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To glow and develop in life, travel is one of the most crucial factors as it comes with a variety of teachings. It isn't approximately the vacation spot but the journey that makes the entirety memorable. However, one must be nicely aware about sudden events as they can disrupt even the maximum meticulously planned journeys. This is where the best travel insurance steps into the game.

Travel coverage, that's frequently unseen through many visitors even in 2024, acts as a monetary safety net, shielding you from unexpected occasions that could turn your dream excursion right into a disturbing ordeal. 

Today, in this article, we’ll understand everything about this travel facility and which is the best company that offers it. 

What is travel insurance? What are its top advantages?

As the term suggests, it is basically a financial safety net for your trips. For those who are new to this or have yet to pay heed to the details, it tends to reimburse you for prepaid costs if you have to cancel due to emergencies like illness or injury. 

Furthermore, it also covers medical expenses abroad, which can be very expensive. Additionally, it also deals with lost baggage, trip delays etc, 

  • Financial Protection

This is one of the major advantages that this facility offers and also one of the top reasons why potential travelers opt for it. Imagine having to cancel your dream vacation due to illness or a family emergency! Insurance reimburses you for prepaid, non-refundable trip expenses like flights, accommodation, and tours if you need to cancel for covered reasons. 

  • Interruption Coverage

Travel insurance for flights also offers safety in case you’re forced to cancel your trip entirely or return home early due to covered reasons. These reasons can be illness or injury, death in the family or unforeseen weather events like hurricanes or floods. 

  • Medical Expense Coverage

If, God forbid, you get sick or injured while traveling, this insurance can cover the costs of medical treatment, hospitalization, and sometimes even medical evacuation back to your home country. This is quite valuable when individuals plan to travel abroad, where their regular health insurance might not be valid. 

  • Lost, Stolen, or Delayed Baggage

Travel insurance can compensate you for lost, stolen, or damaged baggage and personal loan belongings. Additionally, if your baggage is delayed for a certain period, the insurance can cover the cost of essentials you need to purchase while waiting for your bags.

Best company for travel insurance

If you are on the hunt for the same, then ‘Stashfin’ is one of the leading applications that offers the  best travel insurance India. Here, the premium amount is only Rs 189/- and offers coverage for up to Rs 60,000/-. The tenure is 12 months. 

  1. Visit our official website 

  2. On the home page, click/tap on the Insurance section

  3. Choose Travel Insurance

  4. Click/Tap on Buy Now

  5. You are good to go!

Final thoughts

Travel coverage covers a wide range of surprising activities, which includes trip cancellations, medical emergencies, lost bags, and so on. It offers peace of mind and economic protection, ensuring that visitors can cope with unexpected costs. So, in case you are planning a journey, ensure that you go for the best travel insurance!

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The creation of employment and addition to the country’s GDP are the main reasons that small and medium businesses have become the focus of the government. This is seen in various policies adopted by the government. Over the past few years, several government business loans for SMEs have been introduced to offer quick and flexible funds as the key factor for SMEs to expand is capital. 

In India, SMEs are growing at an unprecedented rate and government business loan are playing a vital role in empowering them. Let’s look at the various benefits of government business loans.

What is an SME Business Loan?

SME business loans are those that are sanctioned by a lender to fund small and medium enterprises. This type of loan is offered for several reasons including expansion of business, employment opportunities, and monthly financial needs amongst others. 

The Ministry of Micro, Small and Medium Enterprises introduced a list of government loan scheme for SMEs after witnessing their rapid growth and potential in India. There are different schemes introduced by the ministry to make business loans accessible for SMEs at a much lower interest rate and flexible payment methods. 

Understanding the Benefits of Government Business Loans for SMEs

Government business loans empower SMEs in multiple ways by offering multiple benefits such as:

  • Quick and easy disbursements

SME business loans are planned to cater to the present digital world. There are online options offering features such as quick application and assessment of documents. Quick disbursement options with lenders offering a 72-hour guarantee are a golden ticket for SMEs. Under a plan introduced in 2018, loans up to ?1 crore are sanctioned within 59 minutes once approved. 

  • Flexible repayments

The sole purpose of introducing business loans for small business was to provide funds by understanding the complexities of small and medium enterprises. Reasons why lenders are providing flexible repayment options such as EMI, bullet payments or bi-monthly payments amongst others. 

  • Affordable interest rates and low charges

SMEs used to suffer financial burdens under regular business loans because of higher interest rates and loan charges. SME business loans offer competitive and lower interest rates. Additionally, under government-aided loans, various factors such as business needs, financial conditions and potential are taken into consideration before fixing interest rates. Even the process fees are minimal and mostly one-time. 

  • Simple eligibility requirements

The eligibility criteria for SME loans are kept minimal for a smooth process. An enterprise dealing with manufacturing, selling or other services can apply for the loan. There are multiple options available in a small business loan with special features if the enterprise is owned by a woman or at least 51% of shares of the enterprise are under a woman’s control.  

  • Tax benefits

Another factor that plays to the benefit of SMEs is the tax benefits they enjoy. Depending on the kind of loan you take, some tax exemptions under the Income Tax Act might be available. 

  • Better infrastructure and technology

To establish a name in today’s competitive world SMES need to push their infrastructure and technology for the better. Quick loan disbursements allow an easy road towards digital inclusion and infrastructural development that brings enhanced productivity. 

  • Grabbing expansion opportunities

To establish a name and take advantage of the market demand, expanding the business is vital. Government business loans for SMEs provide businesses the opportunity to expand branches, build a better network connection, widespread marketing and create a playing field for investors in the future. 

  • Business stability

SMEs face multiple turmoils to meet their financial needs. These business loans offer stability through regular and stable cash flow. Additionally, this helps in better business management strategies to pave the way for growth. 

Bottom Line 

Government business loans for SMEs provide funds that help small and medium businesses to grow with a multifaceted approach. With a strong capital base, businesses can unleash their potential to its full extent. The growth of SMEs is the financial backbone for a country like India and therefore the government has introduced small business loans to offer quick, reliable and affordable SME business loans.