5 reasons why restaurants should opt for online food ordering system

There was a time when going to a restaurant was a fad. Today, people are slowly inclining to order food online. It is because of these food ordering apps, the concept of ‘house parties' has become a regular term. The competition in the food industry is rising dramatically. Having an online presence, makes your restaurant sparkling visible to the customers and your competitors.

Restaurant owners who are racing to capture new users are already making themselves available online. Convenience and complete transparency are some of the benefits of ordering food online.
To build up the restaurants online image, one needs to tap the customer's shoulders and informing them about the features of your eatery.

Above pointers aren’t enough to convince you? Read on to know why restaurants should opt for online food ordering system:

Saves Time:

Owners can use their staff for bettering the services within the restaurant than answering take-out orders. By outsourcing messengers or third-party food ordering apps, restaurant can direct their employees towards more lucrative work and eliminate the task of phone conversations.

Correct food order:

‘Couldn’t get your order, ma’am.’
‘Your voice is breaking, sir.’
These are some of the common discrepancies that one complaint of with regards to ordering food directly through the café/eatery. The restaurant staff are distracted by the surrounding, and the order goes wrong. Ultimately, it is the user who is left disappointed. Online food ordering scheme eliminates errors and allows customers to place their orders efficiently.

Hassle-free ordering process:

The traditional method of ordering food can be tedious: one needs to check the nearest delivery restaurant, choose the item from the menu card, call for the order, read out the credit/debit card information – all for ordering food which does not turn out right, most of the time. Under online ordering, all the information is available in one place. Eventually, a good experience will lead to profit gain.

Revenue from the transaction:

Instead of tying up with the third party, operating your food ordering app ensures you keep the profits. Large percentage need not be handed over to the middleman. More sale means more profit.
Collection of customer data:

Another reason why owners should go for in-house online ordering is to celebrate the customer. The consumers can receive exclusive discounts and offers on their birthdays, anniversaries. Apart from great deals, restaurants can also keep track of the customer's previous orders. Next time when the customer places a similar order, they are content, and the restaurant gains their trust.

In coming years, online ordering from restaurants takes up a more substantial stake in the food servicing industry. So, what are your ordering today?

Smart hacks to save money on an online shopping app

The traditional form of shopping has its charm. You get to check the fabric, try on the clothes and make the right choice. Online shopping app, meanwhile, has made the common man sluggish with its smooth and convenient procedures. Just a few clicks and the products are delivered to your doorstep.
Almost all shopping apps provide the best possible deal. Despite the best offers in the market, there tend to be cash restraints.

How can one smartly save money?
Set price alerts: The most significant advantage of online shopping app includes a comparison of prices. One can do so by checking the prices for their desired product on different sites. If the product is unavailable for that price at the time of inspection, one can set alert for the exciting products. Some websites notify when the said product is available in the necessary amount.

Make maximum use of discount offers: Every online shopping app is in partnership with one or more banks for cash back and discounts. These can be utilised during sale time or on an ongoing basis. It is essential to check the terms and conditions: such as a minimum eligible purchase or maximum discount or cashback on offer. One will also need to check the payment methods: cash or credit/debit card or e-wallets. Some portals allow specific online shopping offers to be used up through smartphones.

Check for free delivery services: Most of the shopping sites are now a marketplace. The increasing number of shopping apps has risen competition as well. While some prioritise on offering free delivery for premium members, some give no cost on delivery for all customers. For certain products, apps provide a list of offers from other sellers as well. Apps allow you to check which seller is offering the best price as well as the sellers rating, for authenticity purpose.

Track online shopping records: It is easy to get carried away with all the deals and offers in place. Now that worry is also taken care off. Some apps track consumers spending habits. One can also use #online to view all their shopping spends and keep a tab on their budget.

Ponder upon product reviews: Some online shopping offers can be too good to be true. In such cases, it is recommended to check reviews of the chosen product. These reviews can be either fake or biased. However, there some genuine ones out there as well. Other websites also review a product. In case of a query, one can ask their friends or a colleague, who has used the product, for reviews.

Use social media for research: Through social media customers usually post their rantings regarding poor product delivery by shopping apps. Always check the social mention section on Twitter. It helps you to be cautious and enables you to make the right shopping app choice.

Online shopping is synonymous with smart shopping. Even traditional retailers have entered the fray. With the rise in competition, it is time to keep your pockets in check as well.

Travelling to India? The best travel apps to use in 2018

‘Once a year go someplace you have never been before,’ Dalai Lama was quoted saying. Enthusiastic travellers never get tired of exploring places. These people have a slam book with a graphic demonstration of the places they have visited and are yet to travel. Just like we Indians are fascinated by countries/cities like Europe or Dubai or New Zealand, overseas travellers drool over Indian marvels.

India is one of the most beautiful countries in the world. Under its umbrella are cities that are well known as a hill station, desert, beach and beautiful plain. These attractive cities have a large number of people staying in them. It is advisable to know the place before visiting it. With travel apps, this concern is eliminated as well.

In this fast-paced world of technology, the travel industry is creating a niche for itself. Such apps throw commoners with a plethora of options. Some of the trending and best travel apps that international tourist can refer to on their Android and iOS:

Holiday IQ:
Great hotel deals, best routes, hotel reviews, Holiday IQ, allows you to discover all of this in one place. Right from air ticket fares to accommodation, it satisfies all your desires. Apart from planning your journey, Holiday IQ also helps you learn about the travel destination. One can know about the places to visit the destination and the local foods to try.

Google Trips – Travel Planner:
Travellers pledge by Google trips as they get offline access to travel information and maps. All travel essentials are available under one roof. Through Gmail, you can receive activity suggestions around the place, customisable day plan alerts and travel reservations. It surely is an automatic travel planner.

MakeMyTrip:
It is one of travel booking apps where a person can book air, bus, train tickets instantly. Even hotels can be reserved, based on the users’ reviews. If you book a combo of flight and ticket, MakeMyTrip offers discounts as well. MakeMyTrip also includes the feature of reward points that can be accumulated and used at a later point. MakeMyTrip are also travel partners of HDFC’s PayZapp. All payments here are made on the go. 

TripAdvisor:
As the name suggests, it provides best advises for your trip. It helps you search flights, hotels, destinations on one go. TripAdvisor is best known for giving authentic user reviews to assist you to make a quick decision. 

IRCTC Connect:
India’s train travel network is the largest in the world. Trains are the travel passage in India to stunning destinations. Trains are the best route to enjoy India’s true essence. The Indian Railway Catering and Tourism Corporation (IRCTC) has its mobile app through which travellers can check train statuses, book tickets and PNR statuses. It is one of the most feasible and best travel apps.

These travel apps act as the best consultant for your trip to India. The apps’ ability to provide a surplus of information has made visiting places more relaxed than ever.

5 reasons why you should book movie tickets online

What happens when you go to the theatre counter to book tickets, and they are sold out? Or you wanted specific seats and did not get them? You head back feeling disappointed and dissatisfied. With the internet here to stay, several industries are opting for the online route. Gone are the days when one stood in long queues to purchase tickets. With the advent of technology, movie ticket booking has become more comfortable than ever.

These days more people are stepping out in their leisure time, precisely why theatres are packed on weekends. Online movie ticket booking comes at attractive prices and specific benefits:

Book as per your convenience: With 24x7 services available, tickets can be booked on the go. One can sit back home and book tickets a day before the movie release. During public holidays and weekends, it gets tough to book tickets at multiplex’s counters. With pre-booking services offered by apps, one can freeze the desired seats and buy tickets cheaply.

Online booking is environment-friendly: Booking movie tickets is not just restricted to computers. The WiFi and internet plans are not always going to support you at the time of booking. With the excessive usage of smartphones, online booking portals are accessible through apps as well. With the help of a movie booking app, tickets are obtainable at your fingertips. It acts as environments best friend by cutting down on the usage of paper.

Save your time: Online movie ticket booking provides access to all information under one roof. It also allows users to check movie timings across different portals and apps. This enables the consumers to plan their day. Apart from movie shows, tickets can be purchased for concerts and stand up comedy as well.

No loss of money: Buying movie tickets online has other perks as well. Imagine you have bought tickets for your family and you. One of your family members falls ill, and the movie plan is hampered. Ultimately, there is a loss of cash. That is not the case online. In case of cancellations, through hassle-free customer service, one can get a refund on tickets.

Receive cashback and great deals: Several apps and portals have a partnership with banks. They run special promotions, and exciting movie ticket offers on specified debit/credit cards. HDFC’s PayZapp is associated with BookMyShow, PVR, INOX and ticketnew.com that has made movie ticket booking convenient and secure. One can receive alerts on offers and promotions through e-mail or SMS.

Save your pocket from going empty by choosing the online route. What are you waiting for? Grab those tickets and enjoy a faster, better and simpler life.

5 Reasons why online mobile recharge is the best innovation

How often do we come across the annoying message, ‘your mobile does not have sufficient balance?’ With zero balance, the rectangular electronic device is useless. Just like cars need fuel to run, mobile phones require full balance to talk, send SMS or use data. However, acquiring total balance is a physical chore.

