by Sunil Srivastava | Oct 19, 2024 | SNP Finserv
Assess Your Business NeedsPurpose of the Loan: Define why you need the loan. Is it for working capital, business expansion, purchasing equipment, or managing cash flow? The type of loan you choose should align with your business needs.Loan Amount: Calculate the amount...
by Sunil Srivastava | Oct 19, 2024 | SNP Finserv
To calculate the personal loan interest rate in rupees, you can use the following formula: Formula: Interest = (Principal x Rate x Time) / 100 Variables: Principal (P) = Loan amount (in rupees) Rate (R) = Annual interest rate (in percentage) Time (T) = Loan tenure (in...
by Sunil Srivastava | Oct 18, 2024 | SNP Finserv
Prepay Whenever Possible (Part-Payment or Foreclosure)What is it? Prepayment refers to paying a portion or the entire loan amount before the scheduled tenure.How it saves: Personal loans often come with high-interest rates. Prepaying can help reduce the outstanding...
by Sunil Srivastava | Oct 11, 2024 | SNP Finserv
Eligibility Criteria for a Business Loan: Individuals/Entrepreneurs:Indian citizens over 21 years of age.Those with a clear business plan or existing business operations. Partnership Firms:Registered partnership firms looking to expand operations. Private & Public...
by Sunil Srivastava | Sep 28, 2024 | SNP Finserv
· Purpose: Loans are provided to finance construction projects, buy equipment, hire labor, or manage operational costs in the construction industry. · Types of Loans: Term Loans: Used for specific projects with a set repayment period. Equipment Financing: For...
by Sunil Srivastava | Sep 26, 2024 | SNP Finserv
Home Loan EMI Calculation: Determine loan amount, interest rate, and tenure Use online EMI calculators or formulas: EMI = (P x R x (1+R)^n) / ((1+R)^n – 1) Consider factors: loan term, interest rate type (fixed/floating), processing fees Factors Affecting EMI:...
