Sometimes it might be hard to achieve your dreams without having liquid funds or a collateral that can be pledged to borrow money. Whether it is growing a small business or planning higher studies, money should never be an issue to put a pause on your dreams and for that, there is one solution. The solution is to borrow unsecured funds.    

We will go through the process of how to bag a small personal loan without any security. First, let us understand: 

What are Collateral-Free Loans? 

As the name suggests, unsecured or collateral-free personal loans are short-term loans offered by the lending institution without any security. 

Collateral refers to a transferable asset that can be pledged by the borrower to secure the repayment of the borrowed money.    

Generally, when large loans are sanctioned financial institutions keep a liquid asset as a security for the repayment of the loan amount. 

Advantages of collateral-free personal loan

• One of the significant advantages is that you do not have to worry about your asset. Since the nature of a personal loan is unsecured you can apply for it even without pledging any asset. 

• Due to technological advancement, the loan approval time has been cut short. Furthermore, if you have a pre-approved offer on your account, the loan can be disbursed within seconds. So, to get some quick money you can rely on personal loans. 

• Personal loans do not have any strict boundation on usage. Personal loans are disbursed directly into your bank account thus they can cover a lot of other expenses such as weddings, traveling and hospitalization expenses. 

Ways to Get A Personal Loan Without Security 

Repay Previous Dues

It will be an added advantage if you pay off your existing loans or credit card dues before applying for a fresh unsecured loan. It will reduce your monthly expenses, thus, will save more money in your pocket. This will give lending institutions a sense of confidence, as they focus on the disposable income of the borrower. You should know that in the case of unsecured loans, it is always better to have a lower debt-to-income ratio. 

Improve/Build Your Credit Score

It is very important to have a good credit score while applying for an unsecured loan. To improve your credit score you need to start monitoring it. You can easily check your credit/CIBIL score online to know about discrepancies if any. 

Check the eligibility on the lender’s website

Once you are confident that your CIBIL score is good to bag a low-interest personal loan. You can visit different lenders’ websites to check for the eligibility and offers if any. Also, check for the eligibility to apply for a small personal loan, as it varies from a different lender to lender. 

Major lending institutions such as Bajaj Finserv provide pre-approved offers to their existing customers. So, to check the availability, you can visit their website and fill in the information. 

Fill the application form 

Once you are sure of the eligibility criteria of the lender, and if you think you fit in. You can go ahead with filling the application form. You will be required to upload/submit these documents:

KYC documents (Do not worry if you are an existing customer, they already have it in their database.)

Proof of address 

Income Proof   

Bank Statement/Passbook 

Unsecured loans can be a blessing during emergencies, as their approval time is lesser than secured loans. You can follow these steps to bag without pledging any security.  

Read Also: How Does a Small Personal Loan Work?

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A lot of people these days go through difficult financial situations. To manage a situation like these, they usually end up taking various loans. However, they forget that these loans also need to be paid off at the end.

If you are burdened with debt and are looking for ways to get rid of it, then here is an article just for you. It will take you through a method of getting rid of your current debt with the help of a debt consolidation loan.

What is a debt consolidation loan?

Debt consolidation loan or personal loan is a type of financing service which can be borrowed to get rid of your current debt. Imagine you have a debt of Rs.10 lakh and you are paying heavy interest on the same. 

With the help of a debt consolidation loan, you will be able to borrow the same amount with a lower interest rate. It will allow you to repay your current debt and improve your Credit or CIBIL score. 

However, one still needs to be careful as it is still a loan. Besides, it will also start a new debt account, which will need to be repaid on time. Hence, you should be careful while opting for a debt consolidation loan. 

Benefits of borrowing a debt consolidation loan 

1. You save on interest

There are fair chances that you are paying hefty interest on your current debt account. This adds to your overall financial burden which makes repaying the loan even more difficult. However, with a debt consolidation loan, you have an option to shop for a lower interest rate. In other words, you can easily find a lower personal loan interest rate, which will save you from these hefty charges.

2. Your EMIs reduce

When the interest percentage is high on your debt account, then the monthly EMI is also substantially large. Therefore, you might end up paying more than half of your income as EMIs. However, when you calculate personal loan EMI then you consider a low-interest debt consolidation loan, so that you can save on this as well. Overall, it will allow you to enjoy personal loan EMI which is more feasible.

