• Home
  • Finance
  • How To Get Personal Loan On Bajaj Markets
Finance

How To Get Personal Loan On Bajaj Markets

How To Get Personal Loan On Bajaj Markets

Bajaj Markets is one of the best loan providers in India. They are also known as Bajaj FinServ Markets. One of the best things about Bajaj Markets is that you will have the option to get a personal loan for yourself completely online. You will get access to some of the best lending partners in India once you connect with Bajaj Markets.

In this article, you will basically get to know about the ways in which you can avail of Bajaj Finance personal loans from Bajaj Markets. Furthermore, you will also know in brief about how the Bajaj marketplace works in providing you with personal loans. Apart from that, you will also know about how to get loans from Bajaj Auto Finance if you are looking to spend on a two-wheeler.

What Are The Benefits Of Personal Loans From Bajaj Markets?  

What Are The Benefits Of Personal Loans From Bajaj Markets

The following are some of the major benefits of availing of a Bajaj Finance personal loan from Bajaj Markets:

  • You will not need to keep any collateral to avail of the loan.
  • The repayment tenure of the loan is fully flexible, and you will get a repayment period of up to 60 months.
  • At the start, you will need to pay up to 45% less EMI for the loans.
  • There are no added or hidden charges. The charges are fully kept transparent.
  • The interest rates for availing of Bajaj Finance personal loans from Bajaj Markets start from 13.5%, which is very competitive in the current financial market.

Bajaj Markets: Personal Loan Charges And Interest Rates  

No matter where you take personal loans from, there are always some associated loan charges and interest rates. Once you take your loans from Bajaj Markets, you will be benefitted in the way that the loan charges and interest rates are quite low and reasonable. Furthermore, the process is simple and hassle-free.

The following points are the interest rates and charges associated with Bajaj Markets personal loan:

Types Of Charges And RatesRates
Rate of Interest➼ 13.5% per annum onwards
Penal Interest Rate➼ Between 2%-4% per month
Part-Prepayment Charges➼ 2% of the amount being prepaid + GST
Loan Foreclosure Charges➼ 4% of the outstanding amount + GST
Check Bounce Charges➼ Between ₹600-₹1,200
Mandate Rejection Charges➼ ₹450
Stamp Duty➼ Dependent on the State of residence

Bajaj Markets: Eligibility Criteria Of Bajaj Finance Personal Loan  

If you want to avail of Bajaj Finance personal loans from Bajaj Markets, you will need to qualify for the eligibility criteria of the loan offerings. The following are the eligibility criteria:

  • The borrower of the loan must be an Indian citizen.
  • The borrower must be a salaried individual.
  • The age of the borrower must be between 25 years and 67 years.
  • The borrower must be an employee of a private firm, a public company, or a reputed MNC.
  • The minimum earning of the individual must be at least INR 22K.
  • The individual must have a CIBIL score of at least 750.

How To Apply For Bajaj Finance Personal Loan From Bajaj Markets?  

How To Apply For Bajaj Finance Personal Loan From Bajaj Markets

There are many ways with which you can apply for Bajaj Finance personal loan. However, with the help of Bajaj Markets, you can apply for Bajaj Finance personal loan easily. Here are some of the steps that you will need to follow:

Step 1: You will need to visit the personal loans section on the Bajaj FinServ Markets website. Alternatively, you can click on the link below:

Step 2: On the webpage, you will need to provide your mobile number and date of birth. Once your identity and age are approved, you will get access to the loan application form.

Step 3: On the loan application form, you will need to provide details and the reason for availing of the loan.

Step 4: Once you hit the submit button on another page, you will need to fill up your official details. Furthermore, you will need to upload all your documents in the form, as per the instructions. After you have uploaded the documents, the application process will be complete. In most cases, the documents will be your Aadhar Card, PAN card, and bank statements for the last three months.

Step 5: After you have completed the application process, you will need to wait for up to 24 hours for the approval of the loan. Your loan will get approved after the loan-provider checks and verifies your reason for availing loan, as well as the documents.

How To Apply For Bajaj Auto Finance Two Wheeler Loan?  

