Stashfin on January 19, 2024
Enjoy the power of instant money with Stashfin - India's fastest, easiest, safest, and smartest Credit Line and Instant loan App. Stashfin is powered by Akara Capital Advisors Private Limited, an NBFC duly registered with Reserve Bank of India (RBI). With its quick and easy application process, the Stashfin Instant loan app lets you enjoy a credit line of up to ₹10,00,000 at low-interest rates and flexible repayment plans that are best suited to your needs. ✔ Credit Line ✔ Pay interest only on the funds you need ✔ Credit line ranging from ₹1,000 to ₹5,00,000 straight to your bank account ✔ Repayment period: 3 to 36 months ✔ Minimum documentation, instant approval, and quick disbursal We also provide funds as low as ₹1,000 to ₹5,00,000 and are operational across India. In matters of funds, one size doesn’t fit all and we offer you the choice of picking a credit line best suited to your needs and help you take control of your finances. We offer interest rates ranging from 9.99% - 35.99% APR (Annual Percentage Rate), the rates may vary on a case-to-case basis. A low processing fee is charged in certain cases and there are no hidden costs. Example: Amount: ₹10,000 Tenure: 3 months Rate of Interest: 11.99% p.a. Processing Fee: ₹0 Total Interest: ₹167 EMI: ₹3389 APR: 11.99% Amount Disbursed: ₹10,000 Total Repayment Amount: ₹10,167 Sample Monthly EMI with Sample Principal and Interest EMI Principal Interest ₹3389 ₹3305.74 ₹83.25 ₹3389 ₹3333.26 ₹55.73 ₹3389 ₹3361.01 ₹27.98 How does Stashfin App Work? Download the Stashfin App and register Fill in your details and upload verification documents Once verified the final application status can be checked on the App. You will also be notified of your approval status via SMS Once approved, E-sign the loan agreement and the approved amount will be disbursed to you within 5 minutes. SMS notification will be sent to your registered number notifying the same Eligibility Criteria ✔ Indian Citizen ✔ Above the age of 18 ✔ Must have a source of income (either salaried or self-employed) Documents Required Address Proof (any one of Aadhaar Card/Voter ID/Passport/Driving License) Identity Proof (PAN ID) In some cases, you may be asked for the following documents Bank Statement ITR/ GST Paper Operational across India Delhi NCR (Delhi, New Delhi, Noida, Greater Noida, Faridabad, Ghaziabad, Gurgaon), Mumbai, Thane, Pune, Hyderabad, Chennai, Bangalore, Indore, Chandigarh, Panchkula, Pithampur, Bhiwandi, Zirakpur, Kharar, Kolkata, Jaipur, Udaipur, and more. Given the surge in the demand, players like Stashfin have exclusive offers and benefits for their consumers such as Instant funds up to Rs. 5 lacs, direct bank transfers, attractive interest rates, instant approvals, quick process, which is completely digital, exclusive rewards. To apply for a Stashfin loan, you can download the app here Stashfin – Credit Line & Funds – Apps on Google Play or here Stashfin iOS App or apply on the website Stashfin
The festive season in India usually starts around October with various festivals including Navratri, Dussehra, Durga Puja, Dhanteras Diwali, Eid, and Gurpurab, and continues till December culminating with Christmas and New Year Celebrations. Diwali is one of the most important festivals in India that consumers associate with shopping, gifting, homecoming, apparel among many other festivities. During this period, consumer spending goes up and so does the demand for funds. Many top brands, and e-commerce players such as Amazon, Flipkart, Myntra, JioMart, Bigbasket, Shoppersstop, and Croma among others come up with various festival sales such as Amazon Great India Festival, Flipkart Big billion days that encourage consumers to shop more. Consumer spending goes up across segments such as housing, automobile, apparel, consumer durables, dining and traveling. This is also followed with the wedding season when the consumer's shop even more to drive overall consumer spending. Given a surge in demand, the need for instant funds also goes up and a lot of consumers look for personal loans to cater to their needs. Some of the top reasons for taking personal loans during the festive season include Traveling to their homes Wedding in the family New vehicles Consumer durables House upgrade Home Improvement Shopping for gadgets Gifting Vacation Given the surge in demand, consumers must keep the below things in mind while choosing their preferred brand for taking instant funds. Check your eligibility and the need There are fintech players such as Stashfin that can help you with the right amount of funds that will