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Solano Bank is a commercial bank dedicated to serving the public by providing them with best services in the banking and financial sectors. Our banking process involves simple procedures and easy loan sanctioning with low-interest rates.

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Top 5 Things to Know Before You Take Out A Loan


The world is full of opportunities, so it’s essential first to be aware of what is available at your disposal and then do the filtering. Let’s understand what do the loan and its various types mean in layman terms. A loan would mean to borrow- some amount of money, goods, property for now and pay in future an actual sum agreed along with an accumulated fee or interest for borrowing. It comes in the form of open-ended loans-to borrow multiple times with a fixed credit limit (credit cards). Closed-ended loans- same loan cannot be re-borrowed once repaid (personal loan). A secured loan would have a pledge of an asset as collateral to compensate in case of default payment and low-interest charge (mortgage). Unsecured loan won’t have collateral in place, but the interest rate would be high (bank overdraft). Other types would be term loans (short, medium and long-term) by fixed or variable interest rate, gold loan, student loans, home loan, business loan personal loan, vehicle loan, property loan, policy loan, etc. Now that basic is covered it will be easier to understand the top 5 factors to consider before opting for a loan.

1) Is loan a necessity?

Analyze whether a loan is required to serve an emergency purpose or to splurge if not savings should be exhausted first and explore other feasible options before considering a borrowing.

2) Are you capable enough to pay back regularly and on time?

Lenders assess your ability for repayment of loans so doesn’t go overboard when your income is lower than borrowings made. Always opt for available and short-term loans and don’t miss the payment.

3) Capital investment and Collateral:

How much of contribution are you willing to provide in the form of down payment or what assets can you pledge for security in case of default is what lenders consider as a serious interest before a loan is granted.

4) Strong credit history and score is a must:

Basically, character or financial history of the borrower is observed by referring to the credit score to know the status of the total debt, credit limit, bad accounts and default payment for loan eligibility.

5) Beware of the Conditions, loan-fee, TRA and APR:

Adopt a practice to carefully read through the loan documents to know if lenders have included clauses in contract with charges like loan processing fee, late payment fee, early payment fee, failed payment fee. Comparing the total repayable amount with the annual percentage rate of interest will help to understand the amount to be available from loan applied.
Apart from the pointers mentioned it’s also important to find out various options available in loans and where to find them. To keep your near and dear ones educated about your loans, ensure the privacy of your loans is adhered by the lender and taking insurance cover for bigger loans would be an added advantage.

Things You Must Know About Investing in Gold Funds

Gold Funds

Be the Shine and Purity as rich as Gold-Have you ever wondered why Gold-a precious soft shimmery metal has continued to cast its spell to be a pride asset among millions of households for centuries together across the globe with its auspicious, religious, cultural or gift value and how it does benefit the proud owners namely banks, governments and gold producing industries more than just playing the role of jewelry or artifact? Let’s take a further look at what more can we achieve by utilizing this weapon in our investment portfolio.

Gold-A form of investment Fund /Hedge Fund Strategy:

Gold not only means a simple purchase for enhancing beauty appearance
or of sentimental importance but also considered as one of the modes for
investment fund we can keep in our portfolio basket to serve many advantages such as;
• A stable investment return to suit the needs of short to medium term of investment strategies.
• Industrial or commercial use.
• A safe-haven to combat from unexpected financial or economic or stock market collapse.

Gold Funds
• Ease with liquidity or conversion into immediate cash.
• Cushions as a hedge fund against possible downfall in currency price, inflation or to offset losses arising out of other alternative asset allocations.
• Less risk from threats like burglary, theft, etc.

Gold- as Gold Fund ETF

Another Inexpensive form of gold fund investment would be Gold ETF which stands for Exchange Traded Funds- a substitute for physical gold, which is an open-ended mutual fund scheme that are traded on stock market exchanges by investors in form of ETF Gold units to get a return from the invest made into gold and its bullion companies(Examples would be Kotak Gold ETF, UTI Gold ETF). This type of gold fund gives an edge over various kind of funds by being;
• A paper gold via electronic mode which is affordable and yields more profit than other forms of stock market trades.
• Safe and easy to buy through paperwork gaining access to a demat account.
• Convenient option as a small amount of investment with no or sometimes minimum premium charges unlike high jewelry making fee and other interest charges.
• Less maintenance charge to keep a track on gold funds.
• Resale value is much more in comparison to store buyers and banks.
• No fluctuation in gold fund irrespective of price change seen in the price of gold.
• Quality concerning purity of gold is up to highest standards.
• Does not require a demat account to invest.

Gold- as a Gold fund of fund schemes

Nothing much to be explained on this concept, except for the fact that as the name would suggest, Gold fund of funds (FOF) is a type of mutual fund scheme which grabs the investor’s attention to purchase units of Gold ETF with the benefits as described below:
• Without any hassle to open a demat account.
• Physical subscription required.
• With easy liquidity for redemption and less cost having zero charges for brokerage/ commission fee and demat account opening fee.

To conclude gold funds is one amongst the various secure, cost-effective, tax benefit strategy to bank on with the intent to diversify your portfolio to gain a stable return on investment by careful consideration of pros and cons using an individual sense of justice.

Why do you have to save money

save money

Saving money is an integral part of every person’s life. It is a moral responsibility of every adult to save money regardless of their reasons. Saving money is a way to prepare oneself for the upcoming future.
Saving money helps a person to manage their future in a better manner. It helps to make wise and better decisions that directly affect their lives. Different people save money for different reasons, some save for their future, some for their dreams and various other things. Here are a few reasons why every person must save money,

1) Backup during emergencies-

Emergencies could arise at any time hence it is essential to save money just to be prepared for unexpected emergencies. Keeping money in the bank is a good option, but including banks, a certain amount of money should be held where it is easily accessible by a person at any given time.

save money

2) Financial independence-

Being financially independent is a desire for most of the people around the world, but not all can achieve it. This can be accomplished if the income of the person is more than their expenditure. Saving money allows a person to be entirely self reliant and not depend on other people.