How To Apply For Bajaj Auto Finance Two Wheeler Loan

If you want a loan for your two-wheeler, applying it on Bajaj Auto Finance is the best thing you can do. This is because getting a loan is not only simple but also hassle-free. Once you follow the steps given below, it will be really easy for you to get a two-wheeler loan from Bajaj Auto Finance:

Step 1: Go to the Bajaj Markets website and then to the Automobile Loan Application Page. Alternatively, you can click on this link:

Step 2: To verify your identity and age, you will need to enter your mobile number and date at the start.

Step 3: You will get an online application form, where you will need to enter all required information, including the brand name, model, and making of the bike.

Step 4: On the page, you will then need to provide the required documents as per the instructions you have read before. Once you upload your documents, only then will you be able to complete the application process.

Step 5: Once you have completed the application process, you will need to wait for approval. The approval may take up to 24 hours. Once the loan provider verifies and approves your documents, only then will you be able to take the loan.

Summing Up  

Hope this article was helpful enough in providing you with a better idea of how to apply for personal loans and how to get personal loans from Bajaj Markets. Furthermore, we also helped you in knowing how to get a Bajaj Auto Finance loan for two-wheelers. We have also covered the associated benefits of personal loans from Bajaj Markets. Do you have any more information to provide regarding Bajaj Markets personal loans? Feel free to share in the comments section below.

Have A Look :-

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

LoanTap

LoanTap: Information, Eligibility Criteria, Interest Rates, Review & More

Why does anything have to wait?  Especially when you need personal emergency loans for medical urgency; or to meet your business or lifestyle goals.  LoanTap is the perfect assistant that gets your loan application approved within 30 minutes, and you get the fund within 6 hours. Sounds interesting? Well, it is. I know it is urgent, but you cannot just take a loan from an outright stranger for a loan provider. Yes, we have our trust issues. But that is what we call being careful and vigilant. So, here is all the info you need to know on LoanTap. What Is LoanTap? LoanTap is a personal loan company that offers instantaneous loans to loan seekers within 24 hours of their application. The process is simple. First, you have to download their application on your device. Then, upload all the documents they require to approve your loan, and the money gets transferred to your account. Does that sound complex? No? They offer customized options for different amounts of loans. And the higher amount and the tenure of the loans actually benefit the applicants in so many ways. Applicants also have the benefit of flexible repayment. You can apply for personal loans, holiday loans, EMI-free loans, house owner loans,  rental deposit loans, wedding loans, credit card takeover loans, two-wheeler loans, premium bike loans, electric two-wheeler loans, MSME loans, and more. The process is quick and only a few clicks away. Here, go through the features of LoanTap to understand more about what they have in store for you. Read More: mPokket: Information, Eligibility Criteria, Interest Rates, Review & More LoanTap Features LoanTap is great for instant loans. You will have different advantages for your personal loans applied on the platform User-Friendly Services There is no need to worry if you have zero prior experience of getting a loan. The platform is super easy to use, and you can easily apply for a loan there. People with lower levels of experience and knowledge about borrowing money should have no problem using the platform. No Hidden Charges Associated The whole process of borrowing money from LoanTap is easy and transparent. Borrowers do not have to pay any hidden charges. Once your application is approved, you will not have to go through any additional fees than what is already mentioned. Minimum Documents Required When applying for a loan at