As the business landscape has become more complex, specialized consultants have become a near requirement to help operational leaders overcome particular hurdles they face at stages of business development. But, often, the value of a business advisor comes down to the resources they can bring to the table.
Those resources can be tangible, such as advanced analysis software and an MBA. Intangible resources, however, can be just as valuable, if not more. These include having good instincts, decades of firsthand knowledge, a social network, and partners who can fulfill the elements of a plan that are outside of your or your client’s scope of work.
Business advisors are just as varied as the businesses they assist – strategy, management, finance, accounting, legal – just to name a few. All advisors, however, need a team they can bring to bear to solve particular challenges for their clients. One of the most valuable partners in your rolodex should be a business broker. If you or your firm haven’t utilized a broker for your consulting business, here’s why you should.
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As a business consultant, you meet with business owners to realign their goals and actions. Your value may lie in your objective viewpoint, strategic skills, project management, influence on third-parties, and ability to act as a catalyst to drive change. Business owners rely on you to say when it’s time to make a move toward acquisition, expand into a new market, or reorganize their business structure.
Finance brokers work with business consultants to identify financing opportunities to help their clients fund the plans developed under your guidance. If your client is ready to acquire a new business, a broker connects your client with a lender that can meet the terms and timeline necessitated by the deal. If your client needs to free up capital held in equipment or property to empower quick turnaround opportunities, we connect your client with a working capital line of credit.
Management Consultants
Management consultants dig deep into a company’s processes and team structures to enhance efficiencies and reduce costs. As a management consultant, you get to know the inner workings of your client’s business from its workflow to its workers. Your clients value a management consultant who can cut away the fat and fine-tune its operations.
Brokers work with management consultants to free up capital and onboard efficient upgrades. One key to boosting efficiency is onboarding new equipment and technology, especially as AI and IoT advance. A broker locates affordable equipment loans or leases to help your client keep costs down while remaining competitive. Brokers also access credit lines, SBA 7a lenders, and factoring opportunities that boost cash flow for other improvements.
Financial Consultants
Being a financial consultant means you’re there for your clients when they need an independent expert to evaluate planning, assess risk, and identify new investment opportunities. You might advise debt consolidation, credit management, or a complete budget overhaul on top of recognizing tax advantages and maneuvering to a better employee insurance provider, but why get tied up in the hunt for capital when that takes time from your core skillset in these areas of financial advisement?
Few professionals are better equipped to help your clients refinance and consolidate debt than brokers. We match your client with lenders that offer the most suitable terms. A broker can even help your client raise their business credit score so they’re positioned for lower-cost financing in the future.
Legal Consultants
As a legal consultant, you might be reviewing contracts and company policies, or using your risk management skills to safeguard your clients’ businesses. For clients who need to upgrade equipment, add facilities, pay permitting fees, or settle an employee lawsuit, providing a financial avenue to get things done increases the scope of service you can provide.
A financial broker is your partner in achieving financial access for your clients.
Tech Consultants
It’s no secret that shifting to work-from-home strategies during the pandemic changed the face of business. Sending their employees to the home office meant a surge in reliance on technology for many companies. Tech consultants enabled these businesses to pivot and adapt as necessary.
For these reasons and more, technology consultants who partner with a broker have an advantage. We help your clients finance the tools and technologies they need to meet production deadlines, cut costs, and collect meaningful real-time data. We find the right financing for cutting-edge tech customized to your client’s goals and business scenario, which means they’ll see better results from working with you.
Consulting itself is becoming more competitive. Having a relationship with a financing broker helps you increase your service mix and reduce success barriers as clients move ahead.
Smart business owners look at a consultant’s ROI before choosing whether or not to start a relationship. Boosting your ROI by working with a broker builds value in your practice and opens doors. Your client’s satisfaction will enhance your reputation as a reliable and knowledgeable resource they’ll want to return to and recommend.
We will help you bring a list of valuable solutions and the financing to get projects done. Find out how our team can help you level up your consulting business—reach out today.
Why Business Advisors Need Brokers
Coronavirus Student Loan Updates – Boston Student Loan Lawyer
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Student loan borrowers — in particular, federal student loan borrowers — do have some options for managing student loans during this time of hardship. Start assessing your situation and making a plan of action.
As Congress and the President work towards providing economic relief, we will do our best to stay on top of the latest developments. You can check back here periodically, as well as Attorney Minsky’s Forbes page, where he frequently posts articles on breaking developments. You can also follow Attorney Minsky on Twitter, LinkedIn, and Facebook.
Here is the most up-to-date information we have on various student loan protections enacted in response to the COVID-19 Pandemic:
Update, 3/20/2020: The U.S. Department of Education announced new relief for student loan borrowers: a special administrative forbearance of up to 60 days, and relief from automatic payments during times of delinquency. Learn more here.
Update 3/25/2020: The U.S. Department of Education has announced that it will be suspending forced collections on defaulted federal student loans, including wage garnishments and tax refund seizures. Learn more here.
Update 3/27/2020: The President and Congress passed a stimulus bill that includes a six-month suspension of payments for many federal student loan borrowers. Learn more here. Additional details were released on 4/2/2020.
Update 4/24/2020: New efforts to provide relief to student loan borrowers may be in the works. A bipartisan bill could expand the relief provided by the CARES Act. And we are seeing new efforts to provide relief to private student loan borrowers, as well.
Update 4/28/2020: Massachusetts has enacted sweeping student loan legal protections for borrowers in collections, but those protections are now being challenged in court. Read more here.
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We are committed to the health and safety of our clients as the Coronavirus crisis continues to unfold. Here are some updates to our policies and procedures:
All client meetings will be held by phone or video conference. Attorney Minsky and staff will be primarily working remotely. For new and prospective clients, the best way to reach the office during this time would be via email or the contact form on our website.
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Will the Housing Market Crash in 2025?
