Prepaid mobile recharge versus netbanking: Online Mobile Recharge

Communication is a necessary aspect of survival. Today cell phones or mobile phones are the most convenient and versatile mode of communication. Over the past decade, the facilities provided by mobiles have increased significantly. Now, the one thing without which you cannot continue using your mobile services for is mobile recharge. Earlier prepaid mobile recharge was the possible offline by going to the retailers. But now with the growth in the use of internet facilities it is possible to do online mobile recharge using net-banking services. Both these ways differ on a few aspects like:

• 24x7 Service- The biggest benefit of online mobile recharge is that it can be done at any time of the day. You can do it early in the morning, late at night or any other time throughout the whole day. This is not possible in the traditional offline way of going to the retailer and getting your recharge done from there.

• Recharge from anywhere- In the traditional way of prepaid mobile recharge you are required to go to the shop for getting the recharge done. In case the shop is too far or it is closed then this can prove to be quite problematic. Online mobile recharge can save you from the hassle of going out every time you need to recharge as it can be done from anywhere. You just need your smartphone and internet connectivity. Then you can do your recharge from your home or any other place.

• No delay- The offline mode of recharge can sometimes get delayed if the retailer is busy in any work or if by chance he forgets to do the recharge. So, it is not always efficient. But online mobile recharge takes care of this inefficiency as it is fully automated. There is no chance of human error and you can get your recharge done instantly.

• Multiple options- In the offline prepaid recharge service your options are limited to the number of retailers around you. You may face a situation where a retailer may not provide recharge services for your network provider. This will put you in a difficult situation where you have to again search for another retailer that provides recharge services for your network provider. This problem can be avoided in the online mode where you can find multiple apps and other service providers easily.

• Extra benefits- Online mobile recharge provides you with cashbacks and discounts on your recharges.  At times you may also get extra talktime or other such benefits.

So both the offline prepaid recharge and online mobile recharge through net-banking or other apps has their own unique features. The online mode provides certain benefits over the traditional offline method like anytime service, rewards etc. Therefore, opting for online mobile recharge can prove to be a good and smart decision.

How to remit funds from your NRO account?

NRO accounts are one of the best features the banking sector has to offer. It gives an NRI the option to open an account in India that can be jointly managed by a resident also. It also provides you the option of easy redesignation of the account in case you become a resident in future. The Indian Government allows you to repatriate up to a million USD per financial year. In order to remit funds from your NRO account you have to follow the procedure given below:

• Get Documents- There are two documents that you need to submit for remitting funds from your NRO account. These documents ensure that proper taxes have been collected on the funds before remitting them abroad. This is done because it is difficult for the government to collect taxes after the funds are remitted abroad. You must be careful to get these documents in the correct order and also fill them up correctly with the required information.

• Submit Form 15 CA- In this form detailed information about the remitter like his name, address, permanent account number and details of the account where funds will be remitted. It also contains information about the accountant responsible for verifying the form 15 CB. You have to submit the form online on the Tax Information Network website. After you submit the form you will then receive an acknowledgement. You will need to take a printout of this acknowledgement and sign it wherever required. Then you need to submit this signed acknowledgement at the bank along with the Form 15 CB.

• Submit Form 15 CB- This form is actually a certificate that you need to get from a chartered accountant. It certifies that you have made all your tax payments levied on the funds that are going to be remitted. In case that you are availing lower rates of TDS under the policy of Double Taxation Avoidance Agreement, the chartered accountant may ask for your Tax Residency Certificate. If that happens you will need to attach a copy of it and submit it to the chartered accountant. The accountant will verify the documents and then approve this form. After that all you need to do is submit this form to the bank.

So, in order to remit funds from your NRO account the first thing you need to do is procure the required documents. The form 15 CA is available online. You just have to give your detailed information and submit it online. The next step is to print the acknowledgement received after submitting the form. Then you need to go to an accountant to certify your tax payments on the Form 15 CA. This you need to attach to the signed acknowledgement and submit it to the bank.

