5 reasons restaurants should be part of the food ordering apps list

Going to a fancy restaurant once a week is a fad in many families. However, it is those very families who order food and celebrate occasions at home. In fact, these food ordering apps and portals started the concept of house parties in our country. The adverse rise of ordering food online and on apps has only increased the competition amongst restaurants.

Having an online presence increases visibility and makes you stand out amidst the competitors.

Precisely you have restaurants which have an only online presence and no restaurants across the country. Some of the benefits you earn through online food order are convenience and transparency.
However, some restaurants are yet to find their name in the online food ordering sector. So, the following are the reasons restaurants should opt for the online route right away:

1) Saves time: Owners can use their employees in bettering the services of their restaurant by ensuring on-time delivery of the food items. Owners can hire a team for food deliveries and make their brand stronger.

2) Right food order: Some of the food items may not be available when you dine-out. Sometimes, phone discrepancies can hamper your order, and the restaurant ends up delivering an order of not your choice. Ultimately, it is you the user who is left disappointed. Through food ordering apps, restaurants can add their menu on them, and customers can enjoy the right food.

3) Hassle-free ordering: Sometimes the card payment service may not work in the restaurant, which can go against the restaurant. Online food order system eliminates that stress as well. Customers can choose the food item, add it to the cart, make payment via net banking/credit/debit card/other payment apps. Nowadays, food tracking is also possible.

4) Revenue: Instead of spending on third-party websites, restaurants find their name on the food ordering app instead. That way the restaurant can gain all the profits. There is no requirement of intermediaries.

5) Customer data: Food ordering apps allows you to save the customers data on your system. So, you can offer exclusive deals and cashback offers, especially during the customers’ anniversaries/birthdays. You can also save the customers’ previous order that way you can earn their trust and keep them coming back to your app. 

In the coming years, online ordering from restaurants will take up maximum stake in the food servicing industry. So, when are you setting up your food order app?

5 reasons why online movie booking is beneficial

Ever been to the movie theatre to only find the tickets sold out? Or were you unable to get your desired seats? With technology touching every aspect, many industries are opting for online route. You do not have to go through those never-ending queues and head back disappointed. Online movie ticket booking has added to the convenience of the people.

With people heading to the theatres frequently, the seats get booked immediately. Now, with movie ticket booking websites and apps on the rise, you can book them on the go and in advance.

However, the threat of malware practices has increased the fear amongst the individuals. If you operate the websites and apps rightly, then booking movie tickets online is ideal. Some of the benefits are:

1) Convenience: One of the huge advantages of using internet or mobile for booking movie tickets is getting them done at the comfort of your home or office. So, can freeze your choice of seats and purchase them cheaply.

2) Environment-friendly: By using the movie ticket booking apps or websites, you are doing your bit towards the environment. Nowadays, online ticket booking sends you e-tickets on your e-mail ID, SMS and WhatsApp. You have to show the QR code at the theatre and enjoy the movie. Online movie ticket booking has stopped the usage of papers completely.

3) Saves time: Online movie ticket booking gives you access to all information under one roof. It also enables users to check movie timings across portals and apps. This allows you to plan your day/holidays accordingly. Apart from movie shows, you can purchase tickets for stand-up comedy and concerts on certain websites/apps.

4) No loss of money: Movie ticket booking have other pros as well. You have bought tickets for your family and you for your favourite movie. One of your family members falls ill. Not only does your plan get cancelled but there is loss of cash as well. When you use the internet for booking tickets, you do not experience any loss of money. In case of cancellations, through hassle-free customer service, you get a refund of your tickets within 24 hours today.

5) Deals and offers: Many apps and banks have partnerships with individual banks. Through these banks, you can earn cashback offers via your debit/credit card. HDFC’s PayZapp is associated with BookMyShow, PVR, INOX, and ticketnew.com, which has made online movie ticket booking safe and secured. Such portals even send alerts via SMS or e-mails in case of any offers.

Looking for on-the-go shopping? Here are India's top shopping apps

India has got enormous consumer base, which provides a great opportunity for marchants to sell their products in the country. The rise in sale of smartphones has resulted in the creation ofgroup of online shoppers. There are many international brands along with the local players to woo the consumers in the country. They provide versatility in their products and door to door delivery, making it very convenient for the buyers.There are multiple payment options including cash on delivery and EMIs. The user can also return the product without incurring any additional charges.

Let’s look at some of the top shopping apps in India:

1. Amazon
Based in US, Amazon has created a excellent network in the country. They offer a multitude of products ranging from groceries to clothing, books to electronics and much more. The online shopping app has got excellent user interface and also allows the user to live track their orders.

2. Flipkart
It has got the local origin. Flipkart initially started off selling books, when founded in 2007. Slowly they expanded their base to all products. Flipkart have also got a range of exclusive items. Flipkart also boasts of user-friendly app which provides access to live tracking of the placed order and much more.

3. Paytm Mall
Paytm was largely benefitted by the Government’s push to Digital India to promote cashless transactions. They started off with digital wallets and slowly diversified themselves to the online shopping platform. They have got excellent cashback offers and other discount vouchers. Their online shopping app provides this option of payment from multiple digital wallets and debit/credit cards, besides their own wallet.

4. HDFC PayZapp
The HDFC bank has collaborated with marchant providers and some of the reputed brands worldwide to provide its customers a ultimate shopping experience. The USP of PayZapp is that, it provides offers on certain products. The app provides the ideal payment solution for the shopping requirements.
  

5. Snapdeal
They recently got an image makeover and appointed Bollywood star Aamir Khan as their brand ambassador. Snapdeal, based in India, provide an excellent range of products with user friendly interface. They have got tremendous outreach in the country. And the app is definitely smooth and provides million of options to choose from.

Travelling abroad? Here are the 5 best apps to refer to

The traveller who is informed, is safer. A planned trip keeps the tourist relaxed and let them concentrate on the purpose for which they have visited the place. Booking the tickets in advance is always cheaper and it provides time to plan for the trip accordingly. Following are the 5 best travel apps to plan your trip

1. HDFC PayZapp
This travel booking app is making steady progress. It provides best deal on international flights, hotel booking and holiday stay packages. It is very convenient to use PayZapp because of its user-friendly interface. It has partnered with some of the leading airlines, hotels and bus service providers to give you best service in the segment. Some of its collaborators are:
● Indigo
● Jet Airways
● Make my trip
● Yatra
  
2. Expedia
Expedia Group is one of the leading players who provide travel apps for booking flight and hotels around the world. It covers every aspect of travelling, which includes, researching, planning, booking travel, choosing the best airplane seat, personal travel reviews of hotels and much more.

3. Ixigo
Launched in 2007, ixigo has emerged as one of India’s leading travel booking app, connecting over 100 million travellers to over 100 travel suppliers. Ixigo aggregates and compares real-time travel information, prices & availability for flights, trains, buses, cabs, hotels, packages & destinations.

4. Goibibo
Goibibo provides range of choice for hotels, flights, trains, bus and cars for travelers. Through GoStays, the customers enjoy excellent stay experience at certified hotels. They have introduced first virtual travel booking currency GoCash and travel social network, GoCash+ Rewards, making it on of the most popular choice among the users.

5. ClearTrip
Cleartrip, an online corporate travel management, is the ideal travel tool for travel agents/ They also have Cleartrip Mobile, a travel booking app for smartphone users. It has also introduced Quickeys, for last-minute deals on hotel booking and other journey planning services.

All the customers should download these travel apps from authenticated app stores only, and they should never share the OTP and passwords with anyone. They should also avoid saving their passwords in the phone and keep changing it occasionally for safety purposes.

5 reasons why online mobile recharge is the best innovation

Mobile phones are a necessity more than luxury. With innovation in technology, life has become easier. After the introduction of high speed internet in the phones, it is now used in more ways than just a communication device.

Now, imagine you have got a smartphone and want to explore internet, book tickets, or you just want to watch a trending video but you are out of data. You will have to go to your nearest retailer, and if it is late in the evening, there is no way out until the next morning.

Following 5 reasons prove why online mobile recharge is the innovation that we deserved:

1. Available Round the Clock
You can recharge your phone at any given point of time with just few taps, all you need is an internet connection. You can stay at your home, choose the required plan and its done

2. Multiple Payment Options
The online recharge portals provide multiple options to pay for the recharge. The amount gets deducted from your account and you recharge successfully. You can use the following modes of payment to get your recharge done:
• Digital Wallets(HDFC PayZapp, Paytm, Freecharge, Airtel Money, SBI Buddy etc)
• Debit Cards
• Credit Cards
• Internet Banking

3. Freebees
With the introduction of digital wallets, they came up with multiple offers including cashbacks and other vouchers. Some of these apps when introduced, offered cent per cent cashbacks. You can install these applications on phone and do the recharge via smartphones. You can also go to the website and get the topup done

4. Choose your Plan
Online recharge not only saves lot of time and effort, it also provide the user the option to choose from multiple mobile services. Some of these services are listed as under:
Prepaid
Postpaid
Talk Times
SMS
Data
You can also compare different plans and their validity and then carry on with the recharge. 

