Debit Cards – All You Need to Know

When demonetization happened, it was debit and credit cards that helped you go through this situation. They were basically your saviours. You can rely on them to meet your everyday needs. Among credit and debit card, it is a debit card that is most considered for the fact; the processing charges are less. Furthermore, it is convenient to use. This has further led to the growing demand for debit cards. To meet the increasing needs, banks are now offering different types of debit card with different and interesting features. The features can be availed by the Cardholder with the offers or with the buyers.

Having a debit card is a relief when you run short of cash. All you need to do is swipe and use the card at any outlet, whether restaurant, shopping centres and more. Your debit cum ATM card can be used in ATMs too to withdraw cash. Having a debit card works in your favour. Some of the benefits include:

• Cheaper – One of the greatest benefits of having a debit card is, it is cheaper. In short, an individual stand to earn some amazing discounts, whether on shopping, fuel, entertainment, dining, or travel and more.

• Smarter – Cannot find an ATM with cash, worry not as you can now use your debit card for end number of purposes.

• Safer – Transacting through debit card is completely safe as it is protected by a pin. Furthermore, all the online transactions too are safe as they are verified, and a one-time password is sent to the person to continue with online transactions. Other than this, they are offered with chip cards for added security.

Types of Debit Cards

Online Debit Systems:
As the name suggests, these cards are majorly used for online transactions. These type of debit cards require electronic authorization for every transaction you do. Furthermore, the user is notified of the transactions immediately. For added security, the transactions are secured with Personal Identification Number (PIN). In this, the user is required to input the pin on every transaction. Apart from this, for added security, a user also must add the CVV number which is majorly at the back of the debit card. It helps you enjoy cashless shopping experience whether in the store or online.

Offline Debit Systems:

Offline debit cards majorly hold either of the two major logos, Visa or MasterCard. Some of the major debit cards also hold Maestro in the UK. This type of debit card comes with a daily limit or in simple words, maximum limit. It takes around 2-3 days for all the transactions done on the offline debit card to be reflected in your account.

Tips to Consider When Applying for Two-Wheeler Loan

If you think buying a two-wheeler not your cup of tea, then you should definitely ponder on the two-wheeler loan. As the name suggests, it is your road to buy the bike or motorcycle you had always wanted. This loan type makes it easier to purchase your two-wheeler and pay the loan amount in lower monthly installments. This further reduces the burden of one-time payment. To get a clear picture of how much of loan amount you need to pay on a monthly basis, you are advised to use the two wheeler loan EMI calculator. The Equated Monthly Installment or EMI is all about reducing the hassle of paying the whole loan amount altogether.

Before you choose the bank for your two-wheeler loan, mentioned are some points one can consider to avail the best two-wheeler loans

Know the Bike Model You Want
It is of paramount importance to know the make and model of the bike before you opt for a two-wheeler loan. You are advised to choose the bike based on daily use and not to forget the kilometres you will travel. Apart from bikes, banks also offer loans for accessories. Keep all your personal requirements in place before choosing a loan.

Know the Loan Amount

When you walk into a bank or bike showroom, you are guided by representatives to give you the best possible two-wheeler loan options. The experts guide you through the whole process of choosing the right bike to loan. You can get in touch with the banks to get the best rates for the same.

EMI and Tenure

Another vital aspect one should consider the EMI. For the same, you should make use of the two wheeler loan calculator which gives all the information to make a wise decision. The EMI calculator offers the amount you need to pay on a monthly basis based on the tenure you choose. You can choose between, 6, 9, 12, 24, 36 and 42 years. You can opt to pay higher EMIs for short tenure. Ensure you choose the EMI amount carefully based on your capability and plan it according to your preferences.

Interest Rates

The rate of interest tends to vary from one bank to another. Some banks offer two-wheeler loan at 12% while some offer then at 14% p.a. Before you finalise with the bank, you are advised to check the interest rates with the banks you are planning to apply. Always remember, the low the interest rates, low are your EMIs.

These are some of the points one need to consider other than checking with the two wheeler loan EMI calculator for your monthly amount.

Get an affordable bike with the Two Wheeler Loan

Cars and bikes have become an easy mode of commute. You will find people travelling by them to workplace daily. However, there are instances when you have to think twice whether to take your car to run small or minor errands. It can be anything from travelling a short distance, going to the grocery store or even pick your kids from school. Given the traffic condition, it becomes difficult to dodge your car through those narrow lanes. This is where the thought of having a bike is felt. It is convenient and makes travelling easy. A bike not only makes travelling easy but also requires less parking space. For if you wish to buy a bike but cannot due to lack of finances, worry not as two wheeler loan is at your service.