I got active on Twitter over the past year and change and to my surprise (not sure why it’s surprising really), encountered lots of housing bears on the platform.Many were/still are convinced that the next housing crash is right around the corner.The reasons vary, whether it’s an Airbnbust, a high share of investor purchases, high mortgage rates, a lack of affordability, low home sales volume, rising inventory, etc. etc.And the reasons seem to change as each year goes on, all without a housing crash…So, now that we’re halfway through 2024, the obvious next question is will the housing market crash in 2025? Next year’s got to be the year, right?But First, What Is a Housing Crash?The phrase “housing crash” is a subjective one, with no real clear definition agreed to by all.For some, it’s 2008 all over again. Cascading home price declines nationwide, millions of mortgage defaults, short sales, foreclosures, and so on.For others, it might just be a sizable decline in home prices. But how much? And where?Are we talking about national home prices or regional prices? A certain metro, state, or the nation at large?Personally, I don’t think it’s a crash simply because home prices go down. Though it is a pretty uncommon occurrence to see nominal (non-inflation adjusted) prices fall.Over the past few years, we’ve already experienced so-called home price corrections, where prices fell by 10%.In 2022, we were apparently in a housing correction, defined as a drop in price of 10% or more, but not more than 20%. Ostensibly, this means a drop of 20%+ is something much worse, perhaps a true housing crash.But you have to look at the associated damage. If home prices fall 20% and there aren’t many distressed sales, is it still a crash?Some might argue that there’s simply no other outcome if prices fall that much. And maybe they’d be right. The point is a crash needs to have major consequences.If Homeowner Joe sells his home for $500,000 instead of $600,000, it’s not necessarily a disaster if he bought it for $300,000 a few years earlier.He’s not happy about it, obviously, but it’s not a problem if he can still sell via traditional channels and even bank a tidy profit.Of course, this means others who had to sell wouldn’t be so lucky, since their purchase price would likely be higher.Still, this hinges on a major decline in prices, which historically is uncommon outside of the Global Financial Crisis (GFC).Stop Comparing Now to 2008One thing I see a lot is housing bears comparing today to 2008. It seems to be the go-to move in the doomer playbook.I get it, it’s the most recent example and thus feels the most relevant. But if you weren’t there, and didn’t live it, you simply can’t understand it.And if you weren’t, it’s hard to distinguish that time from now. But if you were, it’s clear as day.There are myriad differences, even though they’re quick to mock those who say “this time is different.”I could go on all day about it, but it’s best to focus on some main points.At the moment, housing affordability is poor thanks to a combination of high home prices and equally high mortgage rates, as seen in the chart above from ICE.In fact, the national payment-to-income ratio is worse than it was at the height of the prior housing boom in 2006/2007.Despite a big rise in prices over the past decade, the high mortgage rates have done little to slow down the party.Yes, the rate of home price appreciation has slowed, but given the fact that mortgage rates rose from sub-3% to 8% in less than two years, you’d expect a lot worse.It’s just that there’s really no correlation between home prices and mortgage rates. They can go up together, down together, or move in opposite directions.Now, proponents of a housing crash often point to buying conditions right now. It’s a horrible time to buy a house from a payment-to-income perspective. I don’t necessarily disagree (it’s very expensive).But that completely ignores the existing homeowner pool. And by doing so, it’s a totally different thesis.You can say it’s a bad time to buy but that the average homeowner is in great shape. These statements can coexist, even though everyone wants you to take one side or the other.Look at the Entire Homeowner UniverseTo put this perspective, consider the many millions of existing homeowners coupled with prospective home buyers.Your average homeowner today has a 30-year fixed-rate mortgage set somewhere between 2-4%.In addition, most purchased their properties prior to 2022, when home prices were a lot lower.So your typical homeowner has a rock-bottom interest rate and a relatively small loan amount, collectively a very attractive monthly payment.To make matters even better for the foundation of the housing market, which is existing homeowners, most have very low loan-to-value ratios (LTVs).They’ve also got boring old 30-year fixed-rate loans, not option ARMs or some other crazy loan program that wasn’t sustainable, as we found out quickly in 2008.These homeowners also haven’t tapped their equity nearly as much as homeowners did in the early 2000s, despite home equity being at record high levels (see above).This is partially because banks and mortgage lenders are a lot stricter today. And partially because of mortgage rate lock-in. They don’t want to give up their low mortgage rate.In other words, the low mortgage rate not only makes their payment cheap, it also deters taking on more debt! And more of each payment pays down principal. So these loans (and their borrowers) become less and less risky.Some have turned to home equity loans and HELOCs, but again, these loans are much more restrictive, typically maxing out at 80% combined loan-to-value (CLTV).In 2006, your typical homeowner did a cash-out refinance to 100% CLTV (no equity left!) while new home buyers were coming in with zero down payment as home prices hit record highs.Take a moment to think about that. If that’s not bad enough, consider the mortgage underwriting at that time. Stated income, no doc, you name it.So you had virtually all homeowners fully levered along with a complete lack of sound underwriting.Slumping Home Sales in the Face of Poor Affordability Is Actually HealthyThat brings us to home sales, which have slumped since the high mortgage rates took hold. This is normal because reduced affordability leads to fewer transactions.The worry is when this happens supply could outpace demand, resulting in home price declines.Instead, we’ve seen low demand meet low supply in most metros, resulting in rising home prices, albeit at a slower clip.While housing bears might argue that falling volume signals a crash, it’s really just evidence that it’s hard to afford a home today.And the same shenanigans seen in the early 2000s to stretch into a home you can’t afford don’t fly anymore. You actually need to be properly qualified for a mortgage in 2024!If lenders had the same risk tolerance they had back in 2006, the home sales would keep flowing in spite of 7-8% mortgage rates. And prices would move ever higher.That spike in home sales in the early 2000s, seen in the chart above from Trading Economics, shouldn’t have happened. Fortunately, it’s not happening now.At the same time, existing homeowners would be pulling cash out in droves, adding even more risk to an already risky housing market.Instead, sales have slowed and prices have moderated in many markets. Meanwhile, existing owners are sitting tight and paying down their boring 30-year fixed mortgages.And with any luck, we’ll see more balance between buyers and sellers in the housing market in 2025 and beyond.More for-sale inventory at prices people can afford, without a crash due to toxic financing like what we saw in the prior cycle. Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 18 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on Twitter for hot takes.Latest posts by Colin Robertson (see all)
Homespire Mortgage Honored at Maryland Mortgage Program Awards
Homespire Mortgage is honored to be recognized as a Silver Tier Lender by The Maryland Department of Housing and Community Development (DHCD) at their 2023 Maryland Mortgage Program annual awards event. This acknowledgment reflects our mission to help homebuyers responsibly and affordably finance their dream of homeownership and our dedication to helping more Maryland residents achieve that goal.
We are proud to partner with a program that provides valuable assistance for homebuyers, primarily first-time homebuyers, by helping to make homeownership more affordable and attainable. We look forward to continuing to work with the Maryland DHCD to deliver exceptional mortgage experiences and open the doors to homeownership for more people in Maryland communities.
To learn more, read the official MD DHCH press release here.
