How to Do A Smooth Money Transfer to India?

People living abroad might need to send money to their loved ones back home during any time of the year. It can be very helpful to have a mediator who can safely transfer your money to the bank account of your family member in India. Thanks to technological advancements, there are various ways today to transfer money in electronic form. This is a quick and safe way to do a transaction to such a long distance. There are various money transferring options that are provided by some of the top banks and money transferring agencies in India. Let’s get to know a little more about making a smooth money transfer to India.

- Several banks in India including Union Bank of India, Federal Bank, Bank of Baroda, ICICI Bank, HDFC Bank and more that are qualified by the National Electronic Funds Transfer (NEFT) network, allow you to transfer any amount up to $900 to any place in India without charging any transfer fee. Such offers make the transferring process feasible and convenient.
- The best part about sending money to India online is the speed at which it reaches the receiver. Within minutes you can transfer up to Rs. 200,000 through your debit or credit card to selected banks in India. You can also instantly transfer money to financial service companies, and your parents or friends can come and collect the amount from various centres all over the country.
- There are so many applications that have been developed now that help you transfer money to India at the comfort of your office or while you are on the go. These apps can be downloaded on your iPhone, iPad or Android phones.
- The easy mode of payment and a simple process makes online transfer so easy for people living miles away from their dear ones. You can choose to send the money through your online banking, debit or credit card, as per your convenience. Just by following a few simple steps and a few clicks you can send a chunk of money to your family who is in India. Isn’t that amazing! All you got to do is register yourself, select your mode of transfer and add the details of your receiver and the amount you want to transfer.

There are several other benefits associated to money transfer in India offered by various top Indian banks as well as money transfer mediators. So, choose the mode that fits your requirements and transfer money to India without any hassle.

Insurance: The 4 type of insurances that every individual must have

In reality, life will throw you plenty of things. But while we may not be capable of preparing for all these surprises, we can prepare for most of them, at least financially. This is where the insurance comes into place.

This insurance provides some measure of protection financially, should such an event occur. There are numerous insurance options available, several of which, financial experts tells us to have them in place. Here are the four types of insurance every individual must have.

Life insurance: This is the one type of insurance that will benefit your family the best. This is extremely vital especially if you have a family that depends on your earnings. When opting for a life insurance, it should cover at most ten times your yearly income, as it would not only provide sufficient funds to cover existing expenses, funeral expenses and provide your family with the financial cushion it requires. It should also include other payments such as living expenses, loans, credit cards and taxes. It can also include child care and future college costs. This financial cushion will help your family members to stay stable until an alternate solution has been found.

Health insurance: Studies show that statistically, your family is just one serious illness away from bankruptcy. A large number of all personal bankruptcies are caused by health problems, with most of the individuals claiming medical insurance at the start of their illness. By these numbers alone, you should be convinced to obtain health insurance or increase your current coverage. However, the key to finding adequate coverage is to shop around. While businesses do offer this incentive as a part of their business, smaller businesses may or may not offer this benefit. It is also difficult to get this insurance, especially if you have pre – existing condition. Nevertheless, even if you have minimum coverage, it can provide some monetary benefit for your hospital stay.

Long-Term Disability Coverage: This is one insurance that not many individuals would opt for, as not many assume that they will become disabled at some point in their life. However, statistics does indicate that workers who enter the workforce have a higher chance of becoming disabled at some point in their life, even before they reach the age of retirement. In other words, individuals who have become disabled on their job, are still during their working years. The cost of disability insurance is based on several factors which include age, lifestyle and health. At least with this insurance, there will be a guarantee that you will have some income when you can’t work.

Auto Insurance: Auto insurance, also identified as vehicle insurance is one mandatory insurance that every car owner in India must have. With automobile accidents becoming one of the leading causes of death in India, it comes as no surprise why this choice amongst the different types of insurance is mandatory. Additionally, in an automobile accident, you will not only damage your vehicle, which is an asset itself but also have a high risk of harming other individuals. 

Different Kinds of Educational Loans

It is crucial to plan your child’s educational graph well as there are so many options and so many different fields that the next generation will be able to explore. However, today, there is a range of educational courses that cost a bomb. The best way to go about it is to weight all your options first, narrow it down to the particular course that you want to take up and apply for the most suitable educational loan. This is a type of loan that must be repaid with a certain amount of interest. Let’s take a look at the different kinds of loans that are offered by various banks.

