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What is a Consumer Loan?

The term “consumer loan” refers to the type of loan extended to consumers to fund specific items or purposes. Typically, consumers avail of loans for financing home purchases, debt consolidation, education, general living expenses, etc. On the other hand, growing small businesses take on loans to fund working capital requirements, equipment purchases and real estate, inventory purposes, etc. In short, various consumer loan products are available in the market. Thus it is important for consumers to understand their own needs before availing of any of the products. This article will briefly explain consumer loans and their different types.

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Types of Consumer Loan 1. Mortgage

A mortgage is a secured loan from a bank to a consumer for buying a house, which usually costs much more than an average person earns in a year. This type of loan is stretched over a longer period to ease out monthly installments, the most common mortgage being a 30-year fixed-rate loan.

2. Auto Loan

An auto loan is either extended by a bank or the car dealer itself to finance the purchase of a vehicle. The term of a typical auto loan ranges from 2 years to 7 years. The tenure is shorter, and the down payment is larger for an auto loan due to the rapid car value depreciation. It is typically secured in nature.

3. Education Loan

The objective of an education loan is to fulfill the education needs of a student by paying the college/tuition fees. In this way, students can pursue their life goals through proper education. This is an unsecured type of loan, and the repayment only starts a few months after the student graduates from college.

4. Personal Loan

A personal loan caters to various day-to-day needs of the borrower. It is the most versatile type of loan in the consumer loan market due to its wide range of end-use purposes, including debt consolidation, vacations, etc. This type of loan usually has a long tenure and can be either secured or unsecured.

5. Refinance Loan

As the name suggests, this loan is used to refinance an existing loan. A refinance loan can be used to refinance any of the abovementioned loans. Typically, it has a fixed payment with a lower interest rate, primarily attracting consumers.

6. Credit Card

It is the most commonly used and popular among the various types of consumer loans. A borrower usually uses it to buy daily needed items, such as groceries, apparel, etc., on credit. The rate of interest charged on this type of loan is a bit on the higher side, and thus failure to pay on time can attract a very high penalty.

Examples of Consumer Loan

Let us look at some of the available personal loans as of August 2023.

Lender

Estimated APR

Loan Amount

Min. Credit Score

SoFi

$5,000 – $100,000

680

Marcus by Goldman Sachs

6.99% – 19.99%

$3,500 – $40,000

660

Wells Fargo

5.74% – 24.24%

$3,000 – $100,000

PenFed Credit Union

5.99% – 17.99%

$500 – $20,000

700

Source: Nerdwallet

Eligibility for Consumer Loan Categories of Consumer Loan

Consumer loans fall into either of two categories – open-end loans and closed-end loans.

1. Open-end Loan

In this type of loan, the borrower can avail of the fund for any purpose but must pay back a minimum portion of the loan within a certain date. Thus, this type of loan is also referred to as revolving credit.

2. Closed-end Loan

This type of loan is availed for financing some specific purchases. The loan is paid back by the borrower in equal monthly payments over some time, and thus it is also referred to as installment credit. It is usually secured by collateral, and failure to pay installments can lead to the seizure of collateral.

Uses of Consumer Loan

Some of the most common uses of consumer loans are as follows:

Purchasing a house or repairing an old house

Paying tuition fees for higher education

Purchasing cars for both commercial and private use

Refinancing existing loan

Benefits of Consumer Loan

Some of the major benefits of consumer loans are as follows:

First, it offers easy access to funds during times of critical requirement.

Second, it enhances financial flexibility with a wide range of products.

Third, it is very useful for debt consolidation.

Finally, consumers can purchase items far beyond their annual earnings.

Key Takeaways

Some of the key takeaways of the article are:

Consumer loans are extended to consumers to finance the purchase of specific items or purposes.

The consumer loans allow borrowers to purchase much costlier things than their annual earnings.

The most common types of consumer loans are – mortgages, auto loans, education loans, personal loans, refinance loans, and credit cards.

Consumer loans can be categorized into open-end loans or revolving credit and closed-end loans or installment credit.

