Commercial bank – Papa Byrd http://papabyrd.com/ Thu, 24 Nov 2022 01:19:31 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://papabyrd.com/wp-content/uploads/2021/10/icon-120x120.jpg Commercial bank – Papa Byrd http://papabyrd.com/ 32 32 Women entrepreneurs ask for seed money and easy loans https://papabyrd.com/women-entrepreneurs-ask-for-seed-money-and-easy-loans/ Wed, 23 Nov 2022 16:55:00 +0000 https://papabyrd.com/women-entrepreneurs-ask-for-seed-money-and-easy-loans/ Women entrepreneurs on Wednesday called for the creation of a start-up fund to qualify for easy loans, highlighting the many forms of discrimination they face to become successful business leaders. Speaking at the International Women Entrepreneurs Summit at a hotel in the capital, they highlighted the difficulties faced by women entrepreneurs in obtaining various documents, […]]]>

Women entrepreneurs on Wednesday called for the creation of a start-up fund to qualify for easy loans, highlighting the many forms of discrimination they face to become successful business leaders.

Speaking at the International Women Entrepreneurs Summit at a hotel in the capital, they highlighted the difficulties faced by women entrepreneurs in obtaining various documents, including business licenses and environmental clearances, in order to obtain bank loans.

At the event organized by Bangladesh India Business Council (BIBC) and Bangladesh Investment Development Authority (Bida), Jatiya Sangsad Chairperson Shirin Sharmin Chowdhury also spoke about the issue of securing finance for women entrepreneurs .

She said they needed political support and easy bank loans, both of which would help in the development of female entrepreneurs in the country.

Mentioning that the government has provided collateral free loans of Tk 10 lakh or more for female entrepreneurs, she said if not properly implemented, women would face obstacles in availing the collateral.

In many cases, information from Bangladesh Bank to commercial banks is not disseminated in the right way, Shirin said.

She urged all parties to come together for this purpose, adding, “We know women are not defaulters.”

Salman F Rahman, private industry and investment adviser to the Prime Minister, also said women still face gender discrimination.

“I still think there are a lot of challenges for women. There is discrimination against them. Men should change their mindset and come forward in this regard.”

Later, during a session titled SME Graduation on the first day of the two-day summit, Nihad Kabir, President of Business Initiative Leading Development (BUILD), referenced a study report that found loans to small and medium-sized enterprises (SMEs) receive from banks represent only 6% of the financing they need.

They provide the rest of the financing themselves or borrow from other lenders.

She said that banks are telling small entrepreneurs that they do not have the accounts and documents required for financing, adding that there should be a possibility to grant loans to small entrepreneurs on the basis of certain criteria only. necessary documents such as national identity cards.

Nihad Kabir, also a former president of the Metropolitan Chamber of Commerce and Industry (MCCI), emphasized the formation of special government financial institutions to support women entrepreneurs, central bank direction to banks so that a certain amount of money goes to SME entrepreneurs and strengthening the public-private partnership.

Syed Nasim Manzur, managing director of Apex Footwear Limited and former chairman of MCCI, said business licenses and environmental certificates, as well as outdated customs and VAT rules, are major hurdles for SMEs, including including women entrepreneurs.

Furthermore, the reluctance to accept women entrepreneurs as bosses also acts as a barrier.

He said some affirmative action or favoring women will be needed to move them forward.

Md Mafizur Rahman, Managing Director of the SME Foundation, said that at least a start-up fund of Tk 1,000 crore from the government is needed to help SMEs move forward. The interest rate for loans from the fund should be a maximum of 2% and it should be disbursed on the basis of JNV, business license and certificate only.

Those who successfully repay the three-year loan should get back the interest they paid at the end of the term.

He said small entrepreneurs should get loans based on just three or four documents. But the bankers want a bunch of documents.

Small entrepreneurs have not received much money from the fund already provided by the government because big companies have taken it, he added.

British High Commissioner to Bangladesh Robert Chatterton Dickson, Aarong Managing Director Tamara Abed and Indian Women’s Chamber of Commerce and Industry President Dr Harbeen Aro Rai also spoke at the of the show hosted by Farzanah Chowdhury, Managing Director of Green Delta Insurance Limited.

MA Mannan, Minister of Planning, Jashim Uddin, Chairman of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Muhammad Aziz Khan, Chairman of Summit Group, Dr Ahmad Kaikaus, Principal Secretary to the Prime Minister, and Lokman Hossain Miah, Director Chairman of Bida also addressed the inaugural session while Mantasha Ahmed, Chairman of Bangladesh-India Business Council (BIBC), presided over the ceremony.

The two-day summit will end on Thursday.