Let’s say on a public holiday you have an urgent conference call with a client. You have no balance. Your nearest mobile store is shut. If the call does not take place, you are answerable to the client, there will be a significant loss, and a chain of other businesses gets affected. Thanks to technology, mobile phones have kept the convenience of the common man at fore. Online mobile recharge is a breather during emergencies. 

Types of online mobile recharge:

People are no longer limited to landline phones. Mobile phones have two types of services in the offer: prepaid and post-paid. Where in prepaid one must pay beforehand to avail the facilities, post-paid allows you to pay once the package has been disbursed. Prepaid users, nevertheless, face the brunt by recharging their mobile almost every two weeks after consumption of the services.

Apart from emergencies, online mobile recharge has other perks as well:

1) Its cheap: Consumers are increasingly relying on online retailers at the drop of a hat. Online mobile recharge is less expensive than the ones retailers offer. On a chosen plan, shops apply premium as they have no competition around. However, rivalry amongst online retailers has risen drastically over the years. Ultimately, it is the user who reaps the benefits. By comparing the mobile plans from various websites, one can opt for the least expensive package.

2) Offers great deals: Apart from opting for cheap plans, certain mobile retailers provide brownie points as well. Consumers are welcomed with recharge offers in the form of coupons or discount codes. These offers are an excellent effort to cut down on the cash flow. One way to get frequent updates on these offers is by signing up for email and SMS alerts.

3) Helps you get rid of unwanted services: While recharging your mobile through the traditional method of retailers, one has no choice but to go ahead with the plans and recharge offers he/she delivers. In the digital world, one has the option to do away with unwanted features and opt for the one you need.

4) Enables tracking of records: Once you are happy with the features of a plan offered by a service provider, you can continue to explore more in the same retail website. It also enables you to keep track of your expenses, all in one place.

5) Assurance of no loss of money: Often, the chosen plan does not reflect on the phone, once recharged through the traditional method. That leads to loss of cash. In case of online, if the recharge was unsuccessful, there is assurance of refund of money.

Online mobile recharge is the best thing to happen to humanity. Grab that mobile phone fuel it with an abundance of balance. It is just a click away!

Internet banking and its benefits

There is no way around it. Technology has revolutionised the way the world functions, and it has made our lives very convenient and easier to navigate. Banks are no stranger to adopting technology to create a smoother and more secure banking experience. Net-banking is here to stay; from logging in to your account through a PC, to making transactions from a user-friendly e-banking app.

What is internet banking?

Also known as e-banking or online banking, net-banking is a service provided by the banks, which allows you, the account holder, the ability to conduct your banking activities over the internet. This can be done by logging into your bank account through the bank’s website via a pc or a laptop, or through an app on your mobile phone.

You can use this facility to make bill payments, transfer money, open a new account and track your account activity, amongst other things. This service also benefits the banks as they can reach out to their customers and provide them with relevant information, more conveniently.

Why should you opt for e-banking?

There are several advantages when it comes to availing the internet banking apps.

1) Convenience
This is the first and foremost aspect that makes internet banking such an attractive prospect for account holders. You can transfer money and make your bill payments through an e-banking app on your mobile phone, from anywhere, if you have an internet connection (something that every mobile service provider has enabled people to enjoy).

2) Ease of operation
No more standing in long queues and attempt to fill out complicated looking forms, thanks to the net-banking services which require no more of you than to log in to your account and provide the one-time password that the bank generates for every transaction you conduct. 

3) Better rates
Banks find it more convenient and practical to provide customers with online banking services as this frees them from hiring extra staff and space for dealing with customers. This way, they accrue more savings and can then offer the customers these additional savings with better interest rates on deposits and loans. Consequently, banks provide customers minimum, or even zero balance, deposit accounts for online banking.

4) Efficiency
While banks save time and money due to customers opting for e-banking facilities, you can also save time and money by using such services. Consider the time you keep, and the fuel costs you avoid when you make any transaction online. With all that time cut down to a few minutes, you can now use your time more effectively and efficiently.

5) Round the clock service
Online banking doesn't require you to schedule an appointment with a bank executive unless it is necessary for you to meet with the said executive. You can use e-banking services anytime, any day of the week, throughout the year. Emergency situations are less intimidating, and easier to deal with thanks to these facilities.

6) Mobility
This is a convenience, emergency handling and efficiency all rolled into one. With the help of e-banking app, you can make any of your payments or money transfers from your phone. As mentioned already, mobile service providers have made internet accessibility an ever-present part of everyday life for everyone. Thus, internet banking apps have brought your banks into your pockets.

Hope this helps you make a right decision about your banking needs and the facilities you require from a bank. Do check out all the excellent services that all the banks provide through their e-banking apps.

6 best online utility bill payment options in India

How many of us still pay electricity, gas, water, etc. manually? Imagine, there is only a day or two in a week to enjoy your time off with friends and family, and that goes in spending several hours in long lines to pay your utility bills. Disappointing, right? The advent of technology has increased the convenience and comfort of a man.

Utility bill payment is now just a click away. And it is no more restricted to the internet. The excessive usage of smartphones has enabled human beings to make payments on the go. Online bill payment allows the person to:

- Keeps track of transactions
- It is a safe and secure mode 
- Online bill payment eco-friendly
- Can make payment from different bank accounts

So, which are the best utility bill payment options available in India?

Paytm: The most used mobile app for all sorts of payments. From mobile payment to bank transactions to a utility bill, everything can be cleared off on one go. It is a pocket-sized wallet with dozens of features. Paytm i easy to use and authentic as well. The customer service is excellent, and your money is in safe hands. In fact, Paytm makes it a point to send SMS alerts to its customer in case the pending cash in the wallet goes unused for a while.

Bill Desk: One of the top bill payment services in India, Bill Desk is yet another frequently-used medium. All the utility bill can be paid off, in one place. However, this facility is available only in top cities like Mumbai, Delhi, Pune, Ahmedabad, Bangalore, Chennai and Chandigarh.

Maha Vitaran: Maharashtra Government launched the Maha Vitaran service that accepts only electricity bills. Only the residents of the state can access this website to pay off their bills.

HDFC PayZapp: HDFC has been kind to human beings by launching a convenient app for all kinds of payments. Booking tickets, making utility bill payment, recharge and many others are just a click away now. PayZapp carries internet banking feature, which makes it stand out from the rest. The app offers the first timers a 50 percent off on utility bill payment.

Suvidha: Invention of the internet has allowed government initiatives to make their presence felt online. Suvidha is one such enterprise. All utility bills can be paid here, including insurance. And it requires no additional fees!

FreeCharge: One of the largest growing digital platforms, is well-equipped for paying the utility bill. You can do the cashless transaction without any hassle. FreeCharge comes handy in many food outlets as well. Through this app, you can also split the bill. It is apt for individuals sharing a rented apartment.

Worry no more about the bills getting paid off and make your life simple, easy and faster with these online utility bill payment modes.

One step guide to credit card payments – its types and benefits

Have you gone to a grocery store, made the purchase and came across no cash in your wallet? Credit cards are not namesaked, saviours. They cover up all the expenses in quickest and hassle-free manner. All it requires is your signature. The sound of swiping the card might be sweet, but it is not all that fancy when it comes to payment of a bill at the end of the month.
Gone are the days when credit cards were used just for airline or similar considerable dealings. Credit cards have become an essential tool for people to complete their other daily transactions like utility bills, mobile bills, etc. However, the set amount needs to be disbursed by the consumer towards credit card bill payment.

Ways to pay credit card bill:

Technology has eased off most of the pressure from people’s shoulders nowadays. One can make credit card bill payment through online and offline modes
Online payment mode includes:

- Payment through Net Banking: To use the Net Banking facility, one would have to register their current or savings account to it. For credit cards, the ATM pin needs to be used to link the card to the net banking account. Once done with procedures, all the person needs to do is log in with their net banking details in the bank website, choose the ‘credit card payment option’ and pay the bill using a savings account.

- Mobile banking application: Mobile banking is the best innovation for on the move customers. Features of net banking are available on mobile banking as well. Just download the app and follow the same procedures as that of net banking.

- ATM Fund Transfer: ATMs offer 24x7 services. One can pay credit card bill by merely transferring the outstanding amount from their savings or current account to credit card account.

- Autopay: Human beings are understandably having a busy schedule, currently. There is a tendency of missing out on payment of bills. In such cases, autopay option comes handy. It deducts the amount from the customer's savings account automatically. However, the person’s signature is mandated if opting for the service.

- National Electronic Fund Transfers (NEFT): Customers need not necessarily pay the bill through their saving account. With NEFT services, you can pay your bill through any other bank account. One would have to add their credit card number as the payee account number for disbursing the amount through NEFT.

- Real Time Gross Settlement (RTGS): For those who want to settle their credit card bill payment on one go, RTGS is an ideal choice. One needs to have their net banking facility activated on another bank account to carry out RTGS operation. Payment of INR 2 lakhs or more is made through RTGS.

Offline payment mode:

Cash and cheques are the only offline options. You can visit your nearest branch and pay the bill by cash through the counter. A fee is, however, charged for this service. Most of the times banks are shut on public holidays and weekends. At such times, cheques can be deposited in a drop box or a cheque payment machine. These are available outside ATMs or bank branches.

