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The demand for business loans has increased multifold with the growth spurt seen in terms of expansion of small businesses ecosystem. But the issue of lack of awareness regarding business loans has not changed.

A business loan is a legal agreement between a lender (Banks, NBFCs, Private lenders) and a borrower, i.e., a business entity, for a certain amount of money. The lender gives the fund to the business who agrees to repay it within a stipulated time with interest.

The Udyog Aadhar Card registration process was initiated in India by the government for boosting small and medium businesses.

The small businesses of the 21st century have a lot going on. Due to the continuous cycle of ups and downs of the economy, running small and mid-sized businesses (SMBs) require more focus and innovation – which translates into a frequent need for investment.

Take a moment to think about how often you have Googled the nearest coffee shop or restaurant when you are out and in need of a break? And how many times a day do you quickly search on the internet for opening hours or to research new products or services?

Our web portal became a one-stop solution for SMEs looking for collateral free business loans. Now, we have gone a step further by launching the NeoGrowth Mobile App under the ‘Sanjivni’ initiative. It is a tool to help you become #Atmanirbhar, especially considering the COVID-19 pandemic.

One of the most consequential reasons why small businesses fail is because they lack sufficient means for money management and bookkeeping. Since most of the small businesses owners are solopreneurs, things can get hectic, and it becomes natural to miss something out.

If you are an SMB (small and midsize business) owner, you will always need a considerable amount of money to keep things smooth and functioning, especially during a time like this. If you have had an unwelcoming experience with banks, try a trusted non-bank financial institution (NBFC) for that matter.

While most businesses across the world and across the country are dealing with lock-down, the governments are taking all the necessary steps they can to ease the conditions for survival of small businesses. Recently in the month of May, our Hon’ble Finance Minister, Ms. Nirmala Sitaraman made some important announcements that would impact micro, small and medium scale businesses across the country. These measures are simplified and summarized here, so that you can make the best use of such schemes during these testing times.

The vision of Digital India has seeped in into the daily life of citizens of our country and has given emergence to several digital platforms over the years; digital payments being a prominent one. Digital payments are technically defined as any payment made using digital instruments. In digital payments, the payer and the payee, both use electronic modes to send and receive money, no hard cash being used. Let us have a look at why digital payments have become more important for small businesses in the time of Covid?

Social media marketing is the use of social media platforms to connect with your customers to build your brand, increase sales, and enhance customer-base. Social media marketing is a powerful way of promotion for businesses of all sizes. Your customers are already present on social media, and if you are not communicating directly to your audience through social platforms like Facebook, Instagram and others, then you are missing out on a huge business opportunity.

We are living in the age of digitalization where internet-based tools & platforms have become a new normal for promotion of every business. Google & WhatsApp Business tools enable you to establish and widen your business presence on internet, communicate more efficiently with your customers, and eventually help you grow your business.

Introduction

People from all walks of life have access to post offices. They are the heritage brick and mortar system of information and money transfer. They stand impervious and in pristine condition, competing with the new banking system. In this age of decreasing fixed deposit rates, the Post Office stands as one of the most reliable and secure places to increase your capital.

A public provident fund is a government-managed fund used in various countries across the world. It is very similar to the 401k plans found in the United States.

Employees are supposed to dedicate a part of their income to a fund that is managed by the government, and they can withdraw those funds when they retire. In some cases, they can even be paid to the disabled and those that cannot help themselves.

What makes a public provident fund so popular?
Well, apart from being a retirement plan for those that decide to invest in it, a public provident fund also offers attractive interest rates and tax benefits.

Introduction
The National Savings Certificate is a ray of hope in a sea of despair. Since 2018, banks are aggressively reducing term deposit interest rates nearly every month. Compare this with the National Savings Certificate, and you find an interest rate that has been stable since 2019. It is popular because of two reasons – tax-savings and industry-beating assured returns. This blog aims to simplify NSC for you by giving a complete overview of everything you need to know about NSC.

Partnership Deed – Meaning
A partnership is a kind of business in which the business partners agree to be co-owners, distributing responsibilities, and sharing their profits, and losses to run the organisation. A partnership deed is a written partnership format which legally documents the features of business partnerships.

What Is a Partnership Deed?
Also known as Partnership Agreement, a Partnership Deed is a record that discusses all the duties, rights, liabilities, contribution of capital, and other functionalities and business-related details of all the parties concerned in the business operation. Partnership deed documents the terms and conditions of the firm. When these businesses get registered by name, it is called a partnership firm. The partnership deed becomes the partnership deed of a firm.

Corporate tax in India is payable by all companies doing business in India. It is calculated on the annual net company profit.

All You Need to Know About the Provisions of Section 80D of the Income Tax Act
Section 80D of the Income Tax Act allows for a tax deduction on the medical expenses incurred for the care and treatment of senior citizens. This tax deduction can either be claimed by the senior citizen in question or by his/her children or primary caregivers who are incurring medical expenses on behalf of the senior citizen.