The medical equipment industry needs more investment

Speaking at the Health and Wellbeing session of the summit, Mousumi Islam, Managing Director of Promixco Group, highlighted how Bangladesh had managed to produce quality medical equipment during the Covid-19 crisis, adding that he also highlighted the regulatory vacuum in Bangladesh when it came to importing such equipment from overseas.

She said nearly 90 percent of medical equipment and devices come from abroad.

“Nearly 4,000 categories of medical equipment are used in our country. Importers only show assurance on paper. We are not assured of quality only on paper. This is the big challenge for the medical equipment industry. medical equipment and devices in Bangladesh,” she said.

Mousumi said the country’s market size is now nearly $3 billion. “Over the past five years, almost a billion dollars have been invested. We have been successful in our pharmaceuticals, but we are very dependent on medical equipment and devices.”

She said there was plenty of room for investment in the sector and called for private-public partnership.

The agricultural sector needs a smart value chain

Kazi Inam Ahmed, President of Bangladesh Supermarket Owners Association, presenting the keynote speech during the panel discussion on Agribusiness and Processing, said there is a post-harvest loss of 25% to 50% in the country, mainly due to the lack of cold storage facilities for fruits. and vegetables (except potatoes), adding that there is huge investment potential here.

Minimizing post-harvest losses will end the price volatility of different crops and help stabilize farmers’ incomes. Apart from ensuring food safety and quality, it will also create the opportunity to export by reducing dependence on imports, he said.

He further stated that there is a vibrant labor force in this country for agricultural work as well as 17 research institutes. The environment in Bangladesh is favorable for cultivation all year round. Thanks to this peculiarity, the country has 500 agriculture-based factories, 200 export-oriented factories and five lakh of direct employment in the sector.

There is an investment opportunity of $1.5 billion over the next five years in this sector, including in agribusiness and marketing, irrigation and water management, cold storage and the development of climate-smart agriculture.

A huge investment opportunity in developing the value chain of certain commodities like pineapples and jack fruits by establishing infrastructure and cold storage facilities also lies here, his article reads.

Principal Commerce Secretary Tapan Kanti Ghosh said, “There is a big difference in the cost of different products in Bangladesh and other countries. If we cannot reduce the cost, we will lag behind in the competitive export market.

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Women entrepreneurs repay their loans in most cases (trade minister) https://papabyrd.com/women-entrepreneurs-repay-their-loans-in-most-cases-trade-minister/ Sun, 20 Nov 2022 16:46:00 +0000 https://papabyrd.com/women-entrepreneurs-repay-their-loans-in-most-cases-trade-minister/ Trade Minister Tipu Munshi said he was confident that bank loans given to women entrepreneurs were repaid in 99% of cases. “They don’t run away with the money like the others, at least,” he said. The Trade Minister said this while speaking as a keynote guest at an event to mark International Women’s Entrepreneurship Day […]]]>

Trade Minister Tipu Munshi said he was confident that bank loans given to women entrepreneurs were repaid in 99% of cases.

“They don’t run away with the money like the others, at least,” he said.

The Trade Minister said this while speaking as a keynote guest at an event to mark International Women’s Entrepreneurship Day and the 5th anniversary of the founding of the Association du Network of Women Entrepreneurs for Development at Gulshan Shooting Club auditorium.

Tipu Munshi said, “We need to support our female entrepreneurs. The path for women will not be easy. But they must move forward with courage.

“We will take the lead in ensuring market access for women entrepreneurs,” Munshi said.

Jasim Uddin, president of FBCCI, said women entrepreneurs face obstacles in obtaining loans. FBCCI is negotiating with Bangladesh Bank so that it can get loans easily.

“We opened a wing in the name of FBCCI to provide business support to new entrepreneurs. All information can be found in this wing. We are focused on innovation and creating new models for female entrepreneurs,” he added.

European Union Ambassador to Dhaka Charles Whiteley said there was a need to ensure that women could easily obtain bank loans to do business.

‘I recently visited Chattogram and Rangamati. A lot of women there said they had business ideas,” he said.

But they own no land. They therefore cannot use the land as collateral and therefore they do not get loans, he added.

WEND President Nadia Binte Amin, Mark Shaiman, Head of USAID’s Feed the Future Bangladesh Business Activity, Dave Runganaikaloo, Program Team Leader of the Export Readiness Fund, also took the speech during the ceremony.

At the event, WEND presented the “Special Award for Women Empowerment” to Bangladesh Export Development Bureau for taking significant steps in empowering female entrepreneurs.

Commerce Minister Tipu Munshi presented the award to EPB Vice President AH Ahsan.

