ATM card fraud:How to look out for warning signs and avoid getting scammed?

Almost every individual has some form of ATM card with them in this day and age. Whether it is a normal card or even a debit card, you can use this card to withdraw funds at the ATM terminal. But while this card offers flexible financial means to access funds, it also offers fraudsters the opportunity to earn a quick buck at the expense of you.

So how can you avoid being in a position where your bank account and the funds within in are vulnerable to others? The first step is to understand where the possible places and locations are your ATM card will be compromised. It is mostly in places where you would swipe your card. Here are few warning signs you can keep a look out in these places:

• A bulky card slot suggests that the ATM is compromised. A skimmer device may be in place, causing the added bulkiness. These devices are often indistinguishable from other real card readers as they are often placed above genuine readers. To confirm this, check for a gap between the reader and the pin pad.

• Loose or blocked card slots may indicate a system known as the ‘Lebanese Loop’. In this case, the strip of metal or plastic is inserted into the bank card slot, which traps the card within the card slot. Once the customer walks away to call for help or wait for assistance, the thieves return and retrieve jammed cards. To look out for such a scam, look out for a card reader slot that sticks out further than other parts of the machine.

• A loose or spongy pin pad can indicate a fake pin pad. Counterfeit pin pads allow thieves to retrieve your PIN number, as soon as you input it. Check and see if the pin pad is loose or thicker than normal.

While you are looking out for warning signs is one steps, you can always take certain measures to avoid being scammed. Here are a few steps you can take into consideration when you think your ATM card or the machine may have been tampered with:

• Instead of slipping your ATM card straight in, give it a bit of wiggle when sliding in. This is one way to deflect a skimmer device from reading your card properly. If a skimmer card has been placed on the genuine reader, the wiggle can dislodge it, and move it out of its place. Additionally, the wiggle movement will prevent the fraudulent card reader from completely reading your card.

• Covering your keypad as you enter your PIN number can also limit your chances of your card from being compromised. This is because most thieves also require the PIN code as well as your card details to access your funds. A simple step such as this one will prevent them from accessing your account.

RFC Account: All that a returning NRI needs to know

The financial market has always been a volatile one. While plenty of marketers and investors have spent considerable time and resources, researching about the market, they are still unable to completely predict the market trends. This can go a long way to affecting any investments, especially if the rates are being locked in for a long time.

Under these circumstances, any NRI who is returning to India, may think twice before converting their foreign currency into the local INR. Additionally, they would want to hold out on their foreign funds and investments, in order to anticipate for better conversion rates in the future. However, in order to meet the needs of such NRI’s, the government has offered the resident foreign currency account, especially for NRI’s who are returning home. Here is all that you need to know about the RFC account:

What is the RFC account?
Any NRI that is returning to India can open the RFC account. It can be maintained in foreign currency. Before opening the account, the NRI must satisfy certain criteria. For one, the applicant must maintain a minimum period of at least a year or return permanently to India. Additionally, the applicant should have returned to India on or after April 18, 1992, as per the RBI regulation.

What are the different options under the RFC account?
Under the RFC account, an applicant can opt for a RFC saving account or termed deposits. Under the saving account, the individual can invest in any of the three foreign currencies, namely the dollar, euro or the British pound. However, some banks also offer foreign investments in Japanese yet, as well as other selected currencies. Some banks even allow the applicant to open this account with the provision that will be converted into the above currencies.

What funds can be deposited or transferred from this account?
RFC accounts accept direct deposits of funds from bank account held outside India. Additionally, funds that are raised from selling foreign currency shares and foreign assets or balances from NRI or FCNR accounts can be used. Money can also be transferred externally from this account in the form of foreign currency. But if you are going to use the funds within India, then withdrawal from this account is permitted only in Indian rupees.

How can you open a RFC account?
When opening your account, you need to submit a photocopy of your passport, copy of your visa and immigration stamp that indicates that you have stayed outside the country continuously for a minimum of a year. Additionally, you will also need to submit the required amount of photographs to open the account.

Do you know these tricks to getting the best of your online mobile recharge?

Owning a smartphone is imperative today, if not a requirement for your daily habits. You can perform plenty of functions from your smartphone, right from its primary function such as making calls, to purchasing stocks on the stock market.

But in order to perform these activities, especially for a prepaid connection, you need to have a required balance. While you can always log online and get the required online mobile recharge, there are certain tips you can take into consideration to make the most of this recharge. They are given below:

Opt for the same connection operator in the family:
It is been noted that, at most 50% of all the calls that are being made, are made by one family member to the other. While the charges for these calls will be at a standard rate, you can actually save a lot of you recharge if you opt for a network connection that is used by all members in the family. Plenty of mobile networks are offering family covers and plans, which are designed to offer maximum communication, at the best price possible. In this way, you can get an online mobile recharge, which you and your family can make the most out of.

Get the best plan:
When you first apply for a network connection, you will apply for a connection plan that will last until you change it. However, since not many individuals are aware of the plan, they often rely on the operators to provide them with the best plans. In this case, this leads to a high expenditures which the user is not aware of. Therefore, you must look out for updated and the latest  plans available on the service provider website, where an individual can select the best plans according to their requirement and usage.

Take advantage of full talk time:
Plenty of network connections offer full talk times for prepaid connections. This is one of the highest value recharges, as it offers you the full recharge you pay for. In other words, if you pay Rs. 250 for a full talk time, you will get a recharge of 250. In most cases, the recharges that you make will not offer you the full amount as talk time, as you will need to pay service tax, amongst many other deductions.

Recharge discount:
Another benefit that comes from a full talk time, is the discount coupons for shopping and in their mobile wallets. The next time a user would want to recharge the phone, they can utilize the funds. The advantage of a discount is that, a user can choose any site for their recharge as their own mobile recharge wallet for paying the bill. Individuals can also search for discount coupons available on different sites.

Are you aware of these factors when purchasing a car insurance?

When it comes to purchasing car insurance, plenty of questions will arise. How much do you need, what do you need and how to decipher the jargon? In reality, purchasing a car insurance isn’t hard. All you need to understand is the lingo, know your rights and get the right coverage. The bottom line is, being informed will save your funds.

So if you are looking to purchase an auto insurance for the first time, or go shopping around for a new rate, you will need to be aware of these facts:

The way you use the car determines your car insurance rate:

Will you be using your car to commute on a daily basis or only on weekends? Will you also be using it for side money to drive for Uber? All these factors determine your insurance rates. So when you are shopping for this insurance, ensure the company known how well you use the car. This is because there is a considerable difference between personal use and business use. Your personal policy may not cover business use, especially if something were to happen to your vehicle while on the job. If you are agreeing to purchase a policy, be sure to clarify these points with your agent before agreeing to it. If you must, opt for an additional policy or supplemental coverage.

Be aware of the coverages that come under the insurance

There are plenty of coverages that can be included as a part of the auto insurance policy. In India, there are primarily three types of car insurance. It includes third party liability coverage, collision coverage and comprehensive coverage. Third party liability coverage will provide cover against legal liability to a third party cause when you were at fault. This is legally mandatory under India regulations. Collision coverage protects the insured financially against the damage of their own car. This does not include theft or vandalism. Comprehensive coverage is an extensive cover that includes damage to the car, theft of a vehicle, third party legal liability and personal accident cover. This coverage can further extend by opting for selected add - on. Each type of coverage will have its own cost associated with it. You will need to talk to your insurance agent to help you determine which coverage suits your needs and your budget.