5. Everyone included
All major mobile service providers offer the ‘everyone included’ option to recharge your phone online, you can use digital wallets for that or you can directly go to the website of the particular mobile service operator and get recharge done after choosing your plan. You also get a confirmation message through SMS.

There are few things that the customer should keep in mind before online mobile recharge. They should always download the application from authentic application stores like Google Play and App Stores. There are many fraud links that offer vouchers, the user should be cautious.

Vidya Lakshmi portal for education loans - everything you need to know

Students who wish to apply for an education loan can now apply online through Vidya Lakshmi portal. Vidya Lakshmi is a government run portal for the students who wish to get an education loan for studies in India and abroad. The government run website is maintained by NSDL e-governance and they are operated by the finance ministry, Indian Banks Association and the Department of Higher Education. The government has started this initiative to release a platform which makes it easier for the students who wish to get an education loan and scholarship. 

Students can research about all the other education loans that are offered by different financial institutions and make an informed decision about which loan do they want to choose. This government run website has all the information a student might need about the education loan schemes of the banks that have registered with NSDL e-governance like the education loan interest rate that will be offered, repayment tenure of the loan and the terms and conditions of the loan.

The Vidya Lakshmi portal aims at providing the students with transparency and the efficiency in the education loan process. Through the Vidya Lakshmi portal the students can get the information on the education loan that is offered by different financial institutions. Once they have all the information, they can make an informed decision. The maximum loan amount that the customer can get will depend on the financial institutions policy. The students who wish to apply for the loan may also be required to provide an asset to the financial institution in case of a high loan amount.

Benefits of a Vidya Lakshmi for Education loans-

1. Students can apply to three banks with a single form.
2. 34 public sector and private sector banks are offering over 71 education loan schemes through the portal.
3. Applying through this portal the education loan process is simplified and there is less paperwork.
4. The IBA has instructed that the loans should be processed within 15 days of receiving the filled application form.

 Education Loan eligibility criteria for students-

1. The student applicant should be of Indian nationality.
2. They should have completed their higher secondary school.
3. They should have secured admission in to a technical or a professional course through an entrance test.
4. If they are applying to a foreign university, they should have secured their admission.
5. The student’s parent or guardian should meet the income criteria which are set by the financial institution.

Personal loan vs. Gold loan: Which is better

The number of financing options which provide the flexibility of using the funds when the individual needs instant funding. However, there are certain types of secured loans like a gold loan which emerge as an alternative for personal loans including the benefit of minimal documentation and quick disbursal of the loan. Personal loans and gold loans, both have their own advantages and disadvantages which may prove beneficial or it might become a financial burden for the individual. Let’s look at the advantages and the disadvantages of both the loans so the user can easily choose the loan option which best suits their specific requisites.

Gold loan: Gold loans are secured loans. If the individual owns physical gold in any form like coins or bars. They are great options for short term money requirements if they are in the need for instant funding.

Advantages:

1. Easy processing:
The processing of a gold loan is fast and easy. The documentation involved in a gold loan is minimal and does not include complex documentation. The loan disbursement is completed in hours.

2. Credit history not required:
Customers who wish to apply for a gold loan do not need to worry about their credit history. Financial institutions would not need your CIBIL score or declare any debts, it’s a great way to improve the credit history.

3. Low interest rates:
Since gold loans are secured loans, the interest rates on them are low making it much more affordable for the customers.

4. Flexible repayment:

A gold loan offers flexible repayment options which are generally not offered by other types of loans.
Disadvantages: Since a gold loan is a secured loan, the customer has provided some asset as collateral to the financial institution. The customer is always at risk of losing their asset if they fail to make any of the repayments. Gold loans are offered for short tenures which will result in high EMI payments.


Personal loan: Personal loans are unsecured loans that are the most optimal solutions for generating funds. These types of loans are the best way of getting financial assistance for any situation.

Advantages:

1. No collateral:
The biggest advantage of availing a personal loan is that the customer does not have to provide any type of collateral to the financial institution. The customers will be provided the loan without having to provide any type of asset as collateral.

2. Minimal paperwork:
The amount of paperwork involved in getting a personal loan is minimal. Customers availing the personal loan have to just provide some basic information documents.

3. Quick disbursal:
The personal loan amount is provided is disbursed in to the customers bank account within 48 hours.

Disadvantages:

The customers will have to maintain a good credit history to be eligible for the personal loan as they are unsecured loans, they need some assurance that the customers won’t default on their repayments and the interest rates on a personal loan are high.

Gold loan - FAQs

Gold is treated as one of the most precious metals in the world. Its popularity in India especially, has remained consistent despite volatile market trends, recession and other economic factors.
Notwithstanding the ever-rising prices of the metal, gold is often purchased as a long-term investment; whether it is the form of jewellery, bullion (gold bars) or gold exchange traded funds. It is one of the few things people rely on during testing times as gold can bail them out of financial worries. That’s right; you can take out a loan against gold, in case you need funds urgently. In this article, we answer some frequently asked questions about this loan.

What are gold loans?

Gold loans are those loans provided by banks and NBFCs in which you can take out a cash amount in exchange of gold. The gold remains in the custody of the lender, as collateral, until the borrower repays the loan.

What is the loan repayment tenure?

Loans taken against gold are usually short period loans taken by borrowers in need of urgent cash. You can commit the repayment tenure to your lender. Typically you can repay the loan in as less as 1 day or up to a certain number of instalments (generally 48 instalments), depending upon the agreement you arrive at with the lender.

What is the typical loan disbursal time?

Loans taken against gold are generally disbursed instantly. However, to do so, the lender may ask you to provide proof of purchase or other necessary documents. Lenders may also need to verify the value of the gold before considering your loan application and amount that can be sanctioned.

What is the interest rate charged against the loan?

Lenders can charge a gold loan interest rate at their discretion. There is no set or base interest rate when it comes to these loans. Since it is a secured loan, banks typically charge a smaller interest rate on these loans, as opposed to non-banking finance companies and private lenders.

What is the maximum loan amount that I can get?

The maximum loan amount also varies from lender to lender. The borrower needs to fit a certain eligibility criteria of the lending institution. It is possible for one to get a loan against gold for as low as ₹1,500 to as high as ₹10,000,000 (1 Crore).

Is it safe to pledge your gold to a bank?

Yes, pledging your gold to a bank is extremely safe as banks exercise great precautions in storing your gold.
The gold is locked away safely until you return the loan amount in full, after which it is returned to you.

What documents do I need to provide to take out the loan?

You would be required to provide government approved ID and address proof documents such as your passport, PAN card, Aadhaar card, ration card, utility bills) as well as the original gold bills (proof of purchase) to get your gold loan passed.

Car loan for new vs used car: key aspects

When it comes to buying their first car, most people are confused about a few things. Many believe that it makes more sense to purchase a used car as opposed to a new one. After all, a used car costs much lower than a brand new one. But what you need to remember is that while a used car may cost almost half the price of a new one (depending upon the age of the car), you may have to spend quite a lot of money on servicing and maintaining it. You may also end up paying higher insurance premiums. These are just some key aspects of new vs used cars. Now, let’s take a look at the key aspects affecting new vs used car loans.

The amount of the loan: Individuals buying a new car do not have to worry about the unknown history of the car. New cars also come with manufacturer warranties and guarantees for almost up-to 4 years or the number of miles clocked. Banks and NBFCs take this factor into consideration while providing the car loan. The disbursed amount of the loan for a new car is generally higher as opposed to an old car, which costs less. In case of used cars, the loan-to-value ratio is much lower. Also, you may get up to 100% finance for the on-road price of a new car, whereas for used cars, you may get only about 70%-80% finance of the car’s value.

The rate of interest charged against the loan: It does not matter whether the car is old or new, if you purchase it on a loan; you have to pay a certain interest rate. It may surprise you to know that the rate of interest charged on a used car loan is higher than the interest charged on a new car, that too by a whopping 5%-7%. One of the main reasons for the high rates of interest is that the loan amount is much smaller in comparison to new cars. Also, lenders find it less risky to provide loans on new cars, because the resale value and demand for new cars is higher.

The duration or tenure of the loan: If you buy a new car, you are usually provided with longer tenures of 5 to 7 years. However, when it comes to used cars, most lenders provide repayment tenure of 3, or at best 5 years. The loan tenure of used cars is determined basis the age of the car as well as the loan amount. Lenders are usually comfortable offering car loans for used cars which are aged within eight years. For instance, if a used car is four years old, then the car loan tenure is typically under 4 years, however if the age of the car is more than 5 years, the tenure of the loan is usually within 3 years.

5 factors that affect car loan interest rate

Buying a car on loan has become relatively easy in today’s times thanks to the various bank and NBFC lenders who offer loans at competitive interest rates. It is also possible to do an easy, comparative analysis of the various loans offered by the various lenders, simply by doing a quick google search.