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High fuel rates, easy loans and eased travel restrictions – which will drive CV sales to a million by Fy24 https://papabyrd.com/high-fuel-rates-easy-loans-and-eased-travel-restrictions-which-will-drive-cv-sales-to-a-million-by-fy24/ Wed, 02 Nov 2022 10:56:00 +0000 https://papabyrd.com/high-fuel-rates-easy-loans-and-eased-travel-restrictions-which-will-drive-cv-sales-to-a-million-by-fy24/ A recovery in medium and heavy CVs from multi-year lows, along with continued growth in light CV categories, will help overall CV volume reach nearly one million units by the fiscal year 24 – the level of the last cyclical peak recorded in fiscal year 2019, according to a new report. India’s commercial vehicle (CV) […]]]>

A recovery in medium and heavy CVs from multi-year lows, along with continued growth in light CV categories, will help overall CV volume reach nearly one million units by the fiscal year 24 – the level of the last cyclical peak recorded in fiscal year 2019, according to a new report.

India’s commercial vehicle (CV) sales volume is expected to grow in the mid-to-teens over the next few years after recovering 26% in the fiscal year ending March 2022, the service company said on Wednesday. financial Fitch Ratings in a report.

A recovery in medium and heavy CV (MHCV) from multi-year lows, along with continued growth in light CV (LCV) categories, will help overall CV volume reach nearly one million units by FY24 – the level of the last recorded cyclical peak in FY19, according to the report.

Growth in the passenger CV category, which has suffered a greater pandemic impact due to travel restrictions and the suspension of school and office trips, will also contribute to growth, despite its lower share of less than 15%. of total CV volume before the pandemic.

In the first six months of the 2022-2023 financial year, Indian automakers sold a total of 456,199 units, including 231,880 in the second quarter, according to data released by the Society of Indian Automobile Manufacturers (SIAM) earlier. in October.

SIAM Managing Director Rajesh Menon noted that the commercial vehicle segment has started to show trends of improving market demand. Reflecting on quarterly sales, Vinod Aggarwal, President of SIAM, added, “There is improvement seen across all segments in the second quarter of 2022-2023, compared to the prior year.” He also pointed to the recent increase in CNG fuel prices, rising repo rates and the Russian-Ukrainian conflict as concerns that could impact the market in the coming months.

Fitch also noted that replacement demand for the CV segment has remained subdued in recent years as multiple challenges have affected purchasing decisions, despite the increasing age of the fleet. These included system-wide excess capacity following revised axle load standards, increased vehicle costs following the adoption of stricter BS6 emission standards and lower availability of finance .

However, in its latest report, Fitch listed a series of factors likely to lead to a sustained recovery in the commercial vehicle segment. Here is an overview

A rapid recovery in India’s economic activity levels from the pandemic shock and the planned increase in infrastructure spending by the government will help sustain an improvement in fleet utilization rates, supporting the freight economy for operators. This should support the recovery of the replacement cycle, despite the pressure of high inflation and rising borrowing rates since the start of the Russian-Ukrainian war, according to the report.

He added that high fuel rates would also spur the replacement of older CVs with newer, more fuel-efficient vehicles, including those with compressed natural gas transmissions in smaller categories.

The easing of travel restrictions and the resumption of physical attendance at offices and schools will support a rapid volume recovery in the passenger (bus) segment of MHCVs after an outsized pandemic caused fiscal volume to 22 remained 70% below the FY19 pre-pandemic level. was 30% higher than sales volume for all of FY22.

“We believe increased loan disbursements by CV financiers will drive sales over the medium term. Improved earnings visibility for fleet operators, as well as manageable asset quality and access to finance for lenders, should underpin improved credit availability,” Fitch said.

Recovering levels of economic activity and increased infrastructure spending under the government budget have contributed to improving VC utilization rates. This is evident from rising freight rates and improved profitability for fleet operators since 1HFY22.

Fitch explained that most fleet operators have chosen to defer the purchase of new CVs, given various challenges since 2018 that have weighed on fleet utilization rates and profitability. This has led to a stagnation in the population of active CVs since FY19. “Average vehicle age has also reached multi-year highs, usually associated with low fuel consumption,” he said.

However, the factors mentioned above, along with improved availability of financing, have boosted buying sentiment in recent quarters, spurring a revival in replacement demand. This is despite rising cost of ownership due to rising fuel and commodity prices and higher borrowing rates after the start of the Russian-Ukrainian war, the rating agency noted.

“This should support sustained demand over the next few years. We estimate sales of around 500,000 units in deferred replacements from previous years, particularly given the poor fuel efficiency associated with an aging fleet,” he said. -he adds.

He credited the robust gains in sales share of compressed natural gas variants in the midsize and small categories, which offer better fuel cost efficiency than conventional diesel variants, for his view.

These variants contributed 40% of sales for Tata Motors – India’s leading CV maker – in the mid-size category in FY22, up from 20% a year ago, he added.