cater to your needs which traditional banking players may not be able owing to their underwriting capabilities and the way they are able to scale up very quickly given the demand for the season. Keep your credit score high The importance of a good credit score goes up even more. Based on your credit scores, your eligibility and rate of interest will be decided. Therefore, it’s a good idea to check your credit score regularly. Also, make sure that you pay EMIs on time. Beware of frauds Don’t fall for debt trap or share your personal details such as CVV/OTP or click on any suspicious links as certain fake apps also get very active during this period Check all T&Cs and charges when taking a personal loan It’s important to read all the documents carefully to ensure that there are no hidden charges in the loan that you are borrowing. Check the background of the fintech players It’s important to check the background of the apps and take personal loans only from RBI-regulated entities so the processes are seamless. Given the surge in the demand, players like Stashfin have exclusive offers and benefits for their consumers such as Instant funds up to Rs. 5 lacs, direct bank transfers, attractive interest rates, instant approvals, quick process, which is completely digital, exclusive rewards. To apply for a Stashfin loan, you can download the app here Stashfin - Credit Line & Funds - Apps on Google Play or apply on the website Stashfin
The earlier one begins to save, the better one learns to manage their finances. In fact, it would be prudent to begin saving from your first job, or your first paid internship. Learning the importance of money management, of investments at a young age can go a long way in cementing your financial inclusion and freedom. Draw out a financial budget Even before you chalk out a financial budget, learn how to budget, learn what it means to have expenses and savings. It’s easy to want to splurge when you’ve just begun to earn because the joy of your first salary is unparalleled. However, try not to splurge every month – reserve that for special occasions. Revisit your budget every month to see where you can make cuts or allow yourself to spend a little more. Listen to financial experts Whether via blogs, podcasts, or videos – keep abreast of the latest developments in the financial markets. Reach out to seniors, family members and friends who’ve tasted success with their investments. Know that you don’t have to do any of this all by yourself. Save up for retirement Yes, you’ve only just entered the job market, and it may certainly feel odd to already begin to think about retirement, but it’s an important step for your own financial security. Adding a portion of your annual income to your PPF is a good start. Work towards building a good credit score A reliable and solid credit score can work wonders for your financial health. And maintaining a consistent score above 750 will ensure that your loans get approved, that you even earn a credit card – those borrowers deem you worthy of funds. Explore the stock market Again, it is advised that you reach out to financial experts, your accountant to get an idea of the shares that are doing well and worth investing in. At the same time, it’s easy to get addicted to and obsessed with stock market machinations. Be wary of that. Set short term and long-term financial goals: When you draw out your budget, you know how much you earn, your expenses, savings etc. But your income may well increase, and your investments may well bear fruit. Therefore, set attainable goals for yourself. Is it your first solo international trip? A degree abroad? A high end bicycle? Your first rental home? When you know you have to earn above a certain bracket to be able to realise your financial goals, your journey becomes easier. Get term insurance, health insurance: We live in post-COVID times, and a lot has changed in terms of how we see the world. Therefore, to ensure that you and your family and loved ones will be looked after, work towards getting a term insurance and health insurance, the latter to also be for your family members. Do this after a thorough research and making certain that you have enough money to cover the deductibles. Build an emergency fund: This is to be distinct from your retirement fund. The emergency fund should be touched when there is a genuine emergency, such as pertaining to health, or to bide some time if you’ve been laid off. You can decide how much to add to this fund as you progress in your career, but for those unforeseen circumstances, an emergency fund can be a blessing.