However, there are certain factors that are also in the control of the borrower which can affect the interest rates charged on car loans to a great extent. Let’s find out what they are:

The credit history of the borrower: Lenders today ask borrowers to provide their CIBIL or credit scores while considering a loan application. Borrowers, who can prove their credit worthiness with a credit score of 750 points and above, are more likely to get their loans sanctioned. Such individuals can also negotiate the car loan interest rate offered to them. If your credit scores are less than 750 points, you may have to pay a higher rate of interest on your loan.

The income of the borrower: You should be able to convince the lender that you have the capability to repay the loan. As such, your income is a detrimental factor that affects the loan taken. Lenders are more than willing to disburse loans to individuals with low debt-to-income ratios since it shows them that borrowers would not default on EMIs. The income of the borrower serves as an assurance to the lender that the loan would be repaid within the chosen tenure.

The down payment: The size of the loan you take is another factor affecting the interest rate. If you opt to make a higher down payment, you are automatically reducing the size of the loan. The higher the down payment you make on your car loan, the lower the interest rates offered by the lender. Opting for a higher down-payment assures the lender that their risk is reduced considerably, while also assuring them of your strong financial position.

The tenure of the loan: Loans for cars are offered for up-to 7 years, so that borrowers can pay them off in affordable equated monthly instalments or EMIs. However, you can get a lower rate of interest if you choose lower loan tenure. Ideally, you can get the best interest rates if you opt for a mid-term, 3-4 years tenure loan.

The age and model of the car: The model and age of the car is also considered by lenders when the interest rate on the loan is determined. The latter is especially true in the case of used car loans. The rate of interest offered on brand new cars, especially new models marketed aggressively by auto dealers, is comparatively lower since there is a sales agenda attached to it. In case of used cars, the interest rates increase according to the age of the car. Interest rates of older cars are higher.

5 top movie ticket booking apps in India

We Indians love movies, be it Bollywood, regional or Hollywood. Movies that cater to our plethora of tastes are released every week and we wait expectantly to watch our favourite stars in action on the silver screen. A survey revealed that Indians watch on average three movies a month!

In the old days, you would have to set out for the movie theatre well in advance of the show time because you would have to queue up outside the ticket counter for hours to get your hands on that coveted ticket. Sometimes they would run out of a ticket and you would have to return home disappointed.

However, all these hassles can now be evaded with an online movie ticket booking app. Here are the top five movie ticket booking apps in India-

1. BookMyShow: This movie ticket booking app is right at the top of the chart of movie apps in India. This mobile app is every bit as popular as the website. If you want a seamless ticket booking experience then look no further. It gives you the latest information on movies and plays.  You can search by city and location and book tickets in any multiplex of your choice. This app, with a rating of 4.3 on Google Play, is available in Android, iOS, Windows and Blackberry.

2. Cinepolis India: It is yet another popular movie ticket booking app in India. With this app, you can book tickets anywhere in India where there is a Cinepolis movie theatre. When you book a ticket with this app, you earn points. When you have collected sufficient points, you can redeem them on your next purchase. It lets you choose your preferred sets and show timing and gives you a wide choice of payment options. The payment gateway is 100% secure.


3. Paytm.com: Planning to watch the first-day first show with your friends? Paytm.com can make it happen. This app is very user-friendly and even the most technologically hobbled person can use it. You can have your pick when it comes to seats (especially beneficial if the whole gang is going and you do not want to be separated), show timing and an array of movie theatres to choose from. Moreover, this app allows you to make use of Paytm loyalty cash back and discounts.

4. Justickets: This app is a one-stop option for all your ticketing requirements. You can book tickets not just for movies, but plays, concerts and sporting events. This app has collaborated with all major multiplexes to give you the best value for your money.


5. Ticketnew.com: This app is giving BookMyShow a run for its money, and is rated 4.0 on Google Play. It has become interchangeable with speedy and convenient ticket booking. To reward its faithful clientele, this app gives attractive discounts and deals.

Online Movie Ticket booking apps are a godsend to movie buffs because not only do they eliminate the need of standing in line for prolonged stretches of time, but also each of this app comes with attractive rewards.

All you need to know about RTGS transfer

Real Gross Time Settlement or RTGS is a mode of electronic transfer through which transfer of money happens on a real-time basis. In India, RTGS transfer is used for high-value transactions. The minimum amount that needs to be transferred is INR 2 Lakh. The beneficiary account receives the amount immediately i.e. in real time. RTGS payment is becoming very popular in India, because of its speed and convenience.

The chief difference between NEFT and RTGS is that in NEFT, the transaction takes place in batches whereas with RTGS the gross amount is transferred in one go. If you want to use RTGS, then you need an Indian Financial System Code (IFSC). Both the bank branches, the initiator and recipient, need to be RTGS enabled for the transaction to proceed.

If you have an online bank account, then you can utilize RTGS to make transactions by yourself.

Here is a breakdown of how RTGS works-

The whole process of RTGS transfer starts with you adding a beneficiary. If your transaction is online, then enable both Third Party Funds Transfer and internet banking facilities.

Here is how you add a beneficiary for RTGS payment-

1. Log in to your bank’s net banking website with your customer ID and password
2. Click on the Funds Transfer tab
3. Click on Add Beneficiary
4. Then click on Transfer to other Bank
5. Click on Beneficiary’s IFCS using the bank and branch names
6. Click on Add
7. Then Click on Confirm
8. After you authenticate yourself, you will receive a confirmation message

This is what you need to do to make a transfer through RTGS-

1. Click on the Funds Transfer tab and select Transfer to other Bank
2. Then select the account, your Beneficiary and enter all the relevant details
3. Click on ‘I accept the Terms and Conditions’
4. Go over the details of the transactions before you complete the transaction

Further information on RTGS transactions-

• Because of security reasons, The Beneficiary will be activated after 30 minutes. Your beneficiary will be displayed in the ‘View Beneficiary’ segment
• RTGS transactions will take place 24 hours after Beneficiary activation
• You can add or modify a maximum of 10 beneficiaries in the span of 24 hours

RTGS is a revolutionary technology that is immensely helpful in transferring a large consignment of money in real time with no hassles.

Documents required when you apply for a new car loan

You have decided to buy a new car. You have gone on multiple test drives, and you have finally zeroed in on the car that suits you.  Now you need a new car loan. With affordable EMIs, reasonable interest rates and hassle-free paperwork, more and more people are opting for a loan these days. With a car loan, the dream of having your own car is no longer far-fetched.

Before you head off to the bank to apply for a new car loan, you should know if you are eligible for a car loan and which documents you need to present to be granted a loan.

Are you eligible for a car loan?

Every bank has its own set of criteria through which they decide if you are worthy of being given a loan. They will want to look into-

• If you earn the minimum salary they stipulate to give a loan
• The yearly turnover of the company you work for
• The number of years for which you have been employed. If you are a salaried employee, you need to be employed for 2 years before you can apply for a loan.
• If you are self-employed, or in case of proprietorship partnership, your company should have a turnover of INR 300,000

Which documents do you need to produce to the bank authorities?

The documents that a bank will require depend on your source of income. You should consult your bank to get an exhaustive overview of the documents you might need. A bank wants to know if you have a good credit score to determine whether you would be able to repay the loan. Your income and your credit score also determine the interest rate that you will be charged.

Usually, these are the documents that you should have at hand if you are thinking of getting a new car loan-

• Proof of Identity (Aadhar, Telephone/Electricity bill, Passport)
• Proof of Address  (Aadhar, Telephone/Electricity bill, Passport)
• Proof of Income (Bank statement for the last 6 months, Salary slip and form 16, Income Tax Returns for self-employed people)
• Passport sized photograph
• Signature verification proof
• Pro forma invoice
Post-sanction paperwork and documents-
The paper trail does not end with the loan being granted. The follow-up paperwork includes-
• The loan agreement signed and sanctioned
• Margin money receipt
• Standing Instruction or SI, Post-dated Cheques, ECS Form, Security Cheques for SI and  ECS form etc

The documents that a bank needs proof that you are an Indian Citizen and that you are creditworthy enough to apply for a loan that you can pay back in due course. Do not hesitate to apply for a new car loan; it is about time you indulged in yourself and brought yourself that new car you had been longing for.

Features of NRO account you need to be aware of

If you are an Indian citizen living abroad on a permanent or long-term basis, you can still use banking facilities in this country. However, you will not be able to use the regular facilities available to resident Indians. There are special accounts that suit residents of India who live abroad better. An NRO account or Non-Resident Ordinary Rupee Account allows you to save your earnings or savings in India, in Indian currency. They are especially suitable form NRIs who have investments in stocks in India or another form of income where they earn Indian currency.

