Financial lenders across the country have been consistently reducing their interest rate on home loans recently. This has encouraged many borrowers to shift from their existing lenders to alternate financiers.
Calculations indicate that even a mere difference of 0.5% in the interest rates can amount to considerable savings. Borrowers can opt to shift their remaining loan to another lender that offers a comparatively cheaper interest rate than the existing one. This process is known as home loan balance transfer.
With a home loan transfer, one can easily reduce the quantum of the monthly installments. Additionally, He/she can also ask for a revised repayment tenor and enjoy other offers and benefits.
5 things to consider before opting for a home loan balance transfer
Home loan transfer is a highly beneficial facility for borrowers. However, they must learn everything about a home loan balance transfer before choosing to proceed with it.
Here are some pointers that can help out in this regard –
- Negotiate with the existing lender
Before you rush to transfer your home loan, try to negotiate the interest rate with your current financier. If you have been a loyal customer, chances are your lender might pay heed to your request.
This way, you can reduce the home loan interest rate and the subsequent EMI burden.
You can check how much you would save through a home loan interest rate calculator.
- Look out for associated charges
When you change your home loan financier, the process usually requires you to incur certain fees and charges. These include application fees, processing charges, administration fees, inspection fees and many more.
These charges can be levied by both the existing as well as the new lender. One must make sure that these do not exceed the amount he/she will save.
- Healthy credit score
Maintaining a healthy credit score is extremely crucial for transferring your home loan. Without a strong credit score, one simply would not be eligible for a home loan transfer. Your new lender will examine your credit score before taking up your home loan transfer application.
- Read the terms and conditions carefully
Before choosing a new financier, it is essential to go through all the conditions associated with the product they are offering. A lower interest rate can be quite tempting, but one must be sure of what exactly the new lender has to offer.
By knowing the terms and conditions, one can avoid any hidden charges levied by the new lender.
- Duration of the remaining repayment tenor
Most financial experts suggest that you shouldn’t change your lender if your repayment tenor is almost nearing an end. Ideally, you can opt for a home loan balance transfer when your remaining tenor exceeds five years.
With a longer repayment tenor, one can avail of the advantages of lower interest rates.
Most HFCs today offer the facility of transferring home loan balances from an existing financier. They offer reduced interest rates, minimal documentation, quick approval, and various pre-approved offers and benefits.
These offers are also available on various financial products like home loans and loans against property. You can check your pre-approved offer by simply providing some of your basic contact details.
This home loan balance transfer process involves a home loan takeover. Here, the new financier pays off the loan balance to the previous lender. Thereafter, the borrower begins paying the monthly installment amount to the new lender.
Simply put, a home loan transfer can effectively help to save money. To shift to a new loan financier smoothly, one must make sure to keep the above-mentioned pointers in mind.
Why Franchising is the future of all Business?
The basic idea behind the franchise is setting up an individual business, and upon success, it expands on different locations. A franchise system is introduced in the 19 century and is no new to us. In fact, according to the recent market reports, the franchise system of doing Business is multiplying day by day. The majority of the individual business owners are also looking for franchise partnerships, proving that Franchises are the future of all global businesses.
1. The fact can’t be denied that the starting of any business requires a tremendous amount of capital. If you opt for working with an international franchise, then the initial investment will undoubtedly less. You could use the spare money somewhere else.
2. In a franchise, multiple owners work together. The most significant advantage of that is creativity. Since more and more people get involved in the process and hence better ideas
3. You don’t have to worry much about earning customers’ trust in a franchise because you are already working with a big brand; you have loyal customers for years.
4. Working under an influential name will give your speedy business growth, hence fewer chances of business collapse, and basically, you have any as such business liabilities.
5. Advertisements and brand promotions come to you very quickly.
6. The tricky part is the legalization. When a franchisor hires the partners, they sign a contract called a franchise agreement, where they mention the franchise’s rules and regulations. The best time to see the franchise contract review is to pay any fee or sign the new agreement contract.
7. You are your boss. You have ample room for showing your creativity, and with the title comes the responsibility. You have the responsibility of managing the store and handling the staff.
8. When problems arise, the franchisee is given a technical team and an expert, hence better decision-making power. Individual business owners lack this sort of facilities.
