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Category: Business

  • Personal Loan Eligibility Rules and Regulations in India

    Personal Loan Eligibility Rules and Regulations in India

    Personal Loans are one of the popular types of loans among borrowers. These loans are flexible, easy to obtain, and do not require collateral. They can also be utilized for different purposes. The fund can be used for an international trip, for the wedding of your dreams, to upgrade your qualification, or for any other personal use. 

    Lending institutions like Clix Capital provide Personal Loans to salaried professionals at low rates, but are you aware that India has specific laws governing Personal Loans and Personal Loan eligibility? The RBI’s guidelines for Personal Loans aim to safeguard the rights of the borrower’s financial interests.

    Personal Loan Terms & Conditions

    • Use and Security

    Unlike medical emergencies or travel loans, Personal Loans are not constrained by a predetermined purpose. It is much easier to apply for an instant personal loan. Additionally, collateral or security is not required for Personal Loans.

    • Eligibility

    Personal Loan eligibility requirements are designed to ensure borrowers can afford to repay the same. The eligibility requirements may vary. The following are some of the common factors considered for eligibility.

    • Age Range

    Most financial institutions offer loans to borrowers between the ages of 21 and 58. This is because most people in this age bracket may be able to repay the loan as they might have a steady income source.

    • Monthly Income

    Among the necessary eligibility conditions is that the borrower should be a salaried professional with a decent monthly salary. Clix Capital offers Personal Loans to salaried professionals having a minimum salary of Rs. 20,000.

    • Credit Scores

    Credit score can determine the creditworthiness of a person. Your chances of acquiring a Personal Loan at a decent interest rate increase with your credit score. A person with an Experian credit score of 630 and above is eligible for a Personal Loan without collateral. 

    It becomes challenging for applicants with poor credit scores to apply for an instant loan. To apply for the loan, such applicants can include a co-applicant with a good credit score.

    Personal Loan RBI Rules

    The RBI has outlined certain rules to ensure the procedure is fair to both sides. Here are a few highlights for your convenience.

    • All loan application forms must be thorough and contain all pertinent details about fees and payments.
    • Loan applications must be verified within a reasonable amount of time.
    • If loan requests for less than Rs. 2 lakhs are denied, the grounds for the rejection must be stated by the lending institution in writing.
    • Loans must be disbursed on time, and any modifications to the terms or conditions must be disclosed to the borrower.
    • Lending institutions must provide borrowers adequate notice before recalling, canceling, or requesting speedier repayment. 
    • Unless expressly permitted by the loan contract terms, lending institutions are not permitted to interfere in the borrower’s life.
    • Lending institutions should not make distinctions based on caste, religion, or sex.
    • Additionally, lending institutions are not permitted to pester the borrower regarding debt recovery. 

    Conclusion

    The borrower must fulfill the personal loan eligibility criteria requirements for the process to be hassle-free and convenient. Several additional requirements and directives are provided by the RBI, all of which safeguard the interests of the lending institutions and the borrowers. 

    Nowadays, the process of obtaining a Personal Loan has become simpler. However, it is important to understand all the details regarding a Personal Loan before committing to it.

  • Should You Co-Borrow A Wedding Loan With Your Spouse?

    Should You Co-Borrow A Wedding Loan With Your Spouse?

    Weddings are a once-in-a-lifetime affair. We have all been part of such occasions at some point; be it for our friends or relatives. These are extravagant affairs and are celebrated in style.

    However, weddings are expensive and put a dent in your savings. Hence, you can use a Marriage Loan to plan your beautiful wedding without affecting your budget. It comes with features like easy eligibility criteria and flexible Personal Loan EMI tenure. A Marriage Loan ensures that a lack of funds does not stop you from making your special day memorable.

    Your wedding expenses can be safely met if you avail of a Personal Loan for Marriage and repay it in Personal Loan EMI instalments. Also remember, you can decide on the tenure as per your requirement. So, why wait and worry about financing your wedding? Avail of a Personal Loan for Wedding as soon as possible.

    What Does Co-Borrowing a Loan Mean?

    When multiple applicants apply for a single loan, it is known as co-borrowing a loan. When you co-borrow Personal Loans for Weddings, the liability can be shared between multiple applicants.