Know your deductibles

As a part of the automobile insurance, you will need to pay a certain part as deductibles. The deductible is the amount you are contractually obligated to pay towards the cost of repairs, injuries and damages that are incurred as a part of a crash. The amount of a deductible is determined by the monthly cost of your auto insurance policy. In other words, if you pay a higher deductible, you will most likely need to pay a lower monthly insurance payment in the event of a collision. This is normally a part of the collision and comprehensive coverage.

What are the factors you need to consider when sending funds?

What was once a means to ensure survival and stability, has now transformed into an industry of its own. Previously, individuals who have travelled or settled abroad have always looked for options and means to send funds home, in the most quickest and convenient manner.

Today, the money transfer services have evolved, to offer more than just a convenience and fast service. They have also offered the means to track your transfer, get real time updates about your transfer and even opt for the means of delivering or receiving the funds. Additionally, money transfer services have gone beyond its primary function, which is namely money transfer. Now you can even transfer funds to purchase goods, to sell products, to donate funds to a charity or organization amongst many others.

But while there are plenty of services you can opt for, the fact remains that you will need to consider certain factors when opting to send money from any destination and for any purpose. The following factors you need to consider when opting for the best way to send money to India:

Time of the transaction
You may have heard how the financial market’s volatile conditions have affected monetary rates. This is no different for money transfer services. When sending funds from one country to another, the one factor that is taken into consideration is the currency conversion value. Therefore, when you are sending funds, you will need to take into consideration the time of transfer, as the currency conversion value will be locked in at that time. Additionally, you will also need to take into consideration the season when you are making a money transfer. Certain seasons before festival and auspicious times will have a higher demand of money transfers. Therefore, the charges for the money transfer will also increase during this time. 

Location of the transaction
Most of the money transfer institutes do offer global coverage. However, these global coverages will also have certain restrictions pertaining to the limitations of their own services. For example, an institute would have the means to make a money transfer from their own branch in the rural areas, but not to another institute. Additionally, while such institutes would offer the best way to send money to India to a rural area, they might charge an extra fee for locations outside their coverage. Therefore, you will need to consider the location from where you would be transferring or sending funds before opting to send money.

Customer Service
What happens when you want to know more about a particular transfer scheme but don’t know where to get the information from? What if you have queries about the rates of the transfer service, but don’t know who to contact? What if you need to know what steps to take before you make a transfer? Plenty of individuals have such queries but insufficient information on websites or other sources may not provide a satisfactory answer. This is where the customer service arises. Do check if the institute has a customer service, so that if you need any queries answered, you have the ideal source to contact.

EMI calculators: An essential tool to support the golden rules for loan borrowing

"In an ideal world, every individual would have sufficient funds for every needs. However, this cannot be said for the same in reality. In this reality, we would need to borrow funds to meet our goals, whether real or imagined. And with so many banks and financial institutes offering a wide range of options along with low rates, quick disbursals an easy processes, you may be become overwhelmed with the significance of it.

While the financial market and its conditions may change over time, the way loans are being disbursed and its prudent borrowing will remain unchanged for a long time. Any by following the golden rules of borrowing, you will get, only the best ideas possible. To assist you in this process, we provide you with the EMI calculator, and how it can assist you.

Don’t borrow more than you can repay:

The first rule you need to remember is live within your means. When taking on a loan, you must take one that is easy to repay. Certain statistics indicate that certain loans should not exceed certain percentage of your income. For example, the car EMI’s should not exceed 15% of your income. Similarly, a personal loan should not exceed 10% of your net monthly income. If your EMI’s consume a large sum of your income, it will impact other critical financial goals. To keep these percentages in check, you can always use the EMI calculator to calculate the ideal amount you need as EMIs for any loans, while protecting your income.

Keep your tenure as short as possible

May individuals are tempted to opt for long loan tenures when borrowing as they offer the convenience to repay the borrowed funds with ease. However, with long tenures, you will end up paying for larger EMI’s. Therefore, it is best if you take a loan for the shortest tenure you can afford. So how can you calculate the right loan tenure with the right outcome? By using the EMI calculator you can calculate the ideal outcome that will suit your need. If needed, you can adjust the loan tenure to suit your need when required. However, you must ensure you pay your EMIs regularly and in in a timely manner.

Avoid borrowing to splurge or invest

As far as possible, avoid borrowing funds to re – invest. Even if you take a loan against ultra-safe investments such a fixed deposits or bonds, the interest earned through these options may not match the interest you will pay on your loan. Alternatively, investments such as equities are too volatile. If you need to take a loan, take a loan to build an asset. But always use the EMI calculator to know much loan rates are applicable to you before proceeding with the loan application.

Important features to remember when sending money online

Money transfer has progressively risen over the last few decades. Previously, it was used a means for migrants to send money back home. Today, it is it used for various purposes, such as making online purchases, transferring funds for donations, and other similar financial transactions.

What previously was a means of living, has now become an industry of their own. More and more institutes, apart from banking institutes are offering this service all around the world. And while there are plenty of service options available, the technology used to transfer funds has also improved. For one, you can send funds through the online portal. No matter the destination, location or even requirement for a bank account or not, you can now easily send money online.

But like any other money transfer service, there are certain factors you will need to keep in mind when opting for this service.

Is the service reliable?
One of the main features of a money transfer service you need to always take into consideration is reliability. Is the money transfer institute or bank you are opting for, has sufficient years of experience? Do they have sufficient staff?  What is their success rate of transfer? How prepared are they to deal with delays or financial emergencies? The answers to these features determines how reliable the service is when it comes to sending money online. Once you have the answers to these questions, you will get a level of understanding of reliability of these services.

How convenient is the service?
Convenience is another key factor you will need to take into consideration when you want to send money online. Can you connect your bank account directly to the service? Or would you be required to create another account with the service itself and transfer funds to that account? In addition to the sender’s requirements and features, you will also need to take into consideration the receivers requirements. Does the receiver need an additional account? Can the receiver receive the transfer directly into the bank account? Is there a physical platform where the receiver can receive the funds directly? Getting a clear understanding on these factors will give you a better picture on the convenience of the service the financial or bank institute will offer.

What are the safety measures taken by the service?
While each institute may have its own reliability when it comes to money transfer, they must also have the means to ensure that the funds are safely transferred. This can be in the form of establishing secure log – ins, or even taking on strict measures to verify identities. Additionally, one should also take steps to track the transfer of funds, by providing regular and real time updates.

Apart from these features, there are plenty more that you can take into consideration. However, it is important that you are well aware of what the banking or financial institute is offering before you make the money transfer.

4 important tips to keep in mind when making a money transfer to India

Reliable, efficient and safe money transfer systems have become the demand of the hour for the money transfer systems. With the number of migrants workers, globalisation and the internet have all helped the money transfer service become an industry of its own. Additionally, this number is likely to increase over the coming years.

This, in turn, has led to more companies entering the money transfer market, providing individuals with more options and variety of service. However, while the choices may be plenty, you would still be required to ensure that you are following safe protocol with any transfer you make. Therefore, to ensure that you make a secured money transfer to India, here are a few tips you can consider:

1. Check the size of the company

If the institute you are applying to, making a money transfer to India is newly developed or comprising of a small staff, then there is a high probability of something going wrong with the transfer. A medium to a large-sized company would be a better bet in this case.

2. Check the size of the transfer you are making

If you are making a large money transfer, you must look out for transfer services that offer the safest transactions and channels. In such cases, it is recommended that you make money transfers through bank wire transfers. The reason behind this is the security features they take into consideration. For example, when making a money wire transfer, the customers will need to provide sufficient forms of identification. Additionally, the wire transfer that is being made comprises of a highly secure encrypted message, which is designed to be difficult to intercept and interpret.