11 Essential Tips for Summer Saving |
With summer fast approaching and holidays on the horizon, we are all getting ready to dip into the coffers to enjoy these balmy upcoming months. Summer can be an extremely expensive time so here at Car Cash Point we’d like to provide you with a few little tips to get the most out of your finances in the upcoming months.1. Cook OutdoorsFor those with a gas BBQ, it can often be more energy-efficient to use this grill as indoor ovens take longer to preheat. So during the summer months, consider firing up the bbq on weeknights as well as sunny weekends. What’s more, cooking outdoors means you avoid making a warm house even warmer.2. Suspend (or Cancel) Your Gym MembershipIt can often be hard to work up the energy to exercise outside before or after work on those cold, dark winter evenings. The summer is ideal, however, to get outside for a walk, run, hike or cycle. Many gym memberships offer the ability to temporarily pause your membership, so now is a great time to temporarily opt for nature’s free gym. Who knows, you might find it rewarding enough to cancel your gym membership for good!3. Close Your WindowsWhen it’s hot outside, the temptation is to throw open every window and door in the hopes of cooling down the home. But this can often be counter-intuitive – often we’re simply letting the warmer outside air in! When it’s cooler inside than out, keep windows closed to avoid letting the warm air in, and open them in the evenings to help cool the house down.4. Take a StaycationFrom the turquoise seas of Cornwall to the wild mountains of Scotland – there are so many holiday options in the UK that don’t require the additional hefty costs of flights. And if you just go for day trips, then you can save even more by not paying out for hotels! Make sure to treat your staycation as you would a normal holiday, try researching your local areas and create an itinerary for your trip. Consult guide books and websites to find hidden gems in your area that you didn’t even know existed. If the urge to go abroad is just too irresistible, then check out our Top 5 Affordable European Holiday Destinations This Spring.5. Weatherproof Your HomeLeaky doors and windows can lead to long term damage and inefficient air cooling, attention to these things will not only save money in the summer but also best prepare your home for the cold of the winter. Checking for these things yourself may seem daunting to weatherproofing newcomers this article on How to completely weatherproof and waterproof your house may help you get started on standard checks and tests.6. Replace Old WindowsIn tandem with the previous point, old windows may look sturdy and protective but many have lost their inner integrity and are not performing optimally, once again we suggest checking just to be sure that the energy is staying in the house, and your hard-earned money isn’t leaking through the cracks.7. Turn Off Electrical Items When Not In UseThis may seem like a hassle, but becomes very easy, and perhaps even therapeutic with just a little practice, we recommend starting small, just ensuring that one room is turned off when you leave it, and then graduating room by room through your home.Over a day, the saving will be minimal, but over time, especially in homes with multiple technology sources, this saving will ramp up to something much more significant, and all at the same time as doing our little bit to save the planet!!8. Pause Your Streaming ServicesDuring the summer months, many of us are spending a lot more time outside and less time in front of the tv in the evenings and weekends. If you’re finding the same, then consider whether you’re wasting money on any streaming services that you aren’t actually watching at the moment. It can often simply be a case of pausing for a few months, knowing that you have a host of tv shows to sit through in the winter when you’re more inclined to snuggle up on the sofa.9. Unplug Your DevicesBy unplugging any devices that aren’t in use, you’re doubling your potential saving costs. Firstly, you’re eliminating many of these so-called ‘energy vampires’ that suck small amounts of energy despite being seemingly inactive, which adds up over time. The benefit in the summer is that you’re reducing the number of appliances that are causing any unnecessary heat in the house while they’re on standby. And speaking of warm appliances – remember to keep plenty of ventilation behind your fridges and freezers that are working overtime in the warm months.10. Replace Your Air Conditioning FiltersFor those lucky enough to have their own air conditioning in the UK, a fact that often gets overlooked is that the A/C air filters actually need to be frequently changed in order to maintain optimal efficiency. This means that the Air Conditioner is working harder than it should and thus using more energy than required. The filter may need a change after just a month in the hottest climates, but often between 45 and 90 days is perfectly ok in British homes.11. Switch Your Energy SupplierIn the UK, we often assume that we when we move to an area, we are stuck with that particular energy setup, but this is not the case. If you find yourself using more energy this summer, then a little research and maybe a phone call or two could save you hundreds just by switching.Those that do know a little about switching often go for the ‘duel fuel’ packages that offer easy transition, and instant saving and often offer additional ‘sweeteners’ such as vouchers or free gifts. Though it seems a given that you would approach a gas company for gas and an electric company for electric – is this actually as a simple decision as it seems? Well, that depends!In many areas, it is actually the best choice in purely monetary terms to opt for a gas company for your electric needs and an electric company for gas. The reason for this is the offers these providers place on their non- specialism – it’s an enticement that if carefully played can save in excess of £300 per year in larger homes. It’s certainly worth a little investigation to find out!
Goldman Sachs loses profit after hits from GreenSky, real estate
Second-quarter profit fell 58% to $1.22 billion, or $3.08 a share, due to steep declines in trading and investment banking and losses related to GreenSky and legacy investments that shaved about $3.95 from earnings a share. Revenue fell 8% to $10.9 billion.
Capfin Loans: Comprehensive Lender Review
Capfin Lender Guide
Capfin is one of South Africa’s fastest growing independent credit providers.
Customers have the option of applying for a loan online or at one of Capfin’s retail affiliate stores – Ackermans or Pep. This has opened up its market considerably, as it has made loans more easily available to those who don’t have access to the internet.
Capfin is a division of Century Capital (Pty) Ltd, which is also a registered credit provider.
Founded: 2010, Capfin SA Pty Ltd No. of Staff: 501 – 1000 Location: Headquartered in Cape Town Valid Lending Licence: Registered Credit Provider (NCRCP4536)
Loan Products
Capfin offers loans up to the value of R50 000, depending on an individual’s affordability outcome. The assessment considers factors such as income and expenses, credit profile and payment behaviour.
Loan Amounts Available
An individual can apply for a loan from R500 to R50 000.
Loan Terms Available
Capfin offers short-term loans for 1 month, 6 months, 12 months, and 24 months. The available term options would depend on the amount of the loan applied for.
Interest and Fees
The interest rate and fees vary depending on the amount and the duration of the loan agreement. For example:
A R4000 loan taken over 6 months would be broken down as such:
Maximum interest rate: 5% per month Initiation fee: R530 Maximum monthly service fee: R68 Maximum monthly installment: R932 per month Maximum loan repayment of R5 591
An R8000 loan to be taken over a 12 month period would be structured as follows:
Maximum interest rate: 28 % per annum Initiation fee: R986 Maximum monthly service fee: R68 Maximum monthly installment: R911 per month Maximum loan repayment of R10 930
Repayments
Repayments are structured around the individual’s regular salary date. When applying for the loan, select the date that your salary is paid.
Late Fee
For late payments, Capfin will charge the interest rate applicable to the amount in arrears. However, that shall not exceed the maximum interest rate that was signed for in the loan agreement.
