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SBI cuts Home Loan Rates for the 2nd Time in a Month

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INDIA – On 10th April last month, SBI reduced the home loan rates. Within a month to that, on 10th May, it again slashed the loan rates.

State Bank of India is the largest lender of the country. This time, it has reduced the MCLR (Marginal Cost of Funds Based Lending Rate) by 5%. It helped bringing down the home loan interest rate for all its borrowers. Earlier, the 1 year MCLR was 8.50%. With the rate cut on 10th May, the overall 1 year MCLR has reduced to 8.45% per annum. In addition, interest rates of all other loans linked to MCLR will also be reduced by 5 basis points.

On 10th April last month, SBI announced the monetary policy, where it cut MCLR by 5 points. The interest rate on home loans up to Rs. 30 Lakhs was also reduced previously by 10 basis points. As per the SBI claims, it has around 34% of market share in the home loans and auto loans. And with the back to back rate cuts by RBI, that occurred in February and April, the repo rate has today reached at 6%.

While these interest rates are decreasing in India, allowing more and more borrowers to take loans easily, several companies in UK are also offering Payday Loans up to £5000 for similar purposes to allow people curb their financial troubles. The norm of Payday loans is becoming heavily common in these countries. And it would just be a matter of time when this loan trend will gain on India as well.

Jenny is one of the oldest contributors of Bigtime Daily with a unique perspective of the world events. She aims to empower the readers with delivery of apt factual analysis of various news pieces from around the World.

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Reasons to Pursue a Career as a Financial Controller

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Do you love working with finances, numbers, and business? Do you enjoy the prospect of strategizing for a company to create a successful financial future? If so, you may want to consider a career as a financial controller. 

Financial controllers are more involved than accountants

There’s nothing wrong with being an accountant. It’s a great career, and many people find it’s perfect for them. However, if you’re forward-thinking, you’ll probably be happier with a career as a financial controller.

Financial controllers perform some of the same duties as accountants, but while accountants only focus on current and past finances, financial controllers create financial strategies to support an organization’s future. Future planning is vital for making sound financial decisions.

Requirements to become a financial controller

To become a financial controller, you’ll need at least a bachelor’s degree in finance. You’ll also need to pass the CMA certification exam. 

While the certification exam is difficult to pass by studying on your own, passing becomes monumentally easier by taking a CMA prep course. Specifically, a prep course will help you retain the information and prepare you with practice exams that mimic what you’ll encounter on the real exam. 

Once you have your degree and certification, you can start applying for jobs that will support your career as a financial controller. You may need to start with entry-level positions in finance to gain enough experience to become a financial controller. It’s worth the wait and the effort.

More education, degrees, and experience often means a higher salary

You’ll find that organizations often have different requirements for financial controller positions. Some will require a basic finance degree and CMA certification, while others will require multiple degrees along with professional certification.

To increase your salary potential, continue to pursue your education to meet additional requirements. Companies requiring further education and work experience usually pay higher salaries to their financial controllers.

You can work in a variety of industries

What industry do you find appealing? Industrial machinery? Clothing? Cosmetics? Packaged food? Restaurants? In whatever industry you like, there’s a financial controller.

Some people think financial controllers are only for banks and other financial institutions. However, all companies need financial oversight. Without the expertise provided by a financial controller, a company won’t get far. Any large and successful organization — regardless of industry — will have a financial controller.

You’ll be part of the foundation that creates success

As a financial controller, you’ll be part of your organization’s foundation of success. Organizations need financial controllers to:

  • Strategize finances for the future
  • Oversee internal financial records and bookkeeping processes
  • Execute financial strategies for finance teams
  • Create custom strategies to help an organization achieve set financial objectives
  • Oversee internal audits to identify errors and fraud
  • Manage payroll
  • Manage accounts payable and accounts receivable
  • Facilitate communications between company departments

All of these tasks are big responsibilities, and that’s why high levels of education and experience are required for the position. 

A career with high-level responsibility is extremely rewarding

There are plenty of careers you could pursue in the financial industry. The most common career is becoming an accountant or a CPA. These are both perfectly acceptable careers for those who are satisfied with having low-level responsibility in a company. In fact, you’ll need to work in these fields to get the experience required to become a financial controller.

For example, as a controller, you’ll need a firm grasp on business and accounting, along with years of experience performing detailed accounting and auditing. Being a controller is a highly analytical position and expertise depends on extended, direct experience in accounting and auditing.

If you’re driven to take on high-level responsibility where you are directly responsible for a company’s financial success (or failure), you’ll find that as a financial controller. 

How you can become a financial controller

To begin your career as a financial controller, get your educational requirements in order. If you already have your degree, pursue CMA certification. If you’re already certified, search for a position as an assistant controller. Last, if you don’t have a master’s degree, continue your education to get an MBA.

While you’re searching for an assistant controller position, take some online courses to learn financial management software in-depth. You may have gotten by with the basics until now, but as a controller, you’ll need to know your software inside and out.

You won’t become a financial controller overnight. In fact, it takes between 12 and 20 years to earn the title. However, if the position calls to you, then it’s worth every ounce of effort.

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