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Smart Tips to Utilise When Availing a Used Car Loan

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Used Car Loan

Car purchase is one of the top lifestyle aspirations that households carry. Depending on the budget one carries, car purchase involves taking care of multiple aspects like the seller price, the on-road price of the vehicle, the seating capacity, and such other aspects of the vehicle.

Today, one has the option to purchase used cars as well based on his/her requirements. The affordability factor as well as the availability of cars in near-new conditions assists car ownership aspirants with the right vehicle selection.

These factors also combine to spur the expansion of the used car market, bringing to the financial market’s notice the need to finance such purchases as well. This has led to the introduction of used car loans, which assist with the vehicle purchase financing.

Availing a loan for used car purchase is simple and easy today. As these are secured advances, the interest rate applicable to these loans is affordable too. Further, various other features and facilities make managing and repaying used car finance convenient.

One may still prepare for the financing by keeping a few things in mind that should bring loan approval easily. We have brought a handful of tips that can help with financing your used car purchase. Let’s check them out.

Choose a Car Not Older Than 2 Years

Even though financing is available for all used car purchases across makes and models, lenders prefer cars that are not more than two years old for the purpose of financing. It is because these cars have high resale value and also low depreciation rates than older vehicles.

Further, these cars can fetch a high LTV or loan to value ratio as well under your used car loan. You may thus find it easy to maximise financing on these cars than their older versions.

Check for the Accuracy of All Vehicle Documents

When assessing loan applications for used cars, lenders go through the available documents from previous owners in detail. It primarily includes the registration certificate, insurance documents, claim records, engine number, and the chassis number as registered for it initially.

These ensure vehicle legitimacy and also help fetch high financing value. It is thus best to check these documents for accuracy and submit to the lender when making vehicle purchase.

Assess Your Maximum Loan Affordability

You must also check how much loan amount you can afford based on your income and existing fixed liabilities. It not only helps with easy loan management in the future but also keeps you on top of your creditworthiness as the lender can confirm that the EMIs payable would be within your financing limits without straining your income.

Use a used car loan EMI calculator to check how much EMI matches your affordability and choose a loan amount and tenure for repayment accordingly.

Apply for a Used Car Loan Amount Lower Than Your Maximum Affordability

Your second hand car loan comes with its maximum eligibility as well based on your borrowing factors, which remain within the maximum loan cap. You can check your maximum loan availability with the help of an eligibility calculator available online for free.

Now, even though you might hold eligibility for a high loan value, it is ideal to apply for financing under this limit. This keeps your income significantly free from getting packed with high fixed liability and lands in the good books of your lender.

Compare Lending Institutions for Available Features and Facilities

When checking who to avail the loan from, you must go through an in-depth market research regarding the lender to avail financing with. The available used car finance rates are the top factor to compare available lending institutions for.

The total financing value available as loan, repayment tenure, prepayment options, and the likes are other comparison parameters that you should consider when deciding on the lender. Further, keep a check on the time taken for loan approval and disbursal to find a lender that provides quick funding, preferably within a day or two of approval.

Provide All Income Documents During Paperwork

Once you have applied for the loan with your selected lender and are initiating paperwork, it can be in your favour to provide all income documents during paperwork.

This allows a representation of the actual monthly income that you earn instead of just the primary income, thus increasing your chances of easy approval of the loan amount needed due to a high repayment capacity.

Make a High Down Payment

One useful way to secure a suitable loan value easily is to make a higher down payment than asked for by the lender. Doing so automatically brings down the LTV of your loan, thus enabling easy securing of low-interest second hand car loan.

As for your credit score, even though a lender may not require a mandatory minimum threshold, it is ideal that you check your score and work on it to bring it to 700. This not only helps with quick and easy approval of your used car loan but also helps secure favourable terms on the advance.

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Jairaj Bhattacharya, Arnav Pyasi, Shikhar Gupta, and Shashank Pandey The Pioneers of Edtech Common Sense

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ConveGenius Founders

In the realm of India’s booming edtech industry, where the chase for funds and rapid expansion often takes center stage, a quartet of entrepreneurs has forged their path with a different approach. Jairaj Bhattacharya, Arnav Pyasi, Shikhar Gupta, and Shashank Pandey, the minds behind ConveGenius, have exemplified the power of common sense in navigating the complex world of education technology. Their journey began in 2014 when Jairaj Bhattacharya and Shashank Pandey, both engineering graduates from the International Institute of Information Technology, Hyderabad, ventured into the social enterprise and impact segment of edtech. They embarked on a mission that set them apart from the conventional edtech founders of their time. Their vision was audacious yet clear: to provide high-quality educational content to an astounding 100 million children from middle- and low-income households across India.