NRO Account Features

The key features of an NRO account are as follows-

• Deposits in denominations of Indian Rupee are allowed in this type of account
• You can open such an account jointly with a resident of India
• You can hold your NRO account in the form of savings account, current account, recurring deposits, and fixed deposits
• This account pays an attractive interest. The interest is not free from taxes, including all surcharge and educational cess
• You can convert your existing account in a bank to an NRO when you settle abroad. On returning to India, you can transfer the account back to a regular banking account
• The account allows nomination facility
• It is a non-repatriate account. Therefore, you cannot transfer money to or from this account to your NRE account. Neither can you transfer money to any account you hold abroad. However, you can transfer money to a different NRO account or a resident’s account.

Benefits of an NRO Bank Account

The benefits of an NRO bank account include the following-

• You are eligible for free chequebook and ATM card on opening the account
• Interest rates in an NRO account are higher than regular resident accounts
• Your existing investments in India can continue to reap returns as usual
• If you have a source of income in India, it can only be stored in an NRO account and not in any other type of NRI account
• You can keep your income in India and that abroad completely separate through an NRO account

Since it is illegal to hold a resident account if you are an NRI, an NRO bank account is compulsory to hold your income in Indian Rupees. With the advantages of jointly holding the account with a resident, you can ensure your loved ones in India have regular access to cash even when you are not in the country.

Most NRO accounts offer complimentary facilities and added benefits that you can enjoy all over the globe. It certainly makes banking simpler and convenient for Indians residing abroad.

5 best payment apps for easy money transaction

A Unified Payment Interface or UPI is a payment portal that allows easy money transfers almost instantaneously. It eliminates the need of visiting banks and saves time by saving your sensitive information. The regulation of the interface by the Reserve Bank of India makes it incredibly safe. More and more payment apps are being developed and improved to make payments simpler and convenient for people across the country. Here is a list of the best performing payment apps that make money transfer super easy and quick.

1. Paytm
This is the largest platform for payments. It has a digital wallet the lets you make payments quickly without having to input too many data. With Paytm, you can pay your bills, buy everyday utilities from shops, book tickets for travel, movies etc. You can also transfer money from one Paytm wallet to another Paytm wallet easily.

2. BHIM App
The BHIM App is among the simplest payment apps that suits a large population of people in India. Developed by the National Payments Corporation of India, it is available on Play Store free of cost. The attractive blue icons on a white background make the app simple to navigate and user-friendly.

3. PhonePe
When it comes to features, PhonePe has several attractive ones. You can pay using your UPI ID, mobile number or bank account details. You can use this app to make payments, recharge phone and buy tickets.  For, every transaction, you get cash backs and rewards. It has features that allow you to make payments, check balance, reset your UPI PIN, and even add as many bank accounts as you wish. The interface is very simple and first-time users can handle the app with ease.

4. HDFC Chillr
This app by HDFC Bank allows you to transfer money instantaneously. You can make payments or transfer money to anyone in your phone book, a feature unique to this app. This makes the payment process faster as you do not need to waste your time adding a beneficiary. Through this money sending app, you can make payments, send or request money, recharge and split bills. However, the services are available to the customers of HDFC Bank only.

5. Tezz App
This is Google’s take on payment apps and is becoming popular rapidly. The app is very simple to use and incredibly user-friendly. The app is very secure, with a fast payment. The reward program offered by Tezz attracts many people to use this app. You must link your bank account to the app to make payments and transfer money. The unique cash mode sets up a wireless connection, just like Bluetooth, so you can make payments to a beneficiary in the same location.

With these payment apps, you can easily transfer money and get rewards on every transaction. These money sending apps combine efficiency, security, and speed, which is perfect for luring several people.

The apps not only save your time but also money. They eliminate the need to carry cash that you may lose or that might be stolen. If you are considering shifting to digital modes of payment, you can well consider using one of these apps to make your payments.

Why you should use a gold loan calculator before applying for one

Gold is an essential part of almost all Indian families, big or small. Taking loan against gold has been an established practice even before formal banking was established. Until today, it is among the best options for taking a loan against collateral. It is easy to get approval and comes in handy during emergencies.

A lot of banks and non-banking financial companies offer gold loans at lower rate of interest compared to a personal loan. Other advantages include flexible tenure and minimal document requirements. However, you must always use a gold loan EMI calculator before applying for one.

How to Use a Gold Loan Calculator

• Since gold prices fluctuate, the value of your jewellery will determine the value of the loan you can get
• To get your jewellery back, you must be able to repay the principal amount as well as the interest in the form of Equated Monthly Instalments (EMIs)
• With data such as loan amount, the rate of interest and tenure, you can get an accurate idea of the EMI you will have to pay each month
• Instead of the amount, some calculators allow you to input the details of each of the gold jewellery you wish to use as collateral. You have to enter details such as the weight of the jewellery and the purity of the gold.

Why Should You Use a Gold Loan Calculator?

Here are some of the reasons why you should use a gold loan calculator before taking a loan against gold-

• It makes tedious calculations fast and free of human error
• With the calculator, you can play around with various combinations of the three (the principal, the rate of interest, and the tenure) until you find the EMI you can afford to pay without taking additional financial burden or risking defaults
• You can compare the EMI you have to pay for different lenders and choose the lender accordingly
• The gold loan EMI calculator uses the prevalent valuation of gold for the calculations
• You get an idea of the Loan to Value ratio (LTV ratio). The higher this ratio is, the more risk you are taking with your gold.
• The calculator gives you a break-up of the repayment structure of the loan
• By knowing the EMI before you take the loan, you can make necessary adjustments to your budget to accommodate the loan

Since the gold loan is a secured loan, it does not usually require income proofs or CIBIL score. However, you must be careful with the collateral otherwise, the chances of being duped are real. Do your research on the lender and check LTV ratio and EMI with the gold loan calculator. Making an informed decision helps you easily repay the loan by budgeting accordingly. So never skip the crucial step that can jeopardise your treasured gold jewellery.

Advantages of using RD interest calculator

A recurring deposit is a form of investment that enables investors to save money through monthly payments. This money reaps attractive interest and is generally more flexible in comparison to fixed deposits. If you want a safe investment that allows you to save money for rainy days, this proves very convenient. However, if you earn an interest of more than Rs. 10,000 in a year, you attract a 10% tax deduction at source.

How to Use an RD Interest Calculator

Here are the steps to use an RD Interest Calculator-

• You can calculate the amount you get on maturity, i.e. the sum of principal and interest you get at the end of the recurring deposit term
• You must input values such as deposits every month, tenure, and rate of interest to get an instantaneous result
• Recurring deposits are compounded on a quarterly basis. The rate of interest varies between 7% and 9%. The interest may be higher for senior citizens.
• The formula used for calculation is M = Rx[(1+i)^n-1]/[1-(1+i)^(-1/3)]. Here M stands for the amount you will receive on maturity. R is the instalment you pay every month and ‘n’ is the number of quarters. ‘i’ stands for the rate of interest.
• You can alter the values of the variables to come at a target maturity amount that meets your financial goals
• There is no restriction on the number of times you use the calculator
• The RD interest calculator will not show the TDS eligible for deduction

Advantages of Using an RD Interest Calculator

The multiple advantages of using an RD Interest calculator are-
• You can calculate the instalments you need to meet every month to fulfil any upcoming financial requirements
• You can calculate the time for which you need to open a recurring deposit to meet a short-term goal
• If you pay Income Tax, using an RD calculator helps you predict the changes in the amount of taxes you must pay
• You get an idea about how much you can grow your wealth with a recurring deposit
• You get to compare the recurring deposit schemes offered by various banks and can choose the one, which profits you the best

If you are saving for a financial goal such as annual education fees, a recurring deposit is a very suitable choice. Although your liquidity is limited, you get the opportunity to accumulate every month. Using the Recurring Deposit calculator, you can ensure that you meet the financial goal within the time constraint. An incredibly handy tool, you can use an RD calculator free of cost.  Since the calculation of maturity amount is the same irrespective of the bank in which you have your account, it has a universal application.

Process and benefits of using NEFT fund transfer

NEFT or National Electronic Fund Transfer is an easy and convenient process, which allows any individual or company to transfer money from a bank to another over the internet. It is relatively fast and on an average takes 1 hour for successful transfer.
Although there is no limit to the number of transactions you can do in a day, there is a maximum limit of Rs. 50,000 per transaction.

The transfers are extremely secure and take place in batches. The transfers take place in about 12 batches on a weekday between 8 am and 7 pm and around 6 to 8 batches between 8 am and 1 pm on a Saturday.

The process of NEFT Transfer

• Transactions through NEFT are only possible when both the remitting bank as well as the destination bank is a part of the NEFT network
• You must first ensure that you have net banking facility active on your bank account
• Log in and go to the relevant section of your profile that deals with NEFT transfer
• Enter the details of the beneficiary such as their name, account number, IFSC code, and address in the relevant fields
• On accepting the terms and conditions and confirming the data you just provided, a security password will be sent to your registered mobile number
• Once you enter the security password, a link between you and the beneficiary’s account gets active up to 16 hours
• Remember to select Inter Bank Transfer and NEFT as the type of fund transfer. Finally, enter the amount and confirm the transfer.
• You get intimation on the successful transaction

This process is also possible offline by filling up a NEFT form available at all banks within the NEFT network.

