Basics of Finance

Loans and advances are inseparable part of our life to meet our personal fund requirement, inception of business, expansion of business and/or diversification of business.

Types of Loan: Based on Security

Unsecured Loans

• Personal Loans
• Business Installment Loans (BIL)
• Credit Cards

Secured Loans

• Home Loan
• Loan against assets
• Car Loan (New & Used)
• Commercial Vehicle and Construction Equipment
• Medical Equipment
• Gold Loan
• Over draft (OD) and Cash Credit (CC)
• Bank Guarantee (BG) and Letter of Credit (LC)

Eligibility for Loans

Every lender checks the eligibility of loan applicant to ensure repayment of principal and interest. The entire assessment of applicant revolves around four major requirements or criteria:

• Contactability: Ensured by identity proof and address proof.
• Ability: Income proof document like Income tax return, salary slip, form 16, GST return, banking, financial statement.
• Attitude: Financial statement, Banking transactions pattern and CIBIL.
• Intention: CIBIL Score, repayment pattern, financial statement, clarity on uses of required fund and essentials of proposed or existing business.

Common Documents

Salaried Individual

• Salary Slip latest 3 months
• Form 16 latest 2 years
• Bank statement latest 6 months
• Aadhar Copy
• PAN Copy

Self Employed Individual

• Latest 2 years Income Tax return Acknowledgement (ITR) with computation of income
• Latest 6 months Bank statement
• Business establishment proof
• Aadhar Copy
• PAN Copy

Non-Individual

• Latest two years financial statement
• Latest 1 year Bank statement
• Latest 1-year GSTR
• Business constitutional documents
• PAN
• Udyam Registration Certificate (UCR)

Note: Other documents will depend on type of loan required by the customer. Generally, financers look for min. 2 years of Job/Business stability and vintage in most of loans.

Easy Loans Tips

• Route your transaction through your Bank Account.
• File your ITR and GSTR on time.
• Maintain good CIBIL record by paying your EMI obligation on time.
• Manage your funds in most disciplined manner.
• Maintain healthy stock turnover.
• Avoid over utilization of limits (around 80%).
• Maintain good saving habit, may follow 50-30-20 rule. 50% of income spend on needs, 30% on wants, and 20% saving.

General Thought for Healthy Financial Wealth

Saving is good habit to live a peaceful life. 6 months of our expenditure should be with us in liquid form like Saving account balance, Fixed Deposits, Recurring Deposits, Debt funds.

Our total saving should be at least equal to 3+ Years expenditure. Saving can be done in the form of Fixed Deposits, Mutual Funds (one time or SIP), bonds, direct equity etc. depending on our risk appetite and investment surplus available.

Note: Please read all investment related documents carefully and thoroughly before investing. Tenure of investment should be decided basis goal behind investment.

Every individual must purchase 1 Term life policy, 1 Health Policy in very first year of his professional career. Also start investing in SIP and/or RD from the day earns his/her first income.

About SuryaKusum Special Solutions (SKSS)

The idea of SuryaKusum Special Solutions (SKSS) dawned on the minds of two first-generation entrepreneurs, with belief to bridge the gap between customer expectation and market offering in financial sector. The idea is to provide specific solution, exactly as per requirement, as and when required.

Customer is the reason for our existence thus transparency and convenience is core of business process and value system. A match of customer profile, customer requirement, and services available in the market needs to be created. That exactly this company does with expertise and experience of more than 25 years in financial and banking sector.