There has been an increasing demand for two wheeler loan, given the fact a lot of people now prefer having their own commute mode. You will find buyers are always on the hunt to buy the best bike, all thanks to the new features and specifications introduced. Buyers look for bikes that are affordable, have great mileage and not to forget, looks trendy too. A two wheeler loan as the name suggests is the one stop source to fulfil your dream of owning a bike. One of the primary reason for the growing popularity of two wheeler loans is that it is affordable. A two wheeler loan is readily available at amazing finance rates. This is further coupled with easy repayment options in the form of Equated Monthly Installment (EMI). This further offers the borrower a chance to repay the loan within specified months and years.

Advantages of Two-Wheeler Loans

• An applicant stands to get a bike or motorcycle within no time.
• Banks and financial institutions take around 48 hours to sanction the two wheeler loan, but only upon document verification.
• It is offered with low finance rates with great repayment options
• The repayment tenure is flexible, and a borrower can choose to repay the loan amount within 12, 24 or 36 months.
• Minimum documentation.
• It is a hassle-free process.
• No security or guarantor is needed.

The minimum two-wheeler loan amount offered by the bank depends upon your repayment cability. The maximum amount tends to depend on the motorcycle or bike type, whether new or used. Before you start with all the 2 wheeler loan application process, it is wise to know you have good credit score. Banks and financial institutions tend to consider applicants only if they have a good credit score of 720 and above. One of the primary reason why you need good credit score is because it gives an assurance you will repay the loan amount on time.

Demat Account – Know the Working and Its Types

When talking about shares, the best ways to hold it is by having a demat account. It is a great way to hold all your securities in the easy and secure way. It further eliminates the risk of any theft, loss, damage or forgery of the certificates.

What is Demat Account?
It is basically an account which is used to hold all the shares in dematerialised or electronic form. It is just the same as any other accounts. A demat account does the job of holding all the certificates like bonds, shares, government securities, exchange-traded funds, mutual funds and more. An individual cannot trade in a stock market, unless, a person has a demat account. Upon approval, all shares and securities are transferred to your demat account directly. All the information regarding your demat account is readily available online by logging into your account. So, instead of physical possessing of all the important documents, it is wise to have a demat account.

Types of Demat Account

There are two major types of demat accounts:

Repatriable Demat Account – In this, the repatriable funds are deposited in another bank account like Non-Resident External (NRE) account. The funds in this account can be transferred abroad. All the investments done using these funds are maintained in the Repatriable demat account.
Non-Repatriable Demat account – The non-repatriable funds are deposited in a separate bank account, majorly Non-Resident Ordinary Rupee (NRO) account. These funds cannot be transferred abroad. All the investments done from these funds are deposited in your non-repatriable demat account.

Working on the Demat Account
Trading through demat account is same as physical trading. The only and major difference is that it works through electronic means. Through your online trading account, you can place an order to begin trading. For the same, it is important to link demat and trading account. The exchange will process the order only when the order is placed. Before final processing, the order, the demat account details, availability of the shares and market price of shares is verified. Shares are further reflected in your holding’s statement once the process is completed. In case, the shareholder wants to sell the shares; it is vital to provide the delivery instruction with stock details. Furthermore, the shares are debited and your trading account is credited with the equivalent cash amount.

Opening A Demat Account

When it comes to opening a demat account, it is vital to fill up the account opening form along with the required documents like PAN card as identity proof, existing financial balance sheets, a copy of residence proof and passport size photograph. For verification, it is wise you carry the original documents too. Typically, it takes a week or two to open the account. But, the period can extend to 15-20 days if the processing is taking longer than expected.

A Complete Guide to Car Loan EMI Calculator

Buying and owning a car is every individual’s dream. However, the increasing rates of the same make it difficult to own one. If lack of finances is what is holding you back to buy your dream home, then car loan is the answer for you. As the name suggests, it is a great choice to buy the car you had always wanted. No matter, whether you want to buy a new car or a used car, you can blindly rely on car loans. Several banks and financial institutions offer them with attractive interest rates and flexible repayment tenures. Before you apply for a car loan, it is wise you check your Emi using car loan EMI calculator:

Car loans have gained immense popularity, all thanks for making it possible for people to own their dream car. Before you apply for a car loan, knowing your eligibility plays a major role. For the same, your income level and your credit score are well taken into consideration. A poor credit score can lead to rejection of your car loan application. When talking about car loan paying the whole amount at one go becomes difficult. This is where the importance of Equated Monthly Instalment (EMI) comes into the picture. It is basically the amount that one needs to pay on a monthly basis to the bank or the financial institution. It is important for the borrower to pay the loan completely. It also includes interest rates which are offered along with the principal amount.