Should an individual be going through a rough patch and be potentially unable to make their monthly payments, the company’s collections department is flexible and will allow an alternative arrangement to be made. It’s best to do this at least a week before the payment is scheduled to come off the account.
How To Apply For a Loan
Applying through Capfin is simple, as well as being accessible to thousands nationwide who may not be able to apply online.
For individuals who apply at the retail outlets, all documents will be scanned and uploaded to the Capfin system, by a designated employee assigned to assist with this specifically.
Another great feature is the ability to apply for a loan via sms.
Minimum Criteria to Take a Loan
To qualify, you will need to have the following:
A valid South Africa ID Your 3 latest payslips or 3 latest bank statements Proof of permanent employment A working cell phone number A valid SA bank account Must be 18 years or older
Information Required for Application
ID number Employment information Monthly income Expenses Bank account information
How Long Will It Take?
The application process is quick and painless. It does take up to 48 hours for the verification processes and approvals before the money is paid out, but once approved the payment is prompt.
Support Team Contact
Capfin has tried to streamline this process as much as possible by giving their customers access to their accounts via a self-help login. This allows you to track your payments, manage missed payments, and reschedule payments online.
The also have a self-service channel on *134*6454#, which is at no extra charge to customers.
Clients who would prefer to speak to a real person can contact the call centre, where an operator will assist.
Phone: 087 354 0000Available Monday to Friday, 08:00 to 18:00, Saturday & Sunday, 08:00 to 13:00 Website: www.capfin.co.za
Social Media
Customer Reviews
The company has received 29 ratings on Google Reviews, which average out to 2,6 stars.
Reviews are extremely diverse, with most recent ratings swinging from 5 stars to 1 star. Their rating suggests that there is an even split between satisfied and dissatisfied customers.
HelloPeter
Unfortunately, Capfin’s rating on HelloPeter is even lower than Google, coming in at 1,5 out of 5.
Once again, there is some variation in feedback, but the majority of recent reviews show extreme dissatisfaction.
Average Star Rating:
We’ve calculated the average between Google Reviews and HelloPeter ratings.
Capfin’s average rating between these two is 2,05 stars out of 5.
Is a Small Business Loan an Installment Loan or Revolving Credit?
Business Line of Credit | Business Loans | small Business financing | Small Business Loans
Is a Small Business Loan an Installment Loan or Revolving Credit?
Ezra Cabrera | July 25, 2024
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Contents
When you’re thinking about a small business loan, you might ask yourself: Is it like a one-time payment plan or more like a credit card?A business loan for small companies can actually be either.With an installment loan, you get a lump sum of money and pay it back over time in fixed amounts—great for big, planned expenses.On the other hand, revolving lines of credit works more like a credit card, giving you flexible access to funds up to a set limit, perfect for handling everyday expenses and surprises.This article will break down the differences and help you figure out which option is best for your business.
Key Takeaways
A business loan for small companies come in two primary forms: installment loans and revolving credit. Installment loans provide a fixed sum repaid over a set period, while revolving credit offers ongoing access to funds up to a credit limit.Installment loans are ideal for significant, planned investments like equipment or real estate, offering predictable monthly payments and fixed interest rates. However, they lack flexibility and may require collateral.Revolving credit, including business line of credit and credit cards, offers flexibility for managing operational costs and unexpected expenses, but typically comes with higher interest rates and the risk of overuse leading to debt cycles.
What is a Small Business Loan?
Small business loans serve as financial aids that enable businesses to fill cash flow gaps, handle operational costs, or finance marketing campaigns.They cater to a wide range of financing needs, spanning from long-term investments in commercial real estate to short-term resolutions for immediate cash flow problems.Essentially, a small business loan can be categorized into two primary types: installment loans and revolving credit.The loan amounts for a business loan can vary significantly, ranging from as little as $1,000 to as much as $5 million.Financial institutions such as Small Business Administration (SBA), banks, credit unions, and online lenders offer these loans to small business owners, providing them with the necessary capital to grow and sustain their enterprises.
Types of Small Business Loans
Before getting a business loan, it’s crucial for the business owner to know the options available. Several types of small business loans are available, each fashioned to meet specific business requirements. A term loan and small business line of credit are among the most common options.Term loans, also known as small business installment loans, provide a fixed amount of capital that is repaid over a predetermined period with regular payments.These loans are ideal for large, planned investments such as purchasing equipment or expanding business operations.Conversely, a business line of credit provides a flexible financial solution for businesses. They come with set limits and draw periods, allowing businesses to borrow, repay, and borrow again as needed.This type of revolving credit can be used as working capital to pay for operational expenses or manage cash flow fluctuations.SBA loans, backed by the U.S. Small Business Administration, can also be either installment or revolving, providing competitive rates but often requiring a lengthy application process.Other types of small business loans include:Equipment financing loans, which are secured by the equipment being purchased and tend to have lower interest ratesMerchant cash advances, which offer quick funding based on credit card sales but come with high feesInvoice factoring, where businesses sell their invoices to a lender at a portion of their value to bridge cash flow gaps.
What is an Installment Loan?
An installment loan provides a single lump sum of funding that is repaid over a set period through regular monthly payments. These loans can be secured, requiring collateral, or unsecured, relying on the borrower’s credit score, income, and debt.The repayment schedule for an installment business loan is fixed, including the timely payments of both principal and interest, with a set end date.Installment loans are frequently used by small businesses for hefty one-time expenses like equipment purchase, business expansion, or significant investments.The predictability of fixed monthly payments helps in managing budgets more effectively, making installment loans a preferred choice for planned, large-scale investments.
Benefits of A Business Installment Loan
One of the primary benefits of a small business installment loan, is the predictability they offer. Here are some reasons why:Fixed monthly payments make budgeting easierThey allow businesses to plan their finances with confidenceThis consistent payment structure helps manage monthly budgets more effectivelyIt reduces the risk of unexpected financial strainA business installment loan offers several advantages for companies:Access to larger sums of money, which is crucial for significant investments or business expansionsPredictable repayment schedules and fixed interest rates, protecting businesses from fluctuations in interest ratesStability for businesses looking to make substantial investments without the worry of variable interest ratesThese advantages make business installment loans particularly useful for large, planned investments.Furthermore, installment loans typically have longer repayment terms, which can result in lower monthly payments spread over a more extended period.While this might increase the total interest paid over the life of the loan, it provides the borrower with manageable, predictable payments that can be planned for in advance.