LoanTap, you do not have to provide them with lots of your personal documents. They only collect some minimum document requirements for processing your loans. Also, the interest rate for different loans on LoanTap range between 15% p.a. to 24% p.a. However, it also depends upon the applicant’s eligibility. Long Tenure The best part of LoanTap loans is that they offer their borrowers the chance to repay within a long tenure. This flexibility provides the users with long tenures and smaller amounts in payable EMI for the loans. Yes, you will get your loan disbursed within 24 to 36 hours of application. High Loan Amount The disbursement range for the loans you apply for is high. You can apply for different amounts based on your requirements. There are also different types of loans you can apply for. However, the loan amount you can apply for depends upon your income, age, credit score, occupation, employer, work experience, Quick Loan Approval & Disbursement The process for application, approval, and loan disbursement is effortless. You can get your loan transferred with only a few simple clicks. You have to download the LoanTap app and then fill out the information required and wait for your application to be approved. Flexible Repayment When Flexible repayment options are there, you can repay your loan of outstanding amounts after a few months of the amount’s disbursal.  You can repay your loan within 6 to 60 months of getting your loan. Eligibility For Loans On Loantap Credit Products Private Limited If you want to avail a loan from LoanTap, you need to fulfill several eligibility criteria. Here are those criteria – The borrower must be 23 years old or older. The maximum age of the borrower is 58 years. The borrower must be a citizen of India. The borrower needs to be a salaried worker at a reputable organization. The borrower should also have a minimum of Rs. 30000 per month. The borrower should also have a minimum of 2 years of experience. Benefits of LoanTap Personal Loans There are many benefits to getting a loan from Loantap funding. Here are some that you might want to know – Loantap pays a high amount in loans. If you fulfill the eligibility criteria, they will disburse the amount you have applied for. Also, you will be able to repay the loan within flexible tenure. Online loan eligibility on the LoanTap platform will let you check whether you are eligible for the loan or not. The process is simple and only takes you a few minutes. You can use the loan calculator and check the interest rate, processing fees, and all the necessary information about the loan you want. There are many repayment options for you to choose from. There are switch, accelerated, and enhancement options for loan repayment. The loan processing time is very instantaneous, meaning you will get your application reviewed, and approved and the loan transferred within a short period of time. The loan application process is basic. The platform’s user-friendly interface makes it even easier.  The process starts with the borrower downloading and using the LoanTap app on their phones. These are unsecured loans. As a result, they don’t require you to provide any third-party guarantee. But the company might ask the borrower for third-party collateral under specific circumstances. Read More: Dhani Loans & Services Limited – Background And Services Bottom Line Yes, there are other personal loan providers you can opt for. But LoanTap is among the best when it comes to high-amount loan disbursal under short notice. The quick and simple loan payment process makes it easy for borrowers to get money instantly. However, many borrowers might feel otherwise about the interest rates. But the long tenure and flexible repayment almost makeup for the high-interest rates. If you are thinking of getting a personal loan, you can definitely think of LoanTap. However, you can also call LoanTap for more information through the Loantap customer care number (+91 788 804 0000). Read Also: NIRA Instant Personal Loans: Are They Really Instant? FlexSalary: Information, Eligibility Criteria, Interest Rates, Review & More StashFin Personal Loan Review – Interest Rates, Loan Amount, Eligibility, And More