People take personal loans for multiple reasons. While personal loans may not always be planned, it helps that the application process is simple, the amount is disbursed quickly, and there’s no need to be concerned with providing any collateral to get such a loan. Now, with every loan comes its corresponding EMI. It’s only natural that when we take a personal loan, we are expected to return the amount within a stipulated time period. Depending on the amount of the EMI due, one may have to ensure that these are paid on time, and they have enough money during the month for other necessary expenses. Choose a loan amount that best suits your requirements When you’re aware of your financial situation, different financial commitments, you will know how large a loan you actually require. Since personal loan EMIs are dependent on the amount you borrow, you will need to ensure that this is something you will be able to repay without causing a further strain on your resources. Pay your loan EMIs on time There is nothing more important than repaying your EMIs within the stipulated time period. Not only will missing payments put a bigger burden on your financial situation, but it may also adversely affect your credit score. This will in turn damage your future loan and credit card prospects. Rework the loan tenure When you take a loan, you can decide what tenure works for us best. If the loan tenure is long, then while the EMI may well be of a lower amount, you may end up paying more money as interest. This may not be the case when you take shorter duration loans. Therefore, think carefully about your current financial situation, take a look at your monthly budget, and then decide the tenure that will fit these requirements. Look before you leap It’s one thing to immediately want to meet your financial requirements. It’s quite another to not be completely aware of the nitty-gritty of such transactions. Always be aware that you’re dealing with borrowed money and this is a legal agreement you’ve entered into. Therefore, be fully aware of the document you’re signing. Are there any hidden charges? Will you end up paying a higher EMI than what you were told? Always read the entire agreement properly so as not to be surprised later. Consolidate your loans It’s possible that depending on your current financial situation, you end up taking multiple personal loans, which have their own repayment tenures and EMI amounts. Try not to get stuck into a debt trap to meet your different requirements. Opt for consolidating your separate loans into one – not only will this be easier to track, you would be able to manage your debt in a better fashion.
One of the key factors of healthy financial habits is to keep track of your debts and to repay them in full and on time. Doing this impacts your credit score and determines whether lenders will perceive you as a reliable borrower, and find you eligible for greater loans for different purposes, and for issuing credit cards. However, even after being cautious with how we spend and save, there may be occasions, such as a medical emergency or other pressing financial circumstance, when we’re compelled to either max out our credit card, or we take on additional loans, and from multiple lenders. And in case we’re unable to repay our debts in full, our credit score is likely to get dented. Debt Consolidation is the Solution While owing debt to multiple lenders is not really a recommended nor easy situation, one solution for this is to consolidate all your debts. Essentially, this would mean that you take one loan to repay all of the debts that you owe, and then focus on repaying this one loan. 4 Smart Ways to Consolidate Debt Repay your consolidation loan on time: The idea behind taking a debt consolidation loan should not be to default on that too. Such a loan will help you be back on the track to financial stability. Cut down any unnecessary expenses, begin to save more, try to go up from paying the bare minimum due each month to the full amount due each month. This way, your interest won’t rise, and it will be easier for you to clear out your debts. Dip into your emergency savings: Your emergency fund can be put to prudent use when you’re stuck in a financial rut. Whether Public Provident Fund, National Savings Certificate, bonds and securities – either of these could help you in your debt consolidation plan without seriously impacting your credit score. Don’t close old accounts: Just because you took a debt consolidation loan does not mean that once you’ve cleared your debt, you need to close off your earlier accounts or your credit card account. This can adversely impact your credit score because you had worked towards building credit with your earlier account. Closing that would mean you’ll have to start over, and that’s not always an easy place to be in. Reframe your entire budget: A financial introspection may be effective in such cases, where you redraw your expenses and create a budget that’s practical and will help you see through your time of debt.