3. Less financial burden

Since two of the most important things related to a debt account are lowered, the financial burden automatically reduces. It will give you peace of mind and will allow you to enjoy your life without having to worry about repaying your debt continuously. Besides, it might even give you enough time to think about generating an additional investment and income source.

4. Easier to pay off debt

The final benefit of using a debt consolidation loan is that it is easier to pay back. There is a lot of flexibility when it comes to personal loan eligibility as well as repayment methods. Hence, borrowers can conveniently choose a repayment strategy that works for them when it comes to a debt consolidation loan.

Bajaj Finserv provides multiple financing services and pre-approved online deals for them as well. Here you can borrow finance for services like personal loans, business loans, home loans, EMI finance and more. With the help of these pre-approved deals, you can reduce the loan processing time and make it completely hassle-free.

You can submit your name and mobile number to unlock your pre-approved loan offers today.

The post Save on EMIs by Consolidating Your Existing Debts appeared first on Today News Spot.

An increasing number of firms are getting familiar with the benefits of real-time data analytics. This familiarity has resulted in the firms including real-time analytics in their system.

It has been observed that streaming analytics helps businesses to improve operational efficiency and generate more revenue. This also results in reduced preventable losses.

Modern technology and apps allow firms with features such as patient monitoring, marketing, and customer management, intelligence and surveillance, algorithmic trading, oil and gas operations management, supply chain optimization and procurement, IT and network monitoring, vehicle tracking and route monitoring, and call center analysis.

Discussed here are a few ways of how real-time analytics help generate revenue for your business-

Improved management

Analytics help you to compare leads of your existing customers based on the data history. You can bifurcate leads in your business based on whether or not the customer is profitable to your business.

You can also determine whether they are engaged in your business or not? This way, you don’t waste time approaching the wrong set of audiences that are less likely to invest in your product/services.

Your sales data can also provide you with insights that can be utilized to contact the right customers and gain revenue.

This data can also help identify your weaknesses and work on them.

Better sales forecast

The real-time data analytics help you to predict future sales better. You don’t predict sales randomly. Instead, you have significant historical data to back your future sales predictions.

Historical data provides you more a more realistic and accurate vision of your future sales. It helps you determine how much can your team ear through sales in a specific tenure.

With a specific revenue in vision, the team leaders can allocate resources wisely, prepare an effective plan of action, and manage the workforce accordingly. This gives you a better ability to reduce wastage of resources and adapt to evolving market conditions.

Real-time data analytics also helps you to review your performance based on industry norms and standards. This helps you to determine your position in the industry and work dedicatedly to enhance it.

Improved product features/ services

Sales data and consumer history can offer you a better understanding of consumer requirements. This understanding will help you offer better and improved products/services to your customers.

The data helps you to figure out the products that are in high demand and those experiencing poor sales. This way you can work on products that aren’t doing well and enhance customer services for other products.

One way to enable this is to ask feedback from your customers. This way, you will have precise knowledge about their needs and you can offer them products and services accordingly.

In due process, you may also come across the fact that certain products ought to be eliminated from the list. When you cut down some of the underperforming products, you are likely to acquire additional resources. These resources can be utilized in other products and earn more revenue and profits.

Customized marketing services

Customer data and their purchase history help you to reach the right audience. You no longer waste money on advertising your product/services to the wrong audience.

This data can help work on the right potential audience and lure them to purchase more. In fact, you can reach out to more customers with this similar purchase behavior. This way, you can optimize your marketing expenditure.

With time, you can also acquire data regarding which campaigns work for your audience. The campaigns that are effective, help reach the right audience, and get converted to sales can be referred to in the future. You can design future marketing campaigns based on similar strategies.

Your customer may have different approaches. While some may prefer short and concise product information, others may need an in-depth and detailed product description.

You can tailor all this information based on customer history and their buying behavior. This will have a tremendous impact on your profits and overall business revenue.

Several business consulting services can help recommend how to use this analytical information to improve business revenue. However, it is, important to choose an experienced, advanced, and reliable firm to carry out this activity for your business.

The post How Does Real-Time Analytics Help Your Business? appeared first on Today News Spot.

With modern ingenuity and technology, Artificial Intelligence (AI) has become an integral part of society with immense applications in different sectors. Right from the matches on dating apps to stock performances on Wall Street, AI has been the frontrunner in tackling complex and convoluted tasks in any business setting.