Key benefits of online credit card bill payment are:

- Saves time and effort
- Can be paid at your convenience and comfort
- With IPIN mandatory for online payments, they are generally safe and secure
- Easy track of payment records
- Making online payment saves paper, which is why it is an eco-friendly medium

What are the benefits of net banking apps?

The banking sector has undergone a significant transformation ever since the introduction of Artificial intelligence(AI) technology. The digital world is on constant evolving stage. Modern Consumers today prefer digital. From simpler cashless credit/debt cash transactions to well-equipped net banking apps, financial activities have easy accessibility. 

In the absence of your computer or laptop, mobile banking apps come to the rescue. This app is an answer to all your banking needs. Access your account balance from the comfort of your home. A mobile application takes care of all your necessary utility bill payments, phone recharge or even a fund transfer.

Following are few benefits of using a net-banking app for your financial transactions:

1) Chatbot Assistance:

A chat assistant is an AI or computer program that conducts conversations meant to replicate a human dialogue via auditory or textual means. These bots act as your digital assistants providing you with hassle-free banking experience. HDFC Bank partnered with Bengaluru based Senseforth AI Research to launch the chatbot, ‘EVA(Electronic Virtual Assistant) this year. Similarly, India’s largest and oldest public-sector banking institution embraced the tech with the launch of ‘SIA’ in 2017.  Major banks in India are incorporating the technology to stay updated with the times.

2) Quick access to products and services:
The net banking apps provide fast services to their online customers. Through the app, consumers have the liberty to choose from various financial options available. They can surf through the products at their leisure and then make a decision. The primary purpose of an app is to engage consumers in real time. A consumer can also initiate a speedy request, even if it's about opening an account.

3) Safe Secure banking:
Banks use various security protocols to protect the information of the consumers. The institutions make sure that they use information encryption, the multi-factor authentication system to protect the confidential data of their consumers. Also, banks regularly update the apps with advanced technologies to avoid fraudulent activities.


4)  Go Green, Go Paperless:
Through the app, banks will deliver bank statements directly into customer’s e-mail addresses saving the cost of printing, paper and delivery. The less wastage of paper will be more helpful for the environment.

5) Reward pointers:
A netbanking app provides everything you expect from a bank with some pleasant surprises. A bank might give loyalty points to its customers in the form of discount vouchers for transacting via mobile applications. These points can be redeemable at retail shops, restaurants or movie theatres.


The mobile banking apps provide the opportunity to increase the efficiency of banking services. It minimises human errors, is an automated process and will offer a satisfactory experience to the consumers. Hence, No more long hours at the bank, no more queues and with limited documentation process, enjoy an improved banking service.

Paying Bills Online? Here are the Five Best Apps to choose from!

Post demonetisation, digital wallets have become to go-to space for financial transactions. The country has seen a massive increase in the number of people using digital wallets for transactions, as the country is slowly moving towards becoming a digital, cashless country. And with the limit of digital transactions being increased to Rs. 20,000 everyday, bill payments, fun transfers, A number of banks too, have started mobile banking options with the help of their own apps, as it reduces the cost of handling transactions by reducing the customers need to visit a bank branch. Here are some of the top digital wallets users swear by, that can be used pay bills, make transactions, etc., online”

1. Paytm
It is currently the most widely used, and largest mobile wallet app in India. Patym payments are accepted almost everywhere from the local grocery store, to high end malls. One can use this app not only for bill payments for electricity, water, etc., but to also purchase movie tickets, request for repairs at home, but flight and bus tickets, there’s almost nothing you can’t do with this app.

2. Airtel Money
With the help of this app, users can easily recharge their prepaid numbers as well as pay their postpaid bills, online. Users can also shop via the app, if there are sufficient funds. Safety is not an issue with this app as for every transaction made, a secret four-digit pin is required.

3. HDFC Payzapp
This one-of-a-kind app makes digital payments simplified all over the country and is one of the top platforms for making online bill payments. Apart from this, users can compare flight and hotel tickets, buy them as well as music, and a lot more! After connecting the banks credit/debit card, making physical payments will be a thing of the past.

4. Freecharge
One of the household names currently, this platform is known for targeting the youth with their funky promotions. They are also known for giving out coupons for every recharge or bill payment, which makes for a great saving option for students and even otherwise.

5. Jio Money
Launched in early 2016 by Jio, this digital banking app is one that provides great discounts and offers to its users. Apart from bookmarking frequently visited retailers to make shopping smoother and swifter, this app is also user-friendly and trustworthy, as it records every single transaction made on the app, in case the user needs to go back and check!

Understanding start up business loans; its benefits and types

What are start up business loans?

‘If you can dream it, you can do it,’ Walt Disney had said. Everyone aspires to become a doctor, engineer or entrepreneur as a child. As you grow old, that vision turns into a company, your company will have workforce, and that workforce will bring profit. All of this requires funds. Of course, a single great idea is enough to create a game-changing business. How does one execute it?

Start up business loan assist in executing your dream. Start up business loan means funding a business with little or no history of working capital. Those with strong personal credit score, start up business loan is the ideal solution.

Business-oriented people gain certain perks by opting for new business loans:

- They can be utilised to either boost revenues or gain a competitive edge.
- Leading banks and financial entities are focusing on small and mid-sized companies. With the help of government support and favourable economic position, processing start up business loan has become hassle-free. At the most banks and financial entities would take 2-3 day to disburse the loan.
- Some financial institutions provide tailor-made loans as per the requirement of the business.
- Individual banks do not emphasise on pledging any property or asset to get the loan.

Types of start up business loan:

Line-of-Credit loans:

Just like a credit card comes to the rescue to pay for something that is financially out of reach, line-of-credit loans are used at the time of emergencies and delayed cash flow. Every business owner is recommended to arrange for the loan from their banker. These loans are generally short-term and have low-interest rates. To gain line-in-credit loan, the banker will need current financial statement and latest tax returns of the owner.

Instalment loans:

As the name suggests, these are scheduled payments. Student loan, car loans are some of the examples of instalment loans. How are they useful for start up businesses? New company goes through more challenges than an existing organisation. It is a quick and easy way to fulfil working capital requirements, short-term cash needs, finance for business expansion, salary commitment, timely vendor payment, etc.

Balloon loans:

They are paid off on one go rather than continuous payments. Generally, small amounts are not enough to pay off the mortgage before its due date. In such cases, final payment is required to be made to wipe off the remaining balance. Balloon payments are generally large amounts and paid off after 5-7 years.

Letter of credit:

The owner issues letter of credit to guarantee suppliers from other countries that the right amount would be paid off on time. In case the buyer is unable to make such a payment, the bank will cover the full amount of purchase. Letter of credit is useful for international trade purpose.

The other kind of new business loans include:

- Commercial loans
- Personal loans
- Guaranteed loans
- Secured and Unsecured loans

So, what are you waiting for? Now that you know what is needed for turning your dreams into reality, get to business and make them work.

Bike Loans and its Benefits

In recent years, two wheelers have become the most preferred modes on transport in cities. They are cheaper as compared to cars, easier to maintain, and help wade through traffic congested roads. They also have better resale value and are super convenient. But most two-wheeler companies require a one-time direct cash payment for purchasing these vehicles. In such cases, financial institutions have started to provide two wheeler vehicle loans, to make it convenient for customers to purchase their dream vehicle. Bike financing is easier to acquire, as compared to other loans provided by banks.

Some of the advantages of availing a two-wheeler loan instead of going with an all cash transaction are:

1. It reduces the burden in times of a financial crunch. Since the money to be paid back is at a nominal fixed interest rate, it makes it easier on the pocket to repay a small sum every month.

2. There has been an increase in the number of commuters who prefer to travel via two-wheelers. Due to this, interest rates have been facing a downward slope over the past few years. Interest rates mostly vary from 12-27%, depending on the bank, income range, bike specification, etc.

3. Getting a two wheeler vehicle loan approved is not a very difficult task as it is not mandatory to have an annual income salary within the taxable income range. A basic two-wheeler costs between 55,000-75,000. When a loan is taken up, the amount repaid each month will be lesser as the cost of the vehicle is lesser and there are also very convenient offers, which include low EMI outflow, and only interest.

4. Previously, borrowers needed to wait months before their loans were sanctioned to them. Now, it happens within a day! The process of repaying the amount has also become easy as the time period now varies between 12-48 months. And in case the borrower is unable to pay back the bike loan, an extension for 60 months can be availed as well.

A two-wheeler does not have to be a luxury that one cannot afford, anymore. With the help of loans from financial institutions, 90% of the marginal cost is covered and only 10% is the down payment, which is a very nominal amount, to purchase a bike. Such improvements have made the process of bike financing, hassle-free for the common man.

All you need to know about education loan – its criteria and benefits

The function of education is to teach one to think intensively and to think critically. Intelligence plus character - that is the goal of true education,’ – Martin Luther King, Jr.

For a successful and complete life, quality education is a must. For many students, it is about graduating from top college. However, the cost of education is increasing rapidly. Simultaneously, the price and quality of education in reputed colleges is growing dramatically. To provide the best training to their children, parents take up mutual funds or fixed deposits for long-term purpose. Despite all this, some might face shortage of funds. That is when education loan is taken to cover up the deficit. 

