Agency News
Debt Consolidation with a Personal Loan: Is It a Good Idea?
Managing multiple debts can be a challenge and can even cause an overload on your overall financial situation. Therefore, it is important to devise strategies that can help you effectively handle the existing financial obligations and avoid the accumulation of debt. One option that can come to your rescue is debt consolidation with a low-cost, long-term personal loan.
In this article, we will examine debt consolidation and how to make the most of this financial tool. We’ve also included examples to help you better understand. It will help you evaluate your situation and decide whether you should consider debt consolidation.
What is debt consolidation?
As the name suggests, debt consolidation combines all your current debt into one unit. This new loan requires you to pay only one EMI instead of making 3 to 4 monthly payments separately. It comes with a fixed interest rate and EMI over a specified period of time. This usually lasts from 1 to 5 years. After consolidating your debts into one, you can also clear your dues in a short span of time with a single payment every month. So, no more missing out on paying EMIs and paying penalties.
Is it a good idea? What are the benefits of consolidating debt?
If you have high-interest loans to pay, then consolidating debt is a good option. This is viable only if you have an improved credit score since you’ve applied for the original loans. If your credit score isn’t high enough, you may not be able to get a loan at a lower interest rate. So, in this case, you may not consolidate your debts. Also, you must take into consideration the reasons why there is an accumulation of debt. Is it because of overspending? This is because paying debts with a consolidated loan is not rational to stockpile your dues again.
Benefits of debt accumulation
Considering debt accumulation can have multiple benefits, such as:
- Streamlined management of debts
- Decrease your overall interest rate
- Better control over your finances
Does debt consolidation affect your credit score?
The impact on your credit score after debt consolidation depends on your repayment action. If you pay bills timely and consistently, you have a better finance management strategy, which is likely to reflect positively on your credit score. On the other hand, if you miss dues, your credit score will have a negative impact.
Additionally, the new loan application will temporarily cause a dip in your credit score due to hard credit inquiry. However, debt consolidation may improve your credit score over time. If you settle your revolving lines of credit, the credit utilisation rate will reduce. The ideal credit utilisation rate should be less than 30%; debt consolidation can help you accomplish this quickly. So, making consistent, timely payments will help you pay off the debt and improve your credit score.
Types of debt consolidation with examples
- Multiple loans: In this scenario, you can combine two or more personal loans into one larger one and make a single payment monthly. It helps you manage debt while enjoying the benefits of reduced interest rates. Let’s say you have 3 personal loans. Each has different due dates, interest rates and monthly payments. The 3 can be combined into one sum with debt consolidation.
- Multiple credit card bills: This means that you can merge the credit card balances into one payment and get a personal loan at a low interest rate. For instance, if you have 2 credit cards with dues ₹90,000 and ₹50,000 respectively. The interest rates and minimum payments for each card are different. But with debt consolidation, you can get a personal loan of ₹1,40,000 and pay all dues by making a single monthly payment.
- Two types of debts: This is a combination of the above two. Here, you can combine credit card balances and personal loan debts. Suppose you have a debt of ₹10 lakhs to pay, but the debt consolidation is only available up to ₹8 lakhs. In this case, you must prioritise which loan to pay off first, i.e., high-interest debt.
Endnote
Whether you want to consolidate your personal loans or business loans taken from a small finance bank, there are certain factors to consider before making a decision. Check the interest rates, processing fees, loan term, lender reputation and impact on credit score to see if it’s a feasible option for you to consider consolidating your debts.
Agency News
Hi Tech Universe Launches Real Estate and Forex Consultancy Services
Hi Tech Universe has launched its investment consultancy services. The company gives a fresh twist to both real estate and forex industries with expert advice, put into practice with the benefit of modern digital tools. For the investor, this consultancy makes the difference in complicated areas. It is transparent to the clients, empowering them while carefully examining the market sets it apart as a go-to name among both novice and professional investors who want steady profits in shifting financial tides. Through the client-centered approach, it has defined new ways to perceive and deal with property and currency investments.