    Co-borrowing a Marriage Loan has multiple benefits. Some of them include higher loan limits, lenient eligibility, and risk assessment based on the credit profile of all applicants. Also remember, you have higher chances of acceptance and sanction of the Marriage Loan if you co-borrow a Marriage Loan.

    How to Co-Borrow a Marriage Loan in India? 

    Remember that when you co-borrow a Marriage Loan, you can generally have a maximum of three applicants. Although this criterion can vary between lenders. The applicants don’t need to be related to each other. Co-borrowing a Marriage Loan in India is easy, and many lenders offer you the option to apply for a Wedding Loan online.

    • You must visit your lender’s official website.
    • Go to the dedicated page for Personal Loan for Weddings.
    • Fill out the online application form for Marriage Loan.
    • Enter details of all the applicants.
    • Upload soft copies of the required documents of the applicants.
    • A risk assessment will be done basis the credit profile of all the applicants and a limit will be sanctioned. 
    • Subsequently, wait for verification and confirmation and get funds disbursed into the primary applicant’s account instantly. 

    What is the Interest Rate on a Co-Borrowed Marriage Loan?

    As these loans are unsecured financial instruments, the interest rate can be a little on the higher side. However, you can avail of a Wedding Loan at lower interest rates leading to lower Personal Loan EMI if both borrowers have a high credit score and good credit history. 

    The credit score of an applicant is the first criterion that lenders check to evaluate their creditworthiness. It’s a three-digit number that is given to you by credit bureaus based on your credit history and financial behaviour. 

    A credit score within the range of 700-900 is considered excellent. However, since it is a co-borrowed Marriage Loan, applicants with a low credit score are also considered.

    Eligibility Criteria of a Personal Loan for Wedding for all Applicants 

    • Age – The applicant should be at least 22 years of age at the time of applying and a maximum of 58 years of age at loan maturity. This requirement helps lenders ensure that the applicant can pay back the loan in time.
    • Citizenship – The applicant must be a citizen of India.
    • Monthly Income – Combined monthly income of the applicants must be at least ₹20,000.

    Required Documents for Personal Loan for Marriage for all Applicants

    • Identity Proof – PAN card or Aadhar card of both applicants should suffice.
    • Address Proof – This can be the applicant’s utility bill, rent agreement, or passport.
    • Income Proof – A salary slip, and bank financial statement showing the income would be helpful in this case.

    In Conclusion 

    Marriage Loans are ideal for those who want a grand and glamorous wedding. These loans are collateral-free and can be availed online. The eligibility criteria are easy to fulfil, and the Marriage Loan documents list is minimal. You can apply for the loan online or offline depending on your convenience. If you have a high credit score, you can avail of these loans at attractive interest rates.

  • All Your Burning Questions On Quickbooks Error 12029 code warnings are displayed.

    If you want to avoid issues, boost performance, and maintain your Windows programmes bug-free, you must update them periodically. Like many other Windows programmes, QuickBooks and its associated programmes require routine updates. However, the bulk of QuickBooks problems do arise during the update procedure. This happens because installing and downloading external databases on Windows is required for the QuickBooks upgrading process, and the Windows OS first verifies these downloads out of concern for security. However, installing payroll upgrades and QB software may cause the QB Error 12299 to appear. This post will discuss the best troubleshooting methods as well as the causes of the 12029 issue.

    When error 12029 happens, the following warnings are displayed.

    The error code 12029 is displayed on the payroll update page.

    During the payroll update download or installation, QuickBooks can stop down unexpectedly.

    The payroll update tab in QuickBooks might not be available to you.

    After receiving user commands, the Windows Operating System starts to move slowly.

    Why Do Updates to QuickBooks Payroll Produce Error 12029?

    The client runs across this issue while trying to upgrade the Payroll module of the QB Desktop application. Every time QB has problems or employs the incorrect Windows system settings and is unable to connect to the internet, this happens. The following is a list of all the possible causes for the QB update problem 12029.

    Whenever your broadband connection is hampered or fails.

    • The Windows Firewall as well as other information security measures from third parties, such antivirus and anti-malware software, forbid downloading the update document.
    • It’s possible that you’ve selected to use another web browser by default in place of Internet Explorer.
    • if the SSL certification for the application is out-of-date or invalid.