3) Clearing debts-

Being debt free in today’s generation is always tough. Due to the increasing rate of interests and desires, people usually end up buying commodities that are out of their price range and thus become victims of EMI. Debt can be in any form such as housing, automobile or even education. Saving money is one of the great ways by which a person can become debt free without fearing additional loss of funds.

4) Security-

It is always good to feel secure during harsh times. Saving money, even a small amount every year allows a person to be financially stable during times of crises. Being secure in life does not happen quickly as a person must work hard every day to reach the status where they can live without the fear of losing out much of their life.

5) To lead a good life-

Every person wishes to lead a good and happy life. Without working hard and saving this usually ends up being a dream for most of the people. Saving money allows one to fulfill their needs and desires without worrying much about anything.

Saving money should be more of a habit than a forced responsibility. One must inculcate the habit of saving money from a very young age as it always helps in future endeavors. Saving money allows a person to fulfill their dreams and desires without any form of hindrances. Keeping a fixed FD and investing money in stocks and shares are great ways of maximizing one’s finance. Another way of saving money if by taking complete advantage of retirement plans and PF funds.

Equity Financing for Business Funding Solutions

business funding brokers

Thousands of small and mid-sized businesses in Queensland, New South Wales, and Victoria rely on commercial loans to buy their own premises. When asked where they plan on borrowing such a huge amount, they would almost immediately point to the state’s leading banks. In truth, there are other commercial funding solutions that bank loans that might actually work better for their situation. It just so happens that banks are the most popular go-to resource.

As the world of financing becomes more and more diverse, alternative funding options that were once considered as unsecure are becoming the lifeline for businesses, especially the high-risk, high-return businesses that banks often turn down. One option in particular, which has recaptured the interest of the commercial property buying community, is equity financing.  

What is equity financing?

Equity financing is a method of financing in which a company issues shares of its stock and receives money in return. The money collected becomes the capital fund for the business or for a major expense it entails. Up to 75 per cent of the business can be relinquished depending on the manner by which the equity capital was raised. Simply put, the business owner is selling ownership stakes to other people just to make the business possible to begin with.

Types of Equity Financing

There’s more than one type of equity financing that small businesses can look at, each of which comes with features that suit particular situations. Perhaps the most common is money from family or friends. Entrepreneurs with strong family ties and social networks may take advantage of their situation to raise funds for their business. After all, building a business may further strengthen the bond between them and their loved ones as soon as the business starts generating income for everyone.

Another useful type of equity financing is venture capital from a small business investment company. Businesses just need to make sure that the investment company they are turning to is duly licensed by the authority to avoid possible scam. There are also many independent venture capitalists that are looking to invest in small businesses that have high growth potential. These capitalists, however, must not be confused with angel investors, which are individuals or groups of people who are looking for a high return on investment.

Those who do not wish to sell ownership stake or present a large security may consider obtaining royalty financing instead. In this type of equity financing, future profits or sales are utilized as payment for the debt. The funder provides up-front cash for the initial expenses of the business and agrees to start obtaining a certain portion of every sale at a future time.

Avoiding Mistakes The financing industry is a dangerous place for first-timers. In fact, even experienced borrowers get into trouble from time to time because of the risks attached to every decision they make. This is why it is important to have business finance brokers like IBN Direct in Australia guide you through the process not only so that you can fully understand the process but to ready you for the decision-making part as well, especially if it is equity financing you are looking to fund your business with.

Ways to teach your children about saving money

saving money

Saving money is an essential aspect of life. No matter the age one must always have a habit of saving money. Kids from a very young age must be thought about the value of money and the importance of saving it.
Studies conducted in the year 2012 by the American Institute of CPA’s found that 60% of American parent give allowance to their children and only 1% of children save that money, this is because money is freely given without teaching about the value or the importance of saving it. Here are a few ways by which children can be thought about on how to save money-

1) Using a clear jar-

Using clear jars instead of using piggy banks is much better as a child can see their money growing. Unlike piggy banks that are opaque, clear jar helps a child to keep track of their money. Parents must get children excited about money by talking about the increasing value of money in the jar every day.

saving money

2) Value of commodities-

It is a parents responsibility to teach their children that everything in this world costs money. They must be thought about the value of the items that they possess. Each time a child wants something, parents must take money out of the jar and use it. This will have a better effect on them and will quickly make them understand the value of money.

3) Teach them about earning money-

They must be thought that earning money requires a lot of hard work. The simplest way of teaching them this is by giving them chores around the house and rewarding them with money once they complete the task. It is essential to show them that different type of work pays differently thus teaching them the value of money and how to earn it.

4) Avoid open wallet policy-

The concept of an open wallet creates a very negative and lazy attitude among children. This is where children can take money out of the wallet as they desire and use it. This will not teach them the value of money and the importance of it.

5) Teach them money management-

Along with saving money, it is also essential to teach them money management. They must be thought how much to spend, save and invest. Complete restriction on spending money must not be made as a child will never learn to manage money on their own. The modern-day savings jar for youngsters usually comes equipped with these segregations to help children manage money on their own.

6) Involve them while discussing money-

Despite the common practice of keeping the financial matter of home confidential, Children must be aware of the expenses that happen at home. When money matters are spoken, it helps children understand and helps them make wise decisions. At initial stages, it might feel awkward but it is an essential matter and thus must be followed on a regular basis.


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