- Undergraduate Student Loans: If you are an undergraduate and you want to apply for a graduation course this is the kind of loan that you are eligible for. Some banks have preferential rates for some of the leading universities.
- Graduation/Professional Student Loans: Students who have completed their graduation or professional course are eligible for this kind of study loan. One can apply for various higher education degrees all over the country as well as the world.
- Career Educational Loans: This loan is specifically for students willing to apply for undergraduate orientation programs and courses at institutes all over the country.

These are the three main types of educational loans that are offered by monetary organisations in India. Following are some other aspects to taking up a loan:

- If you are a student who does not have any source of income to repay the loan taken, you will need a co-signer like a guardian, parent, spouse or friend who can take the responsibility of repayment.
- There are certain loans that have the flexibility of repayment after the graduation is complete. This makes the process easier for you as you get time to arrange a source for the repayment of your loan.
- You can also take up unsecured loans, which covers other educational expenses like tuition fee, living expense, books, transportation costs and more. For a student who is studying as well as doing a job, a parent can be co-signer.
- Some banks also offer loans to parents so that they can make payments for various educational expenses like uniforms, books, previous school fees and more.

These are the various educational loans that can help you with your future. Different banks have different interest rates on the repayment of the loan. You must compare all the available loan options and decide on the one that suits your requirements and affordability the best.

Various Exciting Credit Card Offers

A credit card is a plastic card that allows you to borrow money from the bank where you have an account and all you got to do is repay the amount within the time period of 25-30 days. If you are unable to pay back during this period you have to incur a certain fee for the delay. There are tons of benefits that come with owning a credit card. There are various rewards that come with this card. Let’s take a look at the different credit card offers that are being offered by various banks.

- Credit cards offer a great deal of discounts on a range of food outlets, hotels and wellness centres. Some cards have about 10-15% discount on all restaurants that have collaboration with them. With growing technology, there are certain mobile apps as well of the corresponding banks that let you avail exciting discounts.
- There are many credit card offers that have special privileges for times you want to go on a vacation abroad. You shop, dine and enjoy various lifestyle options by swiping your handy credit card.
- Some credit cards also avail access to special luxury lounges and spas across airports India. This is a great way to elevate your travel experience. If you are waiting for a connecting flight for a long period of time, you can simply check in to a lounge and chill for a bit while you are ready to board the next flight.
- These cards also come with special embedded microchip that makes your card secure from duplication or counterfeiting. So, you never have to worry about being duped as your  money is totally safe.
- There is also a fuel surcharge waiver at certain petrol pumps while purchasing fuel above a particular amount.
- There are also various PAYBACK points that one can earn while shopping with a credit card. Several retail outlets load your card with points that can be redeemed as and when you wish.
- A lot of credit card providers charge a zero lost card liability when the customer reports loss of card. This makes sure that there is no fretting or worrying on losing your card.

These are some of the amazing benefits of various credit card offers. You can choose the offer that suits you the best before making the final call. One can purchase so many things with a credit card and enjoy so many benefits on top of that. It is definitely a great choice for people who want to live a life of luxury in style.

How to choose the best Loan lender?

There are several steps you need to consider when you need to apply for a loan. Not only would you be required to understand the requirement for the loan, but you also need to ensure that you will be able to afford it. In the next step, you would need to identify the lender who would provide the loans that you would require to make the acquisition.

No doubt it would be a daunting task, given the number of several financial institutions that are functioning at the moment. However, there are certain factors you can consider when evaluating the loan offerings. They include the following:

Loan amount and eligibility: By usual standards, the quantum of a loans that you is likely to get, will depend on your occupation based on which, the monthly income will also be taken into consideration. Additionally, it would also include the disposable income and the number of dependents. It will also depend on the value of the product you will be purchasing. Typically, the amounts for most loans would extend from 80 to 85% of the product value. However, in certain cases, it can also extend to 90% of the project.

Interest rate: The rate of interest that you would opt for, on a loans in India would impact the EMI and the total interest paid by you. Therefore, it must be considered before you would begin the application process. You should shop around for different loan rates, and opt for the you that offers the most competitive you. You would also need to determine whether the interest rates that are offered are fixed or floating. While the fixed rates offer protection against fluctuations, floating rates offer the opportunity to take advantage of favourable market conditions. Keeping this in mind, you can opt for the lender that offers the ideal interest rate that suits your needs.