Benefits of NEFT Transfer

• It is a time-saving process
• It makes banking so much more efficient. No longer do you have to wait in long queues and count cash for doing a transaction.
• You can transfer a large sum over a secure network
• Since the process is paperless, there are fewer chances of fraud or theft. Moreover, it is environment-friendly.
• Money transfers can take place from the convenience of your home or office

NEFT is a system of fund transfer that has simplified banking. It has also revamped the image of banks from time-consuming to efficient. The high security of this process of fund transfer makes it all the more attractive. If you are in a hurry to make a payment or cannot go to the bank, NEFT is a blessing for you.

How to use car loan EMI calculator

A car is a commodity that modern-day lifestyle demands. Not only does it make everyday travel hassle free but also considerably safer. However, it is not always possible for a middle-class family to accumulate a lump sum that will help them afford a car of their dream. This is where a car loan plays a significant role. Nowadays getting a car loan is not a huge challenge. Many institutions offer car loans through a simple and transparent process.

However, before availing a loan you should make sure that you are able to pay the Equated Monthly Instalments (EMIs) without excessive financial burden or risking your solvency. The best way to ensure this is by checking your EMI for a combination of principals and tenure on a car loan EMI calculator.

How to Use an EMI Calculator

• It is a tool available free online and at any bank. You have to provide information such as principal amount, tenure and rate of interest.
• The principal is the total money the banks lend you. The EMI increases with the increase in principal.
• Since you will pay the EMI every month, calculation of the tenure is done in months and not in years
• The rate of interest varies from bank to bank, depending on the type of loan
• On entering the data, the calculator will instantaneously show you your EMI. You can play around with the variables until you reach an EMI you know you will be comfortable paying.
• You also get an amortisation schedule or your schedule of payments over the tenure of your car loan with an EMI calculator
• The formula the calculator uses is [P x R x (1+R)^N]/[(1+R)^N-1]. Here P stands for principal, R stands for rate of interest and N stands for tenure.

Benefits of Using an EMI Calculator

The key benefits of using an EMI calculator for car loan are as follows-

• You can make an informed decision with respect to your existing financial condition
• You can determine the amount you are taking as a loan and evaluate how long will it take to pay back without burdening your family’s expenses
• You get an opportunity to rearrange your budget to accommodate the car loan EMI before taking the loan
• You can compare car loans of different banks and choose the one that offers the best rate to suit your needs
• The results are accurate and instantaneous. This saves you time and ensures there is no human error.
• It is a free tool that you can use innumerable as many times as you need

A car loan EMI calculator is a generic tool that is widely available and can help you prepare yourself financially before buying a new car. Not predicting how a loan financially affects you can have terrible long-term consequences for you. 

It is crucial that you calculate your EMI on a calculator and compare the EMI of different institutions to make the most profitable decision. Otherwise, you may be in for unpleasant surprises, which you are not prepared for.

Types of NRI banking services available in India

An NRI or Non-Resident Indian is a person who lives abroad for a long time for job or business purposes. As an NRI, you cannot use the regular account. There are different NRI banking accounts that deal with foreign currency where you can open and maintain your account. You can also invest in shares and stocks through these accounts. The details of the various accounts used for NRI banking services in India are as follows-

Non-Resident Ordinary Rupee Account (NRO Account)

• You can deposit in denominations of Indian Rupee in this type of account. You may also open such an account jointly with a resident of India.
• The types of accounts you can hold include savings account, current account, recurring deposits, and term deposits
• This account pays a large interest. The interest is taxable and includes all surcharge and educational cess.
• You may choose to convert your existing account in a bank to an NRO account by declaring your status as an NRI and vice versa
• Nomination facility is available with this account
• The money in this account is non-repatriate. You cannot transfer the funds of this account to your NRE account or any account you hold abroad.
Non-Resident (External) Rupee Account (NRE Account)
• The account may be in the form of savings account, current account, recurring deposit or fixed deposit
• Only an NRI can open this account. No resident, even with a Power of Attorney can open this account.
• You may maintain the account jointly with another NRI but not with an Indian resident
• The deposits in this account are eligible to be freely repatriated
• The balance and interest are free from income tax and wealth tax
• You cannot deposit or withdraw Indian Rupees from this account. However, it is stored in Indian Rupees at the prevailing exchange rate.
• Transactions between other NRE accounts and accounts in banks abroad are possible through this account
• You can get loans against your fixed deposit or a security
• The account facilitates nominations
• You can convert your NRE account to a regular account on returning to India

Foreign Currency Non-Resident (Bank) Account (FCNR (B) Account)

• You can only open term deposits with a maturity between 1 year and 3 years
• You can maintain the account in a foreign currency
• Transactions in Indian Rupees are not possible through this account
• You can transfer money from this account to anywhere outside India in any foreign currency
• You may choose to receive the money in Indian Rupees at buying rate
• The deposits in this account receive tax exemption benefits
• A resident with a Power of Attorney can operate this account. You can also open the account jointly with a resident.
• Nomination facility is available

Understanding the fine differences between the three types of NRI banking accounts makes it easier for you to save money in your home country or send money to your relatives. The easy conversion of a regular account to an NRI account makes banking very convenient for millions of NRIs all over the planet. In this way, you can easily maintain your wealth in India while you are abroad.

Everything you need to know about Atal Pension Yojana

The primary aim of Atal Pension Yojana is to promote saving for retirement. It especially targets the unorganised sector that has little to no retirement fund to fall back on. Announced in 2015, Atal Pension Yojana enables the non-tax paying daily wageworkers to enjoy the security of receiving a pension. Under this scheme, the benefactors receive a pension of Rs. 1000, RS. 2000, Rs. 3000, Rs. 4000 or Rs. 5000, once they attain 60 years of age.

Atal Pension Yojana Eligibility

To be a benefactor under the Atal Pension Yojana, a person must check all the following criteria-

• Must be a citizen of India
• Age at the time of application must be between 18 years and 40 years
• Should be able to contribute to the pension fund for a minimum of 20 years
• Must have a bank account that is linked to Aadhaar
• Must possess a valid mobile number
• All previous benefactors of Swavalamban Yojana receive automatic migration to Atal Pension Yojana

How to Apply for APY Scheme

• Applications are accepted at all nationalised banks, post offices as well as through the online mode
• Banks accept applications to the APY. You must fill out the form available with the bank. You may also download and submit the form online.
• Applications are available in English, Hindi, Bengali, Gujarati, Kannada, Marathi, Oriya, Tamil, and Telugu
• Submission of a photocopy of your Aadhaar Card is mandatory
• Ensure linking your valid mobile number to your bank
• A confirmation message approves the success of your application

How Does It Work?

• You must pay a nominal monthly contribution towards your pension fund depending on the amount you want to receive each month and your age at the time of entry. Refer to the APY table to find out your monthly contribution.
• The earlier you enter the scheme, the less you need to pay per month. Monthly contributions are extremely small and vary from Rs. 42 to Rs. 1454.
• The scheme charges a penalty if you fail to pay your monthly instalment. The amount of penalty depends on your monthly contribution amount. It ranges from Re. 1 to Rs. 10.
• There is no provision for exiting the scheme unless in extreme cases of terminal illness or death. Even if the original benefactor dies before 60 years, their spouse can continue the fund and enjoy the pension benefits.
• On attaining 60 years, you can draw the pension from your bank or post office. However, you must first submit the request to draw the pension.
• In the event both the spouse and the benefactor dies, the corpus amount will pass on to a nominee.

The Atal Pension Yojana aims to assist the poor in their old age through nominal periodic contributions. It is a part of the National Pension Scheme and seeks to provide support for 88% of the workforce who have no financial support whatsoever. The Scheme empowers the several poor people and helps them take care of the health and other needs. In other words, it gives the elderly population their self-respect and security.

Things to keep in mind while applying for a car loan

Everyone dreams of purchasing a car of his/her own at some point in life. Owning a car gives you a sense of satisfaction and confidence. Moreover, it makes your life comfortable. You can commute to work in your own vehicle and need not depend on public transport. You can also travel to distant locations and enjoy a peaceful, leisurely weekend, and so much more.

Earlier, purchasing a car was difficult, since one had to spend a lump sum amount. Today, buying a car is much easier. Commercial banks and Non-Banking Financial Companies (NBFCs) offer an auto loan with EMI options, which do not strain your budget.

If you are keen on purchasing a car and wish to take a loan, here are five things you need to keep in mind-

• Interest rate
Depending on the car model, loan tenure, and your monthly income, the rate of interest on car loan varies between 8.5% and 14% per annum.

