A young entrepreneur documents his struggles with EMIs and loans

As the second covid wave makes its means by means of India, Mint speaks to individuals throughout the nation on how they’re saving, spending and coping financially with the pandemic. Shikhar Srivastava, a 31-year-old entrepreneur, runs a digital advertising and marketing business. He resides in Lucknow with his dad and mom. He notes down all his ideas relating to money, investments and monetary selections over per week.

When I acquired my first job, I used to be 22. I step by step turned financially impartial and began investing in each short- and long-term financial savings as someplace I knew I might begin my very own factor sooner or later.

I used to be working with an promoting company in Delhi again in 2013 once I determined I needed to fulfill my inventive urge and earn money. I began my enterprise, which I felt might make a distinction within the trade in addition to present that push to my monetary aspirations.

Initially, I took loans to start out my business. Some funds have been procured by way of personal resources at larger charges whereas later banking establishments and NBFCs helped us with our funding. However, I spotted it’s higher to have adequate liquidity and resources in hand to have easy operations, else the EMIs and curiosity rate can damage you huge time.

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