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Starting a new business in today’s dynamic environment with minimum resources is a big task. Small businesses often suffer a lack of capital, poor workforce, or lack of expertise and get shut down.  However, all these difficulties can be overcome if you can avoid the following mistakes in your small business:  1. Make sure you are well aware of the concept you are going in with and how to execute it. A proper product and marketing strategy is essential for business growth.  2. The success of any business is dependent highly on how it is managed. A well-managed business can do well even with less resources, and if the management is poor, then the bundle of resources will not be able to save the business. 3. Another important business mistake to avoid is underestimating the competition. Never ignore the competition and take appropriate steps to deal with it.  4. Even if you have an amazing product or service, it still of no use if people do not...

As per the Employees provident Fund and Miscellaneous Act, 1952, all organizations with the employee strength of 20 or more are required to register under EPF. For many people, EPF is an important part of their investment to be financially independent during their retirement days. However, many people also choose to epf withdrawal online from EPF before maturity. The steps to withdraw from EPF are easy, and they are as follows:  1. Visit the UAN portal/website. 2. Log in to your account using the UAN, password, and filling the right captcha. 3. Click on the 'Manage' tab after login and select KYC. Complete your KYC if it's not completed. 4. Click on 'Claim' under 'Online Services' after filling KYC. 5. Enter the last 4 digits of your bank account to verify your KYC details. 6. Then click on 'Yes' on the appeared certificate. 7. Now, select 'Proceed for Online Claim.' 8. Now in the claim form, select the claim you want ...

Ayushman Bharat Yojana, or as called Pradhan Mantri Jan Arogya Yojana, is an initiative by the government of India, launched in 2018, to provide health insurance schemes. Presently, the initiative offers health insurance coverage to about ten crore people.  The insurance covers up to Rs 5 lakhs per year across primary, secondary, and tertiary care hospitals. The families that get coverage under this plan are listed on the basis of the Socio-Economic Caste Census was undertaken in 2011. The key beneficiaries from this scheme are rural people living in kutcha houses without any adults who belong to SC or ST category, and urban people who work as rag pickers, street vendors, and domestic and sanitation helpers. The benefits of this scheme can be availed across any part of the country from both public and private hospitals. However, all states need to have the State Health Agency, for people to avail the cover across any state. Presently 26 states and union terr...

Life Insurance Corporation of India (LIC) is a government entity that provides life insurance services across the country. Most people know LIC for insurance products, but few are aware that you can also avail loan against your policy from LIC. To avail of the loan, you need to submit your policy certificate along with the application form. Up to 90% of the policy amount can be availed as a loan and the interest rate varies between 10-12%. Due to the low rate of interest as compared to availing a personal loan from any bank or NBFC, loan against the policy from LIC is much more affordable. Besides, you can use the borrowed money for any purpose. Further, there is no CIBIL required to avail this loan, and the minimum tenure is 6 months. Some of the advantages of a loan against LIC policy are: a) Instant approval of the loan. b) No CIBIL score is required. You only ne...

SBI has announced the launch of home loans linked to the repo rate, effective from July 1, 2019. RBI is continuously working on providing direct benefits to the borrowers, and therefore, they have shifted from PLR to base rate and then MCLR rate. The idea of launching MCLR Linked home loan was to ensure that any change in repo rate will change the cost of raising funds for the bank which will, in turn, lead to a change in the lending rates. There have been many repo rate cut by RBI showing that banks are not comfortable in passing rate cut benefits to the borrowers. The new repo rate linked home loan product will make policy transmission automatic. If three will be any change in the repo rate, this will also lead to a change in lending rates. With this view, the SBI initiative of repo rate linked home loan is aimed at passing direct benefits to the borrowers and thereby ensuring greater transparency in consumer loans. ...

It is probably impossible for unemployed youths to secure a loan from financial institutions these days. Getting a loan is difficult for them because they do not have a stable credit history or professional career in which the financial institutions decide the loans. So, to help them financially, there are several loans and government loan for unemployed youths  to help them pursue their dreams like: Cash Loans The government of West Bengal has started this scheme to support unemployed youths. Under this scheme, a jobless member can get loans of up to Rs. 50,000. Any member who is between 18 to 45 years of age can apply for this scheme. NEEDS Scheme This is a scheme where the state government provides a subsidy of 25% for any loan taken by unemployed youths who are graduates. Agriculture loan This is a very beneficial sche...

To curb the major problem of unemployment in the country, the government has introduced some schemes to facilitate the establishment of MSMEs and create employment opportunities. Also, there are Government-sponsored loans for unemployed youth to start their own business. Some of the loan schemes by the government are: 1. Pradhan Mantri Rozgar Yojna: This scheme was started in 1993 to provide finance to unemployed youth for starting a business. Some of its key features are: • Individuals who have studies class VIII can apply for a loan? • Training is given to the borrower for starting a business. • The maximum the loan amount available is Rs.5 lakhs. 2. Agriculture loans: Unemployed individuals above 22 who are small marginal farmers, tenant farmers, sharecroppers, etc. can apply for the loan. Loan up to Rs. 1 lakhs can be availed under this scheme. 3. New ...