What is education loan?

An education loan bridges the gap between scarcity and required amount. It assists students to study in reputed colleges in India by providing financial aid. With education cost increasing at an average of 15 percent per annum, attaining an education loan in India is easy.

With education loan provided to students who do not possess enough expense, the primary education loan eligibility is the students’ academic excellence and achievements.

Criteria for an education loan

Some of the essential education loan criteria are:

- The student must be resident of India
- He/she must have confirmed admission in a recognised institute in India or overseas
- The age bracket of the student must be within 18 to 35 years
- He/she should be undergoing a graduate/postgraduate course
- The student must secure admission in a college affiliated by UGC/Government/AICTE, etc. 
- Students who are intending to pursue full-time courses need to have a co-applicant. They can be either parent/guardian or spouse/parent-in-law.
Now that you know the criteria let us understand education loan in detail. Why should one opt for it?

What are its benefits?

1) The student on whose name the loan has been taken can claim a deduction for the entire interest under Income Tax Act section 80E. However, this can be availed if the investment is made from a specified financial institution that is listed on behalf of the Central Government. Also, it can be taken only when the student is pursuing higher education.

2) The education loan not only covers the deficit amount but almost the entire study expense like tuition fees, library and exam fees, cost of uniform and books, and travel costs.


3) Banks generally offer 0.5 percent discount on the education loan interest rate for female students, who are pursuing higher studies.

4) One receives a holiday period of 6 months to 1 year known as moratorium period under which you do not have to repay the loan. It means the repayment does not begin immediately after the conclusion of the course.

Education is a way of inculcating culture in children, moulding their behaviour, and eventually guiding them to their role in the society. In short, education is the tool to shoo away the evils of the societies.

7 Reasons why the gold loan is best for your financial needs

‘All that glitters is not gold’ goes the well-known proverb. Gold and its craze in India is prominent. There are even auspicious occasions where one specifically purchases gold in India like ‘Dhanteras’ and ‘Akshaya Tritiya.’ India are the biggest importers of gold in the world. But were you aware that this gold can act as a financial aid during emergencies? Be it medical, child education, business expansion or holiday with your family, gold comes to the rescue in financing these expenses.

What is gold loan?

Several banks and non-banking financial companies (NBFC) offer gold loans. They are the most hassle-free and quickest way of getting cash. Lower middle-class segment makes use of the gold loan in their lockers for funding their child’s education or wedding, till date. One can acquire the credit against any piece of gold like jewellery, gold coins or gold biscuits.

Gold loan in India comes with specific benefits: 

Faster processing of loan:

Banks are receiving physical gold as collateral for the loan; they tend to happily disburse the mortgage right away. Value of the gold is determined on the spot by an expert. Based on the examination, banks provide the loan in few hours or maybe even 45 minutes, if the process is conducted swiftly. Brownie point: no processing fee is applied. 

Fulfils short-term goals:

Want to head to that dream destination but facing lack of funds? Loan on gold is provided for short as well as long-term goals. The tenures for short and long-term is 6 months and 2 years respectively.

Borrow in thousands or lakhs:

Personal loans are usually not offered if the amount required is not more than INR 1 lakh. When it comes to a gold loan, one can borrow anywhere between INR 50,000 and INR 50 lakhs. Thus, both small and large financial requirements are fulfilled. 

No credit issues:

Unlike other loans which are issues based on your high credit score, the case is different with the gold loan. Since the gold is used as collateral, the bankers are not worried about low credit score.

Lower interest rates:

As these are secured loans, the interest rates are lower than unsecured loans like a personal loan. If you attach another collateral along with gold, the interest rate can be reduced further. The interest rate begins from 13 to 14 percent as compared to personal loan rate that starts at 15 percent.
No requirement of income proof:
While equity loans have made it mandatory to provide income proof, loan on gold requires just address, identity proof and passport size photographs. 

Special gold loan schemes:

Certain banks offer special gold loan schemes for women and agriculturists. In case you are eligible for the same, one can contact the financial institutions to avail them. Some banks offer loan against gold on discounted rates to many. Some schemes are streamlined for people in business and small and mid-sized companies.

Some of the best banks that offer gold loan in India are:

- Muthoot Finance Gold Loan
- Manappuram Finance Gold Loan
- Union Gold Loan
- HDFC Gold Loan
- SBI Gold Loan

Pre-owned Car Loans and All You Need to Know About Them

Getting your dream vehicle is not too far away. Second-hand or pre-owned cars have become popular among consumers these days, due to the reliability of a number of establishments in the country. They ensure that the pre-owned vehicles are certified and well maintained and is a perfect working condition. Despite being pre-owned, these vehicles don’t come cheap. Sometimes the allocated budget might not be enough and this might be a huge hassle for customers looking forward to purchasing their own vehicle. At times like this, financial institutions provide an easy option of taking up a vehicle loan in order to make such a purchase.

Following, are the benefits and features of opting for a car loan for used cars:

1. The bank finances up to 80%  of the value of the car, therefore reducing the burden of arranging for and shelling out huge sums of money

2. Loan for used cars is available for almost all car models

3. The used car loan can be availed up to 3-6 times of the borrowers annual income

4. The bank will finance cars of any make manufactured in India, as long as the car is not more than 10 years old

5. The repayment tenure is flexible and varies from 12 to 60 months. So depending on the repayment capacity of the borrower, one can choose a longer tenure with lesser EMI, or a shorter tenure with a larger EMI

6. Car loans up to Rs. 50 lakh can be availed, therefore helping buyers purchase popular and newer models, at better rates
The vehicle loan can be availed by salaried individuals as well as self-employed ones. For salaried individuals, the minimum age is 21 and maximum age is  60, for applying for the used car loan. For self-employed individuals on the other hand, the minimum age is 25 years, and maximum is 60.

The following documents are required, in order to apply for the vehicle loan:

1. Age proof (Passport/Aadhaar card/PAN card/Voters ID/Driving license0
2. Identity proof (Aadhaar card/Passport/Voters ID/Ration card)
3. Proof of income (Latest salary slip/Latest form 16)
4. Address proof (Ration card/ Passport/ Telephone bill/ Electricity bill)

Benefits and challenges of Private Banking

Private Banking means personalised financial and banking services to the high net worth individuals (HNWI). Usually, HNW individuals are usually those who own a business, acquire more wealth as a result of it and therefore require the expertise of wealth management services with access to alternative investments. As such, private banks act as mediators and offer their assistance to such individuals regarding their investments.

Private Banking services include exclusive investment-related advice, protecting and growing assets in the present, providing specialised financing solutions, planning retirement and passing wealth on to future generations.

Benefits of Private Banking:

1) Privacy: The services offered by private banks remain highly confidential between the institution and the consumer. Their approach is providing exclusive services to their customers so that the competitors don’t lure a potential client with a similar solution.

2) Customized services: Prominent banks make sure that the HNWI clients receive personalised services tailored as per their assets held. An account or relationship manager is assigned to each customer who allows the customer to access mid-level upper management directly. This easy access minimises any obstacles for providing inputs regarding wealth management decisions, and the bank can strategise the decisions according to the client’s financial decisions.

3) Incentives:
HNWI act as main clientele for banks, solely because of the substantial assets they bring to the institution. They are often rewarded with special private banking services like tax preparation and planning, traveller's checks, or corporate checking at discounted rates.

4) High returns:
Most of the HNWI clientele receive higher returns from their investments that outperform the market.

Challenges:

1) Regulatory restrictions:
Regulations in India are not adequately equipped to deal with the kind of products and services that private banks sell. Few investments are not regulated by an authority making it difficult for the investors to redress their grievances.

2) Lack of Infrastructure:
Lack of appropriate IT infrastructure is one of the significant challenges facing the private banking sector in India. Bank branches are not well equipped to cater to HNWIs who require such high-profile services. Wealth management services currently in use are basic and are used more as instruments for generating reports rather than for financial planning.

3) Lack of expertise:
Private banking needs financial analysts who build strong, lasting and trust-worthy relationships with HNWIs following any financial crisis. There is a shortage of experienced and trained private bankers. Hence, recruiting, training and retaining highly qualified professionals is a high priority for most banks. Private banking services targets retaining the customers, when it should be focusing on training the right individuls for the job.

Private Banking in India:
According to an article published in April’18 by a popular daily, ICICI Bank, HDFC Bank and Axis Bank are India’s top private banks in which the majority of investments are undertaken by foreign investors even though management control is with Indians.

Top 6 Safe Investment Options in India

Boiling long-term wealth is a mammoth task. Saving money and investing it wisely requires a lot of research, not to mention the availability of sufficient funds. Most people prefer to build their wealth the traditional way by investing in safe options that guarantee returns with minimum risks, which is why they prefer safe investments options.

What is a Safe Investment?
Safe investments are those that involve minimal risks. It is always tempting to look for investment vehicles that promise ‘higher returns’, however, one must have the risk appetite for that as well. Safe investments are ideal for investors who know that money is saved for long-term and will gain slow but sure returns.