Personal loans aren’t always planned. Unlike a vehicle, education or home loan, personal loans don’t usually feature in an individual’s plans. However, when the time arrives for someone to take a personal loan, usual factors determine their eligibility. Therefore, it helps to have a stable and healthy financial history, so such personal loan applications aren’t rejected. Common Reasons for Personal Loan Rejection Low credit score Every financial advisor will tell you that having a good credit score is paramount to securing funds or a credit card. If your credit report doesn’t reflect your creditworthiness, then a personal loan application may get rejected. A good credit score is anything above 750. Therefore, if your credit score is much lower, say in the 400-600 range, a rejection is quite possible. To counter this, it would help to work towards building your credit score and taking it above 700. Curb your expenses and save more. Repay any debts you might have on time and pay them in full instead of the minimum due. Inconsistent income If you’re an individual who tends to keep shifting jobs or are self-employed, there may be a possibility that your personal loan gets rejected. This is because lenders prefer someone who is stable with their job and can prove that they have a credible source of income, even if this income is passive. Lenders need to know that they will get back the amount they’ve loaned. To counter this, try to stick to one job for a few years and maintain a consistent employment record; if you’re an independent writer, editor, or any other self-employed person, try to see that you’ve been independent for a few years and have the ability to repay debts. Incomplete or incorrect information in loan application or credit report There must be a consistency in the information you submit on the loan application form as well as your credit report. For instance, any change in your name or address must be reflected in your forms. Even mistakes in your PAN card details can lead to your personal loan application getting rejected. To counter this, do a due diligence of all the documents that you submit. Update any change in name or address immediately, and then apply for a loan. Current loan portfolio If you’ve taken a few loans already, lenders would like to see whether you’ve been clearing your dues consistently. Don’t bite off more than you can chew. The existence of multiple existing loans may tell a lender that you might be in a financially tight position, and thus, unable to repay the personal loan. To counter this, keep your monthly EMIs as low as possible and close off as many loans as you can. Another option could be to consider a debt consolidation loan, which will combine all your existing loans into one single loan, thereby making it simpler to track your payments and even get a lower rate of interest.
As we’ve often maintained, personal loans aren’t always planned, and it helps to have a healthy financial record so that your personal loan application is not rejected. One of the many benefits of a personal loan is that the application process is quick and easy, the amount is disbursed in a swift manner, and you don’t have to worry about providing any collateral to get the loan. At the same time, the absence of collateral can lead to higher rates of interest. Despite the ease of a personal loan application, it is money that you’re borrowing and one that you need to return within a certain period. Therefore, you’ll have to keep certain factors in mind when deciding the personal loan tenure. Measure your monthly budget Borrow only what you know you’ll be able to afford and eventually return. It’s possible that you own a credit card and another loan, possibly a home loan or a vehicle loan. Therefore, you’re anyway going to have some loan EMIs to pay off. Choose a personal loan tenure that won’t dent any of your existing EMI plans. Ensure that your personal loan tenure doesn’t adversely affect your financial situation or dent your emergency fund. Personal Loan tenure and amount Choose a loan tenure and amount that you can afford. Based on the amount you borrow and the time period you choose to return it, you’ll come to the EMI you’re supposed to pay. Know that a longer tenure may mean a smaller EMI, but it could also mean a higher interest rate. Therefore, be very careful of how much exactly you will have to shell out eventually. In addition, when going through the terms and conditions of such a financial transaction, find out if there are there any foreclosure charges, and how expensive that can get, how will foreclosing your loan impact your credit score, and how financially prudent is it really to foreclose your loan at the time you choose to. Some lenders also offer customised personal loans where users pay only for the amount that they actually use – find out about such lenders and choose your tenure and amount accordingly. Healthy credit score This three-digit number ranging from 300 to 900 is a determining factor for whether you can even qualify for a personal loan, and once you do, how much interest you will end up paying. As always, a higher credit score, upwards of 750 deems you reliable and may encourage a lender to lend you money at a reasonable rate of interest. Therefore, keep checking your credit report and note any negative change in your score to take immediate corrective action. Reasonable rate of interest If you’ve been a practitioner of healthy financial habits, chances are you have a good credit score and are in good books of lenders. If you have a good repayment history, lenders will look at you as a reliable borrower. When going for a personal loan tenure, be aware of the rate of interest on your loan – it shouldn’t end up exceeding the original loan amount. Longer loan tenures aren’t necessarily conducive for you may end up paying higher interest. Shorter tenures will mean your EMI will be slightly steeper, but the rate of interest may well be within reasonable range. Thorough due diligence Again, because it’s borrowed money that you will eventually repay with interest, it is absolutely necessary to see that the lender is an RBI-approved and regulated entity. Try not going for the first lender you come across, despite the ease of approval and repayment. Do basic market research, because it’s not the best idea to have to not get any loan amount when you need it the most because the lender was bogus, or end up getting caught in a debt trap. When one is in severe need of money, it’s easy to forget to keep track of one’s budget. As a result, there can be situations where people take loans to repay their existing loans. Do not fall into such a debt trap, which is likely to negatively impact your financial situation.