What made their approach unique was the decision to offer this education for free. It was a decision rooted in common sense. They recognized that their target audience lacked the financial means to pay for educational resources. Drawing inspiration from tech giants like Google and Facebook, who offered their products for free to achieve massive scale, Bhattacharya and Pandey saw the potential for impact through a similar strategy. In the fast-growing edtech landscape of 2014, where venture capital was pouring into the sector, Bhattacharya and Pandey remained focused on their mission. They were not driven by the fear of missing out (FOMO) on funding rounds but by a genuine sense of purpose. They possessed an unwavering belief in the importance of what they were doing and never felt pressured to conform to industry norms.

In a market where edtech startups were raising substantial sums, ConveGenius managed to secure just one angel investor in 2015, who contributed a modest sum of Rs 25 lakh. Undeterred, they persisted, and in 2016, they raised a seed round of $1 million. Throughout this period, they remained acutely aware that investors were not queuing up to back their socially impactful edtech model. This awareness became one of their key strengths. While many startups were chasing vanity metrics like user engagement, Bhattacharya and his team focused on the fundamentals of building a sustainable edtech business. They understood that having thousands or millions of users did not automatically translate into significant revenue. Their emphasis on user retention and stickiness set them apart from others in the industry.

One striking example of their approach is ShareChat, a social media platform backed by Google. ShareChat had a massive user base of 400 million monthly active users by December 2022, with a valuation exceeding $5 billion. However, over 60 percent of its revenue in FY23 came from advertising services rather than direct user payments. Bhattacharya understood that having a large user base did not guarantee proportional revenue growth.

ConveGenius’s journey has been characterized by steady, sustainable growth rather than meteoric rises and dramatic falls. Their revenue from operations increased from Rs 13.5 crore in FY21 to Rs 46.7 crore in FY23, with losses growing modestly from Rs 6.87 crore to Rs 7.8 crore during the same period. This performance stands out, especially when compared to some of their peers in the edtech industry. For instance, FrontRow, an edtech platform for non-academic skills, raised significant funding but ultimately shut down in July. In contrast, ConveGenius, with its lean approach, managed to make a meaningful impact with fewer funds raised.

Amidst the challenges of 2022, when edtech venture funding declined, Bhattacharya faced pressure from various quarters to diversify beyond edtech. However, he viewed the market downturn as an opportunity to be more aggressive, emphasizing the importance of doing less and achieving more. His common-sense approach, combined with a lean team and a lack of heavy operational and administrative machinery, allowed ConveGenius to stay on its unique path. In reflecting on his journey as a social impact edtech founder, Bhattacharya remains humble. He does not consider himself a genius, noting that he possesses an average IQ. However, his journey and the success of ConveGenius exemplify that genius lies not in extraordinary intellect but in the thoughtful application of common sense.

The story of Jairaj Bhattacharya, Arnav Pyasi, Shikhar Gupta, and Shashank Pandey serves as an inspiring example of how entrepreneurs can make a lasting impact by staying true to their mission and relying on common sense to navigate the complexities of the business world. In an industry often dominated by hype and excessive spending, ConveGenius stands as a beacon of thoughtful, sustainable growth.

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Kaushal Shetty Transforming Lives with Nostos Homes

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Kaushal Shetty Founders Nostos Homes

In a world where innovation is often synonymous with profit, Kaushal Shetty stands out as a beacon of hope. At the age of 27, he is not only a Senior Product Manager at Mastercard but also the Co-founder and CEO of Nostos Homes, a non-profit organization with a noble mission – to provide shelter, dignity, and safety to displaced persons. The story of Nostos Homes is deeply personal for Kaushal Shetty. Hailing from a village plagued by annual floods, he intimately understood the plight of those who were forced to leave their homes due to natural disasters. His own journey from his flood-ravaged village to the bustling metropolis of Mumbai shaped his perspective and fueled his determination to make a difference.

Modular, Lightweight, and Transportable Shelters

Nostos Homes took shape as a solution to a pressing global problem – the plight of displaced persons. The organization designs and builds modular, lightweight, and easily transportable shelters. These shelters serve as a robust and safe alternative to the conventional tent, providing not just a roof over one’s head but also a semblance of privacy, dignity, and safety during times of crisis. One of the remarkable aspects of Nostos Homes’ shelters is their cost-effectiveness. These shelters come at a price point comparable to traditional tents, making them accessible to those who need them the most. For displaced individuals and families, Nostos Homes’ shelters represent more than just a physical structure; they symbolize hope and the promise of a better tomorrow.