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Review: Branch loan app offers quick and easy loans, but with high interest https://papabyrd.com/review-branch-loan-app-offers-quick-and-easy-loans-but-with-high-interest/ Tue, 01 Nov 2022 05:18:58 +0000 https://papabyrd.com/review-branch-loan-app-offers-quick-and-easy-loans-but-with-high-interest/ Lending apps have continued to bridge the financial inclusion gap in Nigeria by providing loan access to millions of Nigerians locked out of the credit system by banks. Although some unlicensed lending apps have become a threat to the system, the real players continue to fulfill their mandate without compromising company ethics. Branch, a Kenyan […]]]>

Lending apps have continued to bridge the financial inclusion gap in Nigeria by providing loan access to millions of Nigerians locked out of the credit system by banks. Although some unlicensed lending apps have become a threat to the system, the real players continue to fulfill their mandate without compromising company ethics.

Branch, a Kenyan registered company with operations in Nigeria, India and Tanzania, is one of the licensed lending apps offering instant credit to many Nigerians. Branch created an algorithmic approach to determining creditworthiness through customers’ smartphones, using machine learning.

According to the company, while this advanced technology approach requires transparency and trust, it also provides customers with a fair, safe and convenient path to build capital and save for the future.

A quick glance at the app

With a download size of 8.2MB, the Branch app is lightweight and won’t give users the headache of space on their phones. The user interface looks simple and easy to navigate. And with over 10 million on Google Play Store, the app is a favorite of many Nigerians. Suffice it to say that with operations in Kenya, Tanzania, Nigeria and India, the 10 million downloads reflect the diversity of the markets.

The company says interest rates on the app range from 15% to 34%. You can access loans from N1,000 to N200,000 in 24 hours, depending on your repayment history, with a repayment period of 4 to 40 weeks. All you need to apply is your phone number or Facebook account, bank verification number (BVN), and bank account number. They will also request access to your phone data to establish your credit score.

The news continues after this announcement




In-branch loan application

User reviews

At last count, over 852,000 Branch app users have reviewed it on the Google Play Store based on their experience. Although the application enjoys several positive reviews, some users are worried that they will not be able to obtain a second loan because they were late in paying back the first one. Some also disapprove of the interest rates on the app, describing them as too high. Here’s what users are saying:

Godson Chris is one of the satisfied users of the app. According to him, everything in the application is perfect. He said:

The news continues after this announcement


  • “The process of accessing loans with Branch is quick, easy and very satisfying. Secondly, no additional fees and no card linking up front. Even when I wanted to make my first repayment, they provided physical bank accounts, and when I used it, my payment reflected in the app a few hours later.I recommend this app to anyone willing to borrow and repay, for mutual benefits remain fluid.

For Fred Ogbeide, the ease of getting loans and repaying them makes the app a great app. He wrote:

  • “It’s so easy to get a loan, and also very easy to repay. I will definitely give Branch a 5 star because they deserve it. No problem, but the one thing I urge you to work on is the interest rate. It is quite high, please work on the interest rate, apart from that it is the best. I recommend Branch to anyone who needs a quick loan, really smooth operation.

Nweke Franklin has also had wonderful comments on the app, noting that it is the best financial app based on his experience. He said:

  • “My experience has been wonderful. This is the best financial app; very fast, reliable and safe. It’s not just a loan app, it helps in investing and protects your investment and the interest rate is amazing. The best part is that their customer service is very friendly and they don’t bother you with calls and texts.”

Adekunle Sogbesan also likes the Branch app. However, he noted that the only problem was interests, which he called “killers.” He said:

  • “The app is really good and the support team resolves issues quickly most of the time. However, the removal and reduction of benefits over competitors’ offerings has made the app less appealing. Interest rates on loans are killer and should be at much better levels than these, were it not for the failure of Nigerian regulatory agencies.

For Blessing Osagie, the Branch app is one of the best loan apps in Nigeria despite the high interest rates. She wrote:

  • “It’s one of the best apps I’ve ever seen. It’s really useful and I recommend it to anyone who wants a loan; just borrow from them and they won’t bother you until the time is right, they will just text your phone without calling I just made a refund today but their interest is high please you should try to work it out.

Abayomi Ogunde also rated the app positively but expressed concerns about interest. He wrote:

  • “The experience has been very good so far. They don’t harass you with threatening calls or messages. Really awesome service. But in terms of credit rating, I am not satisfied with the loan amount after more than 6 months and the amount remains ridiculously small while the interest increases faster. It is not fair.”

The branch absolves

In response to issues raised by users, Branch absolved of any blame for users’ credit score in interest rates, saying they are automatically decided by the app. The company said:

  • “The loan amount is automatically determined by the system based on a number of factors. The interest rate on each loan is determined based on a number of factors, including the cost of the loan made to us. The system considers various factors when assessing eligibility.

