A Personal Loan is a saviour that helps us in times of unwanted financial situations. Be it a medical emergency, an urgent house repair or even a much-needed travel booking. A personal loan always comes in handy.

Interest rate is the essential factor in choosing the right personal loan. The interest rate decides the amount of equated monthly instalments or EMI that one needs to pay for their loan.   

Here are the essential factors that affect the personal loan interest rates:

• Credit Score

The credit score is perhaps the most significant factor that decides the interest rate of a personal loan. A credit rating agency like CIBIL or PERFEOS assigns the credit score using factors like past repayments and loan history. The higher the credit score, the better the loan terms one can get from the financial institutions. Usually, a credit score of more than 700 is considered good. The score has a range between 300 to 850.     

• Credit History

A financial institution needs to know about the repayment capability of the loan seeker. The credit history is a good study for the lenders to gauge the credit habits and repayment schedules. The lenders maintain the past credit history of their customers, whereas, for other customers, they refer to the detailed reports by the credit bureau or the bank statement of loan applicants.   

• Income

The repayment capacity of an individual depends on their income. Usually, the lenders keep a limit of 40% to 50% of the monthly salary as the EMI. However, the lender will also keep in mind other loans that a person is running. Consistent growth in income over the years is an estimate of an applicant’s career graph. Thus, making income an indispensable factor for the personal loan interest rate.

• Location

A lot of applicants do not understand the value of location in availing of a personal loan. However, a personal loan in Bangalore will differ from a personal loan in Lucknow. The financial institutions understand that a person in metro cities like Bangalore will have different needs. For instance, a Bangalore applicant might use the personal loan in Bangalore for giving advance rent of 11 months which is a standard practice in Bangalore. Also, the lenders are more willing to lend to metro applicants due to factors like a higher salary and more data visibility.

• Organisation

A known brand or organisation provides stability to one’s career. The financial institutions give a preference to employees working in top corporations for approving the personal loan.  

• Banking History

Banks offer a personal loan lower interest for their long-standing customers. Banks are known to offer pre-approved loans to customers with a good banking history. Banks have the data and are aware of income, existing loans and repayment capacity.

• Loan Size

The loan amount is also inversely proportional to the interest rate. The higher amount increases the risk for the lender, making them increase the interest rate. 

• Loan Type

A secured loan attracts a lower interest rate, an unsecured loan such as a personal loan attracts a higher interest rate. Financial institutions minimise the risk by using interest rates as leverage. 

• Loan Tenure

The higher loan tenure also increases the risk of a financial institution. Thus, they tend to increase the personal loan interest rate for a higher loan tenure.

LoansJagat helps individuals get the best interest rate on their loans. Applicants can compare the offers from top financial institutions for their personal loans in Bangalore or other cities across the country.

As a bookkeeper or accountant, you’re only as good as your data. Business owners, company bosses and department heads want to work with the most accurate information – but going through that data can be cumbersome and time-consuming, not to mention that you’re only human. This is where Dext Precision comes to the rescue.

Dext Precision is the ultimate toolkit for accountants and bookkeepers in the UK. It integrates seamlessly and comes with a whole host of other benefits like error-free data and proactive insights. 

Eliminate errors 

How much time do you spend going over numbers and checking for errors? With Dext Precision, you can back-check data and also track changes made to data and entries, even locate a deleted entry. 

Best of all the system flags up errors, anomalies, and discrepancies for you, so you can spot mistakes before they become a costly problem.

Dext Precision’s Clean Up Toolkit can help revolutionize your error tracking abilities. With the time saved, you can get more done as an in-house accountant, or take on more gigs if you run a bookkeeping practice. 

Check exactly what resources are being spent 

Dext Precision’s Focus Dashboard can help you figure out your own team’s workflows. It is a challenge to figure out how long a given task should take a team member based on nothing. 