Hi Tech Universe provides an all-inclusive range of investment opportunities in the real estate sector, from commercial to residential properties that have high growth potential. In-depth market research by the consultancy identifies the properties that fit the diversified goals of investors, such as those who are looking for both short-term returns and long-term stability. The emerging market trends are brought out to the clients to make proper decisions even when there is fluctuation. The focus here is on stability and potential growth, which gives the impression that the company values sustainable real estate options as something that could appeal to any seasoned investor or newcomer alike.
Within the forex section, Hi Tech Universe offers clients a very secure trading platform with access to up-to-date real-time information and risk management capabilities. This, in turn, enables clients to respond fast to any currency market shifts with more confidence, because they can rely on being given fresh, updated information and solid analytical insights. The company’s platform is efficient and economical, with minimal transaction fees and speedy processing times, allowing for maximum returns by maintaining control of transaction costs within the hands of the investor, thus emphasizing its stance on a competitive trading experience that is both customer-friendly and efficient in striking an opportunity balance.
It has incorporated education and transparency above all else that a regular consultancy might provide. They take clients through every aspect of their investment, thus arming them with every vital information to make sound decision-making. This is enhanced through webinars, tutorial sessions, and individual consultations with clients. Through all these, the company facilitates an atmosphere of transparency between the company and the client to understand the depth at which their financial decisions exist. Dedicated experts are there to help for the entire process by furnishing continuous support, cultivating trust and confidence among the investors, and emphasizing the intent of the company to provide power to the clients.
In embracing digital innovation, Hi Tech Universe uses developed technologies to make the clients’ experience easier. A virtual real estate tour easily lets the clients view such properties from anywhere and with greater accuracy. The simulated forex trading environment enables the client to experience the system without risk while gaining confidence in entering the real markets. The online tools offered by the company provide real-time data that enables the client to monitor the performance of his or her portfolio anywhere and at any given time. Indeed, it is a fusion of digital solutions reflecting commitment to a more modern and user-friendly approach to investment management.
Hi Tech Universe is client-centric. This is because the consultancy provides solutions that cater to unique financial goals and risk preferences that are different for every client, thus showing personalization in commitment. It caters to customized strategies as well as smooth onboarding and portfolio management for easy intuition. Focusing on independence in finances, it ensures that the stability of the client’s finance is achieved through diversified reliable investment options. This commitment to individualized service speaks to the role of Hi Tech Universe as a trusted partner in guiding clients toward their financial goals.
At Hi Tech Universe, innovation and results always come out in the process of redefining consulting on investment with a fierce focus on clients’ winning. It is always the solid source whenever you want your savings to build into real estate financial portfolios and generate enormous returns and also an excellent provider for forex wealth. From empowering, giving account, to having a defined strategy approach, Hi-Tech Universe positions itself as one of those essential allies and an excellent investor to secure such a person’s financial fate.
Agency News
The All-in-One Wellness Solution: How StuddMuffyn Life’s Multivitamins are Redefining Nutrition
Ludhiana, Punjab, India, November 09, 2024: The Indian wellness market is saturated with varied products, but a Punjab-based brand has been making a mark with its innovation and quality. Founded by the dynamic duo of Paras Tomar and Ankur Bhati, StuddMuffyn Life has skyrocketed to success, achieving a remarkable turnover of 300 crores in the previous year.
Paras, an actor and influencer-turned entrepreneur with expertise in skincare, and Ankur, a data-driven expert with sharp e-commerce insights, combined their unique strengths to create a brand that resonates with health-conscious consumers across the nation.
Central to the brand’s impressive product lineup is their game-changing multivitamin tablets, designed to boost energy and overall health. These carefully formulated supplements are not just another addition to your medicine cabinet – they’re a comprehensive solution to modern nutritional challenges.
Presenting The Multivitamin Marvel
The multivitamin tablets are meticulously crafted to provide the Recommended Daily Amount (RDA) of essential vitamins, ensuring your body receives optimal nutrition.
The benefits of this powerhouse supplement are far-reaching:
1. Holistic Health Boost: From promoting lustrous hair and radiant skin to increasing energy levels and maintaining a healthy metabolic rate, consumers often consider these multivitamins the best supplement for hair growth.
2. Immune Support: Packed with immunity boosters like Vitamins C, D, E, and Folic Acid, these tablets fortify your body’s natural defenses.
3. Bone and Muscle Health: Key ingredients support bone strength and aid in muscle building, making it an excellent choice for fitness enthusiasts.