Terms and extra charges: There are plenty of extra charges loans in India would entitle. Normally, lenders would offer the processing fee as a part of the charge to process the loan. Normally, this amount would be anywhere between 0.25% to 25 of the loan amount. At the same time, you would also need to clarify the terms related to the settlement, foreclosure on any outstanding amount, balance transfer, prepaying or any other legal fees associated with loan approval and disbursal. You should make sure that you understands them well before applying for it.

Responsiveness to change in rates: You of the judging criteria’s you should consider about the lender is how quickly and how much the lender changes the interest rate, following the policy changes by the RBI. For example, if a lender is prompt in moderating rates in response to the RBi’s cut in repo rate, then you should opt for that lender.This not only offers you a fair deal from that lender for now but also for the future.

Are you aware of these tips before borrowing for car loans?

For plenty of individuals, getting a loan to finance the purchase of a car can be tempting and easy. All you need is a steady employment and sufficient income to cover your loan payments, and before long, you will be enjoying a brand new car in no time.

No doubt, with plenty of options for car loans, you will be spoilt for choice. Additionally, you will need to consider the risks and downsides that come along with taking any of these auto loans. So, how can you take advantage of the car loan you will be borrowing? Here are a few tips you can consider before borrowing:

Terms of the loans: The rate of the car loans, like any other loans,are determined by several factors namely, your income and your ability to repay the loan amongst many others. In order to get the best car loan in India, you first need to see what all is offered by the lender, and what all can you afford. Consider your own job situation. Are you steady enough to hold a loan for a few months or a few years? Is your job volatile, that you can afford to hold a loan, let alone along with other debts? You also need to contemplate the fact that the value of cars typically depreciate faster than long-term loans are paid off. In this situation, you may not be able to break even, even if you have to sell off your car to finance the loan and added interest.

Maintenance and insurance costs: If you purchase a new car, you would be under warranty for several years. However, if you are purchasing a used car or even car loans that outlast than the warranty period, you need to take into consideration possible maintenance, repair and insurance costs. Your monthly loan payment will definitely be low, but to get a good idea; you will need to take in all the other expenses into account. Additionally, you will need to consider other options in the event that your car breaks down.

Commitment: The decision to purchase a car will go back to your current life situation and how dedicated you are to your current job and location. Even if the car payment is lower than the leasing of a car, getting out of a car loan will be a costly affair. So if you see yourself in a stable job, with no plans to relocate or switch jobs, you can shop around for a car loan in India that suits your needs. An exception to this situation will be sufficient cash payment. If you have sufficient physical cash, you can easily pay off the purchase without any hassle.

All You Need to Know About What is Demat Account

A Demat account is an indispensable thing to have if you want to trade in the stock market. This kind of an account is meant to store your shares, bonds, mutual funds, government securities and more. Demat or dematerialisation has simplified the whole stock market trade experience by eliminating physical share certificates and replacing them with electronic form of securities. Here is more on what is Demat account and how it works.

- Central Depository: The two depositories in India are – the National Securities Depository Services Limited and the Central Depository Services Limited. The central depository keeps all your shareholding information on your behalf in a similar way that the banks do.
- Depository Participants: An investor can have access to their central depository with the help of their depository participants (DPs). The DPs can be a financial institution like a bank or brokers or organisations that provide Demat services.
- Unique ID: Every Demat account gets a unique number for identification. This number can be used to carry out transactions and for companies to identify you in order to credit shares to your account.
- Hold Portfolio: Since the Demat account keeps a record of all your securities and investments, you can take a look at your portfolio at one go. Every time you conduct a transaction, whether buying or selling shares, your list is automatically updated.

How to Open a Demat Account:

- The first step is to fill out a form for opening the Demat account. Submit it with the required documents like PAN card and residential address and a passport-sized photograph.
- Next, you will be given a copy of the list of the rules and regulations, various terms and the charges that you will need to pay.
- During this process, a member of the Depository Participant (bank person or broker) will contact you in order to cross-check the details you have provided for opening the account.
- As the application process progresses, you will be provided with a client ID or account number that can be used to access the details of your new account.
- Once the account starts functioning, the account holder may have to pay a certain fee to maintain the account or while converting physical shares to electronic form. Different DPs charge different fees as per their norms.
- When you open a Demat account, you absolutely have no worries about keeping a minimum amount of shares. You can open an account with no shares in it.

So if you were wondering what is Demat account, this should answer your question. You can now open an account with confidence and carry out your stock and other investments smoothly.