We curated a list of top best investment options in India where you can find one suited for your needs:

1) Public Provident Fund(PPF):
If your company/business does not offer you the protection of provident fund, it is a good idea to open a PPF account. You can invest anything from Rs.500 to Rs.1,50, 000 in a financial year. Keep in mind that the PPF accounts comes with a lock in period of 15 years and you can withdraw money only after the 8th year. As per the new Government mandate, the rate of interest in PPF accounts changes every quarter.

2) Sukanya Samriddhi Yojana:
If you’ve dreamed of gifting your daughter with an opportunity to excel in life, the Sunkanya Samriddhi Yojana is a plan that helps you build a corpus for your daughter’s education. The account is easily accessible at the nearest post office and commercial banks. You can invest as less as Rs. 1000 in a year and the maximum period of investment is 21 years.

3) Post office schemes:
Post office schemes are one of the best investment options in India, ideally suited for investors looking for safe and long-term investments. The monthly fixed income for this investment is parked at the rate of 8.5% per annum. The minimum investment amount is Rs. 1500 and maximum can go up to Rs.4.5 lakhs.

4) Mutual Funds:
Mutual funds are considered as one of the best investment plans to gain higher returns from a long-term perspective. Mutual funds act as a common pool of money where multiple investors invest in bonds, equities and other money market instruments. Debt mutual funds are a good option as they park the money in government bonds and securities, commercial papers, etc. which naturally make them safe.

5) Initial Public Offerings:
IPOs are the types of offerings by newly launched companies where they invite public to buy their shares without listing on the stock exchange. Initially, companies issue the shares at low cost, but once they get listed on the stock exchange, the prices go up high.

6) Investments in Gold:
Investments in gold are the evergreen investment products. The government of India issues Sovereign Gold Bonds that is an alternative to holding physical gold bonds. Gold bonds offer transparency and are ideal for small investments. These securities, unlike physical gold, do not entail storage costs.

Top 5 best digital wallets in India

When Demonetization shook India in 2016, the country was forced to fall back on options that enabled cash-less transactions. Doing anything without cash, whether it was buying rations of food, paying electricity bills or phone and dth recharge became a hassle. The unavailability of cash in banks and ATMs caused some inconvenience, but forced the country to wake up to the digital age of mobile banking. The digital wallet industry, which focused on larger cities, saw new subscribers even in the tiny hamlets of India, thus contributing to the birth of digital India in the real sense of the term. 

What is a digital wallet?
A digital wallet is an online service that allows an individual to make electronic transactions. You can directly transfer money from your bank account to your e-wallet and forget the hassle of carrying your debit-card or physical cash as most merchants have provisions for payments via e-wallets. One can buy groceries, do online DTH recharge, or even book flight tickets through these wallets. All you need to do is download the app of the digital wallet of your choice from the app store and load it with as much money as your require.

Freecharge: Launched in 2010, Freecharge gained momentum in the post demonetization era in India. Freecharge is one of fastest growing online payments platform today, thanks to its fantastic cashback offers, ranging from 10-25% per transaction, thus allowing you to save a lot of money.

Paytm: One of the most popular e-wallets in India, Paytm is perhaps the most widely used e-wallet. Paytm services are used by the biggest shopping malls and even small vegetable vendors, and local grocery shops. Furthermore, you can use PayTM to pay your electricity bill and phone bills. Online DTH recharge and phone recharge is also possible with Paytm. The company is known for offering good discounts and great cashback offers.

Mobikwik: Regarded as the pioneer of the e-wallet industry in India, Mobikwik made its debut in 2009, but was quickly overtaken by the likes of Freecharge and Paytm that entered the market in 2010. Mobikwik today is known for its great cashback offers. It is also tied up with several e-commerce companies and offers additional discounts on online purchases of food, apparel and bill payments.

PayZapp by HDFC: Although PayZapp by HDFC Bank entered the market as late as in 2015, it has captured the attention of the smart, digital age spender. Despite being a product of HDFC Bank, PayZapp can be downloaded by everyone. The wallet offers great discounts + cashback on everything from dth recharge offers to offers on restaurants, taxi services, bill payments and so on. 

Chillr: Another app launched by HDFC Bank, the Chillr e-wallet has tied up with over 50 banks across India and is known for providing multi-bank connectivity. You can manage all you bank account with this single digital wallet and continue to make purchases and payments through it.

Cashback offers on the best restaurants in India

You know how we all love the end of season sales that we get across big shopping malls and online websites? We look forward to these earnestly because we can save a lot of money on them. But have you ever been to a restaurant that offers an ‘end-of-day’ sale or gives you discounts? Wouldn’t it be wonderful if restaurants also offered them? If you look closely enough, you’ll find that they do. Yes, there are apps designed that can help you avail discounts at your favourite restaurants. Let’s look at the best apps where you can get deals on restaurants.

Topcashback: Topcashback is an online cashback company that offers cashback on top online restaurant aggregators and several other restaurants. Food Panda and Swiggy are popular restaurant aggregator sites you can use to get great pizza offers on popular international and local chains. You can order food from brands like Faasos, McDonald’s Baskin Robbins as well as from local and posh restaurants in your vicinity. Topcashback gives you cashback at 8% and above across restaurants.

CashKaro.com: While you can order food online and get discounts across a range of restaurants across India, Cashkaro.com goes one step further and allows you to book tables at some of the best restaurants in top cities like Mumbai, Delhi, Chennai, Kolkata, Bangalore, etc., where you can get up-to 50% off on your bill. Wouldn’t it be fantastic to eat at the otherwise expensive Hard Rock Café, where you can get both discount and cashback thanks to Cashkaro.com.

PayZapp by HDFC Bank: How wonderful is to keep your money in your bank account and earn cashback into it. Launched by HDFC Bank in 2015, PayZapp is an all-in-one payment gateway system on which you can shop for everything under the sun; from apparel to food. PayZapp keeps reinventing its cashback offers and is tied up with some of the most popular food franchises in India, including Domino’s Pizza and Pizza Hut. Pizza Hut offers on PayZapp include a whopping 10% cashback or ₹250/- whichever is higher.

Nearbuy.com: Nearbuy.com combines the pleasure of eating at a fine dining restaurant with its discount offers. That you can get cash back at certain restaurants is an added bonus. Cashbacks and discounts are valid every kind of restaurant you can think of; from brunches to buffets and bars to barbeques. You also get great pizza offers. You just need to set up an account on nearbuy.com and let the offers pour in.

CouponDunia: CouponDunia is a trusted site for those looking to save money, get discounts to the tune of 50% on meals or even better, get offers like ‘Buy one get one free’. Additionally it also gives some cashback when you order from restaurant aggregators. You can also get free pizzas with Dominos offers on CouponDunia. The website is also tied up with the curated food provider FreshMenu that offers a vibrant menu everyday across several Indian cities.

Top 4 companies with the best cashback offers

One of the many perks of living in the age of e-commerce is that we can make a lot of savings. There is a magnitude of offers to choose from, you get lots of discounts and if you pay using some credit cards, e-wallets and specific websites, you get a return on some of the money you’ve spent, called cashback. Let’s look at how cashback offers work. 

How do cashback websites work?

Cashback websites pay you a percentage of the total amount you spend when you shop online. Cashback website make money using the concept of online affiliate marketing which means they tie up with companies in the eCommerce space and marketing their products. The eCommerce company offers lucrative sums as a reward for referring them to the customers, and the cashback site in turn passes on a certain percentage of this reward amount to the customers making the referred purchase, via cashback.

Instead of getting a small cashback amount through a cash wallet, you can earn higher cashback by creating an account on any of the below mentioned cashback websites. If you re-route yourself via the cashback website instead of directly shopping from the intended website, your chance of getting a higher cashback amount increases.

Top 4 companies with the best cashback offers

Cashkaro.com: One of the most popular cashback websites in India, Cashkaro has been offering cashback across various e-commerce sites; whether it booking hotels, flights, restaurants and even on bill payments. The immediate cashback processing is what has made this website immensely popular among customers. The cashback is redeemed back into your bank account and you can even use to buy gift vouchers if you like. Popular e-commerce companies tied up with Cashkaro include Flipkart, Jet Airways, Myntra, Expedia, Amazon etc.

PayZapp by HDFC: Nothing is safer than a bank’s secure gateway for making transactions. A product of the HDFC bank, PayZapp is an app that can be downloaded from the app store and can also be used by non HDFC customers. Cashback PayZapp keeps reinventing itself, offering the best cashback offers, ranging from 10% (or ₹250) to ₹700 across various retailers, grocers, taxi services and mobile/DTH recharges. PayZapp’s popular clients include Tata Sky, Dish TV, Airtel DTH, Idea Mobile, IRCTC, and several offline merchants.

GoPaisa.com: Another leading website for cashback, GoPaisa is exteremely user friendly and is tied up with leading e-commerce companies such as Snapdeal, Jabong, Yatra and Homeshop 18 among several others. Another USP of GoPaisa is that it has a referral program and customers can get cashback through bank cheques, shopping vouchers, and even account transfers.