3. Identify the sender before sending funds

If you are sending funds to a known person, you need not worry. However, if you are sending funds, to people who you haven’t met apart from digital communication, then you must be wary or identify the sender before you are sending funds. This is normally the case in online auctions, internet purchases, or even charity donations. In such cases, there is a high probability that someone will simply take the funds and run.

4. Look out for phishing scams

While you still may be careful with transferring funds from your end, there is a chance you may fall victim to a phishing scam. Phishing scams can exist in the form of an email from a genuine business, which requests your banking and financial details in order to proceed with the transaction or business progress. They may even ask you to click a link in order to proceed with the proposition or to click details for more interest. The best way to avoid such scams is to simply go directly to the merchants site and not through a link in an email.

Key factors to consider to get a great auto loan

In order to ensure a successful automobile purchase, you need to get several factors correct. They include the right car, a good price and funding the purchasing in the most affordable way. One way to finance your purchase, is through an auto loan. This loan will help you purchase a car that costs more than you can afford wit cash. But before you opt for this loan, you will need to consider these key factors. They include:

Managing your credit

Like for any other loan, this is the first factor you need to consider before applying for the auto loan. The credit determines whether your lender will approve you for the loan, or even the loan amount you want. Your credit history indicates your history of borrowing from other lenders. This also indicates how much you have borrowed before, and whether you have repaid those loans on time. A good credit score will gives you a high probability of a low interest rate, higher loan amount and appropriate loan tenure. Therefore, before you apply for the loan, you must review and check your credit reports. Fix any errors that have affected your score before you proceed to the next step.

Be aware of your potential to expend

You must get a clear idea of how much you can spend in terms of down payments and monthly payments before you even start looking at cars. If you have got your eye on a vehicle even before reviewing your potential expenditure, you may fall prey to the beauty of it, and forget the fact that it might be out of your budget. Additionally, some salespeople will also make it appear that your car is affordable with carefully calculated maths and payment strategies. You must also be aware of your down payment, as larger the down payment the smaller the loan, and the more flexibility you will enjoy later through your monthly payments.

Focus on the big picture

You need to be aware of how the auto loanas it will equip you with sufficient knowledge and details to make a smart if not sound decision. As a buyer, when you lose perspective, you will end up focusing on your monthly payment as compared to the purchase price and total cost. Several dealers encourage on this, as it can easily be adjusted by lengthening the loan tenure. But a long tenure would mean additional interest. You may even focus on a vehicle with certain features, which may not fit your finances. Make sure you’re buying a car that you can truly afford while avoiding taking on a loan that will haunt you.

What are the NRI banking accounts that you should be aware of?

Many Indians who have travelled abroad and settled down, still have ties back to members back in their home country. This also includes the exchange of funds when required or on a regular basis. While this can be done through specialised NRI banking systems such as the NRI bank accounts, there will always remain the fact that most NRI’s are not completely aware of the different features of these accounts.
But why is it crucial to select the right banking account? For one, each account has different features and different requirements. It also has different means of taxations, which can affect your investments. To ensure that you are well aware of the different features of the NRI accounts and the NRI banking, given below is a brief review of the different accounts:

NRE Account (Non-Resident External Account):

• Any NRI can open this account.  It can also be held as a single account, or a joint account with another NRI. When opening this account with another NRI, the account holder may add the name of the Resident Indian in the account, with an added clause. This clause allows the primary account holder to use the account, wherein which, upon his or her death, theanother joint account holder has the right to operate the account.
• An NRI can open this account, but it must be held in foreign currency. It can also be used to remit funds in INR from abroad. The funds in this account are fully repatriable to the destination country where the NRI resides. However, the value of the currency is subjected to exchange rates of the currency at the time of such transfer
• The withdrawals made from this account can be used to make local payments.
• The account may be opened under the categories of savings, current or fixed deposit.
• The interest that is earned in this account is exempted from income tax
• The account holder can also take a loan against this account, in the INR currency.


NRO Account (Non-Resident Ordinary Account):

• Any NRI can open this account. It can also be heldas a single account or a joint account with another NRI. Alternatively, a Resident Indian can be added to this account.
• The account must be held in INR currency. The funds can be used to remit funds from abroad. The limit amount of up to One Million US dollars or equivalent can be repatriated to the country where the NRI resides. The value of the currency is also subjected to exchange rates of the currency at the time of transfer of funds
• The withdrawal from this account can be used to make local payments.
• The account may be opened under the categories of savings, current or fixed deposit.
• The interest that is earned on this account is not exempted from income tax.
• The account holder can also take a loan against this account, in the INR currency.

What are the questions you need to ask before sending money to India?

According to recent studies, India is the number one destination which receives a lot of remittance from other countries. This is mainly an achievement driven by millions of NRI’s who have settled abroad and yet have strong ties back home.

While it may seem like a simple procedure to select a money transfer service and send funds back home, there are important factors you need to consider. Given blow are some answers to frequently asked questions that will help provide you with some clarity:

Is the service reliable?

While it may seem like sending money to India may seem like an expensive affair, there are plenty of money sending options that is cheap while providing a fast delivery. One way to find out if this is true, is by checking out the reviews. Do the claims really hold true for what they claim? If not, you can always contact the customer service of that institute and get a better clarification.

Will my funds be delivered on time?

At times, you would want to send funds to a destination urgently. This could be to avoid an impending deadline, or any medical emergency that required a large amount of finances. In this case, normal delivery services may not be your ideal option. However, certain express services will send funds to your destination within a short period of time, for a higher price. However, you must ensure that your money transfer service stick to the delivery time claimed.

Is the exchange rate good for me?

The funds you will be earning may be in foreign currency. When you make a money transfer in foreign funds, it will be converted into the local INR value. When this occurs, the value of the INR per the foreign currency will be taken into consideration. Therefore, when you are sending money to India you will need to be aware of the current conversion value before you make a transfer. Most money transfer companies usually display their daily exchange rate on their website. All you need to ensure is that, it will match the official forex rate for the day.

Will the service delivery the funds to my home town?

Most of the money transfer services have now evolved to such a stage where they send funds either to your account or right to your doorstep. However, in certain cases and in certain states, most institutes do not extending this service. You can check with the list of delivery points for the services you have selected. Alternatively, you can always send it to the local post office or a corresponding agent, where the receiver can collect from, once they conform their identity.

While there are plenty more factors you can consider, it is important that you are completely aware of the services and its offering. Once you have made your choice, you can select the delivery institute you want and make the transaction.

What is the ideal foreign currency account you can opt for when returning home?

No doubt, when returning back to India after spending considerable time abroad, will require plenty of adjustments. If you have inculcated plenty of assets abroad, what do you do about it? What about the NRI accounts which you have created? What about the termed deposits you have invested abroad?

In addition to this, you will also need to take into consideration the change in your resident status. Once your NRI status changes to resident, which occurs when you return back, it can change your NRI accounts, investment and assets. You also need to take into consideration the FEMA (Foreign Exchange Management Act) and the Income Tax Act which is different for residents and NRI’s.

While this may be a lot to take in, you don’t have to do much. You only need to convert your current accounts into a Resident Foreign currency account( RFC ). Even your termed deposits will get converted into this account. Given below are all the details you will need to know about this account and how you can benefit from it.

What is a Resident Foreign Currency Account?
The RFC account is nothing but a foreign currency account, that can be maintained by a resident. This account is best used for NRI’s who are returning back home to India.

Who can open RFC account?
Individuals who hold a NRI status, for a continuous period of not less than a year, and have become a resident in India as per the FEMA conditions can open the RFC account.

How is the funds in the RFC account held?