ISAs

Are ISAs Still Worth It?

Yes, ISAs are still worth it, especially for higher-rate taxpayers or those with significant savings, as they offer a valuable way to protect your money from UK income tax, capital gains tax, and dividend tax.  As the new year draws ever nearer, many households are using the allure of a fresh calendar to consider a fresh start for their finances. After what has been an undeniably difficult year for the vast majority of families across the country, it is only right that many are seeking to regain control of their financial situation in the new year. There are many ways in which this can be done, but almost all of them require some knowledge or learning about our country’s financial system, and the various boons that may or may not be available to us through certain schemes or financial products. The ISA is one such financial product – or rather, a family of such financial products –, and is commonly misunderstood or even overlooked by people seeking to re-address their household’s financial situation. ISAs have seen their praises sung many times over in newspapers and on TV, but are they still worth it? And how might they be? Whether an ISA is the best option depends on your specific financial situation and goals: Cash ISAs vs. Traditional Savings Accounts For many people, a standard, non-ISA savings account with a high interest rate is sufficient due to the Personal Savings Allowance (PSA), which lets you earn a certain amount of interest tax-free each year:  Basic (20%) rate taxpayers: Can earn up to £1,000 in interest tax-free annually. Higher (40%) rate taxpayers: Can earn up to £500 in interest tax-free annually. Additional (45%) rate taxpayers: Get no PSA.  ISAs are a good idea if: You are a higher or additional rate taxpayer, as your PSA is lower or non-existent. Your savings are large enough that the interest earned will exceed your PSA. You are concerned that future interest rate rises or an increase in your income could push you over your allowance in the future. You simply want the peace of mind that all interest earned is permanently tax-free, regardless of future changes to tax laws.  Stocks and Shares ISAs For long-term goals (typically 5+ years), Stocks & Shares ISAs can be very valuable as they offer the potential for higher returns than cash over time and shield investment growth and dividend income from tax.  Tax benefits: You are exempt from Capital Gains Tax (CGT) on profits when you sell investments and do not pay tax on dividend income. Risk: The value of investments can go down as well as up, so your capital is at risk, unlike in a cash ISA.  Specialized ISAs 1. Lifetime ISAs (LISAs):  Offer a 25% government bonus on savings up to £4,000 per year to help you buy your first home (up to £450,000) or save for retirement (accessible from age 60). A hefty penalty is charged for withdrawing money for any other reason. 2. Junior ISAs (JISAs):  Allow you to save up to £9,000 per year tax-free for a child, which they can access at age 18.  The Types of ISA First, it is important to understand that ISAs come in numerous different shapes and sizes, each of which can offer something unique to you as a saver. Knowing the difference between them, and knowing how best to utilize them, is key to getting the most out of them. The most common form of ISA used is the cash ISA, which essentially acts like a regular savings account. The core USP of the Cash ISA is that any interest earned within it is exempt from taxation. For many, this means little; there is a Personal Savings Allowance that enables you to ‘earn’ up to £1000 in interest annually tax-free. However, as you start to accrue more savings, and thanks to compound interest, this can soon wick away savings you could otherwise keep. There is also the Stocks and Shares ISA, which offers the same protection but instead from Capital Gains Tax, on stocks and shares traded within it. Here, the tax exemption makes more sense, as bigger stock market ‘wins’ can bring big influxes of capital gains. One of the most useful ISAs, though, is the Lifetime ISA, or LISA. LISAs are limited-access but provide a 25% bonus annually on up to £4000. The caveat is that the bonus can only be received if the money saved is spent on a first home, or on retirement. Protection from Failure All ISAs – at least, all that are offered legally – are FSCS (Financial Services Compensation Scheme)-compliant. This means that in the event of a banking institution going bust, the value of the money saved is protected up to £85,000. As such, ISAs are no less safe than any other savings account and offer more in return. Key Considerations In order to make the most of ISAs, you need to understand some of the central rules around using them. For one, there is a cap on how much you can store away in ISAs annually; at the time of writing, it is £20,000 per year. For another, you can only have one of each type of ISA, and each balance contributes to your personal ISA allowance. Shop around for the best interest rates or investment platforms, as rates vary between providers. Use your full annual allowance: The current total ISA allowance is £20,000 per tax year. Unused allowance doesn't roll over, so "use it or lose it". Transfer correctly: If moving money between ISAs, ask your new provider to handle the transfer to avoid losing the tax benefits.  In summary, ISAs remain a core part of effective financial planning due to their robust tax advantages, particularly as your savings grow or your income increases over time.  Read Also: Strategies For Maximising Value In Mergers And Acquisitions: A Comprehensive Guide Are Quick Loan Payoffs Possible? Let’s Explore! How To Start A Business In Houston

