3 Types of Financial Service Providers to Choose From

Financial service providers are hired in order to assist clients with various assistive services such as financial planning. The kind of financial provider you hire will depend on the kind of financial services that you need. These are 3 types of financial service providers that you need to choose from for financial services India.

Financial Planner

A financial planner is who you should go for in order to plan your investments long-term. You can plan your long-term financial objectives with this type of provider. They know which type of financial product can be assistive for you, whether retirement savings, insurance requirements, estate and tax planning or debt control. You can get full assistance in planning from these professionals, from generating income immediately to making long-term financial plans.

Investment Advisers

They offer simple advice about securities and manage investment portfolios on your behalf. Advisers work with stock broker agencies and research and advisory firms in India in order to make purchase and sale decisions. Unlike stockbrokers, investment advisers are responsible to clients and have to put their interests before their own. You may recruit an investment adviser who does not trade without obtaining your permission or opt for one who acts out of his own discretion and trades without getting your permission but for your best interests.

Stock Brokers

They purchase and sell securities on behalf of their customers. Stockbrokers have experience and knowledge of the stock market so as to be able to assist clients wisely and help them in generating income and revenues. They make most of their income by way of commissions, and do not necessarily have to give precedence to your interests. You should remember that stock brokers with good reputation are the ones to go for, as the risks of getting unsound advice is less with them. 

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Applying for Loan for Small Business – 3 Things to Remember

If you are planning to set up a small business, a startup loan is what you will need in order to ensure the success of your business. You can find many lenders in the market which provide small businesses with these loans and have different types of loan requirements for borrowers. Prior to applying for a loan for small business in Mumbai, it is important for you to do the following 3 things.

Check The Eligibility Criterion

Make sure that find out whether or not you are eligible for applying for this kind of loan. Each lender has a specific set of criteria for approving borrowers. Your credit history will be checked in order to ensure that you are qualified. In case of any discrepancy, it is quite possible that your application will not be approved. Make sure that your credit balance is a minimum of 20 – 30% of your total credit limit for obtaining the approval from the lending organization.

Check Your Debt – Income Ratio

You also need to supervise your debt to income ratio. The income should be greater than your debt amount. In case the income is lower than the debt amount you are supposed to repay, there is likelihood that the lender might reject your application for the loan. This is not something that you would want.

Prepare an Appropriate Loan Package

Prior to applying for a startup loan from any of the financial services in Mumbai Company you should prepare the right loan package in a proper manner. The type of package that you prepare should consist of executive summary, the business plan that you have and also the proper monetary projection of the previous 4 – 5 years. You should also keep in mind that you should add concrete proof of registration for your business along with the loan application.

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