• Loan EMI
The car loan EMI depends on two factors- loan tenure and loan amount. Before you take a car loan, you must consider your current income status, any existing EMIs on previous loans etc. Ideally, the car loan EMI should not exceed 40% of your monthly income.

• Processing fee
This is a non-refundable fee that the lender charges to cover the incurring cost while evaluating the loan application. The fee amount can range between Rs.1000 to  Rs.10,000.

• Pre-payment charges
It is wise to pay the loan amount in advance since the value of the car depreciates over time. However, loans with a fixed rate of interest have high pre-payment charges that can go up to 5% of the outstanding loan amount. Some lenders have restrictions on the total amount and number of pre-payments allowed in a year or during the loan tenure.

• Loan amount
The lender determines the loan amount. It is advisable that you pay the maximum amount out of your pocket on the car as down payment. That will reduce the loan amount.

• Loan tenure
Most auto loan lenders offer loans for a period of 7 years. The longer the tenure, higher will be the rate of interest. One should try to repay the loan as early as possible since cars are depreciating assets. However, if you choose to go for a shorter tenure, you will have to pay higher EMIs.

• Credit score
A credit score is a major factor when it comes to the approval of your car loan. Usually, a credit score of 750 and above is desirable if you are planning to apply for a car loan. Many lenders use credit score to determine the rate of interest.

• Documents required
Before taking a loan for your car, make sure you have these documents in hand-
 Proof of Identity such as PAN Card, Driving license, Passport etc
 Proof of Address such as Voter ID, Passport etc
 Age proof
 Photographs
 Documents of your newly purchased car
 Income proof such as 6 months’ bank salary account statement or 3 months’ salary slip

Once you are familiar with the various parameters of a car loan, applying for the same seems convenient. To get the best deal on car loans, compare various offers from different lenders. You can also apply for a car loan online since it is timesaving and hassle-free.

8 things to know about Sukanya Samriddhi account scheme

The Sukanya Samriddhi Yojana is a small-deposit scheme, introduced by the Govt. of India under the ‘Beti Padhao, Beti Bachao’ campaign. The scheme aims to educate girl children and secure their futures. If you are concerned with the future of your child, then Sukanya Samriddhi Yojana account scheme is what you need to ensure her financial security.

Before you open your account with the Sukanya Samriddhi Yojana scheme, here are eight things you should know about-

• Opening an account
The parent/guardian of the girl child can open the account on her behalf at the post office or an authorized commercial bank. One girl child can have only one account in her name. If you have two daughters, you can open two different accounts, one for each child. In the case of triplets, this facility is extended to the third daughter.

• Age
You can open an account for your daughter during the time of her birth. The maximum age limit for opening the Sukanya Samriddhi Yojana account is 10 years.

• Rate of interest
Every year, the Government revises the rate of interest for Sukanya Samriddhi Yojana account for the current financial year. This interest is compounded annually, which means it will also be credited on a yearly basis. Currently, the revised interest rate is 8.6%.

• Deposits
Earlier, a mandatory deposit of Rs.1000 was required for opening and maintaining the account. Now, the minimum deposit amount is Rs.250. A maximum amount of Rs.1.5 Lakhs can be deposited in a financial year. You will have to deposit a certain amount (preferably in the multiples of Rs.100) every year, starting from the year you open your account. The deposits can be made to this account for the next 14 years. Ideally, you should make the deposit before the fifth of every month in order to get the highest interest rate.

• Penalty
If the minimum deposit criteria for a financial year are not met, a penalty of Rs.50 will be levied on an annual basis. If the account holder fails to pay the penalty amount, the amount deposited will receive an interest rate of 4% only.

• Maturity
The account will reach maturity when the girl child completes 21 years, or when she gets married, whichever is earlier. When your account reaches its maturity age, you will receive all your money along with the accrued interest.


• Withdrawal of money
50% of the deposited amount can be withdrawn once the girl child turns 18 years old. The amount withdrawn can be utilized to fund the child’s higher studies. The remaining amount can be withdrawn when she turns 21. The money withdrawn can be used to meet her marriage expenses. Once the girl completes 21 years of age, the account must be closed.

• Tax benefits
If you are an account holder with the Sukanya Samriddhi Yojana scheme, you are eligible for tax exemptions under Section 80C of the Income Tax Act. You can avail of these exemptions on interest and during the time of withdrawal.

The Govt-aided Sukanya Samriddhi Yojana scheme is a boon to many parents, especially low-income people, who cannot afford to provide their children with basic education. Apart from education, the scheme also helps regulate child marriage and encourages girls to move ahead towards a prosperous life.

Features and benefits of taking a loan against LIC policy

Life Insurance Corporation (LIC) is the largest public sector company in India offering life covers to people who are looking for insurance. Founded in 1956 and headquartered in Mumbai, LIC has more than 2000 branches and lakhs of agents across the country. In addition to insurance policies, the company also provides loans against LIC policy. Currently, a loan against an LIC policy is one of the simplest and easiest loans to avail in the finance market.

Key Features

Here are some of the key features of a loan against LIC policy-

• This loan can only be availed by LIC endowment policyholders
• The given loan amount is an advance on the surrender value
• The interest loan on the loan varies between 9-11%
• The loan amount, which you can borrow, depends on the LIC policy’s surrender value
• The LIC holds the insurance policy as collateral. In case the applicant/borrower fails to repay his/her loan, the company can withhold the insurance policy
• The company has the right to terminate the insurance policy in case the loan amount exceeds the surrender value
• In case the LIC policy matures before full repayment of the loan, the company can deduct the required amount before passing over the proceeds of the policy to the policyholder
• If the applicant fails to pay the interest before its due date, the interest amount will automatically be added to the principal. Accordingly, the new interest will be calculated.

Benefits of Taking Loan against LIC Policy

Here is a look at some of the benefits of taking a loan against LIC policy-

• The interest rate is relatively low on loan against LIC policy. Usually, the company charges a rate varying between 9-11% on the loan in comparison to banks those charge interest rate ranging from 16-24%.
• LIC does not check the applicant’s credit score before issuing the loan. Therefore, a loan against LIC policy is beneficial and convenient for those who have a low credit rating.
• Unlike banks, LIC does not charge any amount on loan pre-payment of loans or as processing fees.
• If the applicant is able to repay the existing loan against a LIC policy successfully, the company allows him/her to apply for loans in the future
• LIC allows financial flexibility. The applicant can pay the interest on the loan amount semi-annually.
• Since the policyholder is technically borrowing his own money, the process of loan disbursal is faster
• The applicant can apply for a loan against LIC policy online, which makes it more of a convenient option for you

The Life Insurance Corporation of India is one of the most reputable companies in the finance market. If you are considering taking a loan, you can certainly apply for the same with LIC. However, keep in mind that not all LIC plans offer loan against the insurance policy. Therefore, you need to look at the policy carefully before applying for one.

How to claim your home insurance online

Investing in a property ensures financial security in the years to come. Therefore, having a comprehensive home insurance policy to protect your property is of utmost importance. While purchasing an insurance policy for your home, you must be aware of the inclusions and exclusions in order to initiate a smooth and hassle-free claim process. The claim process includes a few steps, following which you can register your claim with the insurer.

This is how you can file a claim for your home insurance online-

• Contact your insurance provider
In case of an accident or any damage, the first thing you need to do is contact your insurer and inform him of the same. You can get in touch with him over phone or email.

• Lodge an FIR
The next step is to lodge a complaint at the nearby police station. In the event of an accident or a burglary, you will need to inform the policy before filing your home insurance claim.

• Get evidence of the damages
You should take pictures of the damages sustained by the property, if possible. This helps speed up the claim process.

• Get the damage evaluated
In case of an accident, you should immediately have the damage evaluated by an authorized representative of the insurance company.

• Submit all supporting documents
In order to proceed with the claim process, your insurer will ask you to submit essential documents that are necessary to support the claim, based on the nature and extent of the damage. Therefore, it is advisable that you keep your policy documents handy.

Once you register your home insurance online and follow the above steps, the insurer will verify the claim. You will be provided with a suitable reimbursement once the claim is validated.

Documents required at the time of raising a claim-

You will need to submit the following documents in order to support your home insurance claim process-

• A duly signed claim form
• Evidence of the event- the extent of damage and nature of loss
• A copy of the FIR
• Repair bills and receipts
• Invoices of belongings owned by you
• Policy details- address and identity proof, policy number etc.
• KYC form attached with a photocopy of any of the KYC documents such as Aadhar card, Voter ID, Passport etc. for all claims that amount to Rs.1 Lakh and above
• NEFT details along with a cancelled cheque

If you want your home insurance claim to settle favourably, you must be careful while registering the claim online. Make sure that the details entered by you are correct and authentic.

The online procedure is much more convenient and quicker so you need not wait long for the claim to be settled. In case you face any difficulty, you can call on the helpline number and seek assistance from the customer care executives.