The funds in the RFC account can be held in selected convertible foreign currency. It can also be held in different forms of savings, current and term deposits account.


What are the benefits of a RFC account?

As an account holder of the RFC account, you will have the following benefits:
• Funds in this account can be freely utilized for any bona fide remittance outside India as compared to other traditional channels.
• The funds, especially the balance is fully repatriable. In this case, the principal and the interest are fully repatriable.
• The funds that are repatriable can be made in foreign currency. This eradicates the risk of conversion rates. The currencies that are freely convertible in the foreign currencies of USD, GBP, Euro, AUD and CAD. However, this depends on the banking institute that you have applied for.
• The funds in the account can be freely remitted abroad or credited to the fresh NRE/FCNR account, if you regain your non – resident status.
What are the eligible credits to the RFC account?

The following credits are eligible to be deposited in the RFC account:

• Proceeds from the sale of eligible assets outside India
• Funds transferred from any other RFC or NRI accounts
• Remittance of funds from bank accounts that qualify as eligible assets outside India.
• Pensions or other similar monetary income from employers outside India
• Incomes such as divide, interest, profit and rent.
• Interest earned on RFC account.

What are the money transfer services available today?

Transferring funds by cash, check or bank draft may seem like the way of the old ages. These methods may seem like a less popular option today, especially when there are faster and more convenient means to transfer funds between accounts or even countries. However, it does not mean that they are still not viable options.

But each of these choices have different features and benefits, which work for different situations. So can you opt for the right one that will provide you with the means to transfer money and satisfy your needs? Here are a few money transfer services you can take into consideration:

Bank account

A bank account is one of the best money transfer services that any individual can opt for. It is also one of the many options that help you with any type of fund transfer you want, especially if it is one of the simplest ones. This is also the best option if you want to send funds from the same financial institution, especially at the lowest price possible. Additionally, several banks offer money transfer services, that allows you make transfers from one institution to another as long as you have the required bank account. You can even contact the bank for any queries or any assistance.

E-Transfers

Some financial institutions will allow you to make a money transfer online to another individual in the same way, you would pay a bill online. Through this service, you will need an account number and bank routing number. For international accounts, you will need a SWIFT or IBAN number. At the same time, you will also require the account holder’s name as it appears on their account. This can be a convenient mean to transfer funds, especially if you need to make regular or monthly transfers. It is also one of the cheapest form of money transfers in the market.

Western Union

The Western Union is a popular choice for many individuals who want to make a money transfer in the safest and secured way. It will provide you with a similar service that will allow you to transfer money to a different state, country or city. Through this service, a flat rate will be charged for the transfer you will need to make, based on the urgency, location and the amount of funds you are sharing. However, one of the major benefits of these services is that they tend to be both highly dependable and convenient.

Mobile Apps

With more and more individuals using smartphones and relying on apps to manage their daily lives, it comes as no surprise multiple financial apps have been created to facilitate the means to make money transfers. While plenty of banks have designed and created their own apps, other NBFC have also created these financial apps to make these transfers.

Money 2 India: Common FAQ’s answered

The need to transfer funds will always be a requirement in today’s day and age. Given that the advancements in today’s technology and e – commerce market, you can now easily transfer funds from one location to another in a mere click of a button. Additionally, there are plenty of money transfer choices available in the market, each offering competitive rates, valuable features and specialised service.

Amongst the different money transfer services, the Money 2 India is one such service. Through this service, you can send funds back to India and track its progress. Given below are some of the FAQ’s associated with this money transfer service:

Is Money2India safe to use?

Like any other money transfer services, Money 2 India employs a range of state of the art security features, keeping all your transfers and transactions from being access from any outsider. Some of the protective features employed by this service include regularly updated firewalls and 128-bit secure socket layer ( SSL ). Through these features, unauthorised access is restricted while ensuring all information that is exchanged remains confidential.

What are the different currencies I can transfer funds in?

When transferring funds Money 2 India you can use the following currencies to transfer in:
• Canadian Dollar
• US Dollar
• Great Britain Pound
• Sweden Krona
• Switzerland’s Swiss Franc
• Singapore Dollar
• Hong Kong Dollar
• UAE Dirhams
• Australian Dollar

Do I need to sign up for an account to use Money2India services?

Yes, you would need to create a Money 2 India account in order to use its services. Once you use the account for the first time, your details will be saved securely in order to save time and provide you convenience anytime you would want to make a money transfer in the future. You can be well assured that this information will not be shared or made available to anyone else.

How can you start using this service?

You only need to register for this service at the respective bank or financial institute you would want to apply at. Once you log onto the website and register for the account, you will be needed to provide information pertaining to your personal details, contact details, and other security features. Once you have provided the required details as well as accepted the terms and conditions, you must await the successful registration for the service. Once it is successfully registered, you can start using this facility for your money transfers.


How will I get my User ID and Password for my login?

When registering for the Money 2 India, you will need to register with an existing email ID. This email ID will be your login ID. At the same time, you will be required to create a unique password when registering. In the event you forget your ID or password when logging in, you can always use the help link to assist you.

Shifting abroad? Opt for an NRO account right now

As an individual who is travelling abroad, there are plenty of factors you will need to take into consideration. For one, the financial investments you have made for yourself as well as your family will be needed to be taken into consideration. But while closing down your investment schemes and the accounts may seem like a viable option, you can always convert your current account into an NRI account, which is namely the NRO account.

This account offers NRI’s the means to invest their income earnings such as the rent, pension, dividends and other selected forms of income, while settled abroad. The account holder can also transfer foreign currency into this account, which can be converted into the local INR currency when required. While this account has several other benefits and other constrictions that you should be aware of. Given below are some of the features you need to be aware of when opening this loan:

Purpose of the account:

As mentioned previously, the NRO account serves the purpose of allowing the account holder to accumulate and maintain a regular flow of income from India.

Account Holding

With this account, a joint account can be held, by both NRIs. In this account, the co – account holder can also be a resident Indian.

Income Deposit and taxation:

Theseare the main factors of anNRO account you need to be aware of. If you are a non-resident Indian and wish to save or operate money that is sourced from incomes generated within India, then you should opt for this account.Incomes generated from India such as the proceeds from the sale of property, rental income, interest earned on other deposits in India; dividend earned from stocks will need to be deposited in this account. However, in this account, all funds are taxable.

Currency Option for Fund Deposit:

One of the main differences between the NRO account and the other account is the currency option for the deposit. With this account, you can deposit both the foreign funds as well as INR funds. However, it will be held in the INR value in the account

Repatriation of Funds:

Unlike the other accounts, the NRO account has several restrictions when it comes to the repatriation of funds. For one, the account holder can repatriate only an amount of 1million USD during a single financial year.

Tax Imposition:

As compared to the other NRI accounts, the NRO account has tax impositions, which affects the income earned in the account. With this account, not only is the income taxed, but also the interest earned in the account. Taxes such as the income tax, wealth tax, gift tax, etc., are applicable tothis account. However, account holders do have a reduced tax benefit, which can be availed under the Double Taxation Avoidance Agreement (DTAA).

What are the available investment options for NRI’s?

Although plenty of individuals have settled abroad, they still maintain a form of investment back in their home country. Through this, an NRI can invest through two different routes, namely the automatic route or the government route where prior permission is required from the government before an investment is made.

But when it comes to selecting the right option for investment, there are plenty of options available, each with different features and restrictions. These options can also be used for short term or long term investment goals. Given below are some options you can consider:

Non-Resident Ordinary Rupee Account (NRO):

This is one of the popular NRI accounts that several individuals have opted for, especially for individuals who are looking to deposit or manage earnings from India. Foreign funds can also be deposited in this account. In both cases, the funds that are deposited in the account will earn interest. The interest, however, is subjected to income tax deductions at the source plus applicable surcharges. However, repatriation is only allowed under certain circumstances, such as the upper limit for sending funds is only 1 million USD in a single financial year. Additionally, you will need a tax paid certificate from a certified CA before you repatriate any funds.