9. The international franchises will give great exposure in the market as the franchise’s principal assets are the brand value.
Like every other Business, minor problems arise in the franchise business, for example.
Many big brands running successfully for years resist any change in their Business, like changing their menu from physical menu cards to digital menus, not leaving the cash registrar, and more.
1.Dealing with a bossy franchisor is very tough, as they resist your ideas, and you are left with very little space for creativity.
2. Even though policies are identical for a brand, you must be aware of the hidden fraud before signing the contract.
3. Apart from these, the list of pros of franchises goes on, and so these problems should be neglected in front of them.
The franchise industry is on continuous heat. The owners are making an intelligent move by accepting more and more changes in technology, business model, working type, etc. The franchise system makes the Business build more robust, sustainable, and easy to run, making it a preferred choice among the young individual businessman.
How to Professionally and Mindfully Fire a Problem Client
To tactfully fire a client, instead of lying, come up with a proper plan that involves preparing an excuse, outlining the specifics and having that difficult conversation
Whether you’re an entrepreneur, freelancer, or the CEO of a company, firing a problematic client is not easy.
Some clear signs make it evident that the client you are working with is challenging and not worth the stress. Broken communication, unrealistic demands, late payments, and lack of professionalism/boundaries are some of the telltale signs.
Ending the relationship that too on a positive note is challenging just like it’s challenging to pick the right performance appraisal methods for your organization. Have no fear, check this no-fuss guide to fire a problem client:
The Don’ts to Keep in Mind
Here’s what you are NOT supposed to do:
- Even though it’s the client’s fault, don’t blame them explicitly. Instead, push the blame somewhere else.
- Never fire them without completing their project. If you can’t do that, at least give them handouts on how to complete the task. You can also train your replacement.
- Don’t get into discussions about your decision. You owe no unnecessary explanation.
- Don’t fire them over text or email. It’s best to meet them in person or have a video call.
Tips To Fire a Client the Professional Way
Now let’s have a look at the actual steps to let go of a problematic client:
Know When It’s Time to Move On
Sometimes, you can’t fire a problematic client even if you badly want to. It happens so when they are your only high-paying client. But if you can financially survive without a problematic client, it’s a good idea to move.
Signs you should let them go include unanswered messages. Walking up in the middle of the night fretting about the client. All of this could be affecting your mental health.
Don’t drown yourself in the worry about how you would replace the income if that client is lost. If you are finding yourself bitching about the situation with your friends or family, it’s time to let them go. Life is too short to work with people who stress you out. Part ways with them and start your hunt to find better-paying clients.
Prepare the Excuse
Okay, the next big task is to prepare the excuse. Some people just don’t leave you that easily. They may try to negotiate. Since you have made up your mind, you need to give a solid reason.
Here are some examples:
- We are increasing our fee
- We are experiencing a conflict of interest with another client
- We are taking a new strategic direction.
Do It Mindfully
Never let go of a client from a place of anger. You may have frustrations but voicing them emotionally doesn’t always help. Some clients are just not ready to hear the points you are trying to make. It’s best not to point the finger. Just say that you have got to move on.
You would have to develop some thick skin when having that “you are fired” conversation. Remember one thing, it’s not your job to teach a client how to treat others better. The only thing you can do is set boundaries around how you allow others to treat you!
Professionally, you must give notice a month in advance. Firing a client mindfully is also about finding a better work balance. Don’t bring emotions into the client’s conversation. Keep things professional.
Suggest Your Replacement
You can always recommend another freelancer or business to take over. This isn’t mandatory but there is no harm in helping a client look for another agency even if they frustrate you.
Outline the Specifics
Make sure you provide some details before leaving. Such as:
- The date you would be officially done
- What pending work are you most likely to finish?
- What work you won’t finish?
- Your expectations in terms of the final payment
Have these in written and send them over via email after having a phone call or a meet-up just to make sure everyone’s on the same page. Writing a formal client termination letter is important just so you have proof that this conversation occurred. Although you might never need it, it’s smart to have everything documented.
You are now ready to have the conversation.
Prepare to Answer Some Questions
Much like a real-life breakup, client and agency breakup is never simpler like “thanks for letting us know. Wish you all the best.” After receiving a thoughtful message from you, the client might ask some questions. You need to be prepared to answer them promptly.
