Category: Finance

The main reason for which people avail of personal loans is to finance an expense of a personal nature, such as a medical emergency or a marriage. In order to get approval for a personal loan, an applicant has to meet certain eligibility criteria and submit specific documents that inform lenders about an applicant’s ability to make repayments on the loan. One of the criteria, of key importance, is an applicant’s credit score or CIBIL score.

What is the Eligibility Criteria for a Personal Loan?

A personal loan is an unsecured loan without collateral. However, if you want to apply for a personal loan, you must fulfil certain eligibility criteria ensuring lenders of your ability to make repayments in a timely fashion. Personal loan eligibility criteria is listed below:

• Age – You have to be 21 years of age or more.
• Income – You must be earning an income of at least Rs. 15,000 per month.
• Citizenship – You must be a citizen of India.
• Work Experience – An applicant must have work experience of 2 to 3 years.
• Credit/CIBIL Score – You must have a credit score or a CIBIL score of above 600.

What is a CIBIL Score?

From all of the eligibility criteria you know about, the CIBIL score/credit score is one of the most important. This is a numerical value that gives lenders (banks and NBFCs) a summary of your credit profile and financial history. It indicates your ability (or inability) to make personal loan repayments. A CIBIL score falls in the range of 300-900 and the higher your score is, the better your chances of getting loan approval are.

What Influences the CIBIL Score?

You may be wondering if you meet personal loan eligibility criteria with a low CIBIL score. It is possible to get approval for a personal loan with a low CIBIL score, but you may face more restrictions on the loan than if you had a high score. For instance, the loan amount you desire may not be approved, compelling you to settle for a lower loan amount. Furthermore, lenders may charge you high rates of interest on the loan if you portray a low CIBIL score. If you know what influences your credit score, you can try to maintain it so it remains on the higher side. The factors that determine your CIBIL score value are the following:

• Outstanding Debt – If you have any outstanding balances on loans or credit card payments, you should settle these before you take a loan as these can make your credit score go down.
• Income – You should have a steady source of income, and this shows your viability to meet expenses and creditworthiness.
• Avoid Taking Multiple Loans – If you have taken multiple loans and have other loans to repay, or have applied to several lenders for loans, this reflects badly on your financial health. It portrays an image of desperation to lenders.

Finally Be Ready to Take a Loan

You can take a personal loan anytime, but you must be prepared with appropriate eligibility criteria, and this includes a high CIBIL score. A high CIBIL score informs lenders of your financial health, indicating that you can repay loans.

When you hire someone to work for you, you are well aware of the fact that you have to pay for this work. And if you are working for someone else, you also get paid. Similarly, if you are an owner of a company or running some sort of business, you cannot do everything on your own. You have to hire some employees and pay them accordingly to run your business.

Payroll is the net and the fixed amount that you have to pay to your employees every month or depending on their salary period. You have to manage payrolls every month and keep their records. You have to calculate the salary of each employee and then have to pay it after certain deductions.

You either do it by yourself or hire someone to do all the payroll management work for you. However, it is recommended to take the help of a payroll software program. Top organizations have such a system in place to calculate and deposit salaries automatically every month after making the required deductions or adding bonuses. You can easily use payroll software for a bank, hotel, educational institute, or any other type of business you run.

Based on various things such as salary period, deposition method, etc. there are different types of payroll management methods.

Types of Payroll Management based on Salary System

Depending upon the salary method, there are three types.

• Hourly wages are one of the most popular methods for laborers and other similar types of employees. It involves the calculation of the total hours an employee worked and then these are multiplied with the salary per hour. It is a difficult method as well because you have to calculate the working hours of each employee manually and overtime hours as well to calculate their salary.
• The next one is salary based payroll management system. It is considered as the ideal method of payroll management as you don’t have to calculate the salary every month. You have to simply keep the record of the salary of each employee and pay it at the end of every month.
• A commission-based salary system is also a popular payroll management method. It might only include commission when you hire someone only for a certain target. However, when you give a commission-based target to one of your current employees, you have to add that commission to their salaries.

Types of Payroll Management Based on Payment/Deposition Method

When it comes to paying the salaries or wages of your employees, the payroll management method is split into the following types.