Conclusion

There is no doubt that the Branch app is very successful with its instant loans. The fact that customers do not complain about technical issues or bugs on the app shows that a lot of expertise has been invested in the design of the app. However, a review of the interest rates on the app may suffice for now given the myriad of user complaints.

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Rescheduled loans go too badly https://papabyrd.com/rescheduled-loans-go-too-badly/ Thu, 20 Oct 2022 02:10:00 +0000 https://papabyrd.com/rescheduled-loans-go-too-badly/ Bangladesh Bank’s policy of allowing defaulters longer repayment terms and easy terms and access to new funds appears to have failed to reduce bad debts as even rescheduled loans turn sour. In 2019, the central bank issued an easing policy on loan rescheduling and proposed a one-time exit policy to address the long-standing problem of […]]]>

Bangladesh Bank’s policy of allowing defaulters longer repayment terms and easy terms and access to new funds appears to have failed to reduce bad debts as even rescheduled loans turn sour.

In 2019, the central bank issued an easing policy on loan rescheduling and proposed a one-time exit policy to address the long-standing problem of bad debts.

Under the facility, customers can regularize delinquent loans by repaying a lower amount of their NPLs as a down payment than is usually required.

As a result, the amount of rescheduled loans ballooned: a record Tk 52,770 crore was rescheduled during the year.

Banks cleared delinquent loans to the tune of Tk 12,380 crore in 2021, of which 19.8% again fell into the impaired loan category, according to central bank data.

The defaulted rescheduled loan ratio stood at 18% in 2020 when lenders collectively settled NPLs of Tk 13,470 crore.

In December last year, delinquent loans in the banking sector stood at Taka 103,274 crore, or 7.93% of outstanding loans.

Anis A Khan, former chief executive of Mutual Trust Bank, says the rising trend in delinquent rescheduled loans is not a good sign for the banking industry as deliberate defaulters typically abuse the facility.

In July, the central bank significantly eased the rules for loan rescheduling.

Under the new policy, defaulters who have taken out term loans are now allowed to repay the funds in six to eight years, up from nine to 24 months previously.

Term loans, repayable in more than one year, are generally granted to companies to create new industrial units and expand existing ones.

Also, defaulters are now allowed to give only 2.5-6.5% of their NPLs as down payment instead of the previous 10-30%.

Prior to July, defaulters had to repay up to 30% of their NPLs to reschedule bad debts. In many cases, habitual defaulters have had their loans rescheduled by making a down payment below the requirement with prior central bank approval.

And after becoming a regular borrower, the voluntary defaulters had taken out new loans from several banks, but they did not repay the funds later, driving up the volume of loans classified in the banking sector.

“The easing policy has not brought any good to the banking sector. On the contrary, it has weakened the financial health of many banks,” Khan said.

He urged banks not to grant rescheduling facility to defaulting borrowers and said such customers should instead be made to book in order to restore governance in the banking sector.

“The new policy will further weaken the health of banks,” Khan warned, adding that banks should serve legal notices on willful defaulters and file lawsuits against them to recover the funds.

Rescheduled loans are considered stress assets because banks usually have difficulty recovering them.

Many weak borrowers do not make sincere efforts to improve the state of their businesses despite obtaining easy repayment terms and access to new funds.

“It makes them fail once again,” said Syed Mahbubur Rahman, managing director of Mutual Trust Bank.

Some banks rescheduled delinquent loans by easing rules and regulations during the coronavirus pandemic as the downturn in business hit borrowers hard.

“But many borrowers have recently gone into default. So the ratio of rescheduled loans in default may have increased in the last year,” said Emranul Huq, managing director of Dhaka Bank.

According to a document from the European Bank for Reconstruction and Development, NPLs are a burden on lenders and borrowers, constrict credit supply, distort credit allocation, deteriorate market confidence and slow economic growth .

“Economies that actively seek to solve NPLs do relatively well,” he said.

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Student loans: the official application is online. What information does the request need? https://papabyrd.com/student-loans-the-official-application-is-online-what-information-does-the-request-need/ Tue, 18 Oct 2022 00:06:00 +0000 https://papabyrd.com/student-loans-the-official-application-is-online-what-information-does-the-request-need/ President Joe Biden has just announced the official launch of the federal student loan forgiveness application that has been an ongoing issue during his administration, which will be used to provide debt relief for approximately 43 million borrowers. Big announcement from Joe Biden “Today I am announcing that millions of working and middle class people […]]]>

President Joe Biden has just announced the official launch of the federal student loan forgiveness application that has been an ongoing issue during his administration, which will be used to provide debt relief for approximately 43 million borrowers.