Some of the applications that AI represents in business are discussed below.

Security of a business:

The most crucial element in any business, overlooking this aspect will place the business in peril. With digital warfare being a looming threat from an individual to an entire nation, cybersecurity has donned its cape to take on this problem head-on.

Even though Artificial Intelligence (AI) and Machine learning are still in the embryonic state in this domain, many strides have put us in a better position. Developments and research in sectors like:

• Bot technology
• Active contextual modeling
• Data protection
• Data and Analytics
• Forecasting and many more.

All these sectors have advanced greatly due to the implementation of AI.

Source: https://www.em360tech.com/wp-content/uploads/2019/07/ai-cybersecurit-.jpg

Human Resource:

Taking out the Human element and replacing it with a machine, might seem like a sci-fi plot but it isn’t. Well, quite the contrary, in fact, the benefits AI brings to the table is superior in terms of quality and quantity.

A LinkedIn survey had shown that 83% of candidates showcase a dislike to a company they had once liked due to a bad interview and 80% had the reverse result after a good interview.

This clearly showcases how the human element can interfere in the process. However, with advanced algorithms and data-driven processes, better and adequate talent can be employed. So, using AI for HRM can help in:

• Hiring better resource
• Reducing the time of screening candidates
• Utilization full bandwidth of the resource available
• Forecasting the need for resources for future operations.

Source: https://miro.medium.com/max/9000/1*1PjyUmlo4ufMfU7ZbpoFPw.jpeg

Marketing strategies:

The right marketing can boost a company to great heights, but with a complex audience and trends, this can be a challenging task. But with the help of AI, you can reach your audiences in an efficient manner.

• Artificial Intelligence (AI) can effectively pick up trends in the market place with big data solutions and with data analytics the right crowd can be targeted.
• Even with the content presented, with advanced AI tactics the entire process from content creation to publishing can be automated.

Image Source: https://miro.medium.com/max/1024/1*ofjqKOuf20ND76gWIudh_w.jpeg

Customer Service:

A good customer service is the key to ensuring that customers stay well connected and well informed. Currently, this region is dominated by manual operators and with it being a monotonous activity, human errors can be present. This pain point can be solved by implementing AI.

• AI chatbots are steadily overcoming this issue with reduced wait time and better response.
• With deep learning, AI can track the history of a customer’s previous inquires and by picking up certain keywords and voice tones, a natural conversation can be achieved.
• AI picks up the likes and dislikes of the customer and accordingly present the solutions.

E-commerce:

We prefer shopping online because it offers all kinds of products which we need. But have you ever wondered, that every product that is displayed on a site is some way related to your choice? This is the magic that AI has bought into the e-commerce industry.

• Artificial Intelligence (AI) latches on to the preferences of individuals, and previous choices and presents similar products and services.
• It continuously scans for the best deals and products as per search patterns and displays it on your screen. In this way, even if you do not need the product, you will still buy it.

Facts you should know!

It is estimated that around 25% of the population engage in digital shopping and this number will be a whopping 2.14 Billion by 2021.

Keeping this figure in mind, it would make perfect sense to streamline the e-commerce experience bringing in more revenue.

Accounting:

This is an area that deals with very sensitive data, but even with moderate AI inclusion, it can drastically increase productivity and reduce time.

• AI can significantly reduce any fraudulent practices in relation to company capital, by tracking purchase history.
• AI can also eliminate favoritism or partiality that can have a bad impact on employee morale and respect.
• Besides this, robotic tasks like data entry or bookkeeping can be entirely automated.

In a case study, it was noted that around 55% of accountants will include AI in the next three years.

Image Source:

https://www.acecloudhosting.com/blog/wp-content/uploads/2018/11/artificial-intelligence-accounting-industry.jpg

Testing:

When a product or a service is set to be published in the market, a thorough testing phase has to be implemented. This could include

• code checks,
• market trends,
• trial runs, etc

But manually executing most of these can take forever and may not even be accurate. Therefore incorporation of an AI system can significantly elevate the number of tests run to better improve product quality.

Conclusion:

Implementation of Artificial Intelligence (AI) into any industry will increase profits and growth in greats and folds. It surpasses human limitations and restrictions and hence is the perfect option in various operations.