• The first type is to hand over the cash to the employees, which is their salary at the end of each month. It might be the oldest way of paying your employees. Similarly, it also involves paying the salary checks to the employees as well.
• The next type based on the deposition method is direct deposition into the accounts of your employees. It is one of the commonly used methods in the public and private sectors. The bank account details are taken from the employees when they get hired by you, or separate accounts opened for each of them and their salaries deposited in those accounts.

Types of Payroll Management Methods Based on Managing System

Depending upon the way you manage your specific payroll management, there are the following types.

• The first type is manual management. It is usually done by the employers or someone hired by them. It is the traditional method and requires a lot of effort along with more chances of mistakes.
• The next type is doing so automatically. You can use different payroll software programs for that purpose. It requires almost no effort and there are very few chances of mistakes.

We hope that this article has helped you know about the types of payroll management methods. You can now choose the one that suits your business the most and help you to efficiently manage your payroll system at the end of every month. But, when it comes to selecting payroll software, your best bet is to rely on Netchex. It’s affordable, easy to use, and comes with many advanced features. Give it a try!

Trading has always been in practice since the invention of the market. In the present day, with the fast-growing popularity of the cryptocurrency market, it is no surprise that we have a new breed of traders who are using their knowledge to earn from the multiple opportunities available to them. Bitcoin trading is trading in which you trade-in for bitcoin. Bitcoin is the first and most popular cryptocurrency available. It is a digital currency that makes use of encryption techniques to regulate the generation of units of currency and verify the transfer of funds.

How to trade BTC

Trading bitcoins is a great way to get your hands on some extra cash. However, it is not easy to make a profit with this method. There are a few things you can do to increase your chances of success. Since you are in btc trading, you should have a general understanding of the cryptocurrency market. This knowledge will give you an advantage over other traders. Always start small, so you’ll only invest a little bit of money. You don’t want to risk too much, especially if you’re new to trading. Start learning the basics. Read and learn about market trends. One of the most important things for new traders is to never invest too much money. There’s no sense in risking a ton of cash if you haven’t been trading for long. By following this advice, you’ll have a better chance of being successful.

A beginner’s guide to buying bitcoin

Bitcoin is a cryptocurrency that has been around for several years now. It is a decentralized currency, and it is not controlled by any government or authority. Only a few online exchanges allow you to buy Bitcoin directly with your bank account or credit card, but it can also be purchased with other cryptocurrencies or with cash. Once you purchase Bitcoin, it is kept in a digital wallet, and this wallet can be accessed via your smartphone.

What to look out for when buying Bitcoin

The important thing to do is be willing to lose the money you invest. If you can lose it without any significant harm to your life, then start buying and learning. The tricky part is finding a good exchange to buy from. Coinbase is reasonable, but they’re still new and are working out a lot of the kinks. It’s also a bit of a mission to move large amounts of money in and out of their system. You’ll have to use US dollars. You can pay with a credit card, but then you’ll be charged a large conversion fee. If you can spare the time, work with someone local to swap for physical coin. That way you can pay with cash, and you can also avoid paying Coinbase fees. (For larger amounts of BTC, you may have to use the above methods.)

Conclusion

Bitcoin is a cryptocurrency that has gained popularity in recent years. There are many different ways to purchase Bitcoin, including using fiat currency. So how do you get Bitcoin? Read this article for a more in-depth look at Bitcoin and how to get started with cryptocurrency today!

Are you interested in knowing how the lifetime allowance works? Do you want to know more about the calculation process? It may seem like a difficult thing to understand when it comes to pension as there are different forms and categories to it.

However, one thing that is similar in all types of pensions is the opportunity to earn long after you have retired. In this article, we will be looking at how the UK lifetime allowance system works and what you need to be aware of.

How does it work?

For those of you who are not aware of the term lifetime allowance, it is simply the maximum amount of funds you can have on your pension before you begin to receive tax on it. It is worth keeping in mind that the lifetime allowance charge will only and solely be applied to your excess benefits and not on your annual pension allowance. The overall allowance is measured on a broad scale of having included defined benefits ( final or career average ) and any savings that you may have, excluding the state pension.

How is it calculated?