How to get the best car loan rates today

The use of automobiles is now an integral part of any individual’s life. Almost everyone wants to own a car at some point of time in their life. There is no denying that owning a car helps you a lot in your daily life. But the primary cause of concern you may face when you decide to own a car is the arrangement of funds. You may be looking to buy your first car or you may want to have that dream car you always wanted. Whatever the situation maybe, the best help you can get for your problem is going for a car loan. It helps you buy that car without causing too much financial stress on your pocket. The only thing you need to ensure is that you get the best car loan rates so that you can easily pay it back in time without any trouble. Some ways through which you can get the best rates for your car loan are:

• Plan ahead- Looking for auto loans before you negotiate the purchase of your desired car is a good way to get the most out of car loans. If you can start looking into the loan offers that different banks provide from beforehand, it will give you sufficient time to compare and choose the best deal. You can browse through banks, online lenders and credit unions to get a good idea of the different interest rates they have for car finances. You can then pick the one most suitable as per your needs.

• Get pre-approved loans- Getting your loans pre-approved before you finalize a deal for your car can prove beneficial in certain ways. First, you will be able to get loan at rates that you are comfortable with even before going in for the purchase. This will give you the mental satisfaction that at least you have got a good deal for your car finance before going for the final purchase. Secondly, you will receive a blank check from the lender for the purchase. So, if you may come across a better deal elsewhere, you can just return it for minimal charges and get the better deal.

• Total loan cost- Slight variation in interest rates can make a lot of difference in the total amount that is to be repaid. The time period of loan repayment is also a major factor. You should always consider the total amount you have to pay as interest during your loan period. Opting for a short term loan is better than a long term loan as the total interest you need to pay will be less.

These are the things you can follow to get the best loan rates for your car finance. This will not only help you buy that car you want but will also ensure you don’t end up in any financial problem in doing so.

How to effectively calculate your car loan today

Are you confused about your car loan options? Fret not! Use a car loan calculator to calculate your loan details and bring that smile back on your face. With more people coming into middle class bandwagon, the demand for car loans has seen an upswing.

A car loan can help you fulfill your dream of owning a car. Before you opt for a car loan from any lender, you need to do an exhaustive research on the loan and its features. Compare a wide range of loans on the internet and pick one that best suits your financial requirements.

What is a car loan calculator?

A car loan calculator is a simple and easy to use tool that helps you finalize a suitable loan amount and then manage your finances accordingly. You can find the EMI amount with the help of a car loan calculator and then decide on the final loan amount accordingly. The car loan calculator requires you to enter details like the loan tenure, principal amount and the interest rate.

Salient features of a car loan calculator –

1. A car loan calculator is a very convenient and hassle free tool which you can use to calculate the monthly payments.

2. Apart from entering the loan tenure, interest rate and the principal amount, a car loan calculator also has provisions for adding the processing fee for a loan.

3. This calculator also allows you to take into consideration prepayments. You can add the prepayment penalty, prepayment frequency and the prepayment amount and then find out how all of this is going to affect your EMIs.

4. The amortization schedule is also projected by a car loan calculator. In addition to this, it also has provisions that allows you to add loan repayment timeline and the interest outgo, which can help you take smart payment decisions.

5. The results of a calculator of this kind are very accurate as there is no chance of human intervention which minimizes the risk of error.

6. You can keep changing the data as much as you like. The car loan calculator does not have any restriction on the number of times you can enter the data.

7. You get quick results on using a calculator of this kind. It might take a while if you were to do the calculations manually.

8. You can calculate the entire interest amount that you have to pay to the lender. Once you calculate the entire amount using the interest rate then you will get a proper idea of how much the loan is going to cost you.

Things you need to remember when opting for two wheeler insurance

Want to purchase a new bike this monsoon? Well, that is a grand idea. The thought of traversing the rain soaked roads with potholes on foot is a nightmarish idea. Riding a two wheeler on the other hand is a much better proposition.

There are some things you need to consider while purchasing a two wheeler, one primary thing being its insurance. Riding a two wheeler in this country requires its owner to have a valid insurance cover, without which he/she will face penalties. Since an insurance is mandatory, being armed with the necessary information will help you purchase the best insurance for your two wheeler. Here are the important points that you need to consider while purchasing an insurance –

1. The type of policy
There are two types of two wheeler insurance policy. One is the liability only policy which is the mandatory policy. This policy covers that third party damage caused by the vehicle in question, it covers accidental or property damage to any third party. The second type policy is the comprehensive plan which in addition to the liability only policy, also includes the damage caused to own vehicle.

2. The type of coverage
There are a number of coverage options available – vandalism, fire, collision and theft cover etc. Choose a coverage plan that suits your requirements in a two wheeler insurance policy.