Drawbacks of Installment Loans
Despite their advantages, installment loans come with certain disadvantages. One significant disadvantage is their rigid repayment structure.Unlike revolving credit, which allows for flexibility, installment loans require the same payment amount each month, which can be challenging for businesses with unpredictable cash flows.Some other disadvantages of installment loans include:High interest ratesLonger repayment termsPotential for prepayment penaltiesLimited borrowing optionsIt’s important to carefully consider these disadvantages before deciding to take out an installment loan.Many installment loans have several disadvantages, including:The requirement of collateral, which puts a business’s assets at risk if they fail to meet the repayment termsMissed payments can significantly harm a borrower’s credit history, making it more difficult to secure future loans or creditLack of flexibility in repayment termsPotential prepayment penalties if the borrower decides to pay off the loan earlyThese factors should be considered before taking out an installment loan.
How Installment Loans Work in Practice
Consider a small business looking to purchase new equipment to expand its operations. By securing a business installment loan, the business can obtain the necessary funds to make the purchase without depleting its working capital. The business then repays the loan over a set term with fixed monthly payments, allowing it to manage its budget and plan for future expenses confidently.
What is Revolving Credit?
Revolving credit provides ongoing access to funds within a predetermined credit limit, allowing businesses to borrow as needed and repay to replenish the credit.This type of financing is particularly useful for managing day-to-day operational costs or unexpected expenses.Common forms of revolving credit include business lines of credit and business credit cards. Another example is SBA lines of credit.With revolving credit, businesses can enjoy the following benefits:Only paying interest on the amount borrowed, making it a flexible option for managing cash flow fluctuationsThe option to choose between secured revolving credit, which requires collateral, or unsecured revolving credit, with no collateral requiredThe ability to manage varying expenses without the rigidity of fixed monthly paymentsThis flexibility makes revolving credit an attractive option for small businesses, as they can also benefit from revolving loans.
Benefits of Revolving Credit
Flexibility stands out as the main advantage of revolving credit. Businesses can draw funds as needed, repay them, and borrow again, making it an ideal solution for short-term financing needs and cash flow management.This flexibility allows businesses to handle unexpected expenses or take advantage of immediate business opportunities without undergoing a lengthy loan application process.Another advantage is that businesses only pay interest on the funds they actually use, rather than the entire credit limit. This can result in significant cost savings compared to traditional loans, where interest is calculated on the total loan amount.In addition, revolving credit can help businesses navigate periods of fluctuating expenses or unexpected costs, providing a safety net for operational continuity.Revolving credit is useful for:Managing ongoing operational costs due to its flexible repayment termsBusinesses with seasonal fluctuations in revenue, allowing them to access funds during slow periods and repay them when business picks upMaintaining smooth operations and seizing growth opportunities as they arise
Disadvantages of Revolving Credit
Just like any other small business loan, an evolving line of credit has its own set of disadvantages. One major disadvantage is the typically higher interest rates compared to installment loans. This is due to the flexible and ongoing nature of revolving credit, which can make it more expensive over time.There is also a risk of overuse, as businesses might be tempted to rely heavily on revolving credit, leading to a cycle of debt. High credit utilization rates can negatively impact a business’s credit score, making it more difficult to secure future financing.On top of that, a revolving line of credit often involves variable interest rates, which can fluctuate and make financial planning more challenging. Some potential risks of using revolving credit include:Overuse and reliance on credit, leading to a cycle of debtNegative impact on credit scoreDifficulty securing future financingFluctuating interest rates, making financial planning more challengingIt is important for businesses to carefully consider these risks before utilizing revolving credit.
How Revolving Credit Works in Practice
A small business might use a revolving line of credit to manage seasonal fluctuations by providing funds when sales are low and replenishing the credit line when business picks up.For example, a business could use revolving credit to cover payroll during slow seasons, ensuring they can meet their financial obligations even when revenue is down.A revolving credit line can be used for:Purchasing inventory during periods of higher demand, allowing businesses to restock quickly without waiting for cash flow from salesTaking advantage of immediate business opportunitiesManaging unexpected expenses, such as emergency repairs or urgent purchases, without disrupting cash flowThis flexibility makes revolving credit a valuable tool for businesses.
Comparing Installment Loans and Revolving Credit
Installment loans and revolving credit come with distinct benefits and shortcomings, making each of them suitable for different business requirements.Installment loans provide a lump sum of money that must be repaid over a set term with fixed monthly payments, making them ideal for large, planned investments.In contrast, revolving credit offers a credit limit that can be repeatedly borrowed against and repaid, providing flexibility for managing operational costs and unexpected expenses.The key differences between these two types of financing include payment structures, interest rates, and flexibility.While installment loans offer predictability and stability, revolving credit provides ongoing access to funds and adaptable repayment terms.Understanding these differences is crucial for choosing the right financing option for your business.
Payment Structures
Installment loans have the following benefits:
Fixed payment amounts that include both principal and interest, which are paid at regular intervals
Predictability that helps businesses manage their budgets more effectively and plan for future expenses with confidence
Consistent payment structure that makes budgeting easier and reduces the risk of unexpected financial strain.
Revolving credit, on the other hand, involves variable monthly payment structures depending on the amount borrowed and repaid. Payments can fluctuate based on credit limit usage, which can lead to variable monthly costs. This flexibility allows businesses to manage cash flow fluctuations more effectively, making payments more manageable due to only paying interest on the funds used.
Interest Rates
Interest rates are another critical difference between installment loans and revolving credit. Installment loan interest rate is calculated on the total loan amount, typically offering lower interest rates compared to revolving credit. This makes installment loans less costly over the long term.
Revolving credit often carries higher interest rates due to its flexible and ongoing nature.
Credit cards and lines of credit, common forms of revolving credit, can have interest rates significantly higher than those of installment loans. This can make revolving credit more expensive, especially if balances are not paid off quickly.
Flexibility and Renewability
Revolving credit offers high flexibility and the ability to renew, allowing businesses to:
Draw funds as needed without reapplying for new loans each time
Have ongoing access to funds
Manage cash flow fluctuations
Cover unexpected expenses
This makes revolving credit particularly useful for businesses, especially when using a business credit card.
In contrast, installment loans:
Provide a fixed amount that cannot be borrowed again once repaid
Are not renewable and come with a fixed term that cannot be extended
Are suitable for large, planned investments but less adaptable to changing financial needs.
Choosing the Right Business Financing Options For Your Company
Selecting the right financing option for your business hinges on several factors, including your financial situation, loan purpose, and cash flow needs.Understanding the differences between installment loans and revolving credit can enable small business owners to make informed decisions that coincide with their particular needs.There is no one-size-fits-all answer; the key is to evaluate your business’s unique circumstances and financial goals.Key steps in this decision-making process include assessing your financial health, identifying the exact purpose of the loan, and evaluating your cash flow requirements.By carefully considering these factors, you can identify the most suitable financing solution to support your business’s growth and stability.