Big announcement from Joe Biden

“Today I am announcing that millions of working and middle class people can apply and get this relief. And it’s simple and it’s now. It’s easy. It’s a game-changer for millions of Americans…and it’s taken an incredible amount of effort to make this website in such a short time.”

People who want to apply for student debt relief can go to studentaid.gov and complete the application in English and Spanish. In the application, you will be informed about all the details as well as how it works.

Some necessary details

You will need to include your full name, social security number, date of birth, phone number, and email address.

Biden has informed the United States that he intends to relieve about $10,000 in student loan debt for those earning less than $125,000.

Biden paid tribute to “a talented group of federal government data scientists and engineers who built, tested and launched this new app in just weeks.”

The system is ready to help millions

He continued, “As millions of people fill out the application, we’re going to make sure the system continues to work as well as possible so we can deliver student loan relief to millions of Americans as quickly and as efficiently. as possible”,

He will never apologize for helping the working class

He also made it pretty clear that he wanted to help the working and middle class “I will never apologize for helping American workers and middle class people as they recover from the pandemic. Especially not the same Republicans who voted for $2 trillion tax cuts in the last administration, mostly benefited the richest Americans and the biggest corporations and didn’t pay a dime and widened the deficit “, he continued.

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How You Can Still Live Abroad With Student Loans https://papabyrd.com/how-you-can-still-live-abroad-with-student-loans/ Sat, 15 Oct 2022 14:30:00 +0000 https://papabyrd.com/how-you-can-still-live-abroad-with-student-loans/ The modern world can be quite intimidating and young people with student loans often feel trapped. This does not have to be the case, and in many situations young people can repay their loans abroad even faster. There’s literally a world of possibilities, and it’s at your fingertips. And for students still in college, there […]]]>

The modern world can be quite intimidating and young people with student loans often feel trapped. This does not have to be the case, and in many situations young people can repay their loans abroad even faster. There’s literally a world of possibilities, and it’s at your fingertips.

And for students still in college, there are ways to make their student loans work for them, too. The cost of American universities is so high that young people will probably save money by studying abroad for a semester, two or three. Really, the last thing student loans should make young people feel is trapped.

THE TRIP VIDEO OF THE DAY

Using student loans to travel

Travelers might be surprised to learn that they can use their student loans to travel. Now, this is not a recommendation to go and spend all of a traveler’s loan money on a trip. But, if studying abroad is something a traveler is considering, they should definitely use their student loans to do so. Many overseas schools have significantly cheaper tuition than US schools. The disparity generally allows travelers to cover the additional costs of living abroad without paying more than the usual tuition fees.

Related: Business Class Unbundled: A New Airline Model Makes Luxury Accessible

Need help? Try a travel loan

Travelers may need additional funds while studying abroad in case they take additional trips. In this case, they can take out a travel loan. Travel loans are often available for students although they may need the help of a co-signer. As students, they are unlikely to already have a good enough credit score.

  • APR – The amount of interest and fees you have to pay a lender to borrow money.
  • term of the loan – A loan term is the period of time during which you must repay your loan.
  • Credit score – Determines your creditworthiness or the likelihood that you will repay a loan on time.
  • Co-signer – Getting a co-signer can help you secure a travel loan; however, if you are unable to repay the loan, the responsibility will fall to your co-signer.


Living abroad with student loans

Millions of expats live and work abroad, and many of them have student loans or other forms of debt that they are still paying off. With many remote work opportunities, ESL schools or overseas companies looking to bring overseas talent to work for them, there are plenty of opportunities for young people with student loans to go abroad.

Repay loans on time

Travelers will need to establish a safe and efficient way to transfer money overseas. It can be as simple as a visit to a local bank where a young traveler lives, but it’s not always convenient and often comes with a lot of fees. Fortunately, platforms like PayPal and Payer can often be used to save time and money.


Related: Here’s how far $100 will get you in the Bahamas

Taxes correctly completed

The biggest mistake travelers living abroad make is either not doing their taxes every year or doing them incorrectly. It’s easy to miss the beat of tax season in the United States or to think there’s nothing to do because travelers aren’t making money in the United States. It’s a dangerous thought process and one that has gotten a few expats in trouble. In short, find an online tax site; the IRS website is actually helpful for this, and properly report your income and situation to the IRS. Travelers may hate the idea of ​​an hour or less of work for zero dollars, but it’s better than the alternative.


What happens if travelers don’t file their taxes correctly or don’t pay their student loans on time?

However, the severity of these penalties varies. It is usually based on the seriousness of the violation or violations. If travelers stop paying federal student loans, the US government may begin garnishing wages if travelers work for a US-based company. The government can also garnish tax refunds when taxes are filed.

Now, for some travellers, the above will not affect them, in which case they may just have to stay abroad. They would likely be sued and summoned to court and probably forced into bankruptcy by the end of it.

