Multi – currency card: How to pay less for foreign currency

In preparing for a trip abroad, it is crucial that you explore currency exchange. While your trip may be fully sponsored by an agency or your company, there will come a time where you may need to spend from your own funds. At this time, you still need to be aware of how much you will be spending if ever the time came you need to spend from your own pocket.

But instead of opting for your own banking cards, or relying on expensive foreign local funds, you can always opt for the multi – currency forex card. This card functions like any other banking card, but it is mainly used to access foreign currency. To make the most of this multi-currency card here are a few factors you can keep in mind:

Check conversion rates from a genuine source: The value of foreign currency is always in a state of change. Plenty of companies and lenders who offer currency conversion facilities also offer values of the current currency exchange mostly through their websites. In order to get an idea of a fixed value you will be investing, you can check these websites out. But how do you know which is the right value? Certain government based websites offer the day’s current conversion rates. You can check out these rates, thus giving you a ballpark figure of the best rates to invest foreign cash.

Shop around: Most banks offer foreign currency rates with wide gaps. In other words, the value of a single foreign currency will be different for different banks. For example, the British pound has been undergoing plenty of changes ever since Brexit, with the difference in values such as 0.9 pounds. Plenty of banks is offering different conversion rates based on this factor. By shopping around, you can get an idea of what to expect with a particular foreign currency value.

Exchange rates are constantly changing: It is difficult to predict the exact value of the foreign currency. A few months before you can monitor the value of the currency for a while and make an invest in your multi – currency forex card when the time is right. Don’t worry if the conversion rates increase after you invested in this card. Once you load the funds on the card, the conversion rates are locked at the time of loading.

Access to physical cash: In certain cases, you may want to access physical cash. This multi-currency card will help you access funds from any ATM or bank. All you need to do is approach the cash dispersing machine, and put in your PIN. Once this is done, you can easily withdraw a number of funds you want. This will help eliminate the need to access funds from your other debit or ATM cards, which will be charged at international conversion rates.

Debit card: Teach your children to be financially smart with these tips

Being financial literate is no longer an option, but rather a necessity. As adults, you will face several financial incidences, which require appropriate decisions, strategies and planning. At such a time, being financially ignorant will not only cost you but will also allow you to lose out on an opportunity for better financial investment.

The best to be educated about finance is by starting young. Your kids, in fact, have a better opportunity to become financially aware and experienced at a young age. All you need to do is introduce the debit card to them. But how will this bank card will work in their favour?

Here are some tips that can help them:

Learning all about account fees and minimum value: Most of the debit cards are linked with a bank account. This an ideal opportunity to acquaint your child with how banking accounts function. Most banks allow joint accounts with a minor. Therefore you can also invest a small amount of funds now and then. At the same time, you can teach your child about maintaining the minimum balance and maintenance fees. This way, your child can learn to manage and limit withdrawals from the joint account. Similarly with the fees, get your child to understand the fee structure and how the funds in the account will be charged for them. Encourage them to communicate with the bank on how to manage the fees and how to reduce them.

Managing funds: Urge your child to get into the habit of reviewing his or her debit card statements, physically or online. Suggest that they sign up for email or text alerts, especially if the bank account funds dips below a certain value. You can even opt for apps that can help track account balances, which will go a long way to managing spending and budgeting.

Explore the card features: Most of the different types of debit card comes with various features. For example, certain cards come with protection, which helps provide protection against unauthorised purchases or even reduce the unlikelihood of fraud. You may even sign up your child for ID theft alerts. Some cards even come with price protection which means, if your child has found a product with a lower price on an item within a specified amount of time after purchasing it at a high price, you can get the difference between the price you paid and low advertised price.

Debit versus prepaid card: While there plenty of different types of debit card that can be used, there is also the choice of prepaid cards. A prepaid card is an independent card minus the link to a bank account. You only need to load the funds on the card for spending purposes. There is a benefit of your child not racking up overdraft fees with a prepaid card. However, it also restricts their financial learning.

How to save up for a financial goal with the recurring deposit calculator

Savings your funds for the future is the need of the day. You may be earning more than your sufficient needs. But there will come a time where you will stop earning, and rely on your savings for survival. Furthermore, if your savings are not used for one purpose, can be used for several others, without harming your initial investments.

But to save, you need the ideal investment option and the ideal investment rates. Furthermore, you need also to calculate how much you need to save on a daily basis and what is the final amount you require. All these queries will be answered with the recurring deposit; a simple termed deposit that requires a fixed deposit every month till the tenure is met.

To help you calculate the ideal investment amount for this termed deposit, you can easily opt for the recurring deposit calculator to assist you. Here are few factors you will need to consider before using this tool for your RD investment:

Financial goal: This is the main factor you will need to consider when opting for recurring deposit. While it may be simple to start investing without any goal in mind, it will not serve any purpose. Furthermore, by setting a goal, all the factors of the investment will be set accordingly. For example, you need to save up for a family function or even a purchase of a particular product. Through this RD calculator, you can set up the amount needed to be met, along with the tenure that will be required to meet it. Accordingly, you can also opt for an interest rate that will suit the investment.