Non-Resident External Rupee Account (NRE):

The NRE account is the second NRI account that is a popular option amongst other NRI’s, who want to deposit funds earned abroad and transferred to India. The funds that you invest in this account will be converted into Indian rupees, with the conversion value taken at a rate prevailing at the time of deposit. The funds in this account, which includes the principal amount as well as the interest are repatriable, without any conditions.


Foreign Currency Non-Resident Bank Deposits (FCNR):

The FCNR account is mostly used for termed deposits, especially if you want to deposit foreign currency. Like any other termed deposit, this account will help provide the ideal protection against fluctuating market conditions and volatile currency values. This account can be opened jointly with an Indian resident. However, the account must be made for a minimum maturity period of one year, and a maximum period of 5 years. The interest earned in this account is tax-free, while the principal amount is taxed.


National Pension Scheme (NPS):

Through this scheme, the policyholder can invest funds in creating a corpus, while also opening a post annuity retirement. Individuals between the years of 18 to 60 years can invest in this scheme. However, unlike the other accounts, this account can be held only by an individual. Once the policy is opened, a PRAN is provided which is the Permanent Retirement Account Number. However, this scheme is only allotted to individuals who holdsan NRI status and a citizenship of India. If at any point, an NRI gives up his citizenship, the account is closed.

Know these car adviser’s tips before purchasing a used car

When it comes to purchasing a car, it can be very easy to spend more than you planned. The more attractive and valuable it is, the more you become unaware of what you need when it comes to purchasing a used car.

No doubt, even with a used car, spending more than its worth will create an unnecessary financial step. Despite what may seem like a too good to be true deal, here are a few tips suggested by top car advisers to keep in mind before you purchase a used car today.

Tip #1 - Set a budget

In order to avoid a buyer’s remorse while managing your finances properly, you must set up a budget that will help you determine how much you can afford for your car. Take into account your monthly expenses, the amount you have sorted for savings and compare it to the income that you get after your deductions. With the remaining funds, you can use it for your car payments, insurance or any other expenses to support your automobile purchase. This is also one way to check whether you can afford the car on your own or opt for a used car loan.


Tip #2 – Do an extensive research

Before you approach any dealers, you must research about the car you want to want. Each car comes with a price and this is no different for used cars. You will find plenty of websites online that showcase used cars with its features, price, performance reviews, car values and more. If you visit the dealership or even a money lender for that matter, you may end up paying for more than what you would want. Any information you get about your car, will help you determine its true value, distinguish between true customers complaints, and even negotiate for a good price.

Tip #3 – Get preapproved for a used car loan

When it comes to the monthly payments for the purchase of the car, you will not only need to consider the purchase price, but also the interest rate on the car loan. A lower interest rate, will mean a low monthly payment, but it can also mean longer repayment tenures. It also works the other way, with shorter tenures and high interest rates. To avoid any possibility of getting an unaffordable loan, go for a preapproved used car loan. Keep in mind your monthly expenditures, while ensuring you have sufficient funds for other expenses. Keep in mind a preapproved loan is one way to keep you within your budget when it comes to selecting your car model.


Tip #4 – Get a vehicle report

Getting a vehicle report may seem like a wastage of resources, but when it comes to getting a car loan, it can actually work in your favour. You can use the vehicle’s history report to help strengthen your bargaining position or ensure that your car is in good shape. You can also be aware of the service records are correlated with a car’s mileage records.

Factors to take into consideration when applying for a business property loan

A business loan is a great way to finance your business and ensure its progress and success. This loan can be utilised for several purposes, which includes ensuring certain business goals are met, focusing on financing certain projects, marketing a new product and much more.

One of the many factors you can take into consideration is the purchase of the business property. Plenty of business may still have an online presence, but yet invest a physical space for storage or even for a production plant. Therefore, if you are looking to invest in a loan to purchase property for your business, here are a few factors you can take into consideration

Ensure your business has good cash flow

Just like a lender will need to ensure that an individual has sufficient income before lending a loan, the same will be expected with your business. In other words, your business must have a steady if not a healthy cash flow in order to obtain a property business loan. You will need to provide sufficient evidence that your business has a strong base and can benefit more from the additional funds. You will also need to provide sufficient evidence that you have the means to repay the loan, regardless if your goal is achieved.

Plan a detailed strategy to generate returns from the property

It is quite obvious with a home loan, you will intend to live in the property or rent it out, and therefore you do not need to demonstrate how you plan to use such a property. However, the same cannot be said for purchasing a property. In terms of this loan, you will need to indicate how the acquired property will have an impact on the business is structured. You will also need to have a clear idea of how the purchased property will fit within your business strategy. Whether it is used the purchased property to manufacture products or purchase a property to store retail products, you will need to communicate these needs to the lender.

Track market conditions

Lending institutes take into consideration plenty of factors before providing a business loan, one of which is the current market conditions. In a weak market or recession, lenders tend to protect their interest over yours. Therefore, you might find it a bit tougher to obtain approval for business property loans. Alternatively, in a strong market, the property prices will be higher, which can affect the outcome or profitability of your business. Therefore, it is essential to time the purchase of your property in accordance with affordable market prices.

Validate your ability to repay the loan

While your business may be enjoying a healthy cash flow, you will still need to provide solid evidence that you are making sound decisions pertaining to the stability of your business, in order to repay the borrowed funds. Therefore, when taking such a loan, you must prevent any over stretching of your funds that will affect our debt – repayment ability.

3 points to keep in mind to ensure a flexible credit card payment

Amongst all the banking cards that are used, the credit card is one of the most popular ones. There are plenty of reason why this card is popular, ranging from a large access to funds, flexible credit card payment and reward system amongst many others.

But while the credit card will provide you with the means to access plenty of funds, you will also need to keep in mind, that at some point in time, you will need to repay back these funds. Additionally, depending on the time you will pay back the funds, you may also need to repay back an interest rate. Any delay in this repayment will attract additional fees.

So how do you avoid any additional fees or delays when it comes to this repayment? You only need to create a flexible repayment plan. Here are a few pointers you can take into consideration when doing so:

Lump sum vs.installments

One of the facilities that a credit card shares with a loan is the fact that you can use a large number of funds to facilitate your transaction. You can even repay back the borrowed funds just like the loan, in fixed installments. However, this depends on the amount you have borrowed. If the amount is large, you can divide it into installments that you can afford and pay off the borrowed funds over time. But, during this time, you may have to pay an additional amount as interest. Alternatively, if the amount you have borrowed is low, you can opt to repay back the funds in one lump sum. This will help you avoid any additional funds as interest.

Create an auto pay system from your account

Another credit card payment system you can opt for is the auto pay system. Most lenders offer this facility, especially if you have attached your credit card to an account, wherein which, the funds of the account are used to pay off any borrowed funds. By creating an auto payment system, the funds from your account will automatically be deducted in order to pay the bill. This is extremely beneficial for those who use their credit cards on a regular or monthly basis. During this time, you will be required to select the date and amount that needs to be deducted until you will be required to change it.

Keep track of the interest-free payment period

Another way to repay back funds borrowed through a credit card is through the interest-free period. Unlike loans, most lenders offer an interest-free credit card repayment period. However, this offer is only limited to certain conditions, such as new credit card joiners as well as loyal customers. This can also be offered as a promotional scheme for and upgrade on your credit card.