capital expenditures

Capital Expenditures – Definition, Types, Examples, And More

Capital Expenditures are those expenses of businesses that they pay with either cash or credit. The target here is to buy long-term physical or fixed assets for use in the business operations. Businesses capitalize those expenditures on the balance sheet. Hence, they do not show these expenses directly on the income statement of the company. Therefore, companies make these expenses to expand their operations or risk management. In this article, you will learn about what capital expenditures are and how they work. You will also learn about the importance of making such expenses in business processes. Apart from that, we will also share with you how to calculate capital expenditure with the help of a formula. Finally, you will learn the pros and cons of capital expenditure for businesses. Hence, to learn more, read on through to the end of the article. What Are Capital Expenditures? According to Investopedia, “Capital expenditures (CapEx) are funds used by a company to acquire, upgrade, and maintain physical assets such as property, plants, buildings, technology, or equipment. CapEx is often used to undertake new projects or investments by a company. Making capital expenditures on fixed assets can include repairing a roof (if the useful life of the roof is extended), purchasing a piece of equipment, or building a new factory.” It is important for companies to spend a given amount. This helps the company maintain its existing property and business equipment. Apart from that, they also get to a better position to invest in new technology and other assets for the growth of the business or for business continuity. However, there are certain considerations for an item to be considered to be capitalized. If a certain item has a useful life of less than one year, the business must expense on the income statement rather than capitalize it. That means the business cannot consider that item as a capital expenditure. How Do Capital Expenditures Work? According to the Corporate Finance Institute, “Capital expenditures normally have a substantial effect on the short-term and long-term financial standing of an organization. Therefore, making wise capex decisions are of critical importance to the financial health of a company. Many companies usually try to maintain the levels of their historical capital expenditures to show investors that they are continuing to invest in the growth of the business.” A capital expenditure tells you how a company invests in new and existing fixed assets. The target of the company is to maintain and grow your business. In other words, capital expenditure is the type of expense that a company capitalizes or shows on its balance sheet. They show it as an investment rather than showing it on the income statement of the expenditure. The company spreads the cost of the expenditure over the asset’s useful life. Only then will the company be able to capitalize on an asset. How To Calculate Capital Expenditure? According to Netsuite.com, “CapEx purchases made in the current year are normally presented on the company’s cash flow statement. The accumulated amount of CapEX and the associated accumulated depreciation is normally displayed on the company’s balance sheet, and subtracting the accumulated depreciation from the accumulated CapEx purchases results in the net amount of CapEx or Fixed Assets at any point in time.” Here is the formula which you can use to calculate capital expenditure: Capital Expenditure = Change in Property, Plant, and Equipment + Current Depreciation If you want to calculate capital expenditure, you will need to consider locating the property of the current and prior period’s property, plant, and equipment values. You will then need to include it in the balance sheet of the company. Furthermore, you will also need to include the amortization and depreciation on the company’s income statement. To get such information, all you need to do is check the financial statements. Capital Expenditures - Major Pros And Cons The following are some of the major pros and cons of capital expenditure that you need to understand: Pros Of Capital Expenditure The following are some of the major pros of capital expenditure from which a business may benefit: Businesses make capital expenditures to account for the future. How much a business is spending now depends on the result of the past expenditures of the business. Hence, current decisions on capital expenditures will have a lot of influence on the company’s future activities. Such expenditures from businesses also help them by providing them with direction. They are also in a better position to create long-term strategic goals and also create the budgeting process. These factors need to be in place before the authorization of capital expenditures. The best thing about capital expenditures is that they are irreversible unless a particular business is incurring losses. Businesses customize their capital equipment to meet the specific needs and demands of the company. Cons Of Capital Expenditure Although capital expenditure is useful for making decisions, it also creates many problems with complexities: It makes the accounting process more complicated. Hence, it gets difficult to identify, measure, and estimate costs related to capital expenditure. Since capital expenditure has the potential to offer benefits in the long run, they are generally very expensive and consist of high initial costs. Companies spend to get outcomes. However, there is no guarantee for such outcomes, as there are a lot of uncertainties. Hence, during financial planning, business organizations need to find out business risks and make plans for risk mitigation. Even then, in some cases, it is not easy to get past those risks. There is a high initial increase in the asset accounts for the capital expenditure of an organization. But, if an asset starts to get out of service, it depreciates and loses its value. Summing Up Hope this article was helpful for you in understanding capital expenditures. Companies make this financial outlay to increase their scope of business operations. The aim is also to add future economic benefits to business operations. Businesses make capital expenditure payments for goods and services which they record or capitalize on the balance sheet of the company. They do not show this expense on the company’s income statement. Dive More Into Business By Clicking Below!! What Is Wholesale Distribution? – Importance, Benefits, And Examples The Best Reputation Management Companies – How To Choose One? What Are Distribution Channels In The Context Of Business?

Leverage ratio

What Is The Leverage Ratio And How to Calculate It?

