking interface, many financial institutions require an additional identification factor to access one’s account. This shouldn’t be surprising given the fact that customer login information needs to be sufficiently secure to withstand attacks.
How to Make an NEFT or RTGS Transfer from HDFC Bank Account
Log into your account to do a transfer using Internet banking at HDFC. Use the activation code sent via email or visit an authorized ATM center with a valid ID. You will then get an OTP (one-time-password) from which you can access all accounts. After signing in, on the opening page, enter the credentials for fuwant to make an NEFT or RTGS transfer only on the opening page from HDFC bank, select “Funds Transfer.” Then select.
How to Add Beneficiary in HDFC Bank Net Banking
With HDFC bank, customers to log in to their account online and manage, among others things, is net banking. Anyone with a deamit card can open an account with them without too much hassle, but not everyone has a debit card or even know what one looks like. So this article will teach you how to access the Net Banking system using internet service.
How to Change HDFC Bank Net Banking Password
It is always good to keep your passwords different from one website to another, or better yet, use completely different email addresses for every site. For example, several companies sell high-quality, inexpensive razors and websites where you can buy them cheaply, but using the same password on every account puts everything at risk if something goes wrong with that site’s security. To check HDFC Bank Net Banking Online Without a Debit Card, sign up for new services when the time comes.
How to Activate HDFC Bank Net Banking
HDFC provides several different kinds of internet banking. How do you choose the best one? The first thing to remember is that all HDFC’s internet banking clients must have a Debit Card issued by HDFC itself or through another provider on HDFC’s’ network. Debit cards can be printed as either credit cards or dual purpose cards that also serve as ATM cards.
How to deactivate HDFC Bank Net Banking
At some point, you might want to deactivate your HDFC Bank net banking account. For example, if you are moving banks and plan on keeping the presupposing account inactive until it is time to make a new deposit, you need to call customer service for this online. In that case, task to avoid an immediate paper check system activation fee. To access the Hdfc bank website from any computer or tablet, create a free account before calling customer service to avoid charges. It will also help to have three easy.
Introduction to HDFC Net Banking
A lot of big banks in the US have given away their own internet banking platform so they can migrate customers to their mobile apps. This may be coming soon to India, which will give users a reason to choose one bank over another. The upcoming bank-led attack on crypto
As the banking community offers crypto services, they will be more attractive to retail investors. And that’s’ when a lot of other things could happen. The Indian government is working on a circular to tax crypto transactions at 30%. There are also plans to create a central bank digital currency (CBDC).
Things You Should Keep In Your Mind:
How can I check my HDFC account balance without a debit card?
How can I log in to HDFC net banking without a debit card?
What is the process for activating HDFC net banking without a debit card?
How can I reset my HDFC net banking password if I don’t have my debit card?
What are the features of HDFC net banking without a debit card?
Is it possible to get a statement of account?
How to Log In to HDFC Mobile Banking App?
The instructions are straightforward; you will be asked to enter your personal information. Once that is complete, you can sign in to your Net banking account. Click on “Add a new linked bank account” from the home page of your Net banking website.
Once you click on that link, it will take you to a page to enter your personal information. There are three fields: Account number, Bank Name, and IFSC code. It is important to note that the “IFSC code” has to be all in capital letters. The format should be ICICI BANK or HDFC BANK.
How to Register for HDFC Mobile Banking?
The HDFC Bank has a mobile app that helps their customers bank online on the go. To use this service, you must have a valid US address and one of the following options: Debit or credit card from HDFC Bank or any associate bank Any net banking account with HDFC Bank or any associate bank or IFSC registered savings account With one of the options mentioned above.
How to Register for HDFC Net Banking?
To maximize your net banking, sign up for an HDFC account. This can be done through net banking or by calling live chat support on the app. Aadhaar linking Aadhaar linking, also known as aadhaar authentication, is a process by which a user’s Aadhaar number, along with biometrics like fingerprints and iris scans, are used to verify their identity. It is the only way to complete a financial transaction requiring ID proof.