How to shop safely with a credit card?

The e – commerce industry is slowly progressing and evolving. Not only is it easier to shop online, but also make transactions from the comfort of your home. However, while the e – commerce industry has progressed to offer such convenience, the fact remains that there will always be a risk involved. Whether it is transferring funds from one account to another or using a banking card to make a purchase from an online store, you risk your financial data being leaked to the public or individuals who can have the means to access it
This is no different for the credit card. The credit card, a popular bank card is used by several individuals who use it for several transactions such as making online purchases, bill payments, or even taking and paying off small loans. However, in most cases, it is used as a means to shop online. So keeping in mind the risks associated with the e – commerce, how can you shop safely with this banking card? Here is how:

Create Strong Passwords

While this may not be news to you, it is still an important piece of advice you must keep in mind. The password is one facility that allows you to access your funds. Most cards are compromised due to the fact that the password can be easily deciphered. Creating a stronger password will help eliminate this problem. You can make your passwords stronger by using a mix of complex, upper case, lower case, letters, numbers and symbols. As far as possible use a unique password whenever you can.

Opt for chip indented card

Another way that credit cards are compromised is through compromised card readers, wherein which, your card data is collected as the magnetic strip on your card is being swiped. That includes the password you use, as well as the account being accessed, as the data on the magnetic strip does not change. Unlike these traditional magnetic strip cards, the EMV card which is chipped cards, use a unique transaction code which cannot be used again. In the event, a hacker managed to steal the information from a specific point of sale; the chip cannot be easily duplicated.

Track your credit card statements

While the data on your credit card can be easily compromised when you use it, it can also be compromised when you don’t use it. In other words, transactions which you have not authorised may be made from your card. But how do you know when and where your card is being used? This can be done by tracking your card statements. With each transaction you make, the date, time and location will be recorded. Review it in details when you can. You will notice if any unauthorised transactions have been made without your consent. You can even sign up for alerts, thereby alerting you if any transactions have been made.

Bike Loan – Travel smart and save time

As a professional, the saying ‘time is money’, could not be any truer. Our professional and lifestyle has been created in such a manner where every minute has been utilized to its full potential. Whether it is used to earn more money, or even to look out for other opportunities to further your venture or even catch up on some ‘me’ time, each second counts.

But when you are caught in unnecessary traffic, you spend hour’s just wasting away, waiting for the vehicle in front of you to go ahead. What would have taken a half an hour drive back home, takes you forty five minutes more. That is plenty of opportunities if not time, that is wasted away.

But while there are not many means to avoid traffic during peak hours, there is one way you can go through it. One way you can do so, is by traveling by a two wheeler. Most two wheelers are designed to provide a good mileage and the means to travel through narrow and tight gaps, such as the ones you will find in traffic.

So how can you purchase a two wheeler? One way to do so, is through a bike loan. Most banking and financial institutes provide this loan, making it easier to purchase a two wheeler in a short time. Here is all you need to know about the two wheeler loan and how it can benefit you.

Quick loan processing:

One of the main benefits of a bike loan is that, it has a short loan processing tenure. As a part of the loan processing, the documents that you provide will need to be verified. Additionally, the documents pertaining to the collateral, as in this case, the bike itself, will need to be verified. If you are getting a two wheeler from a bank or financial institute that is tied up to a dealership, the document processing will also take a shorter time.

Economically beneficial in the long run

When it comes to purchasing bike or any vehicle, there are financial factors you need to consider. For one, you need to take into consideration the fuel expenses, the scheduled servicing, and the insurance amongst many others. While independently, these factors may be expensive. However, under the schemes provided with the bike loan these factors are covered. Additionally, when taking a loan from a dealer, you can get additional benefits, which in the long turn can work financially in your favor.

Financially viable

When it comes to purchasing a bike or any other vehicle, you will require a large number of funds to facilitate this purchase. However, while you may have the means and facility to save funds to facilitate this purchase, you also have to face the probability that a financial emergency may arise during some course of time, which will require to utilize these saved funds. But with a bike loan, you can get the borrowed funds to make the purchase, and yet have the means to repay back the borrowed funds without causing any financial distress.

What are the available loan options for an emergency financial fund?

You’re planning your son’s marriage when you suddenly realise you don’t have sufficient funds to cover it. You’ve also realised that need to pay the premium for your insurance. Your fellow family members, who have already pitched in financially, do not have additional funds to assist you. In this case, what do you do?

For one, you can opt for a loan. Through a loan, you can opt for financial funds that will not only cover your current financial requirement but also provide you with additional funds to satisfy any unforeseen financial requirements. At the same time, you will also have a flexible repayment tenure that will allow you to pay back the borrowed funds and interest rate with ease. But to satisfy such a criteria, you have two loan options you can consider, namely the loan against property and the personal loan. Here are the differences with between the two loans and how it can work in your favour:

Processing time:

For any emergency financial situation, the first factor you need to consider is the processing time. Each loan has a different processing time, as both loans come under different categories. For example, the personal loan comes under the category of unsecured loans, wherein which, no collateral is provided. Therefore, the processing time will be short. However, with the loan against property, the processing time will be a bit longer as the lender will need to consider the collateral provided through this secured loan.

Loan amount:

Depending on your requirement, you can always opt for a loan amount that will suit your needs. Through the personal loan, you can always apply for a loan amount that is high. However, with the loan against property, you can only opt for a loan amount that is fixed to the value of the property. In other words, you are eligible to get only 70 to 80% of the value of the property. However, the lender will have the last word on how much funds you are eligible for depending on your financial profile. So this is one factor you must take into consideration.

Loan tenure:

Loan tenures differ based on the loan category one is applying for. For the personal loan, the loan tenure can last anywhere between 5 to 10 years. For a loan against property, the loan tenure can be anywhere over 15 to 20 years. While a loan tenure may bring down your EMI’s, it also increases your affordability for big-ticket loans. However, long tenures would also increase your interest payout.

Interest rate:

When applying for any loan, the interest rate is one factor you need to take into consideration. For one, it determines how much additional funds you will need to pay along with the borrowed funds. In secured loans, such as the loan against property, the interest rate is normally as low as 11 to 15 %. However, in an unsecured loan such as the personal loan, the interest rate is as high as 24 %.No matter the differences in each loan, you must consider all the available factors to know what you are eligible for, and whether it can satisfy all your emergency financial requirements.

Gold Loan – Unlocking funds for any financial emergency

You’ve suddenly realized that you need extra funds to furnish you newly purchased home or use extra funds to finance your own start – up. But while you may have exhausted all other financial options, there is always the gold loan you can opt for.

For most Indian’s this loan is one of the most viable options, for one reason. Indian cultural beliefs consider gold as one of the gifts that must be passed on from one generation to another. Even auspicious and special events call for the purchase of gold items and jewelry, which is then further passed on to their respective generations. In such cases, the gold itself can be used as a collateral, for a small amount of funds, whenever required.

So if you need any emergency funds, how can a gold loan work in your favor? Here is how:

Short processing time:

One of the main benefits of the gold loan is the short processing time. Since the gold loan comes under the category of secured loans, the provided collateral would be required to be verified. As compared to other secured loans, the gold collateral is easier to verify. Most gold lenders have been equipped with experts who have the experience and qualifications to verify the value of gold in a short period of time. Once the verification process is done, the lender will provide the appropriate loan value rate. Therefore, you need not wait for a long time for your loan to be verified.