The situation is similar if travelers do not pay their taxes on time. With taxes, however, if the IRS can prove that travelers intentionally hid income, etc., travelers will be in a ton of trouble as well. Make life abroad fun! Don’t let student loans put a damper on a traveller’s adventures.

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JB Autos partners with Autochek to provide customers with access to auto loans https://papabyrd.com/jb-autos-partners-with-autochek-to-provide-customers-with-access-to-auto-loans/ Sat, 08 Oct 2022 14:28:56 +0000 https://papabyrd.com/jb-autos-partners-with-autochek-to-provide-customers-with-access-to-auto-loans/ JB-Autosa car dealership in Lagos, Nigeria has partnered with Automatic control; the automotive technology company is making car ownership more accessible and affordable across Africa to provide customers with cars and access to finance. With this partnership, Autochek and JB Autos are pleased to provide: Easy access to car loans: Customers can now pull into […]]]>

JB-Autosa car dealership in Lagos, Nigeria has partnered with Automatic control; the automotive technology company is making car ownership more accessible and affordable across Africa to provide customers with cars and access to finance.

With this partnership, Autochek and JB Autos are pleased to provide:

Easy access to car loans: Customers can now pull into the JB Autos parking lot and have their car loan approved within two days.

Access to quality cars: When customers come to JB Autos, they are sure to get the best quality cars ranging from Mercedes Benz, Range Rover, Rolls Royce and more. With JB Autos, customers can not only access these high-quality vehicles, but they can also do so easily with the car loan product provided by Autochek.

Variety of cars: JB Autos offers a wide range of cars for customers to choose from. With just 30% down payment, customers can choose from one of the cars in the lot.

Great customer service: When customers enter the JB Autos parking lot, they are greeted by excellent customer service representatives who provide unique experiences for each customer. Not only do they get their car there, but they also have access to quick and easy financing.

Autochek currently has over 1,000 dealerships in Nigeria and is proud to partner with our dealerships across the country to provide easy and accessible auto financing to their customers.

JB Autos is located at 1, Prince Samuel Adedoyin Street, Lekki, Lagos, Nigeria.

Customers can now enter the JB Autos car park and pick up their dream vehicles with just 30% down payment.

For more information, you can contact:

JBAuto:
Instagram: @jbautos_machines
Phone number: +2348034969367

Autochek Nigeria:
Instagram: @autochekng
Phone number: +2347002886243


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Strict RBI guidelines have holes… 54% of loan applications illegal, but not removed https://papabyrd.com/strict-rbi-guidelines-have-holes-54-of-loan-applications-illegal-but-not-removed/ Sat, 01 Oct 2022 13:55:14 +0000 https://papabyrd.com/strict-rbi-guidelines-have-holes-54-of-loan-applications-illegal-but-not-removed/ Easy loans…on demand at your fingertips…straight to your bank account…. You will find thousands of money lending apps with such golden promise on play store. A few days ago, when RBI was reviewing 1100 loan applications on different platforms, 600 or 54% were illegal. Far from removing these applications, the number of loan applications has […]]]>

Easy loans…on demand at your fingertips…straight to your bank account…. You will find thousands of money lending apps with such golden promise on play store. A few days ago, when RBI was reviewing 1100 loan applications on different platforms, 600 or 54% were illegal. Far from removing these applications, the number of loan applications has increased to 1290.

In fact, until now, Google applied its own rules for placing or removing such apps from the Play Store. Under those rules, it had also taken down many apps. But on August 10, RBI announced that it would publish the list of registered loan applications. Only lending apps included in this list can be kept on play store.

More than a month and a half have passed since this announcement. So far, the RBI list has not been released. On September 2, the regulatory bank issued a guideline for digital lending, but the list of registered apps has yet to arrive. For this reason, the Google Play Store is also confused about the implementation of its rules.

The RBI had received a total of 2,562 complaints of rigging of digital loan apps between 2020 and 2021. Since 2019, 64 people have committed suicide due to the recovery methods of these loan apps. It is believed that RBI has decided to issue a new guideline and a new list of registered applications due to these loan application riggings.

But despite this directive, there are many such loopholes due to which digital lending will remain risky. Understand… what is the status of loan applications in India… how much will the situation change with RBI guidelines… and how to identify the right loan application.

RBI guidelines fly like this

1) People don’t even know who’s behind the app

What is the rule : According to the Central Reserve Bank, only commercial banks, city cooperative banks, state cooperative banks, district central cooperative banks and non-bank financial corporations (NBFCs) can provide loans. These are called registered entities. An entity registered for digital lending can avail the services of any lending service provider or digital lending application through outsourcing.

What is the problem : This system creates confusion for the common man. Because lending apps never directly mention in their description that they are NBFCs themselves or are associated with a registered entity.