Assessing Your Financial Situation
Evaluating your business’s financial health is the first step in choosing the right loan. This involves understanding your revenue, profitability, and existing debt-to-income ratios.
Reviewing your business’s credit score is also vital, as it can influence your eligibility for different loan products.
For small business owners with bad credit, exploring both installment loans and revolving credit options may be beneficial to determine which best suits their needs.
A comprehensive evaluation of factors like your financial history, credit score, and revenue forecasts can help ascertain which loan type is more sustainable for your business.
A clear understanding of these elements can guide you in choosing a financing option that aligns with your business’s financial capabilities and growth plans.
Determining Loan Purpose
The purpose of the loan is a critical factor in deciding between installment loans and revolving credit. For one-time, large expenses such as purchasing equipment or real estate, an installment loan is often more appropriate. Installment loans are well-suited for specific, clear objectives that require substantial funding.
Revolving credit is better suited for:
Managing ongoing operational costs
Short-term financing needs
Covering gaps in cash flow
Handling unexpected expenses
Managing seasonal fluctuations
By defining the loan’s objective, you can ensure that the borrowed funds are directed toward their intended purpose and used efficiently.
Evaluating Cash Flow Needs
Analyzing your business’s cash flow trends is key to deciding whether the predictability of installment loan payments or the adaptability of revolving credit is more advantageous. Understanding the timing of revenue streams and evaluating your debt service coverage ratio (DSCR) can provide insights into your ability to repay a full installment or revolving loan.
A higher DSCR indicates stronger repayment capacity, which is crucial for maintaining financial stability.
The Verdict: Is a Small Business Loan An Installment Loan or Revolving Credit?
In the end, small business loans can take the form of either installment or business term loans, or revolving credit, depending on the business’s specific needs and circumstances. Term loans, a type of installment loan, are typically used for large, one-time expenses, while lines of credit, a form of revolving credit, are often utilized for ongoing operational costs.The decision between an installment loan and revolving credit should be based on factors such as the loan purpose, repayment terms, and cash flow requirements. Installment loans offer a lump sum and come with a predetermined repayment schedule, making them great for planned investments where you can expect predictable payments.In contrast, revolving credit offers flexibility and ongoing access to funds, best suited for managing fluctuating, ongoing expenses, and short-term needs.Understanding the differences between installment loans and revolving credit is essential for small business owners seeking to make informed financial decisions. By carefully assessing your financial situation, determining the purpose of the loan, and evaluating your cash flow needs, you can choose the financing option that best supports your business’s growth and ensures the long-term success of your business.
Common Questions. Straight Answers.
What are the pros of lines of credit for small businesses?
Lines of credit for small businesses offer flexibility, fast access to funds, ability to manage seasonality, and potential for lower operating costs, making them a valuable financial tool.
What are the cons of lines of credit for small businesses?
Lines of credit for small businesses can have cons such as variable interest rates, credit limits, risk of overuse, and renewal requirements. It’s important to weigh these factors carefully before making a decision.
When is an installment loan a good option for a small business?
An installment loan is a good option for a small business when it has clear, specific objectives that require financing, such as expanding into new markets or purchasing equipment. It allows for structured payments over time, making it easier to manage.
When is a line of credit a good option for a small business?
A line of credit is a good option for a small business when it needs to manage day-to-day operational expenses, cover gaps in cash flow, address emergencies, take advantage of opportunities, or have flexible financing. It provides the necessary flexibility to meet various business needs and is a valuable financial tool.
What are the two types of small business loans mentioned in the text?
The two types of small business loans mentioned in the text are installment loans and revolving credit. Both can provide different financing options for your business.
About the Author
Ezra Cabrera
Ezra Neiel Cabrera has a bachelor’s degree in Business Administration with a major in Entrepreneurial Marketing. Over the last 3 years, she has been writing business-centric articles to help small business owners grow and expand. Ezra mainly writes for SMB Compass, but you can find some of her work in All Business, Small Biz Daily, LaunchHouse, Marketing2Business, and Clutch, among others. When she’s not writing, you’ll find her in bed eating cookies and binge-watching Netflix.
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List of Holidays – Government, Public & Bank Holidays
India is a land of rich cultural diversity, where a multitude of festivals and occasions are celebrated with great enthusiasm and fervour. From the vibrant colours of Holi to the serene lights of Diwali, each festival in India reflects the country’s unique traditions and customs. The diverse religious and cultural backgrounds of its people contribute to an array of holidays that are observed with equal importance and joy, making India a fascinating tapestry of celebrations throughout the year.To plan your year ahead and make the most of these festive times, check out the 2024 calendar with holidays. Whether you’re scheduling your travel plans or simply looking forward to some well-deserved breaks, having a detailed holiday list will ensure you don’t miss out on any of the festivities.Government Holidays 2024across the country. These holidays honour the nation’s history, freedom, and influential leaders.
Festival
Date
Republic Day
26th of January
Independence Day
15th of August
Gandhi Jayanti
2nd of October
Festival
Date
Republic Day
26th of January
Independence Day
15th of August
Gandhi Jayanti
2nd of October
These days are marked by various ceremonies, parades, and cultural events, reflecting the spirit of unity and national pride.Gazetted Holidays in India List 2024Gazetted holidays in India include a mix of religious, cultural, and national events that are recognised and celebrated throughout the country. These holidays are officially sanctioned by the government and provide an opportunity for people to partake in various festivities and observances.
Date
Day
Holiday
Jan 26
Friday
Republic Day
Mar 25
Monday
Holi
Mar 29
Friday
Good Friday
Apr 11
Thursday
Eid-ul-Fitr
Apr 17
Wednesday
Ram Navami
Apr 21
Sunday
Mahavir Jayanti
May 23
Thursday
Buddha Purnima
Jun 17
Monday
Id-ul-Zuha (Bakrid)
Jul 17
Wednesday
Muharram
Aug 15
Thursday
Independence Day
Aug 26
Monday
Janmashtami
Sep 16
Monday
Milad-un-Nabi
Oct 2
Wednesday
Mahatma Gandhi’s Birthday
Oct 12
Saturday
Dussehra
Oct 31
Thursday
Diwali
Nov 15
Friday
Guru Nanak’s Birthday
Dec 25
Wednesday
Christmas Day
Date
Day
Holiday
Jan 26
Friday
Republic Day
Mar 25
Monday
Holi
Mar 29
Friday
Good Friday
Apr 11
Thursday
Eid-ul-Fitr
Apr 17
Wednesday
Ram Navami
Apr 21
Sunday
Mahavir Jayanti
May 23
Thursday
Buddha Purnima
Jun 17
Monday
Id-ul-Zuha (Bakrid)
Jul 17
Wednesday
Muharram
Aug 15
Thursday
Independence Day
Aug 26
Monday
Janmashtami
Sep 16
Monday
Milad-un-Nabi
Oct 2
Wednesday
Mahatma Gandhi’s Birthday
Oct 12
Saturday
Dussehra
Oct 31
Thursday
Diwali
Nov 15
Friday
Guru Nanak’s Birthday
Dec 25
Wednesday
Christmas Day
These government holidays ensure that people across different regions and communities can celebrate their cultural and religious events with family and friends.Public Holidays 2024The non-gazetted holidays list for 2024 includes various cultural, regional, and religious festivals that are widely celebrated but not officially mandated by the government. These holidays often reflect the local traditions and customs of different communities across the country.