Income: Your income is another factor that needs to be taken into consideration when investing in this termed deposit. Once you have paid off your monthly expenditures and any other debts, your remaining disposable income can be used for your own leisure. But instead of indulging in a carefree expenditure, a small sum can be used to invest in the recurring deposit. You can use the recurring deposit calculator to calculate the ideal amount from your income to invest. Accordingly, you can adjust your income to be invested for the desired result.

Interest rate: The interest rate is normally the amount that is deposited at a fixed tenure. This based on the lender’s offered rate, along with the tenure you will be opting for. Higher the investment amount, higher the interest rate, the more will be the return on the investment. By using the RD calculator, you can easily calculate the ideal interest rate that will give you the preferred rate and outcome.

Tenure:  Tenure plays the most important role when it comes to this investment. After all, it determines how long the rates will be locked in. Furthermore, longer the tenure the more you will receive regarding return on investment. Using this tool, you can calculate the ideal tenure that will offer you the outcome you want.

Step up your investment savings with a recurring deposit

Savings up on your investments may seem like a challenge. After all, on a daily basis, you will be facing burgeoning inflation in addition to the steady increase of lifestyle aspirations amongst many other factors. All these factors will disrupt your means to accelerate your savings in order to attain your goal.

The best way to step up your investments is through a recurring deposit account. Here is how this termed deposit will help you double your investments in no time:

Automate your deposits: The statement, ‘well begun is half done’ is also applicable to your investments. Instead of waiting for a lump sum to conveniently accrue over months, you can prioritise your savings through a recurring deposit. Don’t worry if you have a hard time to commit to saving your funds. With this termed deposit, your can easily set aside the required amount of funds to meet your financial goal. In fact, you can easily automate the transfers with your bank, jut by giving standing instructions. Once this is set, you only need to stay alerted when the funds are being transferred and deposited.

Financially fast for a fixed period: This cathartic experience will guarantee a financial epiphany. So what does a financial fast entail? It involves spending a less as possible for a premeditated period. This period can include a week, month, or even a quarter. In fact, if you are determined enough, you can even make it for a year. But no matter the tenure, you need to have a start and end date, while truly coming yourself. Once the period of fasting is done, you need to take stock of your funds you’ve saved. This can include eating out less, choosing a less expensive movie theatre for your weekly outings, or even frequenting your favourite deli. Deposit your saved funds over time in the recurring deposit account which can be opened for this specific purpose.

Avoid getting caught up in the lifestyle creep: You may be tempted to opt for that fantastic deal you’re getting for that Bali vacation package. You may also be getting a great deal on your dream car, even though own a perfectly good and functional one. But in either way, you need not overleverage yourself to keep up the high life. Your priority should be your investment, which in this case is the recurring deposit with the access being used for your lifestyle indulgence. You’ll be relieved to realise that you have eliminated all possibilities of stress just by saving enough funds for a future loan repayment, or even a down payment.

Lower your fixed monthly costs: You will be surprised to know that you are most likely to overpay, through your routine expenditures just out of habit. A few simple steps will help eliminate this problem. For example, you can opt for a cheaper broadband connection, or even cancel a TV package that you never use. You can even contact your mobile telephone company as a request for better options that are in line with your usage. Once you’ve calculated the funds you have saved overall, you can reinvest this funds in the termed deposit.

Get the best of loan rates with the two wheeler loan EMI calculator

Two wheeler are a common sight in the country for various reasons. For one, it offers an ideal solution for the economical and logistical conditions. In fact, most Indians prefer owning this two wheeler as a means of conveyance, especially in terms of travelling. Furthermore, with the introduction of several international brands in the country, two wheeler fans are spoilt for choice.

But no matter the choice, the fact still remains that, in order to finance this purchase, you can either fund the purchase from your pockets, or you can borrow from your friends. But while either option is available, they are not favourable for everyone. This is where the two wheeler loan will be the ideal choice. Most of the banks in the country offer loans, thus giving users a wide choice of financing options to consider.

But which is the best loan rates you can opt for? After all, no two user’s financial history will be the same, creating a difference with their financial habits too. The two wheeler loan calculator will provide the relevant assistance here.

What is the two wheeler loan EMI calculator?

This EMI calculator is an online tool that is designed to calculate the EMI amount that will repay the borrowed funds. You only need to fill in the required details to get the required loan details that will assist you. Once you enter all the appropriate details, the resulting auto – computed EMI amount will reflect your financial requirement. In addition to the EMI value, you will also get additional details that can aid you to choose the most suitable terms.

Here is what the two wheeler loan EMI calculator will offer you:

Helps in recognising the EMI value: The chief use of this tool is to know the precise amount you will be paying every month. By knowing the hands beforehand, it will help you plan the appropriate loan rates along with help segregate your monthly budget. It also eliminates the needs to manually calculate each result, while ensuring accurate results.
Aids in choosing the term: Once you have calculated the ideal EMI amount to suit your needs, it becomes much easier to choose the tenure of the loan. If you feel that the loan value is a burden within the given tenure, you can extend the tenure proportionally bring it down the value.