Everything you need to know about IMPS fund transfer

Due to its swift service, Immediate Payment Service or IMPS has become one of the most convenient modes of money transfer in India. It allows you to send money with just a click, whenever and wherever you want. Read on to know more about IMPS fund transfer.

What is IMPS fund transfer?

IMPS is an electronic method of transferring money immediately to the beneficiary or payee account. An IMPS transfer can be done anytime and anywhere, including on Sundays or on bank holidays through various mediums such as ATMs, SMS, internet banking, mobile banking etc.

Registration for IMPS fund transfer

In order to start transferring money through IMPS, you will have to register yourself in the following manner:

• You must register for the mobile banking service of the respective bank
• You will be required to have the Mobile Money Identifier (MMID) and Mobile Banking Personal Identification (MPIN) from your chosen bank. The beneficiary should also have this.
• You can download the application for mobile banking from the respective bank, or you can also utilize the SMS facility if the bank has an SMS IMPS facility.

IMPS fund transfer through net banking

If you want to transfer money through net banking, you will have to register the person you want to send the money to, by providing his/her IFSC code, bank account number and the bank name. Different banks have different transaction charges, and it mainly depends on the amount of money you will be sending. The rates start from Rupee 1 to Rs.7, but most of the banks generally do not charge more than Rs.5 for each transaction.

IMPS fund transfer on your phone

In case you want to carry out an IMPS fund transfer on your phone, then firstly, you will have to log in to your bank’s application. Keep the valid mobile number of your beneficiary and MMID ready and select the IMPS option. You will have to provide the beneficiary’s mobile number, MMID, amount of money, along with your MPIN for transferring the funds. After you are done with all this, you will get a text message notifying you of the money being debited from your bank account. Remember to keep the transaction reference number for future references.

How can you receive money through IMPS on your mobile phone?

In order to get money through IMPS on your mobile phone, you will have to provide your mobile number and MMID to the payee. Once the payee has transferred the money, you will get a text message on your phone informing you about the amount credited in your bank account. Make sure that you keep the transaction reference number for future purposes.

IMPS fund transfer is one of the safest and secure ways for transferring money. Apart from its convenient and easy nature, it makes sure that you get your money as soon as possible.

How can you open an NPS account online?

After you retire, it is important that you have a stable financial condition so that you get to live your sunset years amongst peace and harmony. The National Pension Scheme is a scheme, which was launched by the government of India, with the motive of expanding the retirement fund to all the people, who apply for this scheme. It is managed and regulated by the Pension Fund Regulatory and Development Authority (PRFDA).

Types of NPS account

Generally, there are two types of NPS accounts:

1. Tier-I account- The tier-I account is a non-withdrawal permanent retirement account. However, according to the new rules and regulations, account holders can make premature withdrawals after they complete 15 years in the service.

2. Tier-II account- The tier-II account grants you permission to make unlimited withdrawals and functions as a savings account. The only catch is that withdrawing money from this kind of an account is comparatively more cumbersome than withdrawing money from a savings account.

How can you open an NPS account online?

There are two ways, through which you can open an NPS account online and they are:

1. Registration through PAN card

• Your KYC or Know Your Customer will be handled by the bank, and because of that, your savings account must be in an NSDL empanelled bank.
• The details that you provide in your form should completely match the details that are already with your bank. If your details do not match, then the bank has every right to reject your registration application and then you would have to contact the bank personally.
• Make sure that all the compulsory areas are duly filled
• Upload your signature and scanned picture
• In order to make the initial monetary contribution, you will have to do it through Internet Banking

2. Registration through AADHAR card

• Your valid AADHAR card should be linked to your valid mobile number
• You will receive an OTP on your registered mobile number. Once you provide the OTP number, your KYC will be done and authenticated.
• Once your KYC is done, your picture and all your relevant information will be extracted from the AADHAR database and used for your NPS online form
• You will have to fill out the remaining compulsory fields online
• You will have to upload your signature in a jpeg or jpg format, for registration purposes. Remember that the file size should be between 4 kb to 12 kb.
• You can make your initial contribution to your online NPS account through debit card or credit card

Opening an NPS account is one of the best things you can do for yourself keeping in mind the years to come. Retirement does not have to signify financial trouble and that is why the National Pension Scheme has become an imperative option for many.

A complete summary on loan against property

Loan against property is one of the simplest components of banking. Taking a loan against property means, you can avail a loan by holding your property as security. Banks generally offer this loan against your property, which can be a residential apartment, a commercial building or even a piece of land. You will only be able to avail this loan by mortgaging your property, and your loan amount will depend on the type of the property you will be mortgaging.

Best situations for applying for a loan against property

The ideal circumstances when you can apply for a loan against property are the following:

• Sponsoring wedding expenses of family members
• Sponsoring your vacation plans
• Funds for your children’s higher education
• Expansion of business plans and operations
• Payment of hospital expenses and bills

Eligibility criteria for applying for a property loan

In order to apply for a property loan, you will have to fulfil the eligibility criteria. However, the eligibility criteria are different for different people and their designations and are as follows:

1. Professional
• The applicant cannot be aged more than 65 years
• The applicant can be involved in any field i.e. engineer, doctor, lawyer, chartered accountant, architect etc.

2. Salaried employee
• The applicant must be at least 25 years old to avail this type of loan
• The applicant should be a permanent employee of a reputed company or the government

3. Self-employed individuals
• The applicant must be a part of the same business for at least 3 years to 5 years
• The applicant must be regular when it comes to filing income tax returns

Eligibility of property- The concerned property should not have any illegal aspect to it and must be free from any legal problems and complications. Your property must also have clear and legal titles registered in your name.

Benefits of a loan against property

The advantages of property loans are numerous. They are as follows:

• Since property loans have high tenures, you can pay them off in the form of EMIs and the repayment period ranges from 10-15 years
• Property loans charge reasonably low-interest rates i.e. 12% to 15% compared to personal loans, which charge around 15% to 25%
• As property loans are secured loans, they are comparatively easier to get than other types of loans
• Property loans charge very little to no prepayment charges

Documents required for a loan against property

You will have to submit the following documents if you are applying for a property loan:

• Identity proof validated by the government
• Self-employed people must furnish their financial statement of the last 3 years
• Accurate proof of your residence
• Salaried employees will have to furnish their salary slips of the last 6 months
• Copy of the recent bank statement
• Self-employed people will have to provide proof of the existence of their business profile
• A duly filled application form with a recent photograph of the applicant
• Processing fee cheque
• Copy of income tax returns
• Copy of details of all your current loans
• Self-employed people will have to provide proof of their educational qualification
• Every property related documents you have, including the approved building plan, needs to be submitted

Before you choose to go for a property loan, make sure that you have all the important information regarding it. This will help you make an informed decision; otherwise, you might end up failing to repay your debts.

How to apply for a loan on credit card

Taking a loan against your credit card is a kind of a personal loan and you can easily apply for one. Loan against a credit card is one of the most convenient and easiest ways of taking a loan, as you do not need any form of documentation to get it approved. However, the only difference between taking a loan against credit card and a personal loan is that a personal loan takes a few days to be approved, whereas a loan against credit card is pre-approved. Apart from this, there are a few things, which you should know about, before applying for a loan on credit card.

Eligibility for applying for loan against credit card
Before you decide to purchase a loan against credit card, make sure that you know about the eligibility. The eligibility for applying for a loan against a credit card is:

• It is mandatory to have a credit card account to get your loan approved
• It is a better option to be high-level income employee, as this can help you transfer your credit card from silver to gold very easily. This transition can improve and highly increase your loan eligibility
• Banks generally offer loans against credit cards for new as well as existing customers. However, sometimes, different banks have different rules so it is better to talk to your bank before finalizing your decision.
• You must have an impressive credit score, as your credit score will determine your chances of getting your loan approved. As long as you have a high credit standing and a good record of credit repayment, you will get your loan as you wished.

Necessary documents needed for a loan against credit card

You do not really need documentation if you are applying for a loan against your credit card, because you will already be submitting your documents when you apply for a credit card. Without a valid credit card, you can never apply for a loan against it. Generally, you will have to submit the following documents to the bank when you apply for a credit card:

• Identity proof such as PAN card, AADHAR card, Voter ID card, Passport, driving license etc. (any one of these)
• Salary slips of the previous 3 months for salaried employees
• People, who are self-employed need to submit their PAN card and an attested copy of their Income Tax Return (ITR)
• Address proof copies such telephone bill, electricity bill, passport, driving license etc. (any one of these)
• Recent passport size photographs
• A copy of your office ID card, if you are a salaried employee

How can I apply for a loan against my credit card?

If you are interested in applying for a loan against a credit card, then do not worry because the process is very simple. As long as you have a valid credit card of your own, you can apply for it anytime you want. You will simply have to visit your bank branch and let the bank employees know about your intention of taking a loan and then they will do the rest. You can also call on their customer care number and get it done through phone banking.