One of the most frequently asked questions regarding the lifetime allowance system is how it works to provide a fair and justice pension system to all individuals. Some factors that are worth mentioning that causes a fluctuation in the value of your lifetime allowance are job field, experience, age and salary.

The overall lifetime allowance takes into consideration the defined benefit or DB for short, final salary schemes, the amount you hold in defined contribution, as well as any personal and stakeholder pension that you may have. By reviewing all these categories, the system will develop an average to best suit your financial situation.

Exceeding limits

If, for some reason, you have exceeded the limits to taking your lifetime allowance limit, then bear in mind that you will end up having to deal with consequences. If you have exceeded the limit, your pension advisor will reach out to you and will ask you to pay the tax, which in this case is known as the lifetime allowance charge. Remember that the tax itself is not too much, but it will be deducted from your pension.

Protecting pension

In certain cases, you are allowed to protect your pension if you are the right candidate for the guidelines that the government of the UK regulates. If your pension is worth more than one million pounds and you have not exceeded limits on taking the allowance, then you may be eligible for allowance protection.

Conclusion

So hopefully, now you have a better understanding of the UK pension allowance system and can conclude the benefits it provides to your life after you reach retirement age.

Now that you have decided to invest in your dream house, you must be wondering how much you will need to save in order to make a huge down payment. As a first-time homebuyer, it can be quite challenging to figure out while deciding the mortgage and finalizing the investment property. In this guide, you will learn, you will get an insight into home loan options with low down payment for simplifying your loan origination process. Before discussing any further, are you aware of what is a down payment?

A down payment is a lump sum amount given to the banking institution while taking the housing loan. This amount is the same percentage of the loan which is given upfront to the lender. The higher the down payment amount, the lower is the amount of loan left to repay. High down payment also indicates that the monthly EMIs will be lower, and it also makes the borrower eligible for getting the loan on low-interest rates.

What are the factors on which the eligibility of a borrower depends?

Every private lender or lending institution has its fixed criteria or eligibility factors for determining loan eligibility. However, here are a few common aspects that are taken into consideration while deciding loan eligibility:

1. Sources of income
2. Consistency of cash flow in the bank account
3. Credit score
4. Repayment capability
5. Outstanding debts
6. Any defaulted loan amounts

What are the mortgage options for a bad credit score?

If a below-average credit score is preventing you from applying for a loan, you must know that you can still get the desired loan. Check out the below-mentioned ranges in which your credit score may fall and what are mortgage options available in those cases:

Credit score is less than 580 and greater than 500

To get the desired loan amount, individuals are required to have a credit score of above 700. However, if that is not the case and your credit score is lower than 580, the only option to get the loan amount is to make a huge down payment. Most of the private lenders or financial institutions ask for a minimum of 10% down payment to closing if you have a credit score less than 580 or close to 500.

Credit score is lower than 500

It is always advisable to raise your credit score before applying for a loan amount. A high credit score allows borrowers to get the desired loan amount on lower interest rates. This is because a high credit score represents that the borrower has been a responsible buyer in the past and will repay the loan amount on time. However, now that your credit score is lower than 500, you can follow the following tips to improve it:

• Pay off all the outstanding debts
• Always pay your credit card bills at the scheduled time
• Remove any flaws in your credit report
• Take small personal loans and pay them back on time to reflect as a responsible buyer

If you are planning to buy your dream house, it is essential to go through the first-time home buyer requirements for a smooth loan origination process!

Forex trading is a global financial market where you can trade foreign exchanges. Let’s look at low latency best online ultra-fast speed metatrader 4 and metatrader 5 VPS hosting for future trading with calm in the trader’s mind. You can trade currencies like (the US Dollar, the Euro, the Australian Dollar, the British Pound, etc.) And you can trade them with each other. When you trade one currency against another you are trading their value. For example, if you think the value of the US Dollar is going to increase relative to the Euro then you would trade the Euro against the US Dollar. If you are right, you will make money because you will have the US Dollar at a higher value than when you started. Forex trading is the major economic marketplace. It is also the runniest market in the world. Where you can buy or sell big amounts of money at a very small cost.