Conclusion

So, it can be seen that consumer loans are used in financing purchases that are otherwise financially difficult for the borrowers. Many people won’t be able to purchase a home or a car without consumer loans. Thus, consumer loan is a great privilege for people if used with caution.

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Process And Types Of Communication

Think about one day you wake up, and you cannot talk. Or if you are stuck in a room with a crying baby and have no idea why it is crying or what the baby wants? Sounds frustrating, right? The ability to talk or ‘communicate ‘ can be taken for granted. Nevertheless, one needs to remember that it is something central to our everyday life.

What is Communication?

Derived from the Latin word ‘communis,’ meaning common, communication implies a common ground for understanding. Humans have a compulsive need to speak with one another. The foundation of interpersonal relations is mutual understanding; without communication, it cannot happen. In addition to being a social animal, man is a communicative being. He can verbalize his thoughts, making him empowered. Culture and civilization would not have developed to this position without communication.

Experts have given various definitions of communication. According to some, the interchange of thought or information brings about mutual understanding and confidence or good human relation. For others, communication is an exchange of facts, ideas, opinions, or emotions which involves two or more people. Nevertheless, some say that it is an aggregate of all that one does as one try to create meaning in the minds of others.

Types of Communication

Communication can be of different types, and it can be distinguished based on the number of people addressed, the form of addressing, the number of people involved, the flow of information, and so on.

Intrapersonal Communication

Intrapersonal communication is meant when someone says they “communicate with oneself.” We can all speak with ourselves internally by paying attention to the inner voice, and our interactions with people are influenced by how we mentally process information. Even though it may not be obvious and does not directly involve other people, intrapersonal communication still impacts practically all forms of engagement.

Dyadic Communication

The interaction between two people is frequently referred to as a dyad, and the type of communication that takes place is called dyadic communication. Dyadic communication may occur face-to-face or through mediated channels such as phone, email, text message, instant message, and social networking sites. Most interpersonal communication takes a dyadic form, among the best indicators of how well a relationship will turn out. In one study, researchers discovered that by observing how family members interacted through joking, sharing daily updates, and discussing their relationships, they could accurately predict whether they were happy with one another. For instance, even in bigger settings like classrooms, parties, and workplaces, communication frequently involves several dynamic dyadic interactions.

Interpersonal Communication

Although some people mistakenly believe that dyadic communication is the same as interpersonal communication, not all two-person interactions can be regarded as interpersonal in the truest sense. Interpersonal communication has characteristics that are not exclusive to two people, and they might be seen in trios or even in compact clusters. A different way to put it is that interpersonal communication entails two-way interactions between individuals who are a part of a special and irreplaceable relationship and treat one another as an individual.

Organizational Communication

When people come together to accomplish a common objective, larger, more permanent groups of people communicate within the organization. Organizations exist for various objectives, including economic, nonprofit, charitable, religious causes, political, medical, and even recreational.

Mass Communication

Newspapers, magazines, television, radio, blogs, websites, and other print and electronic media are examples of media used for mass communication. There are various ways in which this sort of communication is different from an interpersonal, small group, organizational, and public communication. First, most mass communications are directed at a substantial audience without connecting the sender and recipients. Second, many messages distributed through mass communication platforms are created, or at the very least funded, by big businesses. Mass communication is significantly less personal and more of a product than other forms of communication. Most mass messages are still controlled by corporate, media, and governmental sources, who decide what messages will be conveyed to consumers, how they will be put together, and when they will be provided. Even though blogs have given common people the opportunity to reach vast audiences, these sources still control the majority of mass messaging.

Process of Communication

Sorting, choosing, and delivering symbols in such a way as to aid the receiver in understanding and forming in his mind the meaning that existing in the communicator’s mind is a key component of communication. Communication is more than one act, whether speaking, writing, listening, or reading. The process is dynamic and transactional, and it has six stages.

The sender has an idea − The sender has an idea that they want to convey. The process of communication begins with this stage.

Sender transforms the idea into a message − The second step in communication involves actively converting the idea or notion into a message. Encoding is the process by which the sender transforms their idea into a message their recipient will understand. They do this by choosing the message’s words, tone, organization, style, duration of the gestures, and facial expressions based on their idea, the audience, and personal preferences or mood.