Loan to value rate

Different lenders will have different values. However, as compared to other secured loans, the loan to value ratio for gold loan is considerably higher. For one, the range of gold loan values lays between 65 to 85 %. In addition to this, the value of the gold will also differ on several components, such as the current value of gold in the market, exclusion of making charges, the weight of the precious stones embedded in jewelry or even the hallmarked gold items.

Affordable interest rates

Interest rate for gold loans vary across banks and NBFCs. In most cases, the level of interest rate will depend on the tenor, the loan amount, LTV and of course the base lending rate. However, in order to compensate for the high risk associated with lending funds, the interest rate is normally charged at a level appropriate to the borrower’s profile. In most cases, the interest rate for gold loan lays between 9 to 11 %, which compared to other secured loans is considerably lower.

Tenure of a loan

The tenure of the loan primarily plays an important role in determining the EMI’s of the loan. Therefore, the longer the loan, the less EMI’s you will need to pay. However, at the same time, you will end up paying more of the interest rate. For a gold loan, the tenure is not more than a year, making it one of the most affordable loans for any individual.

What are the advantages of having a forex card?

Travelling abroad offers plenty of opportunities. For one, there are plenty of employment and career options. Additionally, if you are looking for short term visits, you can always tour different locations around the world.

But no matter the reason for your travel, there are plenty of factors you need to consider when travelling abroad. For one, you will first need to consider your financial requirements. Not only are you restricted to carry a limited amount of funds abroad, you will also need to take precautionary steps to protect the funds you have. Additionally, if you exhaust your funds during that period, you will need to access additional funds.

Keeping these factors in mind, what are different options you can consider when it comes to taking funds abroad? For one, the forex card is one option. This card, is a form of prepaid banking card that allows you to store foreign currency. When you travel abroad, you can use this card to make purchases, transactions or satisfy any other financial requirements. Apart from this, there plenty of other advantages you can take through this card. They include:

Transaction 24/7:

One of the main advantages of this prepaid banking card is that it can be used anytime around the clock. Therefore, if you need to make a transaction at a merchant outlet during the day, you can use the card. If you urgently need to pay a bill when studying or working abroad, you can use this card for any of your transactions. Thus, the forex card will provide you with sufficient financial protection anytime, a financial emergency arises.

Low conversion rates

One of the main features of the card, as well as advantage to its user is the ability to use foreign currency at a low conversion rate. When you load this card, you load it in a currency value at the time it is being loaded. Therefore, when you use the card anytime in the future, the currency conversion value will be locked on the card. In this way, you can save funds on currency conversion in the long run, especially if the financial market works in your favour.

Multi – currency

Another feature of the card you can use to your advantage is the multi – currency feature on the card. Most card lenders offer such a card, which can be used in multiple countries and in their local currency. This not only helps you save funds in the long run, but also allows you the financial flexibility which is not offered by other types of banking cards. Therefore, while you have access to common international currencies such as Australian Dollars, Euro, Japanese Yen and the USD, you can also have access to other rare foreign currencies such as South African Rand, Sweden Kronor, Saudi Arabia Riyals and New Zealand Dollars amongst many others. However, you will need to check with your card lender to know more.

Demat account: A beginner’s guide to all you need to know

Over the last few decades, the stock market segment has progressed to great heights, allowing investors the opportunity to invest small amounts and get good returns. In keeping with this progress, the stock market segment is now progressing to a digital platform, allowing potential investors to easily access their shares and equity, with a quick turnaround, and even updated news regarding the market deals.

As a first step into stock market trading and transactions, there will be a requirement to first open a demat account. It functions similarly to a bank passbook. Using this account, you can easily purchase or sell shares of different stocks, which can only be done through the account. When you make a purchase or sell, the stock is converted from a paper form into an electronic form, known as dematerialization. The reversion of the process is known as rematerialization.

How to open a demat account

In order to open a demat account you must follow these steps:

• You must first approach a depository participant ( DP ). The function of the DP is to act as the intermediary between the investor and the depository.Ensure it is registered with the National Securities Depository Ltd. (NSDL) andthe Central Depository Services Ltd. (CSDL).
• The manager from the DP will provide you with an application form that will need to be filled and deposited back to them. You will need to provide certain mandatory documents, such as identity and address proof. You will also need to provide an original PAN card during the process of account opening.
• Once the documentation is processed, your DP will provide you with a unique account number, also known as the demat account number. You will also be provided with a unique log in ID as well as password. This allows you to access the account anytime you need to make a transaction.
Once this process is done, the DP who also functions as a stock broking firm, bank or even a sub – broker will demand a minimum cheque in your name. This is a normal protocol which allows you to begin purchasing shares.  In this case, the DP will purchase dematerialized shares in your name and save them into your account. You will also be charged a minimum broking charge for this transaction.

What are the advantages of trading through a Demat account?

Through the demat account, you will have access to:

• High security in transactions
• Timely delivery of shares
• Reduction in the probability of fraudulent transactions
• Trading in huge volumes
• The cost per transaction is comparatively lower to physical trading, due to the reduction of the costs associated with paper usage or stamp duty.
• Mobility and ease of working from any location
• Investing in IPO’s, ETF’s of gold

Why should you ditch your car for two wheeler today?

Traveling all over the place will offer you plenty of benefits. No doubt, you will have the luxury and comfort to travel from one destination to another in comfort. That is until you get stuck in traffic. Not to mention the large bill you will need to pay a month on month for fuel, maintenance, and insurance.  Very soon, a two-wheeler will look more of a favorable option as compared to a four wheeler. So why should you ditch your car today? Here are reasons why:

Easy to divert through traffic

One of the main benefits of a two wheeler is the ability to maneuver through traffic. Major cities that possess a high level of professional industries will have regular traffic congestions, especially during certain hours of the day. Highways, flyovers and even expressways are normally filled with traffic, especially during peak hours. While you may not be able to avoid it all the time, the best way to go through it and still be punctual is by opting for a two wheeler. Two wheelers are designed in such a manner where it is easier to maneuver through traffic with ease. Additionally, it is equipped with quick speed, so traveling will not take much time.

Affordable

A two wheeler is not only about traveling through traffic, but it also offers a good affordability. In other words, even a common man can afford a two-wheeler, if he has a steady income and a steady for at least the next few years if not months. Most two-wheelers come in a range of 1 lakh to 5 lakhs depending on the company and model you are buying. Additionally, you can purchase your two-wheeler with the help of a two wheeler loan. In most cases, the loan lender will have tie-ups with certain outlets, wherein which, a purchase from this outlet, will provide you with plenty of other benefits such as discounted insurance, free 1-year service and even deals on add – on.

Economically viable in the long run

While purchasing this vehicle with a two wheeler loan and using it may seem easy, there is also the responsibility to maintain the bike on a long term basis. This means, you will need to ensure that it is regularly serviced, insurance must be renewed in time, pay for replacements parts when needed, while also keeping in mind the regular expenditures such as fuel. While the same factors apply to a four wheeler, it is often more expensive as compared to two wheeler. Additionally, if you are using a two wheeler for a single individual, it is easier for a single earner to maintain it.

Apart from these reasons, there are plenty more. However,in the end, it depends on your decision to purchase the bike and maintain it.

Strategies to pay off your education loan

Getting a higher education is one way to ensure that you get better prospects in your professional life. However, higher education degrees come at a high price, which may be within your means, but at the same time, not in your current capacity. In other words, you may need to an education loan to sponsor your education, which you can repay back later.
However, this loan may be a means of borrowed funds, but it is also a debt that you will need to repay at some point in life. Any delay in this repayment will affect your other loan applications and your current credit score. The best way to ensure that your future financial profile is not affected, there are certain strategies you can incorporate that will help pay off your borrowed student loan with ease. They include the given:

Pay off your current debts

Paying off your current debts will help you focus on your primary debt, which is the education loan and the added interest rate. There are two methods through which it can be done. One method is the snowball method. Through this method, borrowers can pay off any previous debts will small balances first. At the same time, you can pay a minimum requirement on the rest of the other debts. The other method is the debt – avalanche method, which includes the means to pay off accounts with high-interest debts while paying off the minimum on the rest of the debts. Depending on your requirements, you can opt for the ideal strategy that will suit your needs.