Topcashback: Having made its reputation as a genuine cashback website, Topcashback promises ‘extra’ cashback than its competitors on every online purchase, and rolls out some of the best cashback offers. The company is tied up with over 500 online stores, all of which provide cashback. Plus, there is no minimum pay-out threshold unlike other websites. The cashback is paid through NEFT directly into your bank account.

6 benefits of paying bills online

Do you remember a time when owning a cell phone was a status symbol? When calls per minute were expensive (the missed call was invented) and you’d think twice before sending a message. You’d have to wait in line at the mobile service provider to recharge your phone or pay your bill. Inquiry for offers was also possible only at the stores. Well, these things are so in the past now, they almost seem rudimentary. Today, we do not have to step out of our homes to pay our bills or recharge our phone. Thanks to online bill payment offers like idea postpaid bill payment offer, among others. Here are 6 benefits of paying bills online.

Online bill payment saves time: You can pay your post-paid mobile bills safely and conveniently through various online channels, including your bank’s net banking services. You needn’t visit multiple websites or send checks via mail, nor do you have to go to your nearest service provider, be it Airtel, Idea, Vodafone or Reliance. You can pay your bills on time and save on late fees too.

Online bill payment gives you a host of offers: If you’re looking to save money and earn some cashback, you must look up offers by service providers in association with banks. For example, HDFC bank’s online payment gateway PayZapp has idea offers for customers using the services of Idea Cellular. Customers can get 10% cashback or ₹250/- whichever is higher on their idea prepaid and post-paid mobile.

Keeping records becomes convenient: When you pay your bill online, you can keep all the information regarding payments and billing in one place. There is a section which keeps all your records and history of bills paid, which you can access anytime. You needn’t save a hard or soft copy in your mail because the server does it for you. It reflects every payment done from your bank account and comes in handy in case you need to dispute a payment.

You can research for offers before paying bills: Who would have thought that paying bills can be beneficial. A few mobile service providers also offer bonuses and cashbacks for every bill paid online. You can find these offers with a click of a few buttons. E.g. Idea is a top cellular network provider in India and idea bill payment offers can be found easily on the internet.

Paying bills online is safe and secure: Since your money is routed through online payment gateways with strong and protective firewalls, such as PayZapp by HDFC, CC Avenue, Verified by Visa etc., you can rest assured that your account details are secure and your information remains confidential.

You’re saving the environment… and money: With online bill payments, you are saving on costs like envelope, check and stamps by going paperless and ultimately saving the environment. Plus, idea offers and offers by other service providers are only valid, provided you pay the bills online.

Top 5 payment gateway solutions Indian businesses

The Indian e-commerce industry has flourished in the last two decades. And with this flourishing industry, another industry has emerged that works closely with e-commerce; the industry of electronic payment gateways. These payment gateways facilitate e-commerce companies to accept electronic payments on behalf of their customers through various modes like credit card, debit cards, e-wallets, net banking etc. The money is then transferred into the business’ linked account. Here are some of the most popular payment gateway solutions in India.

Instamojo: Despite entering the market as late as in 2012, Instamojo found a client base very quickly and soon became one of India’s largest gateway service providers. Instamojo has been powering over 300,000 businesses across India and is known for its secure gateway, akin to that of a banking institution. The system is PCI-DSS complaint and one of the easiest to operate. In this world of start-ups and small businesses, Instamojo is a huge hit. It also helps that there are no set up fees.

CC Avenue: Regarded as one of the safest payment gateways out there, CC Avenue is used by almost 85% of the e-commerce companies in India, whether it is Myntra or Snapdeal, Naukri.com or MakeMyTrip. CC Avenue offers a free Start-up pro plan but if you chose the privilege plan, you have to shell out ₹30,000 annually. There is also an annual maintenance charge of ₹1200 on the start-up pro plan, from the second financial year onwards.

Payzapp For Business: Introduced by HDFC Bank, Payzapp For Business is a new age, digital payment gateway solution that allows merchants to bill and receive cashless payments via mobile. You can carry transactions from your cellular phone using two simple steps; merchants can just log in to their dashboard and enter customer details (invoice, bill amount etc.) and send the payment request to the customer. Customers can follow the e-mail/sms link to make the payment via PayZapp for Business. The service is meant to eliminate business delays like relying on delivery services or offering customer credit.

Razorpay: Tied up with popular e-wallet companies like PayUMoney, FreeCharge, JioMoney, Mobikwik and even PayZapp by HDFC, Razorpay has also created its niche identity in the market. Razorpay offers two types of plans to merchants; the popular free standard plan, mostly preferred by start-ups and the enterprise plan that bigger businesses rely on. The company charges a small transaction fee of 2% and onwards, but offers custom pricing to clients with larger transactions.  Goibibo, Quikr and Yatra are Razorpay’s popular clients.

Direcpay: An arm of the Times Group’s ‘Times of Money’, Direcpay was one of the early pioneers in the field of payment solutions in India. The company provides a quick, secure and reliable online payment gateway which is integrated with credit cards, debit cards, mobile payments and net banking to process e-Commerce payments. DirecPay offers three plans ranging from free to ₹20,000 annually. Famous clients include Google India, Rediff.com. PayTM etc.

Banking with different cards in India

Banking has become so convenient and easy in the modern age. In fact, our bank cards have become those objects on which we rely on the most in our everyday lives. You can walk out of your home without cash, but you cannot do so without your card. Whether it is an ATM card, a debit card, or a credit card, each one comes with various special benefits and specifications, making our financial lives easy. Here are the different cards in India which facilitate smooth banking.

ATM Cards: Meant to facilitate bank customers with a sense of flexible banking, especially during non-banking hours, ATM cards are offered by all banks. Besides giving you the flexibility to withdraw money at any given time, ATM cards also allow you to make deposits, transfer money between accounts and check your account balance. You can also get a cash advance on your ATM card and make a loan payment at any time with this card. All you have to do is visit the nearest ATM of your bank. Furthermore, you can use your ATM card to withdraw money at any other bank ATM for a specified number of transactions per month.

Debit Cards: Indian banks issue ATM cum debit banking cards which are backed by either MasterCard or Visa. Debit cards essentially function like a bearer check, in that the amount is immediately debited from your account when you swipe your card at a merchant establishment. To ensure that your card is not swiped without your authorization, you must enter your ATM pin for the transaction to follow through. Additionally, you can authorize the use of your debit card when you travel to international destinations.

Credit Cards: Unlike ATM or debit cards which are issued by your bank with your account, you can get a credit card from any bank, even if you do not have an account with them. You do not necessarily have to link a bank account to your credit card. Credit cards are basically like loans that a user can take on their card. You can put all your expenses on a credit card and pay them monthly. If the dues are paid on time, the bank does not charge you any interest for the money loaned, however if you fail to pay them on time, the interest rate keeps compounding until the payment is completed. Credit cards come in very hand if you know how to utilize them well.

Prepaid cards: If you’re travelling abroad and are on a budget, you could consider purchasing a prepaid card. Prepaid cards are simple in that, you can load a pre-determined amount of money on the card and use it like you would a debit or credit card. You can refill this bank card when it runs out of money and use it again. A Forex card is a good example of a pre-paid card on which you can load money in different currencies.

Save money with the 5 best mobile payment applications in India

One of the biggest perks of living in the digital age is that life has become stress-free. You don’t have to worry about carrying physical cash on you. Everything you need to do, whether it is shopping for groceries, paying bills or recharging phones, can be done at the click of a few buttons thanks to the various online payment solutions. What’s even exciting is that these apps offer huge discounts and cashback. If you’ve not yet gone digital, it is time to do so. Read on to find out the 7 best mobile payment apps in India that you must try.

PayTM: One of the most popular and reliable apps out there, PayTM comes in handy for almost everything; from ordering food online, to booking train/flight tickets and paying bills. What’s more, you can use PayTM for transferring money, paying bills at partner restaurants and even shopping. With over 300 million users nationwide, PayTM has also branched into its own online store where you can get deals of the day and earn cashback on almost every transaction.

PhonePe: You can directly link your PhonePe app to your bank account to conduct transactions. PhonePe is known for offering the easiest solutions for bill payments and mobile recharges. You can pay your utility bills and transfer funds to family and friends or even request fund transfers through PhonePe. The app is specially known for its user friendly interface. It also allows you to earn from referral codes and offers good cashback.

PayZapp: A popular UPI-powered online payment solution, PayZapp was introduced by HDFC Bank in 2015 and serves like an all-in-one app, eliminating the need to stuff your phone with innumerable apps. Popular online market places like BookMyShow, Goibibo, ClearTrip, Flipkart, Big Basket and numerous others have tied up with PayZapp and can be accessed from this single interface. Besides, you can use PayZapp to transfer money to your bank account or with people in your phone’s contact list. PayZapp also comes in handy for paying all kinds of bills.

ICICI Pockets: ICICI bank is another bank that has branched out and introduced its own visa-powered e-wallet that can be used by customers of any bank. Although not as elaborate as PayZapp, ICICI Pockets’ wallet feature can be used for sending money to family/friends bank accounts just by using their mobile number, e-mail id or even their Facebook ID. Funds can be sent instantly using debit cards or internet banking.