The sender transmits the message − They choose a communication channel, such as a telephone, computer, letter, memo, report, face-to-face exchange, etc., via which they physically deliver their message to their receiver. Depending on the message, the audience’s location, the necessity for speed, and the formality of the occasion, one will choose a certain channel and media. Transmitting the message would be the first task when the idea or thought has taken shape in mind. To do this, a communication channel is employed, using both verbal and nonverbal communication. This is the third stage of the communication process.

The receiver gets the message − The recipient must first receive the message for communication to take place. The recipient must read a letter before it can be understood. The audience must be able to hear and pay attention to the speaker if they are giving a speech. Once the message has been delivered, the recipient must “listen” and interpret the transmission.

The receiver sends feedback − The last link in the communications process is feedback or the receiver’s answer. After receiving it, the receiver reacts somehow to the message and communicates that reaction to the speaker. The feedback stage of communication is crucial because it allows the speaker to determine how well received their message was. By observing the audience’s reaction, the speaker can determine whether or not they are getting their point across. Feedback can be communicated vocally or nonverbally, which is how the communication process is finished.

Conclusion

Communication is a dynamic process that is often taken for granted. Failed communication can lead to many misunderstandings. Imagine if a pilot misunderstood the command given by air traffic controllers. Losing direction or missing landing, or even a crash is possible. Learning to master the skill of communicating efficiently is crucial to saving ourselves from big troubles.

Content And Types Of Digital Certificate

Introduction to Digital Certificate

The following article provides an outline for Digital Certificate. A digital certificate is a small computer file. It is used to establish a relation between both the user and his or her public key. A digital certificate contains two things, i.e. the name of the user and the phis or her public key. So that we can identify that the particular key belongs to the particular user.

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The information a digital certificate contains is as follows:

Subject name

Public key

Serial number

Other data like email, phone, etc

Valid from

Valid to

Issuer name

Here subject name stands for the name of the user. The public key stands for the photograph and signature. The serial number stands for the number of a digital certificate. Other data contain users some personal information. Validity is used to show the validity of a particular digital certificate. The issuer’s name is the name of the person who issues a digital certificate for a user.

What is Certificate Authority?

A trusted agency that issues digital certificates is known for certificate authority. A certificate authority (CA) should be the trusted one; hence in many countries, the government decides that who should and should not be a CA. Verisign and Entrust are some of the famous certificate authorities in the world.

Contents of Digital Certificate

Below given are the contents of the Digital Certificates:

X.509 is a standard that defines the digital certificate structure. In 1998, ITU(International Telecommunication Union) came up with this standard. There are 3 versions available for X.509.

Version 1:

It has the following components:

Version: It is used to identify the version of X.509.

Certificate Serial Number: It is a unique integer number that CA generates.

Signature Algorithm Identifier: It is used to identify the algorithm used by the CA at the time of signature.

Issuer Name: It shows the name of the CA who issues a certificate.

Validity: It is used to show the validity of the certificate.

Subject Name: It shows the name of the user to whom the certificate belongs.

Subject Public Key Information: It contains the user’s public key and algorithm bused for the key.

Version 2:

It has two additional fields:

Issuer Unique Identifier: It helps to find the CA uniquely if two or more CA have used the same issuer name.

Subject Unique Identifier: It helps to find the user uniquely if two or more user has used the same name.

Version 3 contains many extensions of digital certificates.

Creation of Digital certificate

Below are the different steps to create a digital certificate:

step 1 – Key Generation

In this step, a key is generated. A key can be generated using two approaches.

Approach 1:

The user creates a private and public key pair using the software. Users must keep their private key secret. A user sends the public key with additional information to the RA. RA is an intermediate between the CA and the user.

Step 2 – Registration

This step is required only if the user generates the pair of keys. If RA generates the pair of a key for the user, then key registration is done in the 1st step only. A user sends his/her public key and some other information to the RA. This software provides a wizard where users enter details and submit. Then the data travel through the network and reach the RA. After that user request for the certificate will be registered, and the format for the certificate request will be standardized. This process is called a CSR (Certificate Signing request).