One of the only conditions for tax deduction under Section 80D is the medical expenditure must be undertaken on behalf of parents or family members aged sixty or above. Under the law, ‘family member’ is defined as the beneficiary himself or herself, their spouse, as well as any dependent children.

The world has fallen to hard times. Often, we lend money to people who cannot repay us. CIBIL is a private organisation that maintains credit records and assigns a credit score for the same. CIBIL helps to prevent NPAs by careful vetting of people, only allowing people with a good CIBIL score to get loans.

Table of ContentsBe Prepared for a surge in DemandLook for alternate Sales ChannelWork on Long Term investmentsCommunicate with relevant StakeholdersPlan for a more robust and Resilient Business Model The rapid spread of Coronavirus has caused significant disruption in Businesses and communities across the world. COVID-19 is compromising supply chains, work hours, income, and demand for …

Continue reading “Strategies to Help Small Businesses recover from COVID-19 Situation”

Table of Contents1. Alert of E-mailers which contains2. Misinformation and Fake Offers3. Charity Fraud As the Globe struggles to contain the Coronavirus pandemic, Digital Fraudsters have captured this opportunity to push their scam attacks. Barracuda, an AI-based Solution company detected Over 4 Lakhs phishing email attacks worldwide between March 1st to March 23rd; Out of which …

Continue reading “Protect Yourself from COVID-19 Scams”

Businesses across the globe have taken a hit due to COVID-19 Lockdown. A temporary shutdown in India resulting into disruptions in Supply Chain, overstocked supplier inventories, conservative consumer spending, fixed overhead costs and overdue vendor payments is causing a huge strain on the financials and cash-flows of many SMEs in India. A survey by FICCI, …

Continue reading “How can Small Businesses manage cash efficiently amidst COVID-19 disruption?”

The COVID-19 Relief Package announced by the Government last week of March is a welcome move. As RBI allowed all Financial Institutions to provide customers with a moratorium of three months for repayments of Term Loans amidst of COVID-19 situation; most of the Public sector Financial Institutions have informed their customers about deferment of EMIs …

Continue reading “What Borrowers should consider before deferring their EMIs?”

The Finance Minister of India recently announced the Union Budget for the year 2020, wherein new tax slabs were introduced. While the new income tax slabs of India are aimed at simplifying systems, the changes may affect individuals and Hindu Undivided Family (HUF) who can claim lower tax rates if done without deductions under various sections.

Section 44AD of the Income Tax Act is an important section that deals with taxation for businesses with a turnover of less than 2 crore. Click on the article to know further details as to how this section can help your business.

Whether your business is a startup or if you’re ready for expansion, you need funds to power your small business. But before you seek for a loan, you need to plan about exactly how you’ll use your loan amount and how you’ll pay it off. So, that you don’t fall into a situation where you can’t pay off an unsecured business loan. Without a strategy on how to put the money to work, you’ll take up a loan that might become a burden on your shoulders.

A business owner knows how crucial it is to source new leads and make sales for the growth and success of the company. And many small business owners often wonder if there is any strategy which can help boost sales.

In this decade, India has moved on from a male-centric society to a place where businesses and entrepreneurship are not defined by genders. Women have risen above the confined domestic life, took challenges, faced struggles and made their way to the top list of women entrepreneurs. Some of them had only a little or no experience in the industry they chose, but they learned to overcome the knowledge barriers as they grew.

As a small business owner, you may constantly be looking for new ways to market your products/ services to reach potential customers. Using social media for business is a great way to engage with existing customers and attract new ones. Small business owners can have a lot on their plate, and may find social media time- consuming. Having said that, you cannot lose the opportunity to reach and engage with your potential customers.

In this era, your business loan can be approved with a few swipes on your phone or by spending a moment online. So, why tussle through the hassle with the bankers? 

When you decide to begin your entrepreneurial journey, you prepare for the courage to take on many challenges. Though eventually, these struggles will pay off pretty well, you need to persist in daily business operations. All are aware that half of the businesses fail within three years, that’s why even the banks ask for the business proof of past three years. All, however, don’t know that about 20% of businesses disappear within their 1st year.

Many successful entrepreneurs started their entrepreneurial career by quitting their already existing job in a leading company. If you have plans to start your own venture or grow the existing one, taking a short-term loan might suit your foreseen goals. Also, loans are easily available these days since the rise of digital lending in India. However, to choose the right short-term business loan, you need to know about things like rate of interest, processing fees, repayment, down payment etc.

Every month, banks and financial institutions send information about individuals and businesses to the TransUnion CIBIL Limited, commonly known as Credit Bureau. This information helps the Credit Bureau to evaluate your financial situation. They are licensed by the RBI and by Credit Information Companies (Regulation) Act of 2005.