How to Pay Bills through HDFC Net Banking?
If you are afraid of internet banking because there is a risk of data breaches and thieves getting access to your account numbers, do not be! You can enable two-factor authentication on your hdfc net banking app. Just go to Menu – More Options – Security and enable the feature that asks for a password and one more factor like biometrics or PIN code. Now when you get an alert that someone has accessed your account from an unusual location, you will be safe.
Conclusion
Consumers who bank online should be cautious to protect their personal information. Many people use the same username and password for multiple accounts, making them vulnerable to identity theft if their data is compromised. One way to help protect yourself is to create a strong password with a mix of letters, numbers, and symbols. It would help if you also were sure to update your passwords regularly.
One can rarely forget the first time they land a real job. After all, getting your first paycheck is a big deal. But, sometimes, these fond memories may carry with them uncertain spending habits based on a grave need to celebrate your entrance into the adult world and excitement about finally earning a good wage. However, nothing is more harmful to your wealth than wasting money when you are young. Managing your finances wisely after you land a new job is a skill every individual must master. Even if you are not drawing a hefty paycheck, these financial habits can set you down the right path to building wealth and securing your future:
1. Keep Your Budget in Check
Don’t fret – a budget is just a plan for how you spend your hard-earned money. There’s nothing worse than realizing Rs. 10,000 evaporated into pizzas and new clothes, and setting a budget is a way to forestall that disappointing phenomenon. So, get an idea of your cash flow. If you see spending more than you make, think about areas you can cut back. Ultimately, it’s all about knowing the difference between a necessity and a luxury.
2. Get Health Insurance
You’re young, fit, and can certainly wait until your 40s to worry about health coverage, right? Wrong. Most individuals find out the hard way about the pain of not having health insurance when they are young- after a simple doctor’s visit for a sore throat leaves them with a hefty bill of thousands of rupees. That’s a best-case scenario. You don’t even want to imagine what happens if you end up in a hospital bed. Therefore, understand the need to sign up for a health insurance plan on your own. Though it may not feel like it’s worth the money now, this is another cost you will have to get used to.
3. Get Insured for Life
As a young adult, you would consider prioritizing moving into your apartment, paying off your debts, and kick-starting a career. Purchasing a life insurance policy may not be a consideration, but it should be. Numerous arguments can be made for buying the best life insurance policy at a young age – the most significant advantage being the affordable premiums. Understand that getting a life insurance cover is the ultimate financial tool for those big “what if” moments. To decide if you need a life insurance policy, ask this question: “Would someone be financially affected if you were to pass away suddenly tomorrow?” If the answer is “Yes,” you must buy life insurance at the earliest.
4. Build A Cash Reserve
Insurance alone will not cover all your problems; as an added precaution, you must have liquid funds in hand. For that purpose, stash away enough funds so you can weather a job loss or a sudden major expense without having to take drastic measures. The first thing you want to do is start building an emergency fund and save three to six months’ worth of living expenses. Increase that to nine months’ worth if your income is more volatile.
5. Prepare for Retirement
The age you are right now is the best time to start saving for retirement, thanks to the phenomenon called ‘Compounding.’ Here’s how: A 25-year-old individual investing Rs. 4,500 a month, assuming an 8 percent return, can accumulate Rs. 1.08 crore by the time s/he turns 60. That’s a considerable amount! So, start automating a little money in investment plans (like ULIPs or mutual funds) and maybe even increase it each time you get a salary hike. By doing this, you are better positioned to use your hard-earned money to achieve your goals in the future. What’s more, your older self will love you for it.
The Bottom Line:
Right from your first job, it is critical to make the best use of your money. Getting on the correct path to managing your money will set you up for life. Finally, always aim towards making money a source of security and freedom— not a source of ongoing stress.