The incorporation of AI is imminent it’s just that how we process and utilize it effectively.

The post Applications of Artificial Intelligence (AI) in business appeared first on Today News Spot.

Artificial Intelligence in a nutshell

This is all part of the grand scheme of Artificial Intelligence (AI), an alternative to reduce human effort and improve quality. AI is human-created, yes, but it has the potential to exponentially grow by self-learning and execute impossible tasks, this has been the sole goal of AI since its inception.

Image Source: https://builtin.com/sites/default/files/styles/medium/public/2018-08/artificial-intelligence-companies.jpg

By saying AI is still in the development stage is almost an understatement, because now more than ever AI is present in every aspect and may affect you directly or indirectly. 

Let us take an example…

A good example would be voice assistants like Siri, Alexa, or Google, they might appear basic and robotic but the tasks they achieve are a beautiful ensemble of AI and machine learning.

From video games to military projects, from spam filters to space expeditions, the incorporation of AI in every stage is paramount and beneficial. So keeping this in mind let’s take a look at how AI has affected the things around us and impacted our daily lives.

AI’s impact on the Health Sector

Dealing with the human body can never be an easy task, and doctors and researchers have to face new challenges every day. 

• AI technology has helped understand patients’ medical history before the actual appointment. This allows for better diagnosis and treatment. 
• Medical data analysis can predict certain alignments that are likely to affect an individual and therefore preventive measures can be deployed. 
• Besides this, the development of better medicines and equipment in pharmaceutical companies is made possible with the help of Artificial Intelligence (AI).

https://d1m75rqqgidzqn.cloudfront.net/wp-data/2019/11/12140511/shutterstock_519560572.jpg

AI’s impact on the Entertainment industry:

Probably the most evident field especially with respect to the gaming industry! A few years back gaming experience was poor and not indulging, but today pick any game from the shelf and you can see the superior quality and engagement it has improved with. 

Many AI companies are also using the gaming platform as testing grounds. For example, OpenAI, a machine learning software that was deployed into multiple games, it had the ability to overpower professional gamers and completely turn the tide towards its favor, just by tracking and self-learning. 

Even in movies and shows, the use of CGI is made possible by a cybernetic brain power called AI.

Image Source: https://i.imgur.com/GWAO9hP.jpg

AI’s impact on Security:

Another area where we can witness exponential growth in Artificial Intelligence (AI) is security. 

It is estimated that in 2020 the costs from data breaches will result in $150 million in monetary damages. 

• The tracking of online data and practices has helped in reducing cyber threats. This also impacts the privacy of an individual, so careful and strategic manipulation of this double-edged sword is the key. 
• Even in physical security, AI and robotics have displayed feats that could endanger a human operator. 
• Like better military equipment, robotic intervention modes and tracking systems are used to a great extent.

Image Source- https://miro.medium.com/max/1200/1*_TnVKLfgLZCs86NgVlN1Tw.jpeg

AI’s impact on the manufacturing sector:

Robotics and AI always go hand-in-hand and they coordinate well with each other. Until recent times, manufacturing used to be a labor and time-intensive task, but robotics has helped make the manufacturing process smooth and streamlined. 

• Robots in manufacturing process reduces human errors
• Robots and AI reduce the wastage of resources
• AI speeds up the production levels 

Most of the major industries integrate robotics in one way or the other. Those that have used the full potential of this are reaping high rewards and experiencing substantial growth, but the usage has been ever rising. 

The global sales of robotic machines in the year 2018 alone were around $16.5 billion, this state compliments the fact that more and more industries are using AI developed machines into the process.

Image Source- https://www.infosysconsultinginsights.com/wp-content/uploads/2017/06/AI-Brings-New-Ideas-to-the-Factory-Floor.jpg

AI’s impact on financial institutions:

Banks and other financial institutions are now making use of Artificial intelligence (AI) technology to better process loans and keep track of customer history. 

• The deep learning process of an AI system can better understand the profile of a customer and take necessary action in the shortest time possible. 
• Not only is this, but a monotonous task like data entry, bookkeeping, accounts maintenance is replaced with automated systems with the help of AI.

Conclusion:

These are just a few of the implication that Artificial Intelligence has had on the society, the still ongoing development and research will surely take society into a favorable future. 

Research has shown that by 2025 the AI market will grow by $190 Billion and we will all be a part of it.

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