When it comes to calculating your car loan amount that has to be paid on a monthly basis, you have advised to us the car loan EMI calculator. It is one of the best ways to know the exact amount that has to be paid to the bank or the financial institution. Mentioned are some parameters that play a major role when using the car loan EMI calculator. It includes:

• Interest rate
• Loan amount
• Tenure periods
• Processing fees

A car loan calculator simplifies the whole process of applying for a car loan. It further helps you to choose the loan that best meets your needs and requirements. This further makes it easier to manage your monthly budget to handle the car payments. Apart from helping an individual know the interest rates and the loan amount, the car loan EMI calculator also tells whether or not the loan amount will be available. The EMI calculator does the job of calculating the assets and the condition to determine the repayment liability better.

In short, a car loan calculator is a perfect guide to help an individual understand the policies, plans and the payment procedures.

Top 4 Tips to Follow Before Applying for a Personal Loan

A lot of individuals often rely on personal loans as it is one of the best ways to bear any expenses whether for education, wedding, medical and so on. Though personal loans serve to be a better option, it is wise that you apply for the one that is right for you. A number of factors require your attention for the same. To make it easier, mentioned are personal loan tips every individual need to follow to avoid any problems later. Get help from the personal loan EMI calculator to know more.

Opt for Emergencies Alone

It is quite understood that personal loan is a feasible solution as it can be used for end number of things. Furthermore, it requires minimal paperwork and requires no securities.  However, you are advised to apply for the same during emergencies alone. Consider personal loans to be your last option. One of the major reason for the same is because personal loans are expensive after credit card loans. You are highly recommended to apply for a personal loan when you want to get out of an expensive debt.

Know the Interest Rates

You should know every bank offers different interest rates. Considering this aspect, it is important you compare the interest rates and choose the one that meets your requirements.

A small tip: A big loan for a longer period of time tend to reduce the monthly repayment amount, but the interest rates tend to be larger than the one you buy for a shorter term.

To get an idea of what percentage of interest rate you will be paying, you can use the personal loan calculator. It will give you a rough idea thus helping you make a wise decision.  

Do Not Send Too Many Applications

While you are searching for the best personal loans, you are highly advised not to send too many applications. Though you might find this easy as you think at least one of the bank or lender would accept it, it is not a feasible option. When you send too many applications for the personal loans, it tends to affect your credit score. Furthermore, it shows you are applying for personal loans with many banks with the hope to get more loan amount. This is one of the major reason why a lot of personal loan applications gets rejected.

Do Not Forget the Foreclosure Clause

Banks and other financial institutions tend to offer personal loans but, do not admit on the partial repayment of the loan. Banks want their customers to continue paying the Equated Monthly Installment (EMI) as the high-interest rate is charged. Keeping the same in mind, it is wise you review the prepayment charges with each bank. This is application especially if you prefer to pay off your loan amount in lump sums. Use EMI calculator for a personal loan to get an idea of how much of loan amount you will be paying on a monthly basis. This will help you be prepared and keep the desired amount ready.

Benefits of Current Bank Account for Businesses

Banks offer you with numerous options when it comes to securing your finances like savings and current account. Each of this account type offers benefits. Savings account work in favour of individuals who want to save to meet their financial requirements in the future. While current account works great for individuals who want to support their regular and frequent transactions. This is one of the primary reason why the current account is majorly considered by businesspersons to carry out their regular banking transactions.  

Apart from businessmen, the current account is also used by freelancers, sole proprietors and so on. Some of the major benefits of having a current account include:

Professionalism in Business:

Professionalism is what is needed when you deal with business acquaintances. This further helps in enhancing your business image and grow effectively. Having a current account for business makes it easier for every transaction. Furthermore, you can have a cheque with the name of your company.

Separate Business Finance from Personal Finance:

When you have a current account, it makes easier to know what belongs to your business alone. A lot of people tend to neglect the importance of opening a current account thinking they can use their savings account for the same. However, when you are dealing with a business acquaintance, it becomes important to have a different account. Hence, the importance of current account. It further helps in separating your personal finance from business finance. This actually works to the benefit of the businesses making it easier to plan your finances. Other than this, it also helps you know how much your business is earning.  When you use your savings account for both business and personal use, you do not get to recognise whether the business is running at a loss, or if your personal finances stable.

Know the Credit Score:

There are times when lenders and creditors tend to ask for your credit worthiness or score before advancing with the credit. Hence, operating a current account makes it easier for this process. You can easily check for your credit worthiness using the inter-bank connections.

Overdraft Facility:

Another vital benefit of a current bank account is that an individual can avail the overdraft facility without any hassle. In short, the account holder can easily overdraw the balance in the account, but on a temporary basis. You can say, it is like a short-term borrowing. The same facility cannot be availed when you have a traditional savings bank account. Having a current account helps in meeting your need for money on a short-term basis.

These are just some of the benefits associated with having a current account in a bank for businesses. Get in touch with the experts for more details.