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How Online Business Loan Market Works in India

While loan might not be the first choice of every business, but it can turn out to be the only way for a business’s success. There can be many reasons for a company to borrow money even after the commencement. This is where business loans are something a company should consider.

A business loan is a credit through which various expenditures in business are covered. It is an unsecured form of credit where a borrower is not required to mortgage any asset as collateral security to avail the funds. These loans can be availed by entities, self-employed professionals and self-employed non-professionals. But an individual needs to fulfill the required eligibility criteria to get the funds.

A business loan is something that satisfies various business needs during or after the commencement of the business. It can increase the cash flow in your business, or it can be used to purchase or lease equipment. Stocking-up of inventories or purchasing raw materials for bulk orders becomes economical if there is the liquidity of cash. A business can scale up its operations and take on a more significant project if they have that cash fluidity to support them.

With the higher dependency on the internet in this era, businesses prefer conducting most of the work online. They prefer having an online platform with the convenience of assessing their statements anytime from anywhere. And due to this demand, most of the banks and loan-houses have come up with the provision of online business loan. It is a simple procedure which has made applying for business loans convenient. An online application form of business loan has to be filled, and along with it, all the relevant documents which are asked by the loan provider are to be submitted. If you fulfill all the required eligibility criteria, you will be granted money in your bank account.

Online business loans are hassle-free unsecured loans and provide you with a platform which is super easy and convenient to assess and keep a check on your loan statements. These loans are collateral-free loans and funding is much faster and requires minimal documentation. Another perk of these loans is the Flexi-loan facility. This means that one can withdraw only what they need and repay funds as per their business cash flow at zero payment charges and interest is charged only on the amount withdrawn.

A business is always in requirement of money and financial aid no matter what and why would anyone look for an option that does not come with so many perks. So if you are looking for financial investments, try searching for online business loans this time, and maybe you will find precisely what you are looking for.

Why insurance firms exited the Irish market over the years

It is the word of every mouth in Ireland that in recent years insurance companies are exiting from Irish markets. The number of insurance companies exiting Irish markets in the past two years is so high that every businessman is talking about it and is uncertain about the future of his business in Ireland. To be precise, nearly 248 companies have exited from Irish markets over the last 6 years which used to offer life insurance, business insurance, and other insurance packages countrywide. Out of these 248 companies, more than half of the companies withdrew in the last two years. On one hand, the number of withdrawing insurance companies is alarming and on the other hand, the existing insurance companies are increasing insurance premiums adding on to the problems of business owners. The business owners of various sectors like hospitality sector, etc. are worried about their business operations in Ireland, increasing insurance and other costs, sustainability of their business, financial security and how they will meet business challenges in the competitive world if they do not buy business insurance Ireland to save cost of high insurance premiums.

The government and the concerned authorities are concerned about the prevailing insurance issues in the country and are trying to amend the situation, so that small businesses do not close down at a fast pace which is happening currently in the absence of affordable insurance options. CIWG (Cost of Insurance Working Group) has made recommendations to invite non-life insurers to begin their operations in Irish markets. It is being considered to implement those recommendations to facilitate affordable insurance to the people of the country. Meanwhile solid and viable measures can be implemented it is important to understand the reasons due to which insurance companies have exited Irish markets over the years. Some of the reasons are listed below:

The prime reason for the withdrawal of insurance companies from the Irish market, as stated by discontinuing insurance companies like Axis, AIG, Contessa, etc.is that the insurance claims made to them are too high. Due to high claims and resulting high costs, these insurance companies are not making enough profits. However, it may be hard to believe the given reason because if the claims would have been too high then insurance companies wouldn’t be making profits as they are doing.
Another probable reason for the exit of insurance companies from Irish markets could be the plans of the launch of an investigation by Competition and Consumer Protection Commission’s monopolies division to investigate the insurance sector, its practices, and other aspects to justify the insurance premiums and insurance market conditions for consumers.
Furthermore, since the UK has decided to exit the EU, the companies operating under EU passporting rules have withdrawn from Ireland’s insurance market. The small operators have decided to discontinue business in the insurance sector of Irish markets because seeking new authorization may be cumbersome and may cost high to them.
Besides these, there could be other reasons as well which have led insurance companies to exit Irish markets. The reason for the exit of even established companies may be any but the effects have to be borne countrywide by the people, business entrepreneurs, companies that were insured by these discontinuing insurance companies. Not only, it will be difficult to renew an expiring insurance policy by a business owner, business landlord or company in Ireland but also a high insurance premium cost will have to be paid for buying/renewing business insurance and business landlord insurance in Ireland. Although, the businesses and landlords who can afford to pay high premiums will undoubtedly get full coverage under the given business insurance Ireland policy or business landlord insurance policy as committed by the insurance provider who is continuing its operations in Ireland.

How has Technology Redefined MSME Lending?

Differentiated underwriting, customized offering, flexibility, and fewer criteria for MSME loan eligibility are but a few reasons that make NBFCs a better choice for small organizations. Findings revealed that NBFCs demonstrated the lowest turnaround time for MSME loans which fell from 24 days in 2014 to 18 in 2018. (Stats from Economic Times)

As the most dynamic and promising sector today, MSMEs need easy, quick access to credit. With over 60 million MSMEs in India and a lending potential of 100bn that banks are unable to meet, they are forced to turn to informal sources of credit to finance their needs. There’s a wide gap between the demand and supply of credit in the MSME sector and NBFCs are well on their way to bridging it.