    The most effective approaches to fix problem 12029

    Method 1: The Internet connection should be examined.

    A solid internet connection is necessary for the update process to go smoothly. Check the internet connection configuration using the steps below to make sure that issue 12029 isn’t being brought on by a poorly configured internet service.

    • Use Internet Explorer and any secure browser, such as www.google.com, to browse.
    • If you can access the website, move on to the next stage of the troubleshooting process.
    • Look for any configuration issues with your internet connectivity if you are having trouble reading the page.
    • The device’s time and date should be verified to make sure they are correct.
    • Open Internet Explorer, then select Internet Settings from the Tools menu.
    • At this point, click Reset/Restore Defaults in the Advanced section.
    • Select OK, then click Apply.
    • Check the status of QB Error 12029 as soon as you have upgraded QuickBooks Desktop and Payroll.

    Method 2: QuickBooks should be disabled in the firewall settings.

    Periodically, Windows Firewall will restrict users from downloading updates if update files are thought to pose a security risk to the device. By following the steps outlined here, QuickBooks can be added to the list of programmes that are allowed to send and receive data from the internet, allowing QuickBooks to instal updates without any issues in the end.

    • The computer will start when you click it. Windows Firewall needs to be entered in the Search Programs and Documents box.
    • Select Windows Firewall from the programmes on offer.
    • by using the right-click menu for the Inbound Rules, which is located beneath the Advanced options, to choose New Rule.
    • Select This Program Path in the Programs section after clicking the Next button.
    • After deciding where you want the QB document to be placed, click Next.
    • Click Next after making the decision to permit connectivity.
    • Once you’ve chosen each possibility, be sure to click Next.
    • Once the rule has a name, click Finish.
    • Establishing the outbound rules requires following the identical steps that were used to build up the inbound parameters.
    • You should choose Outbound this session rather than Inbound.

    Method 3: The update problem 12029 can be fixed by restarting your online connection.

    If QB is unable to communicate with the update servers due to the web server’s configuration, users won’t be able to download and instal the payroll upgrades. If you want to ensure that QB receives updates without any issues, modify your online service credentials in accordance with the instructions below.

    • Open the web browser and choose Tools from the Network Settings menu.
    • On the General screen, choose Temporary Internet Files from the menu, then press Delete once more.
    • When selecting LAN Configuration from the Connections screen, make sure the Automatically Detect Settings option is checked.
    • You must make an effort to ensure that the Proxy Servers area is empty before you can click OK.
    • Check that SSL 2.0 and SSL 3.0 are selected on the Advanced tab.
    • Go down and make sure TLS1.2 is selected and TLS1.0 and TLS1.1 are unchecked after that

    Method 4: Third-party protection prevents QuickBooks from being used in apps.

    Due to the wide range of antivirus, anti-spyware, and ad blockers that are available to users, we are unable to offer a single method for removing QB from the list of programmes that are blocked by all of these programmes.

    Method 5: Installing/renewing the QuickBooks Desktop Security Certificate

    Only software with the appropriate security certifications is able to download updates from the updated server, and the authentication server confirms the legitimacy of every piece of software before it is made available. By following the instructions below, issue 12029 will be resolved by upgrading the QuickBooks certificate authority.

    • Click the QuickBooks Software button with the right mouse button to open the settings menu.
    • Open File Name can be chosen from the Shortcut menu by clicking OK.
    • The QuickBooks software.exe file’s context menu will have a Property option.
    • The Digital Signatures menu contains a QuickBooks submenu; choose it, then click Properties.
    • On the General page, the Install Certificate button will then appear in the View Certification box.
    • Make sure Existing Consumer is selected as the Store Location on the Certificate Import Wizard page before clicking the Next button.
    • For completion, select Next.
    • To import something, you will be asked to approve it. Click OK when the popup prompts you.

    According to our analysis, the troubleshooter can help you fix QuickBooks issue 12029. Customers that require assistance from QuickBooks experts might do so if they find the aforementioned troubleshooting challenging due to the requirement to instal Windows components. 18557381472 is the number to call if you need quick assistance or are having issues with payroll.