Foreign exchange (forex) is the largest financial market in the world. It is also known as the global foreign exchange market. The forex market is open 24 hours a day and 5 days a week. It is decentralized and open for trading during the week from 5.00 pm to 8.00 pm and over the weekend from 5.00 pm Friday to 4.00 pm Monday. A forex market is a place where traders can buy and sell currencies. It allows institutional investors, governments and corporations to hedge their foreign exchange risk, or to speculate and make money from currency fluctuations.

How do I start forex? Forex for beginners

You’re looking to start forex trading, but you have no idea where to begin, or you’ve started and are struggling to make money or maybe you’re just unsure of where to start or what to do. The forex (foreign exchange) market is the largest, most liquid market in the world. It is a 24-hour market, and it is the most valuable market in the world. No matter where you are located, you can access the forex market. This makes forex trading the most accessible and convenient financial market to trade in. There are many ways to start forex for beginners but the first step is to open an account with a broker.

Why should I start trading forex?

The forex market is one of the biggest markets in the world with around 5 trillion dollars traded every day. It is also the most liquid market, with a very low spread. This means that the market moves very quickly and it is very easy to get in and out of positions. For beginning traders, this is a very attractive market because they can make a lot of money fast. However, it is a very volatile market and is not easy to understand. For example, the price of a single currency can vary by 10% in a day. Beginners can end up losing money very fast and give up because of this.

How do I choose a forex broker?

With so many forex brokers out there, choosing the best one for your needs can be a real challenge. It’s hard to know which broker offers the most suitable conditions for you. You don’t want to end up feeling cheated and regretting your choice. The best way to choose a forex broker is based on your individual trading strategy. The perfect broker for you won’t be the same for everyone else. If you just started trading, for example, you’ll need a broker that offers a demo account and provides plenty of education materials. If you’re an experienced trader, you’ll want to choose a broker that offers advanced features, competitive spreads and fast execution speeds. Below, we’ll look at the factors that determine the best forex broker for you.

What is IC Markets MT4?

IC Markets MT4 is a CFD broker that enables you to trade CFDs in forex, stocks, commodities, indices, and cryptocurrency. They offer a wide range of assets and a visually appealing trading platform. In this post, we’ll take a look at the IC Markets trading platform, which is what you’ll be using to trade with them. First, we’ll look at the home screen, which shows you all of the latest deals and trades, as well as quick links to the major sections of the platform. IC Markets offers a vast array of trading assets and a number of unique features offered by no other broker, including No spread on EUR/USD and USD/CHF pairs; No commission on EUR/USD and USD/CHF pairs; One of the most advanced and user-friendly MT4 platforms on the market; Fast execution of orders; Free VPS hosting; Access to a number of exclusive assets and trading instruments; 24/7 customer service.

IC Markets MT4 Demo Account

IC Markets is a forex broker that is regulated by the FCA (UK) and the FSP (Malta), and its parent company, IC Markets Limited, is authorized and regulated by the Financial Conduct Authority (FCA) in the UK. IC Markets is a forex broker specializing in CFD trading, contracts for difference and spread betting, and along with its subsidiaries it has over 50,000 clients in 140 countries. To find out if IC Markets is the right broker for you, you can open an account with an IC Markets demo account to practice trading with virtual money before you start trading with your own money.

IC Markets MT4 Features

IC Markets (ICM) is an ECN Forex broker that offers trading on MetaTrader 4 (MT4) platform. The broker is regulated by the Cyprus Securities and Exchange Commission (CySEC), which is one of the most stringent regulatory bodies in the world. There are many advantages of trading forex with a broker that has a CySEC license. The first is that it means the broker will be regulated by a regulatory body that monitors and enforces high standards of customer protection.

The second major advantage is that the broker is required to have net capital of at least $250,000. Third-party auditors regularly check the financial status of the brokerage house. To get a license from the Cyprus Securities and Exchange Commission (CySEC), a brokerage house has to go through a strict vetting process. The broker has to meet strict financial requirements, have a fully functional technology platform and follow a strict code of conduct. In fact, CySEC is so particular about its licensees that it even monitors the number of calls each brokerage house receives on a daily basis.

Conclusion

I hope this post has given you some insight into what trading on the Forex market is like. As you can see, it is a very different way to use the stock market, but it is still a very interesting field to get involved in. IC Markets offers a beginner platform that allows you to get your feet wet without risking too much at first. If you are interested in learning more about how to trade Forex, we invite you to visit TraderUnion.