Helps in comparison: The two wheeler loan calculator is also ideally the best tool to compare competitive rates. You can use the tool to compare the costs involved in the loan, helping you choose the most suitable loan offer. You can get a quote and jot down the outcome to compare with other offerings.

Helps in negotiating: Once you are armed with the basic details for the loan, you can use to leverage for a better loan rate. Factors such as rate of interest, processing fee and other similar factors can be easily negotiated.

Two Wheeler: 6 reasons why you need one today

More and more individuals are opting for a two wheeler over a four wheeler car. There are various reasons as to why this is choice of transport has become a popular choice for many travellers. Furthermore, the availability of the two wheeler loan makes it easier for individuals to purchase a two wheeler, without any financial burden.

Here are a few reasons why should you opt for this choice of a vehicle today:

1. Easy and convenient: This is one of the major reasons why plenty of individuals are opting for this choice of transport. In cities where travelling is an issue, especially during peak work hours, travelling by car is not only inconvenient but is also an economic waste. Two wheelers, however, offer the means to travel conveniently while making it a user-friendly option.

2. Affordability: Purchasing a two wheeler is less expensive as compared to purchasing a car, especially with a two wheeler loan. Moreover, fuel prices are constantly changing, making any choice of transport with low mileage, a wasteful option. As compared to a car, a two-wheeler will require less fuel and provide the higher mileage, making it an ideal choice economically friendly transport.

3. Wide choice: With an increase in the demand for bikes, plenty of manufacturers have now launched several new models and types. You now have a choice of two-wheelers ranging from simple transport to sports choices, to terrain friendly choices. Each of these choices has excellent features for several buyers, wherein which, with a 2 wheeler loan it will make purchasing a bike much more convenient.

4. Inexpensive: Several individuals are under the impression that purchasing a bike with a loan will account for a financial burden, especially with a high-interest rate. Furthermore, EMI’s may be seen as a drain on one’s monthly income. On the contrary, a 2 wheeler loan is quite competitive and ensures that borrowers enjoy a burden and complication free, financial solution.

5. Quick approval: Purchasing a bike does not require too many documents for verification. You would only need to documents pertaining to your identity, address proof and income. In fact, if you opt for a loan along with the bike, the application process is relatively simple. With no roadblocks, your application process will not take more than a few days.

6. Low down payment: When opting for a loan to finance the purchase of a bike, an applicant would need to provide a down payment. In the case of the two wheeler bike, the down payment is sufficiently low making it easier for any individual to opt for it.

While there are plenty of more reasons as to why you should opt for a two wheeler today. But no matter the reasons, in the end, you should ensure that the bike choice and loan option should be viable to you and your needs.

5 factors that determine your bank loan approval

Loans are the ideal financial solution for those who are seeking the immediate or large amount of funds. In fact, depending on your financial requirement, you can easily opt for a loan type pertinent to that particular situation.

But while it may be easy to apply for a loan, getting an approval on your application is another factor. Lenders and banking institutes who offer the different types of loans often refer to certain features before giving one’s approval for the application.

Given below are some of the loan aspects that are taken into consideration for most loan approvals:

Credit history: Most lending and banking institutes would prefer applicants who have clean financial habits. A credit score will indicate this financial health. Normally, a credit score of 800 and above is considered as the best score. The score in between 600 to 800 is considered good. Any credit score below that level will increase the chances of rejection on the loan application. If you already have a good credit score, you can not only get a good loan rate, but also a faster loan processing and fewer verification check.

Occupation: Banks are more preferential to occupations that are stable. Certain occupation profiles such as government employees, blue chip companies and doctors are more likely to have an approval on their approvals for bank loans. In addition to these profiles, chartered accountants, engineers and lawyers are more likely to get a loan approval. However, individuals who are working in private companies and self – employed companies will get the lowest rates. Banks are particular to this factor as the repayment capacity depends on the income of the person. A stable job will ensure that the income earned by the applicant will be continuous and without any delay.

Age: Age is another criterion that lending banks will look at before giving out different types of loans. In most cases, applicants between the age group of 30 to 50 years are most preferred, as they are considered more financially stable. After all, these individuals also have a decent number of working years left to repay back the borrowed funds. Any applicant with age above that will have a high chance of loan rejection.

Work experience: Most lending institutes request about your work experience, in a particular company. This is because the longer the employment years you serve, the more points you will earn with the lending institute. This shows stability in your work, especially if you are at the peak of your working years.

Relationship with the Bank: The older the relationship with the bank, the higher are the chances of getting an approval on your applications for bank loans. Most of these lending institutes value familiar customers, as they are aware of their financial past. A person who has had a relationship with the bank for more than 10 years will be preferred over the one with no relationship.