Bonfleet shortlisted out of 200 startups for “Fintech Accelerator Programme” by the Maharashtra Government

The Maharashtra government introduced India’s first Fin-Tech policy in February this year to establish, promote and facilitate FinTech start-ups along with an accelerator program.

Mumbai is one of India’s primary economic hubs due to its ideal location, excellent infrastructure and competitive business environment which makes it a thriving FinTech ecosystem. The Maharashtra CM Devendra Fadnavis inaugurated the Mumbai FinTech Accelerator program with a corpus of Rs. 200 Crores to enhance this further. The programme was launched in September and received more than 200 applications.

“The objective of the accelerator programme is to foster innovation across the financial services ecosystem to nurture exceptional FinTech firms that enable financial empowerment and technological advancement, “he said.

Bonfleet was one of the 13 startups that were shortlisted out of them which will be receiving benefits like mentorship, talent acquisition corporate support, and access to Mumbai Fintech API Sandbox, government APIs and to regulators.

Why CIBIL score is important?

Before we get into the why, what is a CIBIL score?

To put in layman’s language, it is nothing but a 3 digit number between 300 to 900 decided by CIBIL, a Credit Information company based on all your credit-related activity within the financial system. This number acts as the first impression for the lender, the higher the score, the better the chances of the loan/credit card being approved. Hence, a CIBIL score is a clear indication to a bank about your financial history on which your credit-worthiness is decided.

Why is it important?

  1. Easy Availability of Loans – With a good credit score you can be assured that applying for a loan, won’t be a hassle in the future. According to the official CIBIL website, about 90% of loan applicants with CIBIL score greater than 700 often obtain easy approval for loans
  2. Ability to Negotiate Interest Rates – Higher the CIBIL score lower the interest rates. A good CIBIL score will grant you the power to negotiate; hence you much have a better chance of getting a lower rate of interest on your loans and credit cards.
  3. Credit Limit Improves – Banks and financial institutions are favourable to individuals with a good or high CIBIL score. Hence over the time, it becomes far easy to get approval for higher limits from the bank or financial institutions.
  4. Quick Processing of Loans – Be rest assured that the next time you require a home loan, mortgage loan, personal loan, car loan or any other type of loan, the process will be smooth. If the credit score is high, the lender will easily consider the application and move on to evaluate other factors before approving the application
  5. Best Credit Card Offers – People having a good CIBIL score receive exciting credit card offers from banks. These cards have higher credit limits, privileges, cashback and many more amazing offers.

It is good to learn the factors used to calculate a credit score so you can improve it, if required, and avail the best loan offers on the market. Here is our article which will help you out – 10 Ways to increase your Credit Score

Empowering The Gig Economy: All You Need To Know

The expression “gig economy” alludes to a general workforce condition in which here and now commitment, impermanent contracts, and independent contracting is ordinary. It’s additionally alluded to as the “specialist economy,” “agile workforce,” “sharing economy,” or “independent workforce.” You may believe it’s a trendy expression, and you’d be correct, yet the boundless development of new businesses supporting the gig economy (and the number of laborers utilizing them) is a certain sign that the idea of work as we know it is changing. Continue reading “Empowering The Gig Economy: All You Need To Know”

Financial Inclusion: All you need to know

Financial inclusion is where people and organizations approach valuable and moderate money related items and services that address their requirements which are conveyed in a mindful and credible way. Financial inclusion is characterized by the accessibility and fairness of chances to get money-related services. The accessibility of monetary administrations that meet the particular needs of a user without any discrimination is a key goal of Financial Inclusion. Continue reading “Financial Inclusion: All you need to know”

How can Fleet Managers benefit from using Fleet Expense Management Tools?

Be it any business, transportation/logistics play a prominent role in it. From having a fleet of thousand vehicles to a few, from owning the fleet to outsourcing it to another, there are various problems faced by all the fleet businesses but most of them are associated with the expense management.

Continue reading “How can Fleet Managers benefit from using Fleet Expense Management Tools?”