Date
Day
Holiday
Jan 1
Monday
New Year’s Day
Jan 13
Saturday
Lohri
Jan 14
Sunday
Makar Sankranti
Jan 15
Monday
Pongal/Magha Bihu
Jan 17
Wednesday
Guru Gobind Singh’s Birthday
Jan 25
Thursday
Hazrat Ali’s Birthday
Feb 14
Wednesday
Basant Panchami
Feb 19
Monday
Shivaji Jayanti
Feb 24
Saturday
Guru Ravidas’ Birthday
Mar 6
Wednesday
Swami Dayananda Saraswati Jayanti
Mar 8
Friday
Maha Shivratri
Mar 24
Sunday
Holika Dahan
Mar 25
Monday
Holi
Mar 29
Friday
Good Friday
Mar 31
Sunday
Easter Sunday
Apr 5
Friday
Jamat-Ul-Vida
Apr 9
Tuesday
Chaitra Sukladi/Gudhi Padwa/Ugadi/Cheti Chand
Apr 11
Thursday
Eid-ul-Fitr
Apr 13
Saturday
Vaisakhi
Apr 14
Sunday
Meshadi/Vaisakhadi/Bahag Bihu
Apr 17
Wednesday
Ram Navami
Apr 21
Sunday
Mahavir Jayanti
May 8
Wednesday
Guru Rabindranath’s Birthday
May 23
Thursday
Buddha Purnima
Jul 7
Monday
Rath Yatra
Jul 17
Wednesday
Muharram
Aug 15
Thursday
Independence Day
Aug 19
Monday
Raksha Bandhan
Aug 26
Monday
Janmashtami
Sep 7
Saturday
Ganesh Chaturthi/Vinayaka Chaturthi
Sep 15
Sunday
Onam or Thiru Onam Day
Sep 16
Monday
Milad-un-Nabi (Birthday of Prophet Muhammad)
Oct 2
Wednesday
Mahatma Gandhi’s Birthday
Oct 10
Thursday
Dussehra (Maha Saptami)
Oct 11
Friday
Dussehra (Maha Ashtami)/Dussehra (Maha Navmi)
Oct 12
Saturday
Dussehra
Oct 20
Sunday
Karaka Chaturthi (Karva Chauth)
Oct 31
Thursday
Diwali
Nov 2
Saturday
Govardhan Puja
Nov 3
Sunday
Bhai Duj
Nov 7
Thursday
Chhat Puja
Nov 24
Sunday
Guru Teg Bahadur’s Martyrdom Day
Dec 25
Tuesday
Christmas Eve
Date
Day
Holiday
Jan 1
Monday
New Year’s Day
Jan 13
Saturday
Lohri
Jan 14
Sunday
Makar Sankranti
Jan 15
Monday
Pongal/Magha Bihu
Jan 17
Wednesday
Guru Gobind Singh’s Birthday
Jan 25
Thursday
Hazrat Ali’s Birthday
Feb 14
Wednesday
Basant Panchami
Feb 19
Monday
Shivaji Jayanti
Feb 24
Saturday
Guru Ravidas’ Birthday
Mar 6
Wednesday
Swami Dayananda Saraswati Jayanti
Mar 8
Friday
Maha Shivratri
Mar 24
Sunday
Holika Dahan
Mar 25
Monday
Holi
Mar 29
Friday
Good Friday
Mar 31
Sunday
Easter Sunday
Apr 5
Friday
Jamat-Ul-Vida
Apr 9
Tuesday
Chaitra Sukladi/Gudhi Padwa/Ugadi/Cheti Chand
Apr 11
Thursday
Eid-ul-Fitr
Apr 13
Saturday
Vaisakhi
Apr 14
Sunday
Meshadi/Vaisakhadi/Bahag Bihu
Apr 17
Wednesday
Ram Navami
Apr 21
Sunday
Mahavir Jayanti
May 8
Wednesday
Guru Rabindranath’s Birthday
May 23
Thursday
Buddha Purnima
Jul 7
Monday
Rath Yatra
Jul 17
Wednesday
Muharram
Aug 15
Thursday
Independence Day
Aug 19
Monday
Raksha Bandhan
Aug 26
Monday
Janmashtami
Sep 7
Saturday
Ganesh Chaturthi/Vinayaka Chaturthi
Sep 15
Sunday
Onam or Thiru Onam Day
Sep 16
Monday
Milad-un-Nabi (Birthday of Prophet Muhammad)
Oct 2
Wednesday
Mahatma Gandhi’s Birthday
Oct 10
Thursday
Dussehra (Maha Saptami)
Oct 11
Friday
Dussehra (Maha Ashtami)/Dussehra (Maha Navmi)
Oct 12
Saturday
Dussehra
Oct 20
Sunday
Karaka Chaturthi (Karva Chauth)
Oct 31
Thursday
Diwali
Nov 2
Saturday
Govardhan Puja
Nov 3
Sunday
Bhai Duj
Nov 7
Thursday
Chhat Puja
Nov 24
Sunday
Guru Teg Bahadur’s Martyrdom Day
Dec 25
Tuesday
Christmas Eve
These non-gazetted holidays highlight the rich tapestry of cultural and religious events celebrated across India, allowing communities to come together and honour their traditions.Bank Holidays in 2024Bank holidays in India include a variety of national, regional, and religious events during which banks and financial institutions remain closed. These holidays are essential for planning financial activities and understanding the schedule of banking services.