4. Cognitive and Ocular Benefits: The formula includes components that boost brain and eye health, addressing often-overlooked aspects of overall wellness.
5. Enhanced Athletic Performance: For the sports-minded, these multivitamins can help elevate performance levels.
A Potent Blend of Nature and Science
StuddMuffyn Life’s multivitamin tablets boast an impressive array of ingredients, including essential minerals like Iron, Zinc, and Calcium, paired with a robust vitamin profile featuring Vitamins C, B complex, A, K, and D. But what truly sets this formula apart is its inclusion of powerful natural extracts:
– Boswellia and Turmeric for their anti-inflammatory properties
– Ginseng for energy and stress relief
– Grape Seed and Pine Bark extracts, rich in antioxidants
– Ginkgo Biloba for cognitive support
– Garlic and Spirulina for their numerous health benefits
This thoughtful combination of vitamins, minerals, and herbal extracts create a synergistic effect, addressing multiple aspects of health in one convenient tablet.
With continuous growth and innovation, StuddMuffyn Life’s commitment to quality and effectiveness remains constant. With its multivitamin tablets leading the charge, the brand is not just selling supplements – it’s promoting a holistic approach to health and wellness that resonates with health-conscious individuals across India.
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Agency News
Industry leaders, including Nikhil Jathar, Krishna Pandya, Mayuresh Phadke & others, share insights on funding strategies and inclusive growth at the event
Nagpur, Maharashtra – November 2024 – The 7th edition of the Local Startup Meet (LSM) recently concluded in Nagpur, Maharashtra, organized by the Entrepreneurship Cell of IIT Kharagpur. The event successfully brought together a diverse group of entrepreneurs, CEOs, and startup founders to engage in meaningful discussions about the evolving startup ecosystem.
A key highlight of the meeting was the panel discussion titled “How Funding Choices Shape Company Culture and Values,” which featured contributions from several esteemed industry leaders. Among the panelists were:
Mr. Ashutosh Naik, Group CCO at Groww
Mr. Nikhil Jathar, Co-founder and CTO of AvanSaber
Mr. Krishna Pandya, Founder & CEO of V21 CAPITAL
Mr. Mayuresh Phadke, Co-founder at Lemma Technologies
Mr. Kush Mehrotra, Vice President at MapMyIndia
The panelists shared valuable perspectives on the critical role that funding sources play in shaping a company’s culture and long-term objectives.
Key Insights from the Panel Discussion:
Impact of Funding Sources: Panelists explored how different types of investors, such as venture capitalists and impact investors, influence a company’s priorities, whether it be growth and profitability or social and environmental impact.
Values Alignment: Emphasis was placed on the importance of aligning a startup’s values with those of its investors to maintain a cohesive and motivated organizational culture.
Inclusive Growth: Strategies for fostering diversity and creating equitable opportunities within startups were discussed, highlighting the significance of inclusive growth in building sustainable businesses.
In addition to the discussion, the panelists played a pivotal role in evaluating and providing feedback to participating startups. They assessed funding eligibility, offered strategic suggestions, and recommended improvements to help startups refine their business models and growth strategies. This interactive judging session provided entrepreneurs with actionable insights to enhance their ventures and align them with best practices in the industry.
Reflecting on the event, Mr. Nikhil Jathar shared, “It was inspiring to see passionate entrepreneurs building sustainable, value-driven businesses. Aligning culture with growth strategies is essential for long-term success.”
Vinay Raut, Shivraj Gulve, and Khush Duggar, a few event organizers, remarked, “The participation of experienced leaders added immense value to our discussions. Their real-world experiences gave our attendees actionable insights to navigate the complexities of building and scaling their startups.”
The Local Startup Meet 2024 also featured interactive sessions and networking opportunities, allowing entrepreneurs to connect with potential mentors, investors, and peers. Organizers expressed their gratitude to all speakers and participants for making the event a success.
About Local Startup Meet (LSM)
The Local Startup Meet is an annual event organized by the Entrepreneurship Cell of IIT Kharagpur, aimed at fostering a vibrant startup community by facilitating knowledge exchange, networking, and collaboration among entrepreneurs, industry leaders, and aspiring startup founders.
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