Technology and its uses have seeped into every industry across the board, each to different extents. The NBFC sector is no exception. Whether it’s the digitalization of documentation for paper-free processes or harvesting intelligence to deliver an exceptional, seamless experiences. The time has come for the leaders of change to adopt and implement technology to improve efficiency, accuracy, and speed and deliver value to their customers.

Against all odds, public deposits in NBFCs increased from $293.78 Mn in FY09 to $4.95 Bn (INR 319.05 Bn) in FY18.(sourced from Inc42, link mentioned) And, it might just have been the new financial technologies being leveraged that are responsible for this growth. Many NBFCs are strategically targeting this underserved market and leveraging technology to meet their needs. Let’s find out how tech is changing the MSME lending landscape:

Risk assessment

In the past, NBFCs depended on collateral and physical documentation to assess the creditworthiness of a small business. The birth of the internet and the domination of technology today has facilitated access to a wide range of formal and informal sources of data. It draws a clearer picture of the small business’ financial standing and allows financial institutions to assess their eligibility and take a call on whether the application should be approved or denied. This gives small businesses, with little to no formal proof of profit, the chance to become credible borrowers.

Documentation has gone digital, and processes online. While the migration of data to the cloud helps improve accuracy and speed of response, it inadvertently opens the organization up to a number of cyber threats. NBFCs must take the security measures necessary to safeguard their customer data, while they optimize the use of tech to simplify risk assessments and other operations.

Loan application process

Gone are the days when MSMEs needed to fill out a multi-page loan application or be present at a fixed location. Financial services technology has simplified the process to the extent of a few clicks. Additionally, it has the capacity to identify potential shortcomings related to the repayment of the debt and takes a call on whether to approve or deny the loan, almost instantly. The repayment process has also been simplified through the usage of UPI payment gateways that lets you pay both the principal and interest online.

Earlier the options available to MSMEs were limited by location, collateral, time, interest, etc. Technology gives customers access to lenders that were once out of their geographical reach and vice versa. NBFCs can now reach rural markets and provide services to the financially weaker and unserved markets like never before.

Challenges Faced

Technology is no longer the way of the future, but the way forward today. NBFCs that fail to recognize this critical shift, run the risk of extinction. Transformation is not possible overnight, it takes years of planning, implementation and course correction. There are a number of challenges faced by NBFC on the journey towards a digital tomorrow, some of which include:

Capital Intensity- Digitalization is a capital-intensive investment that a number of NBFC are unable to afford or unwilling to create a budget for. Many of them fail to see the potential impact and fear that it might be a risk too big to take.
Time and Man-power- Transformation is a time and effort consuming process that some NBFCs are unable to accommodate.
Stability- The NBFC market is currently in a state of influx, where most players are at a loss about what to do next.
The changes mentioned above have simplified processes, boosted the flow of credit and enhanced the overall loan experience for the MSME sector. It has also allowed financial institutions to launch MSME schemes that are customized to meet their needs. As one such NBFC, Capri Global is dedicated to empowering them with the finances to sustain and grow their businesses.

The contribution of the MSME sector to the GDP of India and the lending they receive from NBFCs, are both undeniable. Technology has become the stepping stone into the future and NBFCs that want to not just survive but win down the line have no choice other than walking the tech tight rope.

Pharmaceutical Consultants, Surgeons and Managers – Top Careers in the Health Care Industry

The health care industry is a vast and divergent sector providing careers in a number of different areas. For those of you that want to help people but don’t cannot stomach the idea of bleeding and broken patients, office based roles are perfect. Of course, you could always become a practitioner but that requires years and years of study, although if it is something you really want to do, this will be an enjoyable time. And if you want to be involved in health care but don’t fancy being a direct employee of the NHS, you could become a consultant for an independent firm.

Public relations with the NHS are never dull, that is for sure. Faced with numerous success stories as well as failings, professionals responsible for publicising stories to the public have an exciting career and a host of rewarding possibilities. There is the chance to deal with the media and government officials as well as interacting with other NHS staff. Whilst public relations in any sector can be a high pressure career choice, for those who like to get the best out of themselves and any situation, it is a worthwhile choice to make.

Doctors, nurses, pharmacists and every other health care professional go into their jobs because they want to help people and feel satisfaction out of doing this. Whilst the hours can be long and mistakes can mean life or death, the main benefit is knowing that they change patient’s lives for the better every day. They are the people that can give a family more time together, injured soldiers the chance to walk again, and young children their lives back. There is a huge choice when it comes to working as a health care professional. You could be a doctor, a nurse, a midwife, a pharmacist, a lab technician and so much more.

Consultants are vital to the smooth running of any hospital, doctors surgery or community pharmacy. They are often the middle man between government and the places where laws and regulations actually get implemented. A Pharmaceutical consultant can teach every member of staff about new drugs on the market, the results of intensive research into side effects or best practices, and they can also help a hospital to get the most out of its money by improving processes whilst marinating health and safety. Pharmaceutical consultants normally work for an independent firm or they can be ex-practitioners who work with their old place of work on a regular basis. They have the pleasure of knowing that what they teach to others has a direct impact on patient experience and safety.

These are just a few of the careers available in the health care sector. For more, you can look in national papers and on the NHS’s website for information how to get into various careers and the qualifications needed. Whatever route you choose to take, a career in health care is rewarding for anyone that wants to help people.