Calculate the daily interest to stay aware

Being aware goes a long way to understanding the progress of your education loan repayment and what changes would be required in the process. No doubt, seeing a debt that will take ten years to repay with an additional interest to pay will seem discouraging in the long run. But as times goes by, the progress and reduction in your debt will help keep you motivated until the end, to get out of your debt. This will also help you stay focus on your goal to get rid of your debt as quickly as possible.

Get a side income

Earning one income will seem troublesome. But earning additional income will seem like an added burden. But if it goes a long way to repaying your education loan faster, it will work for your benefit. At the same time, you can live on a budget which is as minimum as possible for you so that any excess expenditure will be eradicated allowing you to have sufficient funds for repayment.

Make multiple payments throughout the month

Another effective way to pay off a loan is to opt for multiple payments over a single payment, within the month. For example, instead of paying one single payment in the month, you can opt for biweekly payments. This allows you to divert any spare funds to debt payment, without risking it being used for other expenditures.

Questions you need to answer before applying for a persona loan

When there is a financial requirement, and you are not in a position to borrow funds from your peers or family, you can always opt for a loan. The personal loan has always been an ideal choice for individuals who are seeking financial aid in the form of the loan. Not only does it require no security to be provided, but it also requires minimum documents to be provided.

However, as easy it can be to acquire this loan, there are certain questions you must first answer yourself before beginning the application process. These questions ensure that you have a clear understanding of your requirements as well as to be aware of how much funds you are eligible for. These questions include the following:

Q1. Is it necessary to spend or purchase now?

You find that the LCD TV you’ve always wanted is suddenly on sale or even the vacation trip you’ve been eyeing for a long time is suddenly available to you at a discounted price. This perfect opportunity is only available now, and only needs an amount which you can afford through a personal loan. At this stage, you may be compelled to purchase a product or a service, but it may not be necessary. Such requirements may be under the category of luxurious spending. However, if you do require urgent funds for situations such as medical emergencies, then it is best to opt for this loan. Therefore, before you opt for this loan, consider your requirement and its level of urgency and priority before opting for it.

Q2. Can I afford the loan EMI?

This is one of the crucial questions that demands an honest answer. For if you are unsure of the response, you must wait till you are truly confident of it. Personal loans may be easily accessible. However, they demand a stringent repayment schedule. Additionally, you will also need to pay off high-interest rates with this loan. If you have the means and the income to repay the borrowed funds during the tenure, then you can proceed with this loan.

Q3. When is the ideal time to take on a personal loan?

When taking the responsibility of a loan, you need to consider different factors. Do you have a steady income? Do you have a steady job? What is your debt income ratio? How many individuals in your home are dependent on you? Is the loan that I need a small one or a large one? When you answer these questions, you will get an idea of whether you can afford your personal at any time.

Q4. What do I need to do if I can’t pay back the loan?

As a precaution, you would need to consider your future requirements before applying for any loan. But at times, you may not be prepared for all eventualities. If such an event affects your ability to pay EMI’s, you will need to require a backup plan. For one, you will need to access a source of funds that will help repay back the funds. Alternatively, you can approach your lender to review the terms of the loan in order to provide an alternative way to repay the borrowed funds.

PayZapp: What are the benefits of this app?

With the digital world slowly becoming integrated into our daily lives, it comes as no surprise that plenty of apps have been designed to provide a means and convenience to manage daily activities. Amongst the various launched and established apps, comes the PayZapp app.

The PayZapp app, launched by one of the largest financial card issues in the country, has gone one step ahead, by creating a virtual relationship manager through this mobile application. This app is designed to store all your banking card details in a dematerialized form, thereby allowing the account holder to use them for electronic payments. Under this app, the account holder can use a scan and pay option or even the mobile phone’s capability to tap and pay for purchase at the point of sale terminal. The account holder can also send funds to any peers through the app by using the IMPS platform.

Apart from these benefits, there are plenty that is offered by this app. They include the following:

Incentive programs: Plenty of apps have integrated loyalty-based incentive programs that motivate mobiles users to either refer the app to others or increase the utility of the app. Instead of having users inputting their card details every time they need to make a purchase or refer to someone, the information is already stored on the application. At the same time, businesses or merchant outlets that use technology to link several payments to points or other loyalty programs, while adding value to the customers. This encourages the customer to return, which increases the revenue. 

Ability to offer banking card payments: Plenty of individuals are opting for card payments over physical cash payments. However, not many business and merchant outlets are equipped to accept banking card payments. Not only would this affect the business, but customers would also be at a disadvantage. However, businesses are becoming more technologically economic and integrating mobile payment programs, in their system. Therefore, it allows business to charge customers through this app, which will benefit both the customer as well as the business.

Multiple banks can be used through this app: One of the main benefits of this account is that it can be used for other bank details too. Although primarily it was designed only for one bank, it can now be accessed by applicants who use other banks. This makes it easier for applicants to use multiple facilities and features which may or may not be provided by their bank. Take, for example; the bank may not offer cashback facilities through the card alone. But through the PayZapp app, you can get a small amount of funds as cashback.

How to plan your child’s financial future with a recurring deposit

Today, every individual is slowly becoming financially aware. Plenty of these individuals, especially parents are prioritizing financial planning for their whole family, especially when it comes to their children. But with so many financial options to consider, what are the best options that will not only provide the parents with the convenience to manage the funds but also the flexibility for their children to access the funds at the right time?

This is when the recurring deposit will make the ideal option. This termed deposit functions in such a manner where it allows the account holder to deposit a fixed amount of funds on a monthly basis until the tenure is met. Once the tenure is completed, the interest will be deposited along the recurring amount that has been invested. The invested amount can be anywhere as a much as Rs. 100 to Rs. 10,000 depending on the institute you are applying to. Additionally, you can even use the RD calculator to get the required amount that you would need to invest, and even the outcome that will come out of it. So how can you use this account to benefit you and your child?

• Fix a goal

As you grow older, you will notice that your financial requirements will increase over time. For one, you will need to set aside funds to run the house. Or you may also need additional funds to plan for a family event such as a birthday or a wedding. What better way to spend for such events, than by saving for it right from the begging? For such a requirement, you can open a recurring deposit for this purpose alone. Additionally, you can open several recurring accounts with different rates and tenures to match different financial goals. You can even use the RD calculator to calculate the ideal amount and interest you would want for this purpose alone.

• Fix a tenure

Like the financial goal, you can fix the tenure of the recurring deposit. The tenure of the recurring deposit can be a minimum of 6 months to a maximum period of 10 years. Once this tenure is met, you can either reinvest the amount in another account or renew the tenure for the same or different tenure. Fixing the tenure allows you to also fix the interest rate of your investment. Longer the tenure of the period, higher will be the interest rate. Since the interest will also be deposited at the time of maturity, you can use the extra funds in the same account.

• Fix a nominee
As a part of one of the functions of this account, the account holder is allowed to select a nominee. You can open an account under your name, along with your child’s under the minor category. Once the child reaches the required major age, the account holder can transfer the account to the child’s name, or make it the primary holder of the account. This allows the child to use funds as per one’s requirement, while also allowing them to maintain the account for a long term purpose.