UAN stands for Universal Account Number that helps every employee identify their EPF (Employee Provident Fund) deposits and maintain them safely. Besides, it helps link different PF accounts started by multiple employers under a common identity. As this number is accessible only by the account holder, it provides the safest access to their EPF accounts and helps manage them properly. Let us now see how to check, generate, and activate UAN. But before that, here are some aspects every employee should know about UAN.

What is UAN?

UAN is a 12-digit UID (unique identification number) assigned by the Ministry of Labour and Employment. The Employees Provident Fund Organization generates two distinct UANs for the employee and the employer. The UAN remains constant for the employee throughout their careers, irrespective of the number of jobs they change during their lives.

Every time there is a job change, the employee gets a new member ID that links to the existing UAN. Generally, the employee can access the UAN member portal and request the member ID with EPFO. Alternatively, the employer can use their UAN to generate a new employee member ID.

How do you check your UAN?

An employee can check the UAN in multiple ways.

With the employer

Generally, the employer is responsible for notifying the employees about their UANs. If it is your first employment, you might not have a record of your UAN. The easiest way to check your UAN is to verify your salary slip. It will have the UAN, especially if the employer starts deducting PF and remitting it to EPFO.

Alternatively, you can find your UAN on the UAN member portal.

 Finding UAN on the website

Finding your UAN on the UAN member portal is easy.

1. Access the UAN portal and click on the “Know Your UAN” option.
2. You might have to fill-up the form providing information about your PF number.
3. If you use the PF number option, you need to complete the parameters and choose the respective state and EPFO from the dropdown menu.
4. Alternatively, you can enter your basic credentials like PAN, Aadhar number, etc.
5. You have to furnish your name, DOB, mobile number and enter the captcha code in both cases.
6. On clicking the “Get Authorization Pin” option, you will receive the PIN on your registered mobile number.
7. Enter it and click the “Validate OTP” option to view the UAN button.
8. Click on the UAN button to receive your UAN on your mobile through SMS.

Through Missed Call Facility

Alternatively, you can check your UAN by using the ‘Missed Call’ facility provided by EPFO. However, this option is available for those members who have already registered on the UAN member portal.

1. Use your registered mobile to give a missed call to 011-22901406
2. The call automatically disconnects after two rings
3. Immediately, you receive an SMS with your UAN and other PF details.

Let us learn how to generate your UAN.

How to generate UAN

The employer has to generate the UAN for their employees. Therefore, the employee must submit the following documents to help the employers generate UAN.

1. Identity Proof – Aadhar card, PAN card, driving license, voter ID, passport, etc
2. Address Proof – Ration card, copy of the latest utility bill, rental/lease agreement, etc.
3. Bank Account Information – Bank account number and the IFSC

Other acceptable documents include an ESIC card if you have one.

The following steps can help generate the UAN.

•       The employer has to log in to the EPF Employer Portal using the establishment ID and password.
•       Select the ‘Member’ tap and choose ‘Register Individual.’
•       Provide the details asked for.
•       Check the details and click on the ‘Approval’ button.
•       The EPFO generates a new UAN.

Employers can easily link the UAN with the employees’ PF accounts.

We have seen how to generate and check UAN. Next, let us learn the UAN activation process.

UAN Activation

Activating the UAN does not take much time. However, the following steps are necessary for UAN activation.

1. Access the EPF Member Portal and click on the ‘Activate UAN’ option.
2. The user gets three options for UAN activation, UAN, Aadhar/PAN Card, or Member ID.
3. Select whichever option is feasible.
4. Enter the details asked for by the system. It includes your name, DOB, mobile number, email ID, etc.
5. Click on the ‘Get Authorisation PIN’ option.
6. You get the PIN on your registered mobile. Enter the PIN and choose ‘Validate OTP and Activate UAN.’
7. This step activates the UAN. Then, the user gets confirmation by SMS on the registered mobile number.

Final Thoughts

The UAN is critical because it is a unique number issued to each employee, enabling them to access their PF accounts and maintain them. Moreover, the number remains the same throughout their lives, irrespective of the number of jobs they change. Therefore, every employee should understand the significance of UAN and know how to generate, check, and activate them.