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Personal Finance



There are many types of financing available in the market for a new business. There are Banks, mortgage companies, insurance companies and many other types of financial institutions who are involved in facilitating the local citizens for there business.  One can get his financing for an existing business as well as a new venture for a business.



Financing for a new business venture:

This dissertation involves the new business financing. When one is willing to start a new business he of course will require finance the capital to start the business. He may go for financing form his friends or family by inviting them for the business partnership. Instead of that to start the business there are many types of personal financing available in the market.



Personal Loan:

This is the most commonly used type of financing available in the market. This is short term financing. One can get it in the easy term and conditions and there is an easy procedure to get it for your business. Normally is having high interest rate with the duration of one to seven years. This is given back to the bank in installments having principal and interest payments. This is offered by all banks for example standard Bank, Citi Bank, HSBC etc.



Business Cash:

This is a seasonal type of financing and having even higher interest rates than personal finance. When a person can get his Business a specific amount is debit is his account in the bank and he has to pay high interest rates on the amount withdrawn and when he repays the amount he won’t have to pay any interest but a fixed amount of fees for the service. It is also very easy to get if one have a good job or any other existing business with prove of bank statement, national tax number and a business or job address like personal loan. Examples of Business cash are Ready cash by Standard Chartered bank and Business Line by United Bank Limited.     



Mortgage Loans:

This is the type of loan in which one can get his loan in a big amount. The procedure for the loan is a little complicated and a bit difficult to get. To have type of loan one must have a property in his name. The loan is issued to the person in the against his property. When he gets his loan a part of property is named to the issuer of the loan like bank and when he repays the loan his property name is given back to him as whole. In case of default the bank has the right to sale his property in term of auction.


This type of loan is having a lesser interest rate than others. This is normally a long term loan from three to twenty five years. To is paid back to the issuer in term of installment including principal and interest payments of loan. Examples are Home loan for real estate business, Pledge loan for business by PICIC Bank, HBFC etc. One can get a larger amount of loan as compare to the other loans. Is has to sub types Limit Loan in which a limit is given to the loan holder to have a loan of 70% of his property amount and whatever he will withdraw he have to pay interest only the amount withdrawal.   


In other type of mortgage loan holder will have to pay interest and installment of principal of the whole amount whether he withdrawn or not.



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