Step 3 – Verification

After the registration process is complete, RA identifies the user credentials.

Step 4 – Certificate Creation

After all the above-mentioned processes were completed, RA passed all the details to the CA. CA cross-verifies all the details and generates a digital certificate for the user. CA sends the certificate to the user and keeps one copy of that to keep the records. The Copy of the certificate is stored in the certificate directory.

Types of Digital Certificates

Given below are the types of digital certificates:

Email Certificate: It contains the email id of the user. This is used to identify the email message’s signer has an email id that is the same as mentioned in the user’s certificate.

Server-side SSL Certificate: These types of a certificate are useful for merchants because merchants want their users to trust their side and buy good services from their site.

Client-side SSL Certificate: A merchant uses this type of certificate to identify their clients.

Code Signing Certificates: This type of digital Certificate allows the Software developer to encrypt the code of their software or application. After encrypting the code attacker can not change or modify that code. Code Signing Certificates ensure the highest levels of security and verification. CA of the Code Signing Certificate verifies the integrity of software and the publisher’s identity using public key infrastructure (PKI) and digital signature technology and confirms that your code has not been tampered with or corrupted.

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Top 7 Different Categories Of Talend Components

Introduction to Talend Components

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Categories of Talend Components

Given below are different categories in which talend components are segregated:

1. Orchestration

Components under orchestration families allow users to control and manage the job execution process.

tPreJob Component: This component of the orchestration family helps in the smooth running of the job and eliminating errors during job failure. This component assigns tasks equally between the job initialization component and the main intended task component. Jobs such as testing connectivity to external services fall under pre-job tasks.

tPostJob: This component bypasses any exception and executes the job which makes it ideal for cleanups. Tasks such as temporary file deletion and disconnecting from the data based are considered as post job tasks.

tRunJob: This component is used to embed one job into another to create Talend SubJob.

2. Processing Components

tMap: This is one of the most important components used to perform data manipulating operations on the data such as data merge and filtering the data. The primary function of the tMap component is mapping the input component to the output component.

tBufferInput: This component is paired along with tBufferOutput. Data written to tBufferOutput can be read using tBufferInput component.

tBufferOutput: The tBufferOutput helps in writing the data to the buffer, which can be later accessed by tBufferInput.

tAggregateRow: This component is used to perform aggregate functions like sum, count, average on the data row.

tFilterRow: Simple conditions can be used to filter the data using the tFilterRow component.

3. Custom Code

Talend’s custom code components provide users with functionality beyond Talend’s inbuilt components. With the help of these components, the user can create a custom component by connecting multiple components together.

tJava: This component is used to execute java codes. With the help of the tJava component, users can enter personalized code which can be integrated with the Talend job.

tGroovy : This component allows users to insert Groovy script also known as simplified java syntax in order to integrate with Talend.

tJavaFlex: This component is very similar to tJava row component and includes the ability to combine the functionality of tJava and tJavaRow.

tSetGlobalVar: This component is used to add global variables to the global map.

4. File Component

Components available within the File family are used to read the data from the source file and write to the destination file.

 tFileInputDelimited: This component is used to read the file row by row based on a row separator.

tFileInput Excel: This component is used to read the data from an excel file row by row.

tMySqlInput: This component extracts the data from the MySql database based on the input query.

tFileOutputDelimited: This component is used as the output component and is useful in writing the filtered data to a delimited file.

tFileOutput Excel: The data is written to Excel file with the help of tFileOutput component.

tMySqlOutput: This component writes the transformed data to Mysql database.