Freecharge: One of the first mobile payment apps in India, Freecharge has come a long way since it was first launched in 2010. Freecharge entered the market when the smart phone did and paved way for several similar apps to follow suit. What makes Freecharge interesting is that it has a simple and smooth interface. Additionally, it is known for offering a variety of discount coupons and cashback offers. Several merchant outlets also allow you to make payments via Freecharge.

Features of PPF accounts

It is not necessary that all employers provide their employees with a Provident Fund; a percentage of money deducted from an employee’s salary and matched by the employer, which serves as a saving. Small business owners and self-employed businessmen must make provisions to save money for retirement and a good way to put away some money for the future is to open a Public Provident Fund Account, which serves as a great investment vehicle for your retirement savings.

What are the features of PPF investment account?

There are a few basic features of the PPF account that you must be aware of.

Tenure: PPF investment account is a 15 year product which comes with a lock in period of 16 years. You cannot count the first year of investment in the maturity period. So if you made your first PPF investment in 2018, your account will mature in 2034.

Deposit limits: You must invest a minimum of ₹500/- per annum, where the maximum investment limit per annum is ₹150,000/- in a financial year. The deposit can be made monthly or in a single shot anytime during the financial year. Furthermore, you can open your PPF investment account with an initial deposit of only ₹100/-

Rate of interest: Earlier, the government used to offer a fixed rate of interest for the entire tenure of the account, however as per new RBI guidelines, the government declares a new rate of interest every quarter.

Account holders: At any given time, an individual is permitted to hold only one PPF account.  A salaried or self-employed individual can open this account but no Hindu Undivided family or association is permitted to open it. Furthermore, an individual can open a joint account with a minor provided he/she is a parent/guardian but not a grand-parent. Besides, opening an account with a minor, PPF accounts cannot be opened as joint accounts. NRIs are also not allowed to hold these accounts.

Premature withdrawal: Most people are unimpressed by the 15 year lock-in period and so they avoid investing in the PPF scheme. However there are provisions for pre-mature withdrawal with PPF. You can make partial withdrawals from your account during financial crises. Withdrawals from the account are permitted after 7 years and you can withdraw money from the account once a year.

Loan on PPF: Between the 3rd and 6th year, you can apply for a loan against the money accumulated in your account. Loans can be availed amounting to a maximum of 25% of the balance in your account.
Discontinued accounts: Depositing a minimum amount of ₹500/- per annum in your account is mandatory. If you fail to do so, your account will be deemed as discontinued. However the interest on your account will continue to accrue. In case you miss depositing the minimum account in a given financial year, you can pay a penalty fee of ₹50/- for every year you defaulted plus subscription arrears of ₹500/- per financial year to regularize your account.

Electronic toll collection- the smart system revolutionizing transport in India

Remember the thrill of driving on a high-speed expressway, only to be stopped in long queues to pay toll taxes. How infuriating is it when the driver in front of you is not ready with the cash or is busy in a verbal match with the toll-collection agent. This annoying experience is now a thing of the past, thanks to the NHAI authorities who’ve mandated the implementation of the National Electronic Toll Collection Program. As a result of this brilliant program, and with a little help from technology, electronic toll collection booths are helping to reduce highway congestion and the time taken for processing a toll, while also enabling a reduction in the leakage of revenue.

What is FASTAg and how does it work?

Simply put, FASTag is like the Aadhar Card of your vehicle, with details of your vehicle registration number, chassis number etc. It looks like your vehicles RC book (a debit-card like chip card) and is meant to be attached to your vehicle. This FASTag card is a simple to use card that is also reloadable. All you have to do is tag the card at the toll gate, without stopping for a cash transaction. The FASTag enables the deduction of the applicable toll charges automatically form your account. After the toll is deducted from your account, you can exit the toll plaza. The tag can be affixed to your vehicle’s windscreen and deducts the toll automatically as it employs RFID (radio-frequency identification) technology. The idea behind electronic toll collection is to eliminate contact with toll agents, reduce the time spent at toll windows and continue a hassle-free journey.

Where can I purchase FASTag?

Under the guidelines of the NHAI and the IHMCL, several banks have joined hands with the National Electronic Toll Collection initiative launched by the National Payments Corporation of India (NPCI). You can find the FASTag application form on your bank’s website, or even purchase it from partnering banks such as ICICI Bank, SBI and HDFC Bank (even if you don’t have an account with the said bank) among others.

How to register for FASTag?

You could visit the website of any of the aforementioned banks, go on the FASTAg link and fill in your personal details like your name, address, phone number and upload mandatory KYC documents like your driving license, pan card, Aadhaar Card etc. The system will also ask you your nearest toll and the approximate distance of your home from the toll, along with the nearest post office. You then have to input the details of the nearest branch of the bank website you’re applying from, along with its IFSC code. After this, you must input your vehicle details and the number of vehicles for which you need the FASTag. After completing the final payment, you will receive the FASTag within 2-3 weeks which you can use at electronic toll collection booths.

Calculating the EMI of your car loan

For most of us, the first big loan we ever take is usually a car loan. Affording a car has become easy thanks to these easy, minimal documentation car loans. Like the name suggests, car loans are sanctioned only for the purpose of purchasing a car. Since these loans are smaller in amount as compared to say a home loan or a business loan, the loan periods are relatively of shorter durations than the aforementioned loans and the loan amount also tends to be comparatively smaller.

Factors to consider before applying for the loan
Before applying for a car loan, you must check whether it fits into your budget. You must consider aspects like the amount you require, the tenure your need and the interest rate you can afford. You can find out everything about this, before even applying for a loan, simply by using a car loan EMI calculator that is available on most lender websites.

What does an EMI calculator look like?

An EMI calculator tool, typically has the following three factors

Principal: You must input the principal amount of the loan you wish to borrow e.g. ₹500,000, after considering the amount you can pay as down-payment.

Tenure: Input the details of the tenure you wish to repay the loan in e.g. 5 years. Car loans generally range from 1-7 years.

Rate of Interest: Finally, you must input the rate of interest you can afford. Unlike home loans, car loans usually have fixed rates of interest which means, you will be charged a flat, single interest rate throughout the tenure of the loan, (5 years for example) regardless of the conditions of the market. Your Equated Monthly Instalments (EMI) while remain the same, month on month until the loan is repaid.
Monthly EMI: After inputting these details in the EMI calculator for car loan, you will find that you will have to pay a monthly EMI of ₹10,624.

Availing the best interest rates on the car loan
One thing you must keep in mind to be eligible for good rates of interest is that you need to have a good credit score. Before meeting with a bank to apply for the car, it is a good idea to obtain a report of your credit score. You can also find websites that help you find your credit score, the links for which are also available on your car loan EMI calculator web-pages. Your chances of being offered great terms of the loan as well as lower rates of interest, along with a big loan amount are heightened, if you can show a credit score of 750 points and above. In case your credit score is less than 750 points, you could wait to improve the score and then apply for your loan which can decrease the chances of your loan being rejected.

Taking a loan against gold- how it works

Often in life, we find ourselves in dire need of instant funds. It could be to pay for our children’s higher education or to meet hospital expenses of a loved one. What do you do in such a situation? One way to go is to take a personal loan, but the process could take some time. In such a time, you can let that gold sitting idle in your bank locker to come to your rescue.  A loan against gold is a great, hassle-free and quick finance option as your gold serves as collateral. You require minimum documentation. Banks can sanction your loan amount depending upon factors like the purity of gold, its form (jewellery, biscuits, coins or bars) etc. Here’s what you should consider when taking a loan against gold.

Where can I get a gold loan?
You can get a gold loan from various banks like SBI, Axis Bank, HDFC Bank, ICICI Bank etc. Alternately, you can also visit financiers like Mannapuram and Muthoot.

The Quantum of the loan: Two factors are taken in account by banks and financiers while sanctioning the amount of the loan. The first is that you can get an amount depending upon the security that you deposit in the form of gold. Gold in coins, bars and biscuits is preferred over jewellery, since the value of the latter can be diminished owing to making charges. Typically, you can get a loan for 60% of the value of your gold, after valuation. The second factor is the individual’s repayment capacity as banks need to access how long it would take for you to return the bank’s money.

Documentation and charges: You can either procure a gold loan online, or visit the bank. Keep in mind that not all bank branches are designated to provide gold loans, so you may have to visit a specific branch. You can make your case stronger by providing all the necessary documents as listed on the loan application form. You would be asked to provide your address proof, identity proof, PAN card and photograph. Banks will charge you a fee for both, processing the loan and for valuation of gold.

Depositing gold: When you submit the application along with the specified documents, the bank will draft up an agreement stating the terms of the loan, which would include the monthly instalments, the rate of interest and the tenure of the loan. The bank will evaluate your loan and disburse it accordingly. It will also keep custody of your gold until the entire loan is repaid. Gold loans are mostly offered for a period of 12 to 18 months.

Default in loan repayment: For whatever reasons, in case a person defaults in repaying the loan against gold within the stipulated tenure, the bank can assume custody of your gold. As per the terms mentioned in the loan agreement, the bank has the rights to sell of your gold to recover its dues.