Even the app description of Bajaj Finserv, the most popular credit service, does not mention that it is a registered NBFC.

There are more than 34 lakh apps on Google play store. It also has over 1200 loan applications in India. There are also many with similar names. It is difficult to identify the good in this crowd.

2) Apps charge fees on behalf of the bank… also impose penalties

What is the rule : RBI says that any type of charge or penalty from the borrower of the loan should be taken by the registered entity i.e. the bank or NBFC itself and that also in their account .

What is the problem : The borrower often does not know which bank or NBFC the app is getting the loan from. The interaction between the application and the client is not monitored. In such a situation, many applications obtain loans from the bank, but in the name of fees and penalties, they collect the customer’s money from his account.

3) It is necessary to give KEY FACT STATEMENT… No one gets it

What is the rule : According to the directive, each registered entity must provide a declaration of key information to the customer before disbursing the loan. This statement should contain the amount of the loan, the interest charged, the annual interest rate, the amount of the EMI and the term of the loan.

What is the problem : Many apps claim that the loan amount will reach the account as soon as the app is downloaded. In these loans, the customer gets to know the interest rate later. Apps that sometimes show interest rates are something else and actually charge something else.

4) Who assigned the recovery task should be told to the client…

What is the rule : According to the guidelines, if there is a loan collection situation, the registered entity can outsource this work to a loan service provider. But this information must be given to the client. Even in the event of a change of lending service provider, this information must be communicated to the client.

What is the problem : It doesn’t happen. The customer does not even know who is coming to pick up. Many applications put pressure on the customer to collect their loan, even without the knowledge of the bank.

RBI has put all the blame on the banks…they don’t know how to verify loan applications

In point 9 of its guideline, RBI said registered entities i.e. banks and NBFCs should conduct a thorough investigation before giving work to a lending service provider.

Banks or NBFCs use these digital lending apps to grow their business. A bank assigns the work to several loan service providers in order to reach as many people as possible.

But not all loan service providers are thoroughly vetted in this process. The RBI guidelines do not specify what the minimum requirements are for a loan service provider.

Because of this ambiguity, each bank and NBFC looks at these loan service providers on a different scale. Some scales are hard and others very soft.

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Cancer survivors struggle to access insurance and loans https://papabyrd.com/cancer-survivors-struggle-to-access-insurance-and-loans/ Fri, 30 Sep 2022 14:17:59 +0000 https://papabyrd.com/cancer-survivors-struggle-to-access-insurance-and-loans/ Thousands of cured cancer patients in Cyprus, people who have fought cancer, overcome it and remained cancer-free for years, without any other health problems, do not have easy access to insurance coverage and to loans. Their children are also affected, in cases where the cancer may be genetically inherited. That’s what the House Health Committee […]]]>

Thousands of cured cancer patients in Cyprus, people who have fought cancer, overcome it and remained cancer-free for years, without any other health problems, do not have easy access to insurance coverage and to loans.

Their children are also affected, in cases where the cancer may be genetically inherited.

That’s what the House Health Committee heard on Thursday.

EDEK deputy Andreas Apostolou is one such case. He described to Phileleftheros what he had to go through because in 2006 he was diagnosed with one of the most treatable forms of cancer. In 2018, when he applied for a loan, two insurance companies refused to accept his medical certificates, while in 2019 he was denied medical coverage.

Currently, everywhere in Europe prevails the slogan “The right to be forgotten”, that is to say the right of these people to forget the history of cancer when applying for insurance or a loan. real estate after a certain period of time. So far, seven EU Member States, including France and Italy, have passed the relevant legislation, while the relevant European Committee has made recommendations to all Member States. As noted, some countries have set the recovery years at 10, and France recently set it at five, while in some other cases the limit is much smaller.

In Cyprus, the issue was discussed for the first time ever in the House Health Committee yesterday, with MPs from all parties declaring their readiness to present a bill in the event of a delay in the submission of the bill by the Ministry of Health.

Health Minister Michalis Hadjipantela revealed that there may be developments on the issue at European level and recommended patience.

All of the patient organizations that took part in the discussion supported the ‘right to be forgotten’ and described the challenges they faced when trying to obtain a loan or insurance.

The insurance companies association has expressed support for the bill but with reservations, warning that by including “high risk” people in insurance contracts, premiums for all citizens will increase.

In addition to problems with insurance companies and banks, cancer survivors in Cyprus said they also face problems finding work because there are employers who do not hire them when they hear about their medical history.

There are also problems with state allowances since if a person does not contribute to the social insurance fund for two years, he is not entitled to any allowance. This means that if someone falls ill and does not work for two years due to illness, he is not entitled to a state allowance. The same applies to the payment of the Minimum Guaranteed Income.

The House health committee has pledged to discuss the issue again soon.

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