Date
Day
Festival
Jan 1
Monday
New Year’s Day
Jan 12
Friday
Birthday of Swami Vivekananda
Jan 15
Monday
Pongal
Jan 16
Tuesday
Thiruvalluvar Day
Jan 17
Wednesday
Guru Gobind Singh Ji Birthday
Jan 26
Friday
Republic Day
Feb 10
Saturday
Losar
Feb 14
Wednesday
Basant Panchami
Feb 15
Thursday
Birthday of Md. Hazrat Ali/Lui-Ngai-Ni
Feb 24
Saturday
Guru Ravidas Ji Birthday
Feb 25
Sunday
Thaipusam
Mar 8
Friday
Mahashivratri
Mar 10
Sunday
Ramadan
Mar 24
Sunday
Holika Dahan
Mar 25
Monday
Holi
Mar 29
Friday
Good Friday
Apr 1
Monday
Yearly Closing of Bank Accounts
Apr 5
Friday
Babu Jagjivan Ram’s Birthday
Apr 9
Tuesday
Ugadi, Eid al-Fitr
Apr 14
Sunday
Tamil New Year
May 8
Wednesday
Birthday of Rabindranath Tagore
May 16
Thursday
Buddha Purnima
Jun 9
Sunday
Maharana Pratap Jayanti
Jun 10
Monday
Martyrdom Day of Sri Guru Arjun Dev Ji
Jun 15
Saturday
YMA Day
Jun 16
Sunday
Eid al-Adha
Jul 8
Monday
Rath Yatra
Jul 17
Wednesday
Muharram
Aug 15
Thursday
Independence Day, Parsi New Year
Aug 19
Monday
Raksha Bandhan
Aug 26
Monday
Krishna Janmashtami
Sep 5
Thursday
Tithi of Srimanta Sankardeva
Sep 7
Saturday
Vinayagar Chaturthi
Sep 14
Saturday
First Onam
Sep 15
Sunday
Thiruvonam
Sep 16
Monday
Eid-i-Milad-ul-Nabi (Birthday of Prophet Muhammad)
Oct 1
Tuesday
Half-Yearly Closing of Bank Accounts
Oct 2
Wednesday
Gandhi Jayanti
Oct 11
Friday
Ayudha Puja
Oct 12
Saturday
Vijayadashami
Oct 20
Sunday
Karva Chauth
Oct 31
Thursday
Diwali
Nov 1
Friday
Laxmi Puja, Kannada Rajyotsava
Nov 2
Saturday
Govardhan Puja
Nov 7
Thursday
Chhath Puja
Nov 15
Friday
Guru Nanak Jayanti
Nov 18
Monday
Kanakadasa Jayanthi
Dec 3
Saturday
Feast of St. Francis Xavier
Dec 19
Thursday
Goa Liberation Day
Dec 25
Wednesday
Christmas
Dec 31
Tuesday
New Year’s Eve
Date
Day
Festival
Jan 1
Monday
New Year’s Day
Jan 12
Friday
Birthday of Swami Vivekananda
Jan 15
Monday
Pongal
Jan 16
Tuesday
Thiruvalluvar Day
Jan 17
Wednesday
Guru Gobind Singh Ji Birthday
Jan 26
Friday
Republic Day
Feb 10
Saturday
Losar
Feb 14
Wednesday
Basant Panchami
Feb 15
Thursday
Birthday of Md. Hazrat Ali/Lui-Ngai-Ni
Feb 24
Saturday
Guru Ravidas Ji Birthday
Feb 25
Sunday
Thaipusam
Mar 8
Friday
Mahashivratri
Mar 10
Sunday
Ramadan
Mar 24
Sunday
Holika Dahan
Mar 25
Monday
Holi
Mar 29
Friday
Good Friday
Apr 1
Monday
Yearly Closing of Bank Accounts
Apr 5
Friday
Babu Jagjivan Ram’s Birthday
Apr 9
Tuesday
Ugadi, Eid al-Fitr
Apr 14
Sunday
Tamil New Year
May 8
Wednesday
Birthday of Rabindranath Tagore
May 16
Thursday
Buddha Purnima
Jun 9
Sunday
Maharana Pratap Jayanti
Jun 10
Monday
Martyrdom Day of Sri Guru Arjun Dev Ji
Jun 15
Saturday
YMA Day
Jun 16
Sunday
Eid al-Adha
Jul 8
Monday
Rath Yatra
Jul 17
Wednesday
Muharram
Aug 15
Thursday
Independence Day, Parsi New Year
Aug 19
Monday
Raksha Bandhan
Aug 26
Monday
Krishna Janmashtami
Sep 5
Thursday
Tithi of Srimanta Sankardeva
Sep 7
Saturday
Vinayagar Chaturthi
Sep 14
Saturday
First Onam
Sep 15
Sunday
Thiruvonam
Sep 16
Monday
Eid-i-Milad-ul-Nabi (Birthday of Prophet Muhammad)
Oct 1
Tuesday
Half-Yearly Closing of Bank Accounts
Oct 2
Wednesday
Gandhi Jayanti
Oct 11
Friday
Ayudha Puja
Oct 12
Saturday
Vijayadashami
Oct 20
Sunday
Karva Chauth
Oct 31
Thursday
Diwali
Nov 1
Friday
Laxmi Puja, Kannada Rajyotsava
Nov 2
Saturday
Govardhan Puja
Nov 7
Thursday
Chhath Puja
Nov 15
Friday
Guru Nanak Jayanti
Nov 18
Monday
Kanakadasa Jayanthi
Dec 3
Saturday
Feast of St. Francis Xavier
Dec 19
Thursday
Goa Liberation Day
Dec 25
Wednesday
Christmas
Dec 31
Tuesday
New Year’s Eve
These bank holidays allow for the celebration of various important occasions while ensuring that essential banking operations are paused, giving employees and customers a chance to participate in festivities. Before You Go…Planning to make the most of your holidays in 2024? Whether you’re thinking of a relaxing getaway, a festive trip to celebrate with family, or an adventure to explore new destinations, don’t let a lack of finances hold you back. With KreditBee, you can easily apply for a travel loan to fund your dream vacation.Frequently Asked Questions
1: What are the national holidays observed in India in 2024?
India observes three national holidays:
Republic Day on January 26
Independence Day on August 15
Gandhi Jayanti on October 2
These govt holidays are celebrated nationwide with various ceremonies and events.
2: What is the difference between gazetted and non-gazetted holidays in India?
Gazetted holidays are mandatory holidays recognised by the government, during which government offices and most businesses are closed. Non-gazetted holidays, on the other hand, are optional holidays that may not require mandatory closure of offices and businesses. Employees may choose to take leave on these days based on their preferences and cultural practices.
3: Are banks closed on all public holidays in India?
Banks in India are closed on specific holidays, including gazetted holidays and certain regional and religious holidays. Each state may have its own list of bank holidays based on local festivals and observances.
KreditBee As a market leader in the Fintech industry, we strive to bring you the best information to help you manage finances better. These blogs aim to make complicated monetary matters a whole lot simpler.