5. Logs & Errors Components

The component family of Logs & Errors allows you to log your job execution information. These modules, with the exception of tDie, do not play a functional role in the task-specific processing of your job; however, they play an important part in monitoring your jobs and help ensure smooth running.

tlogRow: When a user runs the Job from within Talend Studio, the tLogRow feature allows the user to write row data to the Job log file, or console window.

tAssert/tAssetCatcher: unblocked trigger messages can be caught or send using this pair of tAssert/tAssetCatcher components.

tChronometerStart/tChronometerStop: This pair of components is used to obtain the run time of a job. The run time is recorded and displayed by tChronometerStop component.

tDie: In case tAssert/tAssertCather fails to catch unblocked trigger message, tDie components send a signal to tLogCatcher and terminate the running job.

tFlowMeter/tFlowMeterCather: Data flow metrics of the job can be recorded with the help of flowmeter/tFlowMeterCatcher pair.

tLogCatcher: This component is used to catch and record the messages sent from tDie and tWarn.

tLogRow: The result of the data can be displayed on the console with the help of this component.

tStatCatcher: Statistics generated from a job can be recorded by using the tStatCatcher component.

tWarn: This component is very similar to tDie and communicates with tLogCatcher in the case of the non-blocking message.

6. Miscellaneous Components

tContextDump: This component is used for debugging or providing a record of context variables during the job execution.

tMemorizeRows: This component enables you to store data arrays that flow through your job. You should specify the number of rows to memorize. If you need to go back to previous rows within your data flow, this feature is helpful. You also choose the individual columns to memorize as well as specifying the number of rows to be memorized.

7. Internet

This family of components lets the user perform internet-related operations during the job.

tSendEmail: This component allows the Email to be sent directly from the job with the help of the simple mail transfer protocol.

tHttpRequest: This component of the internet family is used to make GET and POST request to the provided URL.

Conclusion

In this article, we have learned about multiple categories in which Talend components are categorized into. Talend provides users with nearly a thousand components in order to complete several tasks ranging from cloud migration to big data solutions. Talend components eliminate the time consumed in manually coding and provide non-developers the required tools to carry out data analysis.

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Objectives And Process Of Amalgamation With Types

What is Amalgamation?

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Explanation

Typically, amalgamation occurs when two or more companies are engaged in the same line of business decisions to combine their business existence. Most entities decide to amalgamate to expand their range of services or to diversify their activities. This happens between a stronger transferee company and a weaker transferor company, in which the more worthless company is absorbed, the more substantial company resulting in the formation of an entirely different entity. As it involves the merger of two or more, it results in the formation of a new entity that is larger with a much more robust and more significant customer base.

Objectives of Amalgamation

Some of the main objectives are mentioned below:

Companies sometimes amalgamate to avail of various benefits under the corporate tax regime.

There are instances where companies enter into amalgamation with close competitors to eliminate competition in the market. However, in some cases, it creates a monopoly in the market, which is not a desirable outcome.

It offers opportunities for future growth and development – both financial and capital.

Inherently, it provides synergy benefits, meaning that the companies enjoy benefits from combining operations.

Amalgamation Process

The process can be broken into the following five steps:

The board of directors of the combining entities finalizes the detailed terms and conditions of the amalgamation agreement.

Preparation of the scheme of amalgamation, which is then submitted to the respective High Court for approval.

Obtain the consent of the shareholders of the combining companies, which is submitted to SEBI for approval.

Form a new company and issue its shares to the shareholders of the transferor company.

Liquidate the weaker transferor company and transfer all the assets and liabilities to the stronger transferee company.

Examples of Amalgamation

Some of the significant examples have been discussed below:

Arcelor S.A.: In 2002, French steel maker Usinor, Spanish steel maker Aceralia, and Arbed of Luxembourg amalgamated to form the new company named Arcelor.

Maruti Suzuki India Limited: In 2002, India’s Maruti Udyog Limited amalgamated with Suzuki Motor Corporation based in Japan to form the new entity – Maruti Suzuki.

Tata AIG General Insurance Company Limited: In 2001, Tata Group and the American International Group, Inc. (AIG) amalgamated to form the new Tata AIG General entity.

Types of Amalgamation

There are two major types, and they are as follows:

Pooling of Interests Method: In this accounting method, the transferor entity’s assets and liabilities are transferred to the books of the transferee entity at their current carrying value.

Purchase Method: In this amalgamation method, the transferee entity records the assets and liabilities of the transferor entity either at their current carrying value or based on their fair value on the date of amalgamation.

Who is Involved in Amalgamation?

The process of amalgamation typically involves the following:

Investment bankers build various financial models to evaluate and determine the value of the potential transaction.