‘Don’t bite off more than you can chew’ is something we’ve often heard. It is also something that few seem to follow. That people would like to access funds, and additional funds to meet their growing needs is understandable. However, that the same people should be wary of falling into a debt trap is paramount. We often take a personal loan to help bridge a financial gap, but if that loan itself becomes a cause for concern, it calls for some serious introspection. What is a Debt Trap? Simply out, a debt trap is when you begin to spend more than what you earn, resulting in a situation where the debt you owe spirals beyond your control. For instance, you’ve taken out a loan, but aren’t in a position to repay that loan. So you take out another loan to pay off the earlier loan, and keep repeating this pattern. A debt trap becomes a financial quagmire that can get extremely challenging to get out of. There could be several reasons that lead a person into a debt trap. Some of these are, losing your source of income or having to take a huge cut in your income, an unexpected exigency, poor budgeting, no savings, ignorance about spending. However, with smart financial planning and budgeting, one can learn how to avoid debt traps, and easier to get out of one. How to Come Out of a Debt Trap? Understand and analyse your financial situation It helps to do a financial introspection, identify your pain points, and come to terms with the reality that you’re in debt. Once you’ve accepted that you’re in debt, identify the areas where you’re spending more, and consider whether you can curb some of those expenses. Draw out a financial budget and stick to it. Invest in an emergency fund Know that it’s financially prudent and pertinent to have an emergency fund, to help you deal with your immediate debts. Adding a small portion of your income to this emergency fund can help you get out of a debt trap in an easier manner. Work towards adding enough funds to help meet you with at least six months’ of living expenses. It is also financially prudent to invest in Public Provident Fund, National Savings Certificate, bonds and equities, which may eventually help you clear out some of your debts, if not all. Lead a financially frugal life As an individual’s income increases, it’s only natural that they may want to spend more. However, try not to get carried away with your expenses. Alter your initial budget slightly, and save more – in bonds, equities, add to your emergency fund. Check your credit score on a regular basis to keep track of where you stand. If you note a fall in your score, take immediate steps to improve your score. Make timely payments on your EMIs and Credit Card bills Not only is it important to pay off your bills and EMIs on a timely basis, it is equally important that these payments are made in full. Part payments will only keep increasing your debt and interest, eventually leading to a vicious debt cycle. Timely payments also positively impact your credit score, which will eventually help you on the road to financial inclusion and independence. Consolidate your debts You may find yourself in a situation where you took multiple loans to meet your different requirements. And now you’re in a debt trap. A viable solution for this could be to consolidate your debts – debt consolidation is an important step towards your financial independence. Consider taking out one single loan to clear out your existing dues, bringing down your multiple loans to one. This single loan will be easier to manage and you’ll have just one interest rate to think about. Consider alternate sources of income Try to have a passive source of income, such as from any rental property. Keep track of any insurance policies, and whether any of them are about to mature in the coming months, as the income earned on these policies could help repay some of your debts. You could also consider taking up independent projects to supplement your income.