The Focus Dashboard, however, can provide you with these insights because it can tell you the amount of time devoted to using Precision’s own toolkit as well as other software that it integrates with.

This can help you more correctly and accurately assign tasks and clients to your own team. You and your team will also be able to point out where maximum time is being spent and if a course correction is required, or can be undertaken.

Overall, Dext Precision’s Focus Toolkit lets you undertake more tasks and take on more billable work. 

Zero in on “leaks” 

Overspending can halt any sort of progress. It’s why business owners are always looking for ways to keep it to a minimum – a cost-cutting mission that doesn’t cut corners. 

Dext Precision turns real-time data into insights on supply chain spending which can truly help business heads figure out how to be more profitable by curbing unnecessary spending.

That’s not all. Dext Precision also alerts you if there’s a tax risk, which is extremely relevant in these uncertain times. The software will alert you where there is a chance of losses or reduced profits because of a potential change in tax laws. By being able to provide this insight you’ve easily gone from bookkeeper to advisor. 

Self/client evaluation 

Companies are supposed to maintain impeccable books – but it’s hard to assess that when talking to a potential new client. All this could change with Dext Precision. You can use Health Score to check the state of your clients’ books right at the negotiation table. This can help you drive more profitable pricing. You can also tie your pricing and appeal to a wider cross-section of clients. 

You’ll also get to strut your (bookkeeping) stuff when you click on Health Score after your work is done and demonstrate your amazing abilities. 

Usher in accuracy across the board with Dext Precision. Check out Dext precision for the best insights and accurate data. 

It is not unnatural to feel nervous and confused when dealing with mortgage applications. You may even be unaware of the different schemes and mortgage plans that the high street lender or specialized lenders provide. Therefore, you turn to mortgage advisors and try to get the best mortgage and interest rate. They make your purchase easy and reduce the risk of falling into despair over a wrong decision.

You can enquire about CIS mortgages from the mortgage advisors found at Mortgage Experts Online. You can submit your information and query to the site, and they would send it to suitable firms or lenders for deals or advice related to mortgage, loans or insurance. This mortgage broker in the UK excels in dealing with any problem of self-employed mortgage, remortgage, bad credit and many more. They also engage with people on Facebook and Twitter.

What Is A CIS Mortgage? Who Would Be Eligible to Apply?

The full-form of CIS is Construction Industry Scheme. So, a CIS mortgage is for any person registered with CIS. The workers under this scheme pay their tax to the HMRC in advance. Therefore, the lenders calculate their net income and not the net profit. With the past one year’s account, you can apply for a CIS mortgage. You can show the regular payslip and bank statements.

What Benefits Would CIS Give You in Mortgage Deals?

You can get these three benefits when applying for a CIS mortgage –

1.     Higher ceiling amount

The lender would calculate the mortgage amount based on your annual income. Generally, they would give four times the annual income as a mortgage. It means you would have more purchasing power.

2.     One year of account instead of the standard three years

Most of the traditional mortgages for the self-employed require more than two years of account. But with CIS mortgage, you can start working on your plans earlier than expected.

3.     More options

High income would give you good deals in mortgages with low-interest rates. Your options would not be limited.

But, remember that high mortgage capacity does not mean that you should borrow more than necessary for that particular purchase.

Deposit for CIS Mortgages

Do not forget that CIS mortgage works like any other standard mortgages except that they consider net turnover rather than profit. A person with a stable employment history would be able to get a mortgage with a 5% deposit. But when you apply for a CIS mortgage, your purchasing power increases. At the same time, the lenders would also ask for a substantial amount of deposit. If you can cross this hurdle, you can reap the benefits of CIS mortgages.

What If You Have Bad Credit?

It’s not the end of the road if you have a bad credit history. Check your updated credit report and consult your advisor over the issue. You should disclose all your information and explain your previous failures and poor credit history. The advisor would likely come up with some solution.

You can also think about remortgage if you came under the CIS scheme recently. Check out all your options from an expert.