Leverage ratio is a tool for businesses that helps to determine the extent to which a particular business depends on debt to purchase assets and build capital. On the one hand, it helps businesses determine their own capability to secure funding. On the other hand, the leverage ratio helps investors and lenders evaluate the ability of a business to meet its financial obligations after securing capital. In this article, you will learn about leverage ratio in general and how it works for businesses as well as investors and lenders alike. We will also share with you details on how to calculate the leverage ratio formula of different types of leverage ratios. Finally, you will learn about the importance of the leverage ratio and how it applies to businesses. Hence, to learn more, read on through to the end of the article. What Is The Leverage Ratio? According to Investopedia, “A leverage ratio is any one of several financial measurements that look at how much capital comes in the form of debt (loans) or assesses the ability of a company to meet its financial obligations. The leverage ratio category is important because companies rely on a mixture of equity and debt to finance their operations, and knowing the amount of debt held by a company is useful in evaluating whether it can pay off its debts.” Basically, the leverage ratio is a set of ratios with the help of which you can highlight the financial leverage of a business when it comes to assets, liabilities, and equities. The ratio gives you an idea of how much of the capital of a business comes from its debt. Hence, you will get a good idea of whether the business makes well for its financial obligations. Read More: Network Marketing: What Is It? Is It The Right Option For You? How Does Leverage Ratio Work? According to Hubspot.com, “A higher financial leverage ratio indicates that a company is using debt to finance its assets and operations — often a telltale sign of a business that could be a risky bet for potential investors. It can mean that earnings will be inconsistent, it could be a while before shareholders can see a meaningful return on their investment, or the business could soon be insolvent.” These metrics are really useful for creditors and investors to find out whether they should extend credit to or invest in the business. If the financial leverage ratio of a company is very high, it means that the company is allocating most of its cash flow to pay off its debts and is more prone to default on loans. On the other hand, if the financial leverage ratio of a business is low, it shows that the business is financially responsible and has a steady stream of revenue. Even if a company is in significant debt, having a good financial leverage ratio shows that there are minimal risks for investors and creditors, and the business is likely worth an investment. Leverage Ratio - How To Calculate It? The following are the different formulae of leverage ratios based on the type of ratio you want to choose: 1. Operating Leverage Ratio You can calculate it using this formula: Operating Leverage Ratio = Percentage change in EBIT (earnings before interest and taxes) / Percentage change in Sales 2. Net Leverage Ratio Here is the formula to calculate this ratio: Net Leverage Ratio = (Net Debt - Cash Holdings) / EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization) 3. Debt-to-EBITDAX You can calculate EBITDAX using this formula: EBITDAX (Earnings before Interest, Taxes, Depreciation, and Amortization before Exploration Expenses) = EBIT (Earnings before Interest and Taxes) + Depreciation + Amortization + Exploration Expenses 4. Debt-to-Equity Ratio Here is the formula to calculate this ratio: Debt-to-Equity Ratio = Liabilities / Stockholders' Equity 5. Debt-to-Capital Ratio You can calculate it using this formula: Debt-to-Capital Ratio = Debt / (Debt + Shareholders Equity) 6. Debt-to-Capitalization Here is the formula to calculate this ratio: Debt-to-Capitalization Ratio = (Short-term Debt + Long-term Debt) / (Short-term Debt + Long-term Debt+ Shareholder Equity) 7. Interest Coverage Ratio You can calculate it using this formula: Interest Coverage Ratio = Operating Income / Interest Expenses 8. Fixed-Charged Coverage Ratio Here is the formula to calculate this ratio: Fixed-Charged Coverage Ratio = EBIT (Earnings before Interest and Taxes) / Interest Expense of Long-term Debt By having a good idea of your leverage ratios related to a business, you might understand how the business can run in the near future. Why Is Leverage Ratio Important? According to the Wall Street Mojo, “Leverage ratios are important as they allow investors to assess a company’s financial position with respect to its financial obligations. Though firms have an option of using their equity to purchase assets and resources for undertaking different business activities, they go for taking up loans to finance their capital building. The reason is one – the cost of debt or cost of borrowing is way less than the cost of equity.” The different types of leverage ratios help investors get a better idea of how the business’s capital flow is structured. By calculating these ratios, you can have information about a company in regard to whether it can take advantage of its leverage or not. For example, if the company you want to invest in or lend credit to has taken too much debt, it is obviously risky for you. On the other hand, if the leverage ratio is too low and the company does not have any debt, it will be able to pay off too much cost of capital and reduce its earnings in the long run. Hence, consider your choices carefully. Read More: Project Management: What Is It? – Major Types, Examples, And More Wrapping Up Hope this article was helpful for you in getting an understanding of how a leverage ratio works. You can see here that this is one of the major financial tools with the help of which you can assess a company’s ability to meet its financial obligations. By using it to measure operating expenses, you can get an idea of how differences in output can change operating income. The debt-equity ratio, equity multiplier ratio, degree of financial leverage, and consumer leverage ratio are some of the common leverage ratios. Do you have any more information to add regarding how to calculate the leverage ratio? Share your ideas and opinions with us in the comment section below. Read More: What Are The Most Important Leadership Behaviors To Have? Contribution Margin: What Is It, Overview, Examples, And More Market Cannibalization – Definition, How Does It Work, Example, And More