The Importance of Healthy Financial Habits Spend wisely, save smartly, and lead a long, wealthy life You earn enough to make ends meet. You pay your bills on time. You create a monthly budget and stick to it. You’ve saved up for a rainy day, and even have a retirement corpus up and running. Congratulations! You’re what one would call a prudent individual – one with healthy financial habits. We continue to live in uncertain times, with COVID still around, and the financial markets cautioning us each step of the way. When the chips are down, it always helps to know where your money is, how much longer your savings will sustain you, and how you can continue to lead a decent life. If you're new to financial planning, it's not too late. Adopt the following steps, and earn your way to financial freedom. Regular Updation of Financial Plans Personal financial planning won’t be all that successful if all you do is ‘plan’, but not review and update said plan. Monthly reviews and regular checks and balances in your financial plans will help you move closer towards your monetary goals. The market can see sudden shifts, your life could undergo a change that compels you to review where your finances stand. And this change could be something as routine as moving out of a rented flat, upgrading your home, or even a drop or increase in your earnings. A prudent person is one who tries to be as prepared for unforeseen circumstances as possible. Set Attainable Financial Goals When we draw up a budget, we know how much we’re earning, what our expenses are for the month, our savings, and so on. It helps to set small, attainable financial goals that will help increase our income. Never put all your eggs in one and the same basket. For instance, putting away the same amount of money in mutual funds alone may not suffice in accomplishing that financial goal you had set for yourself. Consider increasing the money in mutual funds and how the stock market works. When you begin earning a certain amount, consider investing in immovable property. Try and find out about passive sources of income. Are any of your policies about to mature in the coming months, and if yes, what can be done with that corpus amount? When you set small goals and work towards accomplishing them, you can set yourself up for bigger financial goals. Pay off Credit Card Bills On-Time Owning a credit card is seen as a marker of pride. It says to people that you’ve ‘arrived’ in the financial world. But one must be wary of credit card bills too. Owning a credit card does not wish away your expenses. Use any credit card smartly, and make your payments on a timely basis if you don’t want to pay higher interest or accrue more debt for non-payment. Keep a track of your credit score, and ensure it’s healthy, if you wish to qualify for higher loans in the future. Up-skill your Portfolio with New-age Investments It helps to keep abreast of the developments in the financial world and add or subtract from your portfolio. Learn how you can diversify your investments by maintaining a balance between equity and income based funds, as this will help you mitigate risks. Understand everything about peer-to-peer lending, and look towards such instruments for up-skilling yourself. Also, just because something is in vogue, don’t put your hard earned money there. For instance, it may not be a wise idea to invest heavily in cryptocurrency, so be cautious with what you invest and where. Know your Finance Experts Nobody knows everything about managing money, and that’s the best part because you don’t have to do everything on your own. Look to financial experts on different platforms – people who’ve burnt their fingers and now want to teach others how they can prevent mishaps in their financial journey. With the help of such finance experts, you’ll learn how to make the most of tax savings instruments such as housing loan rebates, PPF, etc. Your money is yours alone, and you’ve worked incredibly hard to earn it. Don’t let it just sit in a bank account. Make talking about Investments a Part of your Daily Conversation How often do you discuss the latest viral song with your friends? And about that new restaurant you’ve been meaning to visit that your sibling won’t stop raving about? These conversations are extremely common, but perhaps we need to up-skill even our talk. What’s a good investment portal? How many shares are good? Is it a good time to invest in real estate? The more often we make such dinner table conversations, the more we’ll learn about healthy financial habits and begin to implement them. Building and maintaining healthy financial habits are doable. All it takes is consistent effort. The first step towards cultivating healthy financial habits and achieving your financial goals is to understand the importance of financial planning. Hope this article helped you to gain some understanding of the financial habits and their importance. Let us know your thoughts in the comment section below or if you have any questions related to financial planning, post it here! – Our financial experts will be happy to answer them.