Nostos Homes’ reach extends far beyond the borders of India. While the organization has provided its innovative shelter solutions in Assam and Nagaland, its impact has also been felt in Africa. The modular shelters have not only improved living conditions but have also instilled a sense of security among displaced communities. Kaushal Shetty’s vision for Nostos Homes goes beyond providing shelter to a few. He envisions a world where his organization’s solutions can make a significant impact on a global scale. To turn this vision into reality, Nostos Homes is actively engaging with governments and agencies, exploring partnerships that can help scale up their operations.

Kaushal Shetty’s journey is a testament to the transformative power of social entrepreneurship. With a strong sense of purpose and a commitment to making a difference, he has harnessed his skills as a product manager to create real-world solutions that address one of humanity’s most pressing challenges – displacement.

Kaushal Shetty’s dual role as a Senior Product Manager at Mastercard and the CEO of Nostos Homes exemplifies the fusion of technology, compassion, and innovation. Through Nostos Homes, he has demonstrated that profit is not the only driving force behind innovation. Sometimes, it’s the desire to alleviate human suffering, to provide shelter and security to the vulnerable, and to restore dignity and hope to those who have lost everything. Kaushal Shetty’s journey is an inspiration to all, a reminder that each of us has the power to make a positive impact on the world, regardless of our age or circumstances.

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Genrobotics Revolutionizing Cleaning and Rehabilitation with Robotics

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Genrobotics Co-Founders

In the heart of India’s bustling tech landscape, where innovation thrives and new frontiers are explored, a group of visionary individuals came together to create Genrobotics. Arun George, Nikhil NP, Rashid K, and Vimal Govind MK, all in their late twenties, are the co-founders of this ground-breaking venture that has set out to revolutionize several industries through the power of robotics.

Founded in 2017, Genrobotics embarked on its journey with a singular mission – to eradicate the perilous and inhumane practice of manual scavenging in India. Manual scavenging, a practice that had claimed far too many lives, was about to meet its match in the form of a revolutionary robot scavenger.

Robots to the Rescue:

Genrobotics’ flagship creation, the robot scavenger, is designed to perform tasks that were previously done by manual scavengers. These robots not only ensure efficiency and precision but, more importantly, they eliminate the life-threatening risks associated with manual scavenging. It’s a giant leap towards safeguarding the dignity and lives of those who were once forced into this. The impact of Genrobotics was not confined to ending manual scavenging alone. The company’s visionary founders set their sights on broader horizons, seeking innovative solutions for the healthcare, sanitation, oil, and gas sectors. With an unwavering commitment to enhancing human lives through automation, they ventured into creating robots catering to various cleaning requirements.

Genrobotics’ influence spread like wildfire. The company’s solutions found favor with 85 urban local bodies across 17 states and three union territories in India. Its robot scavengers and other cleaning robots became integral to maintaining cleanliness and hygiene in numerous areas. One of Genrobotics’ most commendable initiatives is its rehabilitation program. While automation was improving sanitation and safety, it also had the potential to displace manual scavengers from their livelihoods. To address this, the company introduced a comprehensive rehabilitation program. The rehabilitation program initiated by Genrobotics has transformed the lives of thousands of former manual scavengers. With a focus on imparting skills that are directly aligned with operating and maintaining the robots, the program ensures that these individuals don’t lose their source of income due to automation.

To date, Genrobotics’ rehabilitation program has benefitted over 3,000 people. This remarkable feat showcases the company’s commitment not only to technological innovation but also to the welfare and upliftment of those who were once marginalized. As Genrobotics continues to push the boundaries of what’s possible with robotics, the co-founders, Arun George, Nikhil NP, Rashid K, and Vimal Govind MK, remain steadfast in their commitment to creating solutions that enhance the human experience. Their journey, which began with the noble goal of ending manual scavenging, has expanded to encompass multiple industries and sectors, with a focus on improving lives and preserving human dignity.

In a world where technology often takes centre stage, Genrobotics stands out as a beacon of innovation with a heart. The co-founders’ dedication to tackling societal issues with cutting-edge technology while simultaneously empowering individuals through rehabilitation is a testament to the positive impact that tech-driven social entrepreneurship can have on our world. As they continue to pioneer advancements in the field of robotics, Genrobotics serves as an inspiring example of what can be achieved when visionary minds come together with a shared purpose.

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