Life is unexpected and a financial crisis can happen at any time. People keep aside a part of their earned money as savings to deal with such financial crises. However, when an emergency arises, people often look for different sources from which they can borrow a loan, or mortgage their assets. However, there is one easier and simpler option too. Buying a loan against FD can get you instant liquid cash for managing such situations. All you need to do is have an FD, and the company or bank with which you have it, will provide you a loan against 70-90% of your total principal amount deposited in FD.
Great Option for Small Loans
Loan against FD is a great option for dealing with short-term crisis or when you want small amounts of money. FD can come to your rescue before they get matured by providing a loan/overdraft facility. Companies offers loan against FD facility by providing its customers a loan of 60% of the principal amount in the case of non-cumulative FD. Whereas, in the case of a cumulative FD it amounts up to 75% of the principal amount.
Less Interest Rates
A great advantage these loans have over other loans is they have much lesser interest rates than other loans. The rates of interest on these loans is charged only from 2% to 3% more than the interest rate on your FD. NBFCs offers interest on FD at 7.60%, and the loan interest rates amounts up to 2% above that rate. Normal loans are charged between 9% to 15%, hence, a loan against FD is a much better and cheaper option when looking for small amounts of loans.
Minimum Documentation and No Costs
The duration for which the loan is taken is generally for the same time period in which the FD gets matured. Sometimes it can be less than the duration of FD, but can never be more than that. While taking a loan against FD, you won’t be able to break it to get your principal amount before it gets matured. You cannot withdraw any money from your FD till you would repay the whole amount of loan in full. NBFCs have a very simple process of providing the loan with a single page documentation. There are no processing fees or any other costs, and you get the disbursal of amount in your bank within 24 hours.
Prepayment and Foreclosure
Foreclosure is the procedure of foreclosing your loan by repaying the amount of loan before the duration of the loan ends. Unlike other loans, loan against FD doesn’t charge you any such charges or fees. This gives you the flexibility of paying off the loan amount whenever you want to. Company offers flexible repayment options for these loans which is within the tenure of the FD, which initiates after the 90 days from which the FD has started.
An important thing to be noted is – the time when you are applying for the loan. If you are applying for the loan when the maturity date of the FD is near, the maximum duration you can get to pay the loan off is limited to the time remaining till the maturity of the FD. Due to this, you might not have many months and you would have to pay higher EMIs to pay it off. So, ensure that you check which FD you are applying for loan against, if you have multiple FDs of short durations. Look for the one whose maturity date is farthest by analysing how much EMIs you would be able to pay.
What Is Swiggy? How Makes Swiggy Business Model Works In Startups And Make Money?
Online meal delivery is just one of the many businesses that have benefited from the disruption caused by the pandemic. Swiggy is a business model that allows business owners to create an engaging, feature-rich food delivery app.
Customers ate their way to happiness, as they were deprived of any restricted or other activities. People are becoming more comfortable with placing orders online via their smartphones, a trend popular among GenZ and millennials.
Swiggy is the most popular online food delivery service. If you want to create an app like Swiggy, it is essential to understand the Swiggy business model. Also, learn how the delivery giant makes its money and works to please more tastebuds.
Swiggy has received more from the market thanks to a new raise, and the company’s value has reached $5.5 Billion. The delivery segment currently has over 15 million users. However, this number is expected to rise and reach 80 million.
Restaurants and establishments are looking for new business models to survive the COVID-19 pandemic. Many vendors are investing in the Swiggy Clone script. White Label Fox can help you find the right solution for your delivery business if you are looking for it.
What is Swiggy?
Swiggy India’s largest online ordering platform and delivery service are for food. It was established in 2014. The company’s headquarters are in Bangalore. Swiggy is now present in over 500 Indian cities as of 2021. The delivery platform was extended to general product deliveries in 2019 as Swiggy Stores.
Bundl Technologies Private Limited operates Swiggy’s instant pick-up or drop-off service, SwiggyGo. This service is available for various purposes, such as delivering laundry, dropping off lunch, getting lost keys, or delivering documents from your office.
Swiggy’s Success Story. Get Insight!