What if the client is aggressive and they request you to stick around? In that case, you this script:
“Thanks for your feedback but our decision is final. As mentioned earlier, here is a list of what to expect….”
Learn and Improve
Parting ways can be cringe-worthy but enlightening at the same time. There must be some valuable lessons you can extract from it.
It’s not always easy to identify problematic or high-maintenance clients right from the first conversation. However, it is worth figuring out if there are any takeaways from this experience. Perhaps, it may have made you realize that you are better off working with small businesses.
Hold onto this valuable information, improve the business process, keep growing and learning.
7 Tips to Get Smart About Debt
Your credit is an important tool; however, it can lead to your financial breakdown. So it’s necessary for you to use your credit prudently. Maintaining a good credit score and limiting your debts impact your financial wellbeing critically. If you exploit your credit or rack up debt, this will negatively impact all of your personal finances.
Here are 7 tips for you so you can manage the debt, save more, and be financially healthy:
1. Learn how to use credit cards responsibly
Before you apply for a new credit card, understand how to use the credit card properly, the advantages as well as its demerits, how it helps to build good credit history and how it can destroy it too, learn how and when the interests and charges are levied.
Credit cards sure do bring easy cash; however, it’s important to remember not to use them recklessly without knowing their effects.
Apply for a credit card online after thorough research on the various banks and the types of cards offered by them, features and costs associated, including Credit card interest rate.
2. Pay more than the minimum monthly payment
Know that if you’re only paying the minimum amount, you’re going to end up paying far much more to your lender. Why? Because if you carry any outstanding balance on your credit card, that balance will accrue interest daily. The only way to avoid getting hit with this interest would be to pay off the entire outstanding balance by the due date. Also, if you keep making only the minimum payments, you will inadvertently take a much longer time to repay your debts completely.
Credit card interest rates differ from bank to bank and card to card, so consider switching to the lower rate cards.
3. Fix your spending habits
If you spend more than you earn, fix your habit. Changing how you spend your money is the first step to be efficient enough to manage your finances well. Implement some money-saver techniques like utilizing discount coupons, reward points, get free oil- change. Learn to be frugal so you can achieve your financial goals.
4. Regularly check your credit report
Your credit report significantly impacts your capacity to borrow, so you need to make sure the details it contains are correct and positive. It reflects every lender you have owed money to in the past and your current debt position, your debt repayment history.
Mistakes on credit reports can be quite common, so review your report regularly to confirm that your personal information is accurate and that the debts not taken by you aren’t listed there. Also, ensure yourself with the details of all the money you owe. It will take some effort, but you will end saving more by being able to detect the problems early on.
Apply for credit card online, which doesn’t pull a hard inquiry on your report more than once a year.
5. Don’t ignore your bills
If you miss the due date, every lender will slather on the late fees or Credit card interest rate charges on your account. In those cases, instead of paying off what you owe, you end up accumulating more debt. If you find it hard to make your payments on time, you can arrange for an automatic online payments system. This way, money can be automatically paid from the account, and stress about missing the due dates is reduced. However, make sure that you always have enough funds in your account.
6. Have an emergency fund
Imagine you are trying to actively manage your credit card debts, and then an emergency comes and sucks you right in the ever-growing debt hole. Consider building an emergency fund that will help you restrain from using your credit cards in emergency situations.
7. Create a debt management strategy
Managing your credit card debt primarily includes having a solid plan to repay what you owe as early as possible and avoid the extra burden of late fees, interests, and various penalties.
Three approaches you can take to pay off your credit debt:
- The snowball method
- The avalanche method
- A mix of above both methods
In the snowball method, you start off by paying smaller debts first and be motivated to break free of your debts. You keep paying the smallest possible debt amounts step by step until you have repaid all of it.
In the avalanche method, you do the opposite. You start with the credit card debt that carries the highest Credit card interest rate on it as you continue making minimum monthly payments on your other debts.
The third method combines both of the above methods, and that means in the start, you may pay the smallest debts first to lessen the mountain of debt and then move to bigger ones. You can also reverse it depending upon your choice and the funds available to you for repayments.
Apply for credit card online at MyLoanCare with ease through the website or the bank’s app. This will save you a hassle about documents and going to the branch; however, be vigilant about the credit you obtain.
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