3. What factors are affecting your premium?
Features like what is the cubic capacity of the bike in question and what zone the vehicle comes under affect the premium you need to pay. Higher the cubic capacity of a bike, higher is the amount of premium that needs to be paid.

4. What is the status of NCB?
The owner can avail a NCB (No claim bonus) for every years where no claims are made. NCB is a discount that the insurance company offers on the premium for the subsequent year.

5. An uninsured motor cover
While a third party insurance cover is mandatory in the country, there are plenty of drivers who don’t get the insurance updated. This causes the insurance cover to lapse. So if you get into an accident with an uninsured rider, you cannot make any claim and have to pay for all the expenses. Having an uninsured motor cover as a part of your two wheeler insurance policy is a safer option.

6. The IDV
The IDV or insurance declared value is the insured amount of the vehicle, this amount does not change during the tenure of the policy. It is based on the cost of purchasing the vehicle and the depreciation adjustment hinged on the vehicle’s age.

Do you need a health insurance that covers you overseas?

Insurance policies are a necessary thing that every adult invests in. It helps us secure our properties, health and the future of our family members. One of the most important aspects of insurance is health insurance. Investing in health insurance is a primary objective for any responsible adult. It ensures that you and your family is secured in case of any medical emergency or medical situation that may arise at anytime in future. However, most of the health insurances cover you only inside the country, or more accurately, most people choose health insurance policies that cover them only inside the country. But you may want to consider choosing a health insurance that covers you overseas for the following reasons:

• Medical coverage abroad- The benefit of having an overseas health insurance is that it provides you medical coverage while you are travelling abroad. You can go on tours or vacations abroad without any worry about facing any problem if you come across any medical situation. These plans provide coverage for hospitalization, emergency medical evacuation, prescription of medications. It also covers repatriations and provides you with doctor visits while you are travelling or staying for short durations abroad. You can choose your overseas health insurance plan depending on how long you spend abroad. You can either go for a short term insurance plan or a long term insurance plan to suit your needs.

• Chronic medical condition- If you are someone with a chronic medical condition having an overseas health insurance is a good idea. If you suffer from any condition like diabetes, arthritis, migraine, asthma, anemia or any other chronic medical condition or if you are in a high risk category for any such condition then you must invest in this. It will prove to be a good choice in the long run as if ever you need to travel abroad it will have you secured for your medical condition. It will provide you with appropriate medical treatment for your chronic health condition if you ever encounter any problem while you are abroad. You can now travel without any worries about your condition from affecting you.

So having an overseas health insurance provides health coverage to you when you are abroad. It keeps you secured in case of any emergency medical situation that you may face while you are abroad. In case you have a chronic health disorder or anyone in your family has one then it will prove beneficial to invest in overseas health insurance. It would also ensure you a stress free travel and stay abroad.

How to make monthly international money transfers a convenient process?

Staying abroad is a dream that almost every person has had at least once. Today, with the growing opportunities in every field, more people are living this dream. One of the important factors you should look into to have a hassle free stay abroad is money transfer. Whether you are staying abroad for educational purposes or for employment purposes you need to make international money transfers on a regular basis. If you are pursuing higher education you need to receive money from your parents to manage your expenses. On the other hand if you are working abroad you will need to send money to your family periodically. Thus a hassle free international money transfer process will be in your advantage.

In order to ensure that you have a smooth and efficient international money transfer you can follow these simple steps:

• Assign account only for transfer- You can assign a separate account just for money transfer. This will help you in the long run. First of all you can easily keep tabs on the amount that is transferred. Using a separate account will also ensure that no other transactions are made from this account. For instance, you can have a salary account and another separate account for money transfer. This in turn will make it convenient for you to keep track of your finances and manage them easily.

• Set up automatic transfers on fixed date with fixed funds- One of the best ways to make monthly international money transfers easy and convenient is to set up automatic transfers. You can schedule money transfers on a fixed date each month with a fixed amount. It is a very simple procedure which will allow you to easily transfers funds each month without having to go to the bank. You just need to log into your online banking profile, select the amount you want to transfer and the account where you need to transfer to. Then you need to choose the “Schedule Transfer” option from the Transfer Type list and select date of the transfer. The last step includes selecting the frequency of transfer and the end date.

• Set up alerts for transfer status- You can set up alerts for your transfer status. This will help you keep track of your transfers without going to the bank. You can get instant updates and alerts on your mobile through text messages.

So, following the above mentioned steps you can make your monthly international money transfer more convenient that will help you have a peaceful stay abroad.