Road Map Race To The Top

Month: February 2023

Car Loan

Dream To Purchase A Car: Choose Car Loan

You want to buy a vehicle but do not have enough money to pay at a time to buy the vehicle, but you can pay in the mode of installments. Then people prefer to pay in installments, which is by way of equated monthly installments, also known as EMI. The other way is to take a loan. If one has to buy a car on loan, there are many two ways of taking the loan. One is after buying a car, and the other is before the purchase. In both cases, one would generally not avail 100% loan in almost all circumstances.

An individual must arrange for the payment to be made while purchasing the car. If it is the first case, one will take a loan after buying a car because one has to arrange the whole money that has to be paid as consideration for the purchase. In the second case, availing of a loan before buying or at the time of buying is entirely different from the above scenario, where one has to only arrange for the down payment, and the other would be arranged by the bank from which you have opted to take the loan.

But to avail in both circumstances, there are a lot of procedures to be undertaken by the person taking the loan, which include submission of the related documents and compliance with all the other terms and conditions before or after that.

Car Loan

Can all the people avail of the car loan?

No, one has to meet the requirements provided by the bank or some other corporation from which one would avail of such a loan. These include the earning capacity of an individual, the employment they are involved in, the place where one resides, and criteria such as age, salary, and many others. Only if the banking institution believes that the person availing the loan is reasonably prudent to return it would be given a loan upon fulfilling conditions.

If the banking institution believes that the person has taken the loan on a mala fide basis and the documents submitted are false, they can cancel the loan and recover the whole amount from the person who took the loan. Apart from that, the loan can be canceled between payments and the amount recovered if the person fails to pay the interest or the principal amount on time.

Successful In Business

Classification Of Business

The term business is coined from the word busy which means doing work or things. Simply put, a business is an association that sells goods and services for gain. To start with not all business gain or are booming enough but their only objective is to generate profits.

Business requires a lot of patience, high-skill of management, mental strength, teamwork, and effectiveness to work. As it is not always safe, the individual should be competent enough to bear his loss and be mentally ready to manage his fall. But if properly prepared it can give a much-increased rate of success.

The main legal forms a business can take are:

  • Sole proprietorship– The owner and the business is of one identity. Consider a man making and then selling an egg omelet at the side of the road no legality is required to be filled in this case.
  • Partnership- In this more than one person or a group combines to form the business. The only advantage it provides is the manpower which works together and yields profit.
  • Corporation- In this the shareholder is asked to own some part of the business with keeping restricted liability protection. The shareholders can smoothly trade stocks without impacting the company’s processes.

A business entity is an entity that holds firm activities as per the country’s individual rules and regulations. The state in which the entity is set up is extremely essential as distinct entities are subjected to different rules and they hold different components.

Women in Business

Types of business entities:

  • Private company– The type of personally maintained company in which shareholder accountability is restricted to the quantity of share capital paid by them.
  • Public limited company– In this, the liability is restricted to extent of share capital produced by them.
  • Limited partnership– It comprises limited partner and general partner.
  • Unlimited partnership– It comprises associates with infinite liability.
  • Statutory corporation– When the state forms the entity it is termed the statutory corporation.
  • Holding company– It refers to those who hold a share of another company. The business activities are not carried out directly by the companies.
  • Subsidiary company– It is owned or maintained by any other company.
  • Sole proprietorship– In this type, no other legal entity is needed.
  • Limited liability companies– It is a mixed entity bearing the characteristics of both partnership and corporation.

Business plays a vital role in improving the economy of the country. It also helps in providing employment by increasing job opportunities thus producing a higher standard of living.