Taking a loan on credit card does not just help you with your finances; it can also provide you with many financial benefits. So consider applying for the same today!

4 things to consider before applying for a new business loan

Starting your own business is a matter of pride and accomplishment. Initiating something from the ground up and building it into something big takes a lot of effort, time and hard work. Adding to that, being your own boss also is one of the best parts! However, in order to start your own business, you will need a lot of capital and that is where a business loan comes in to play. A business loan will give you that much-needed financial kick-start and will help propel you in the exciting world of entrepreneurship. Nevertheless, you must keep a few pointers in mind before applying for a business loan and they are-

• Business plan- You will have to come up with a business plan because your lenders will want to know, whether you are running a reliable and trustworthy business or not. They will also study and judge you on your skills and knowledge, and whether you will be able to take your business in the right direction or not. That is why it is important to create a business plan, which includes everything such as competitors, goals, market analysis, past and projected expenses and revenues and how you intend to turn your company into a massively profitable one. Show your lender that you are the best person to whom they can give their money. Your business plan is the first thing they will go through, so make sure that you make it worth their time.

• Compile financial statements- A company can only be a successful one if it makes a substantial amount of profits. When you choose to apply for business loan, your lender will also focus on your potential profits because without that, you will not be able to pay them back. Create a financial plan and include your balance statements for the past 3-5 years, cash flow statements, estimates for the next 3-5 years and income statements. Additionally, also take into consideration how you will utilize your lender’s money and the seasonal changes in the business.


• Mention the amount and purpose of your loan- Once you have convinced your lender and shown him your financial statements and business plans, inform him about how you are planning to utilize his business loan and how much you will need to fulfil your goals. Be very transparent when it comes to your needs and intentions. Let them know what kind of marketing equipment you will need, your marketing strategy, what you will purchase with the loan and other relevant things. Do a lot of research when it comes to the things you will need and show it to your lender so that he takes you seriously.

• Take into consideration what the loan will cost you- Remember to compare a few lenders before saying yes to one. It is going to be you, who have to repay the loan, so apply for business loan, which will give you a very good offer such as proper interest rates, estimates, and a handsome loan offer. Remember to add up all your payments and double-check whether you will be able to fulfil the loan or not. Lastly, go through all the terms and conditions before signing on the dotted line.

A business loan is a necessary tool for starting your own business; without one, it can be quite difficult to start. Make sure that you have all the important information at hand before coming to a final decision; otherwise, you might end up repenting and suffering losses.

4 benefits of international travel insurance

Going on an international trip or vacation is something we all have on our bucket list. Additionally, a vacation can go a long way in making you feel relaxed and expose you to many new things in this world. However, emergencies do not announce themselves before showing up. Therefore, when you are travelling, you might come across some problems or obstacles, which may threaten to ruin your trip. In order to avoid a situation like that, you can purchase an international travel insurance that will safeguard you against potential problems you might face. Read on to know about the benefits of international travel insurance-

• Baggage insurance- International travel insurance will ensure that you do not have to face any trouble during the entire trip. Simple problems such as loss or misplacement of baggage and arrival delay will also be included in your insurance coverage. For instance, in case of theft or loss of baggage, you will have to buy a couple of things and pay for them from your own pocket. However, if you have an international travel insurance plan you can ask for a repayment or reimbursement from your insurance provider.

• Medical coverage- Your international travel insurance plan can also provide you with medical coverage, in case you run into any emergencies while travelling abroad. It will pay for your hospitalization expenses and as far as the doctor’s fees are concerned, you can ask for a reimbursement from your insurance provider. However, have a very clear idea about all the inclusions and exclusions before making a claim; otherwise, your claims might end up being rejected.


• Trip interruption or cancellation- Flight cancellations and flight delays are something that is entirely out of your control. If your chosen airline decides to cancel your flight unexpectedly, there is very little you can do about it. However, what you can do is use your international travel insurance plan to ask for a reimbursement of your flight tickets. Flight cancellations can cause a huge dent in your pocket, but if you have international travel insurance, you will have nothing to worry about.

• Comprehensiveness- An international travel insurance plan is very comprehensive in nature and covers numerous things under the domain of international travel. Baggage loss, stolen passport or other travel documents, flight delays, flight cancellations, emergency evacuation based on medical grounds etc. are just some of the things an international travel insurance plan would normally cover. That is why a majority of travellers considers an insurance plan of this nature.

Travelling is supposed to be peaceful and rejuvenating and running into trouble should be the last thing on your mind. People travel because they want to deviate themselves from all the daily chaos and problems of their lives. Since emergencies are something you cannot always control, having an international travel insurance plan is the best thing you can do for yourself and your family when travelling.

5 reasons why your health insurance claim is being rejected

In case you have a health insurance plan, you can rest easy as your policy will be paying all your medical bills and expenses. Having a health insurance policy is considered an incredibly important part of health care. However, if your insurance claim is rejected, it might come as a shock to you and your finances may take a direct hit because of that. In order to avoid such a situation, it is imperative that you know and understand why your health insurance claim might be rejected-

• Delay in filing claims- Every health insurance provider has a specific time period within which you will have to make your insurance claim. In case of emergency hospitalization, you will have to inform your insurer about it within 24 hours, if you wish to avail your policy benefits. However, in case of planned hospitalization, you will have to notify your insurer days or weeks in advance. If you fail to do so, your health insurance claim will be rejected.

• Your policy has expired- If you forget to renew your policy when the time comes, you will not be able to avail its benefits. It is only when you renew it on a routine basis and pay your premiums on time that you will be able to file an insurance claim and get your money.


• Your ailment is not included in your policy- Every health insurance plan has its own set of inclusions and exclusions so make sure that you go through the lists thoroughly before you sign on the dotted line. If the disease or ailment, for which you have been hospitalized, is not included in your health insurance plan, then your claim will be rejected. Some of the conditions, which a health insurance plan does not cover in general, are a suicidal attempt, drug use, alcohol abuse, self-harm wounds or injuries, injuries caused due to radioactive substances etc.

• Incorrect information- When you purchase a health insurance plan, it is mandatory to fill out a proposal form and submit it along with your premium. It is important to fill out your form with accurate information, as your insurer will provide you with the policy based on what you have written in your form. If you choose to provide incorrect and vague information, your insurance provider has every right to reject it, if they deem fit.


• Failure to submit all necessary medical documents- When you file for a health insurance claim, your insurance provider might ask you to provide medical records, in case your claim needs extra documentation to determine its authenticity. Some of the medical documents or records that your insurance provider might ask for are patient’s physical reports, patient’s discharge summaries, operative reports, radiology reports, physician consultation reports, and patient’s medical history. If you fail to submit what your insurer asks of you, your claim might be rejected.

Claim rejection can cause you a lot of stress and unnecessary hassles, which is something you would naturally not want to experience. Therefore, before you finalize your health insurance plan, read it thoroughly to avoid any problems in the future.

Steps to open a current bank account

Having a bank account has become nothing short of a necessity these days. With India gradually marching towards the ‘digital’ and cashless era, bank accounts have become a staple in every household. Moreover, in many homes, there is not just one bank account but also multiple. The presence of bank accounts help you save money and makes sure that your money is in a safe place; having a ton of cash in your drawer is not really a safe thing to do. However, before you open a bank account you will need to understand how to do so. Read on to understand the process of opening a current account.

1. Determine what kind of an account you will need- Before you open current account, you will have to decide what kind of an account you want to open. If you are looking to keep money in your account to pay your bills in the short-term or pay for your daily requirements daily, then go for a cheque account. However, if you are planning to save money but want it to be accessible to you at all times, then go for a savings account.

2. Seek a current account with services that you will need- Keep into consideration how you will deposit money and withdraw it. There are several options for doing this and they are-


• Debit card, which you can use for buying whatever you need from any store
• Direct debit, through which all your bills will be paid automatically every month i.e. the money will be automatically deducted from your bank account
• Bank branch, where you can deposit and withdraw your money from using an ATM
• Checks through which you can pay your bills and give money to someone when needed
• Telephone or internet banking can be done for different and various kinds of  financial transactions
• Direct deposit, is when your employer deposits your salary or pay directly into your account

3. Explore all your options in the current market- Prior to zeroing on a specific bank, make sure that you check out all the options and then go for the one with the lowest service charge and interest rates.

4. Choose a convenient bank- Make sure that you always select a bank, which has multiple branches and ATMs near you. If you go for a bank that has only one or two ATMs near you, then it will spell a lot of inconvenience for you in case of emergencies.


5. Open your bank account- When you finally go to your preferred bank to open current account, you will have to provide personal information such as name, address, identity proof (Voter card, PAN card, AADHAR card, Passport etc.), date of birth, job designation, social security number, and your personal contact number. Only after you provide all these important documents, you will be able to open a current bank account.

Earlier, having a current account was considered a luxury but with problems growing in our country and society in general, it has become very important to safeguard your money as much as possible. After all, being extra cautious is not going to harm you.