Swiggy now offers customers the option to receive the delivery at their doorstep. Customers can order hot, fresh meals from different establishments, and the company promises that they will deliver their orders in a short time. Is it possible to see how Swiggy achieved such great success in such a short time? We will look at the Swiggy success timeline and the Swiggy business model to gain insight into the strategy.
Swiggy has become a household name in online meal delivery and ordering. It has been a success since its origination. The company has worked with more than 150,000 restaurants and is a prominent presence in 325 Indian cities. It has overcome all barriers to hot meal delivery.
Swiggy is a modern alternative to the traditional way of ordering, waiting, and traveling to get hot meals to our tables. Foodies can now have their favorite dishes delivered to their doorsteps with just a few taps.
The Swiggy Business Model – How Delivery Giant Works
Swiggy is based on the hyperlocal, on-demand delivery model. The company uses an innovative tech stack to act as a single point for all inquiries. Swiggy’s app is easy to use and allows urban foodies to order from their favorite restaurants and have it delivered to them.
It is easier to order and choose from many restaurants, menus, and prices. Delivery partners can pick up orders from restaurants and deliver them to customers within 20-30 minutes. Swiiggy uses the dual-partnership model, which is beneficial to both customers and restaurants.
One of the best things about Swiggy is that it lists delivery partners and organizes restaurants to deliver within 30 minutes. Swiggy is a hyper-local business model that bridges the gap between food lovers, restaurants, and customers. It works in a dual partnership model and benefits restaurants.
Discover How Swiggy Makes Money. Explore the entire Revenue Model here!
Swiggy can earn in many ways. Economic Times reports indicate that the competition for the top spot in the meal delivery market is up 93%. It has risen from 205 crores to 397 crores. Companies have increased their efforts to expand their fleet and improve their services due to rising costs. Swiggy’s revenue streams will help you make more. Currently, Swiggy has the following revenue streams:
Swiggy makes its revenue by charging customers a small fee for orders placed. The company’s charge increases during peak hours and in unusual weather conditions.
Swiggy purchases goods through commissions. Swiggy collects commissions from restaurants for delivering their meals via its fleet and food delivery platform.
It makes advertising revenue in many ways.
- Banner Promotions
- Priority Listing for Restaurants
It created the concept based on a cloud-based kitchen. Swiggy Access offers ready-to-use space to its partners even in areas where they don’t operate. Swiggy Access is a company that provides ready-to-use space to its customers. Its primary purpose is to deliver meals to their doorstep.
Swiggy has launched “Swiggy Super”, a customer-only membership program. After signing up for the program, customers don’t need to pay a surge for excessive orders.
Swiggy’s top delivery company has “Swiggy Go”, launched in 2019 and offered customers instant pick-up and drop service. This service allows customers to pick up, send and drop off their items from different locations across the country.
Swiggy makes money by partnering with financial institutions like HSBC, Citibank, and ICICI Bank. Affiliate income is a unique and successful way to make money. It is also beneficial for both the affiliates and the bank.
The food delivery company has enjoyed a competitive advantage over other models due to its unique functionality and exceptional customer service. With its top-notch service offerings, it has grown its customer base. You can offer your customers the best delivery and ordering service with an online food ordering app. Professionals developed this app.
It costs less to build an app like Swiggy. Check this out!
App development is now a standard part of eCommerce due to technological advancement. Businesses need a food delivery app to ensure their target audience can access the products and services. Many factors, including determining the cost of app development
- App size;
- Select the platform;
- UI/UX design complexity;
- Technology selected;
- App testing;
- Marketing, etc.
The features and functionality that you select for your branded mobile app will impact the cost of development. You can still get your app developed for a reasonable price if you choose the right partner.
Get your Food Delivery App developed today!
Swiggy is a fast-growing company that started with food delivery but has expanded its services to other parts of the world. The delivery company is expanding its offerings to include emergency supplies such as groceries and stationery. Follow the Swiggy model to grow your delivery business.
Swiggy is challenging market leaders such as FoodPanda and Zomato. Although Swiggy has established itself as a top ordering and food delivery platform, its business model and revenue model are highly sustainable and innovative. Thanks to modern technologies like live tracking and a comprehensive menu, customers have found their lives easier and faster