Rupen Doctor, CEO- SmartGain
Rupen Doctor, CEO- SmartGain

Hacks of managing debts with Smart Gain

ANI | Updated: Jun 17, 2021 15:42 IST

New Delhi [India], June 17 (ANI/SRV Media): The Covid pandemic has created a huge discrepancy in people's financial situations due to job losses and business closure. It is even more difficult to manage finances now in the middle of this crisis.
Rupen Doctor, the CEO of Smart Gain guides people to manage debt productively, not just in the pandemic but in the long run. When the money is used in the right areas and for a sound business module, money makes lives happier and more enriched, but when taken and spent on luxuries that are not necessary, it becomes a time bomb, just waiting to burst.
Debt is a tool if used well and, by managing debt properly, borrowing money can be a happy and profitable experience. Rupen Doctor said, "Even a screwdriver can hurt you if you do not know how to use it. It is the same as debt, but when used properly, the screwdriver can put together things which would not be possible before."
The first principle of debt management is to know how much debt we owe, as almost everyone has some debts or the other. So before borrowing money, it's necessary to take stock of what you currently owe and what we can afford to add to that debt amount with our current income levels. Although we all believe that there will be growth or more profits if more money is invested into a business, there is also the WHAT IF question. So, if our increased borrowing is supported in your current income, we are on the right track.
The next and most important step in finance is to keep credibility high, and that can be achieved primarily by making repayments on time. These have two advantages, one being that there will be almost no concern from the debtors if their repayments are steady and on time. And secondly, if they trust us, we have the option to always get that extra emergency funding we may need at some time. One tool to do this is Budgeting. So, it's crucial to ensure that the repayments of the debt take priority over unwanted expenses. Keeping credibility high is the key element. So even if we are unable to make the full payment, we need to pay at least the minimum amount due.

As the income improves, a list should be maintained of WHICH DEBTS to pay off first. In this step, debts should be ranked and prioritized accordingly, keeping a check on which debts attract the highest costs like interest rate or any other such factor.
In case the income levels are not high enough to pay all the debts off, then again prioritizing and paying off the debts that are in good shape stands first. And those who are already treated as non-performing should be paid later. "There is no point in spoiling a good account to save a bad account," says Doctor.
Rupen Doctor, CEO at Smart Gain says, "The most important thing that everyone must learn is the art of saving." Doctor explains that we should do our best to create an emergency fund, in which one can save as little as 100 Rs a day. And build it up as the resources permit. This way, there is always a backup to take care of the little things in situations like the current pandemic. The last and most important advice is to recognize when you need help. Most people are in denial of their debts and liabilities. According to him, people must realize if things are out of hand and take experts' help for debt consolidation or debt settlements.
Rupen Doctor is the CEO of Smart Gain who has rich experience in arranging funds through their expert skills to match lenders for SME and Corporate. They are members and vital parts of SME CHAMBER OF COMMERCE. Smart Gain can arrange funds from Banks, NBFC, and other financial institutions PAN India and other international markets for real estate funding, term facility, working capital, project funding, NPA re-structure.
Smart Gain has diversified their activity to support seed and VC funding. Also, they assist start-up companies to prepare investors' reports, financial documents, cash flow analysis with their deep understanding of the financial model while providing the structure to the deal as per the requirements.
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