Lawyers work with bankers and their corporate clients to select the best legal structure for the transaction.

Accountants to support the bankers in the evaluation of the transaction value.

Amalgamation vs Merger

Some of the significant differences between amalgamation and merger are as follows:

In amalgamation, companies combine to form an entirely new entity. In contrast, in a merger, companies combine, either in the formation of a new company or the existence of one of the combined companies is retained.

The process in most cases consists of three companies, while a merger in most cases involves only two companies.

Companies of comparable sizes usually get involved in an amalgamation process. In contrast, the size of companies involved in mergers varies significantly as an entity acts as the absorbing company that absorbs the relatively more minor company.

The asset and liabilities of the combining companies are transferred to the newly formed entity. In contrast, in the case of a merger, the assets and liabilities of the relatively minor entity are consolidated into the absorbing entity.

Advantages

It helps eliminate competition between companies operating in the same industry.

Transfer of technical know-how among companies enhances R&D capabilities.

The companies result in a reduction in operating costs.

Lower competition results in the stability of prices of goods.

Amalgamation among substantial players in the industry might result in a monopoly market, which eliminates healthy competition.

It might result in the reduction of employees.

Deterioration of capital structure due to the additional debt of one of the entities.

Loss of goodwill and identity of the existing companies.

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Types And Examples Of A Special Journal

Definition of Special Journal

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This type of special journal is required in the case of manual accounting. By this method, the finalization work is eased out since the accountant of the company usually takes some care to check the posting of the special journal into the proper ledgers and thus avoids the mistakes of debit and credit while doing accounting.

Types of Special Journal

Various types of the special journal are explained below:

Cash Receipt Journal: It records all the cash receipts which are done in the company in the financial year. It is a specialized transaction that records the sales of the items, which are done using cash and when it is received.

Cash Payment Journal: It records the payments which are done by using cash. It is also a special journal that records the cash payments made to the creditors by the company in the financial year.

Purchase Journal: The purchase journal helps to record all the purchases which are made on credit in the financial year. It helps to keep a check on the orders placed.

Sales Journal: This type of journal helps to record the sales made during the year. This account keeps a track of the debtor’s balances or customer balances who purchase the items from the company and the company keeps a check whether the dues are received or not.

Examples of Special Journal

A company has recorded sales for the financial year for $4,000. The company will record the same in the sales journal which is also known as a special journal. Now while recording the sales the company will create a sales invoice in the name of the company ad it will present the same before the other party on the future date when the payment is required to be made. In the year-end when the accountant will check the books of accounts the Accounts Receivable A/c will be debited with $ 4,000 and the sales will be credited with $ 4,000

The ledger of Accounts receivables will be taken care of and all the payments, if not settled by the customers, will be settled on the given dates. Thus this helps to eliminate the efforts to check all the ledgers in case of any mismatch in the books of accounts also it provides detailed information of the debtors of the company thus making it easy for the company to rely on the special journal i.e. Sales Journal.

Advantages of Special Journal

The special journal is designed in such a way that it is very helpful for the company to post the entries in the books of accounts. The accountant can get detailed information about the ledgers. The changes of getting the posting wrong are minimal to a greater extent.

The transactions of the company are recorded in the special journal and each transaction can be easily traced and checked because the entries are done on an individual basis for example the accountant will clearly mention the name of the debtors in the Account receivable A/c so that in case of the settlement the accountant can inform the higher authority regarding the payment which is still due with the customers.

A continued checking process is always there when it comes to posting the entries. When a posting is done it affects two ledgers and thus it is always checked before and after posting the transactions and so the chances of frauds and mistakes are reduced in the company.

The special journals are very useful techniques when it comes to recording transactions but it can be difficult for the accountant who has limited knowledge regarding the posting. The accounting entries in special cases can be very tedious for those who are not able to understand the accounting concepts and its double entries effect.

The company may have to hire some account experts to do the task for them for that they have to pay some extra salary to the experts and this will increase the cost to the company.

The special journal entries are very beneficial but it is also very time-consuming. Many small companies may not be willing to adopt this kind of practice.

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