What is mobile banking? What are its features

The act of making financial transactions on a mobile device like mobile phones, tablet, etc When you undertake any kind any transaction like paying your bill or transfer rent to the house owner by using bank to bank money transfer app, it is mobile banking. The biggest advantage of such banking is that you can operate it from anywhere and there is no fixed duration of time, it can be done 24x7. Here we are listing down five important features of mobile banking that you must know:

1. Ease of access

As we have seen in the introduction that mobile banking is easily accessible. You don’t need to visit the bank to carry out the financial activities. All you need is a high-speed internet and a smartphone. A person with a basic knowledge of a smartphone can operate the interface and transfer funds with few taps.

2. See balance without updating passbook

You are no longer required to visit the bank and wait to print your passbook to see the remaining balance in your account. With the online money transfer app, you can go to the website straight away and view the balance in your account. In fact, you can see the whole transaction history on your phone. This way, you save a lot of paper and time.

3. Secure banking

You need to make a login id for secure access to the mobile banking app. Secure login is one of the prime advantages of an online money transfer app because it provides security and keeps your confidential data secure. You have to create a unique user-id and password to access your account. You are provided with a safe gateway to log in securely and any mistake while entering the password will lock your account. These are the safety features of mobile banking which makes it a popular platform. 

4. Round the clock availability

The banks have fixed timings under which they operate. They are closed on weekends and public holidays. You cannot do any financial transactions early in the morning or late in the evening and worst is standing in long queues to wait for your turn. These are the things of the past after the introduction of mobile banking because you can undertake all activities 24x7. You have to no longer stand in the queue or wait for the bank to start its operations.

5.  Stay updated

The online money transfer app keeps you updated by delivering promotional notifications and alerts. It notifies you when transactions are completed or denied. These notifications help you in monitoring your financial history and give you immediate alert after each transaction.

Business loan EMI calculator: 5 myths and facts explained

There are several options to repay a business loan. The simplest one is payment is through EMIs. In this method, the amount of credit is divided into fixed equal sums which you can pay every month until repayment of the loan.

The business loan EMI calculator helps in the evaluation of monthly payment on the business loan. The calculator pre-determines the amount that you need to pay after availing a business loan from any financial institution. It facilitates in planning your future resources. Here share four facts associated with the business EMI calculator:

1. Determining business loans EMI

These ate the factors which affect loan EMI:

●        Amount: For the amount that you borrow from financial institutions, the rate of interest is directly proportional to the rate. More the amount, higher the EMI

●        The rate of Interest: The rate of interest is directly proportional to the EMI. Higher rates will result in more EMIs and vice versa.

●        Loan tenure: Loan tenure is inversely proportional to EMI, which means longer loan tenure resulting in low EMIs and vice-versa. In India, the longest tenure for business loans is five years. 

2. Schedule of EMI for Business Loan

It is imperative to understand the amortization table before taking up any bank loans for business. The process of repayment is not that simple, what it appears to be. You might assume that the amount is divided into EMIs, so you are paying an equal amount each month. But this is not how it works. The interest payment and principal payment are not the same every month. Initially, the interest component is high, and the principal component is low. That is why when you check the amount due, the principal amount remains high in the first couple of years.

3. The formula for EMI calculator

To calculate the EMI on business loans, you require the following inputs:

●        Amount of loan

●        Rate of interest

●        Time for repayment

            The most commonly used mathematical formula is:

                        P*R* (1+R)^N/([(1+R)^N]-1)

                        Where,

P is the loan amount

R is the rate of interest

N is the time for repayment

4. The Advantages

Following are the advantages of a Business loan calculator:

●        Saves time: You need to enter basic detain, and the calculator will save you from complex calculations.

●        Accuracy in results: If you have entered correct data, the result will be precise.

●        Helps in planning finances for future

6 Important Tips Before Travelling Abroad

At a certain point of life, we save money to ensure that we take that vacation outside India. That experience is something most of us cherish until the end of our lives. However, there are some things you need to consider before travelling abroad. We list six tips you should consider before travelling abroad and how travel guide apps can help with that:

1. Registration and Documents

 Register with your embassy and Share your tour plan with them. They can contact you in case of emergency do need full. You should also leave one copy of the passport at home; they will come in handy in case you lose your original passport. You can also make an electronic copy and save it in your mailbox. There are several apps for travel which allows you to store a digital copy of the passport. It will help you to prove your citizenship in case of emergency.

2. Vital Gadgets

Keep chargers and adapters of every gadget that you are taking abroad. Ensure that you are aware of the various plug points available in the country you plan on visiting. Also, ensure that you have international roaming so you can make uninterrupted calls. Or use the hotel WiFi to make calls on social media apps such as WhatsApp or Skype

3. Monetary Conversion and Credit Cards

Study the money conversion rates and make sure that you compare your currency to the place you are visiting. Then plan your budget accordingly. Check if your credit card is acceptable at the place you visit. Always carry local currency of the place you are visiting because everybody will not accept credit card for payment.

4. Research on Location

Check the weather conditions of the place you are visiting and pack your clothes accordingly. Also, do some basic research on sites you are visiting and make a rough budget of your spending. You can take help of various travel guide apps to plan your trip.

5. Accessible Luggage

You will find an extra layer of security at international airports. You should know what to carry on board your flight and pack your luggage accordingly. Light baggage will make your trip hassle-free. You can also refer to travel guide apps for details.  

6. Health and Medication

Before your foreign journey, make sure that you have consulted your doctor and taken vaccinations, if required. It is advisable to go through a complete body check-up. Furthermore, if you are on a specific medication, ensure that you have enough on you, as getting medicines abroad may require a prescription from a local doctor. Also carry antibiotics and digestion pills. 

Four ways to use online payment apps securely

Online payment apps are gaining a lot of popularity across the country. With the availability of high-speed internet and affordable smartphone, the consumers for such applications are increasing day-by-day. It is imperative to use such apps very wisely because some hackers and cybercriminals can steal your confidential data. Here we give you four tips before you send money online instantly:

1. Say no to a public network

The hackers keep waiting for such to steal your private data online. There is a lot of cybercriminal activities happening in the country. When you operate your payment gateway in public network, it gives an opportunity for hackers to enter your system and manipulate the data

2. Switch-on the firewalls and run antivirus

It is imperative for you to have an excellent operating system with firewall operating at every moment. You should also switch to genuine antivirus software to defend the system from harmful viruses, malware and spyware. You should scan your system occasionally even if the antivirus is unable to detect any problem while running in the background. Keep updating the online money transfer app regularly as the developers consistently fix bugs and patches.  

  

3. Update your phone immediately when prompted

The operating system of your phone will ask for occasional updates. You will not feel any change in the interface, but the update is there for a reason. The developers try to develop a security mechanism for the phone and fight a constant struggle with the cyber-criminals. When hackers enter into the system, developers make a new arrangement.

4. Never keep a password for too long

Keep your password very secure. They are the key for the safe under which your wealth exists. Do change the password occasionally to eradicate any chance for hackers to enter your phone. Never write down your passwords for internet banking and other mobile money transfer app.