5 questions to ask before applying for a Car Loan

In the recent years, owning a car has become easy thanks to the increased purchasing power of the general public along with facilities for loans. In just a matter of minutes, a bank can approve your car loan. But before you finalize a car model, and visit the dealer, you must spend some time analysing figures and asking the right questions. A little research can help you determine what exactly you would be paying for the car. Here are five important questions to ponder on before you bring that dream car home.

What interest rate will I be charged?

The first thing you need to get acquainted with is the interest rate charged by your bank for the loan. Several banks like Axis Bank, HDFC bank, ICICI bank and others, offer car loans at low rates of interest. If you already have an existing relationship with the bank; that is you have an account with the bank and/or have paid off any other loans taken in the past, you can avail a loan at a relatively lower rate of interest. Ideally, you can get a loan for cars for anywhere from 8.5% to 12.5% per annum. 

How much amount will my bank finance?

The smart thing to do is to pay 20% of the total price of the car as down payment and get a loan for the remaining 80% amount from the bank. Several banks also offer 100% finance but following the 20% rule helps reduce the loan amount, while you can fall back on 20% of your income easily to pay the EMIs. High monthly EMIs can strain your finances.
What will be the final price I must pay for the car?
While you can procure an auto loan for a low rate of interest, you may end up paying heavy fees for processing, documentation, foreclosure, default payments, later charges and even pre-payment, thus increasing the final price you pay for the car. You must check all aspects of the final amount including principal loan amount and tenure in order to get the lowest rate of interest.

What is the ideal tenure of the loan and how much should my EMIs be?

The first thing you need to understand is that such loans last longer, which I why you must have a regular source of income to pay the EMIs. Planning your finances smartly is essential. Try avoiding higher amounts of EMIs, just to procure low interest rates. Also try and avoid opting for the longest tenure because it only increases the interest payable on the actual loan amount. Instead choose a balanced EMI with a sensible tenure.

What fees are included in my loan?

Besides the interest, you must pay several fees against your car loan, which you should get clarity on while getting your loan sanctioned and while paying the debt off. You will ideally pay for documentation, credit reports, registration certificate, stamp duty, part pre-payment and several other charges. Comparing additional fees and charges of different banks is important before choosing the lender.

IMPS – Its functionality, benefits and usage

In the last few years, the Indian government has launched several payment systems that facilitate immediate transactions. As the time went by and net-banking became advanced, customers could start making payments using their mobile phones. One such popular payment system launched by the government, and facilitated by the National Payment Corporation of India is the IMPS or Immediate Payment Service, which is one of the most secure methods of fund transfer. Available 24*7, IMPS facilities are offered by almost all big banks in India such as Axis Bank, HDFC Bank and nationalized banks like State Bank of India and Punjab National Bank among others. Let’s look at the functionality, benefits and uses of IMPS fund transfer.

How does IMPS work?

The IMPS system uses a customer’s mobile number and/or Aadhaar card number in order to connect with a bank account. If you choose IMPS to send money to any bank account, the system first connects you with your bank account using your registered mobile number. Unlike other payment methods such as RTGS or NEFT, IMPS does not directly transfer funds to the beneficiary’s account directly. Instead, funds are transferred from your bank account to your mobile number, after which the money is transferred to the beneficiary’s mobile number. The money is finally credited to the beneficiary’s bank account. All of this is done in real-time, within a few minutes.

Benefits of IMPS

Both, senders and receivers can reap several benefits by using IMPS transfer such as

• Money is sent in real-time and credited into the beneficiary's account within a matter of seconds
• This method of fund transfer is as safe and secure as it is efficient
• There is no minimum amount of money that you can transfer. You could transfer as little as ₹1 up-to ₹200,000 per day, depending on your bank
• The facility is available 24*7, even on public holidays and bank holidays
• Customers can make both intra-bank and inter-bank transfers using IMPS
• You can use IMPS on your mobile phones, for internet banking and even in ATMs
• You needn't know the beneficiary's account number or bank IFSC code. The money can be transferred using only the beneficiary's Aadhar card, mobile number and MMID
• Receive instant debit and credit confirmation via SMS

Usage and services

You can use IMPS to avail several services and to transfer funds using mediums like mobile phones; smart phones and basic phones. You can also use your bank's net banking facility or your ATM card to avail IMPS services. Apart from transferring funds using mobile number and MMID (mobile money identifier), Aadhar number and bank account and IFSC code, you may also choose from the following services for IMPS fund transfer

• Funds transfer via UPI; a mobile app based payment method
• Merchant payments – Use MMID to pay retailers
• USSD banking (*99# Banking) – It gives you the facility to transfer funds through your feature phone
• QSAM – dial *99*99# to know the Aadhaar number and bank account link status

United Payment Interface – the features and key drivers

With the arrival of the age of net-banking and mobile apps, the methods of making payments have so evolved that you can transfer and receive money in your bank account in a matter of minutes. Systems like IMPS, RTGS and NEFT were initiated years ago to make banking convenient. But nothing holds a candle to the world’s most advanced payment system; the United Payment Interface, a revolutionary payments system initiated in India.

Understanding the term

Developed by the National Payments Corporation of India, United Payment Interface or UPI is an instant, real-time payment system that facilitates inter-bank transactions. It powers multiple bank accounts into one unified mobile application (of participating banks) and merges various banking features such as fund routing and merchant payments into one application.  Regulated by RBI, this digital payment system is available 24*7. Every participating bank provides their own UPI app available for download on Android, iOS and Windows platforms. UPI deposits and withdraws funds from your chosen bank account whenever you request a transaction. Simply put, you can link all your different bank accounts into one application and conduct seamless transactions between them.

Features of UPI

Thanks to the UPI interface, users can avail numerous services and carry out the following transactions
• Sending and receiving fund
• Raising requests for funds
• Users can use another government initiated app, the BHIM app to make payments to merchants via QR codes (as in PayTM)
• Paying for several services such as cabs, restaurant services etc.

UPI interface key drivers
The main goal of implementing the United Payment Interface was simplifying the process of transactions and providing a single interface across all banking segments. The key drivers used to achieve this end include:

Simplicity: The idea behind UPI is to receive and make payments as easily as you make a call on your mobile phone. Just like making calls, accounts holders should be able to send and receive funds from their cell-phones, with the help of an identifier, excluding the hassle of other account details. Users can “pay to” or “collect from” a specified payment address like Adhaar card, mobile number, RuPay card etc., with a single click.

Adaptability: Since the potential user base was intended to be scalable and of use to billions, it became necessary to have an adaptable application. The UPI interface is designed to allow gradual adoption across smartphone users along with the ability to make use of information available across various payment players and phones. People using advanced phones can send money to those using basic phones and vice-versa.

Security: Security is always a major concern for users of advanced banking technologies like making a UPI payment. This interface provides end-to-end security as well as data protection. Important data like personal banking details are not revealed, reducing any chances of misuse. Added authentication features provide security against risks like phishing.

Apart from these factors, the UPI interface is also cost-effective and innovative.

Know the different savings bank accounts

The most basic type of bank accounts used by people across the world is a savings bank account. Savings accounts are the primary business products of every single bank and are easily available in every bank, whether it belongs to the public sector, or private sector. Along with the regular types of savings accounts, the Indian government has also introduced sponsored savings accounts, most of which are meant or people with lesser incomes or for those residing in rural areas. Here are some of the best savings bank accounts in India in which you can consider keeping your savings in.

Basic/regular savings account: A regular savings account offers a limited number of facilities and charges minimum fees. You can continue depositing as much amount as you please, over a period of time in this account. All savings accounts require you to maintain an average daily balance and you are penalized if you fail to meet this requirement.

Salary accounts: Popularly known as “zero balance accounts”, salary accounts can only be held by salaried individuals. Employers open salary accounts for their employees and deposit monthly remunerations directly into these account. You also get higher interest rates on money deposited in this account. If there is no salary credit for more than 2-3 months, this account changes to a regular savings account.

Joint accounts: A savings account operated by more than one holder is regarded as a joint account. With joint accounts, transactions like issuing cheques or withdrawing money can be done by either account holders. Debit cards holding the name of each account holders are also issued separately for all joint holders. Joint accounts are the best savings bank accounts in which you can add up-to 4 family members.

Savings account for minors: If your child is under the age of 18, you can open a joint savings account with him. The account can only be opened if one of the joint holders is an adult and a parent/guardian to the minor. The account transfers to a joint account when the minor turns 18.

Women’s savings account: Like the name suggests, this type of account can be opened only by women. Women can reap several benefits from this account such as discounted rates on other products offered by the bank, complementary personal insurance cover, higher interest rates etc.

Savings account for seniors: Individuals over the age of 60 can open savings accounts that offer certain benefits, not available to basic account holders, through the savings account for seniors. Features like higher rates of interest, special term deposit and offers and waiver on minimum balance requirement make this account especially ideal for retired persons living on pensions.

Pradhan Mantri Jan Dhan Yojana Savings Account: As per government directives, most leading banks offer this savings account which allow a maximum of 4 withdrawals per month and come with the Rupay Debit Card. You needn't maintain a minimum balance or pay any annual fees with this account. Additional benefits include free insurance cover of ₹30,000 and accidental cover of ₹100,000.