Loan application: Applying through the bank versus bank loan apps

At a time when financial requirements will arise, a loan will offer you the required financial solution. Depending on the amount you require, the nature of the requirement, and even the urgency of the requirement, the right loan will satisfy your financial requirement.

But the channel of loan application has now diversified. What was considered the only channel to get a loan, has now got an additional, if not an alternate option. Previously, in order to get a loan, one would need to approach the bank and make an application. Once the bank representative would verify the relevant submissions, the loan would be processed and deposited into the applicant's account.

With the loans online, however, the application is different. You can now get a loan application processed through your smartphone app. You only need to download the relevant app, fill in the required details and submit it for the application.
Here are the considerable differences between the two loan application options:

Bank application:
• Application must be made within a given time: Most banks offer a certain time, to approach when applying for a bank loan. At times, an applicant would also need to make an appointment for the application of the bank loan. While this offers an organised perspective, it also does restrict the time and flexibility you would need to approach the bank.

• Application form: You would need to approach the bank for the application form. The application would need to be filled carefully with each detail. Any mistake would risk a loan rejection; therefore it must be done accurately. Moreover, you may need to do it under the guidance of a representative from the said bank.

• Submission of documents:  You will need to submit documents pertaining to the loan you will be applying for. Furthermore, you will also need to submit documents pertaining to your personal profile, your employment as well as your income. In this case, you will need to submit attested copies of these documents along with the original for verification.

• Loan application tracking: In order to get updates on your loan application process, you would be required to approach the bank or its representative for updates. Moreover, you will need to keep in mind your loan application number and provide it as a reference when you request for updates.

 
App application:
• In app application: In order to apply for the loan, you need to download the app, and submit the relevant details pertaining to your account and your identity. Furthermore, if you have an account with the same bank, the details on your application will be auto filled. This will resolve any issues of inputting the wrong details. Additionally, it offers a convenience when filling up details.

• Submission of documents: The documents you will need to submit includes the Aadhar Card and PAN card. The details of these cards are available online through a secured channel and thus your bank will be able to access it without compromising on your details.

• Constant updates: If you need to track your application, you can easily do so, through the app. The real time updates allow you to keep track of your application and allow you to take the necessary steps to correct any delays instantly.

Did you know you can track your loan through the online loan app?

A loan offers plenty of benefits. For any financial requirement you have, you can easily get a loan to satisfy it. Be it purchasing a product, clearing out any debts, or even saving your savings through a well-calculated payment strategy, the loan will offer you plenty of financial opportunities.

In order to get access to the loan of your requirement from the bank, you will need to approach the bank branch of your choice and fill in the required loan application. You will need to also submit the required documents pertaining to that loan, for example, the loan against property; you will need to provide documents pertaining to the ownership of the said property. Once these documents are submitted, they will also need to be verified.

The overall process is lengthy. But you can keep track of the process with constant updates. By being aware of the application process, you can be well aware if your application is being processed. In such a case you can check to see if your application is proceeding smoothly or there is any unexpected delay. In the event there is an unexpected delay, you can easily take the required measures to ensure that the delay is corrected. This will also ensure that your application is not rejected.

However checking your loan application through the traditional channel would also be a tedious process. For one, you will need to constantly contact the representative from the bank. Normally, you would need to do this within the working hours of the banking institute. Furthermore, you may also get delayed updates, which can risk your loan application.

This is where the online loan app will work in your favour. The online loan apps are designed to let you apply for your loan of choice through the app. You only need to download the app and install it. Once you make you profile and add your bank account details, you can easily apply for your required loan. Proceed with the loan application by providing the relevant details of your income and employment details, after which, you can easily check for your loan eligibility. If you are eligible for the loan, you can then confirm personal details, but uploading details of your PAN and Aadhar card. Once this is done, you can send in your loan application process.

Once you get a confirmation of your loan application, you can use the app to track your loan status. By using this application cum loan tracker app, you can:

• Know whether your loan application is without any issues
• Know whether your loan application has met all the required requirements from the banker's end
• Know whether you need to take any immediate decisions to eliminate issues that have caused the delay in the loan application.

Loan applications online have now become easy!

In today’s day and age, there will be a point in your life where you would be required to apply for a loan. This can be for a financial emergency, easing of a financial burden or assisting in financial expenditures while keeping the savings and income safe.

However, while the loan application does offer you financial support, the process to go about the acquiring the funds is a lengthy one. For one, you would need to approach the bank, in order to apply for the loan. At the same time, you would need to ensure that you have the right documents, for the appropriate loan type. In addition to all this, you would constantly need to keep in touch with the banking representative to get an update on the loan application status. Over all, this process is a tedious one especially for those who do not have a convenient access to the bank branch.

However, banks are now taking measures to ensure that loan applicants, can now enjoy the benefits of a convenient and trouble free loan application process. With the progression in technology, banks have now introduced bank apps that can be easily installed on the smartphone. With this, you can now easily apply for a loan, right from your smartphone. But apart from this, there are plenty of advantages for this loan application process.

They include the following:

Easy access: One of the biggest advantages of applying for a loan online is the easy access. As previously mentioned, you can now download the app on your smartphone. Through your smartphone, you only need to fill in the relevant details, check your eligibility and submit your application. This easy access ensures that applicants, especially those who reside at a distance away from their choice of banking branch, can apply for a loan without any inconvenience. Within a matter of few minutes, you will easily have a loan application processed.

Quick application process: Easy access will lead to the quick application process. As a part of the loan application process, you would be required to submit documents pertaining to the requirements of the loan. This is no different for the online process. You would need to submit your online documents such as the Aadhar card and the PAN card. Since the details of these documents are already available online and verified, the process for you to apply for a loan is now quicker as compared to the traditional process.

Faster comparison: One of the main concerns about loan applications is the difference in the loan rates. Plenty of banks offers different rates for different types of loans. Furthermore, they also offer different deals for selected applicants. But instead of approaching the bank to find out the different loan rates and taking the time to compare all the different offerings, you can easily check online through the bank apps. This will help you make calculated decisions based on your loan requirements and the loan offerings.

Enjoy the convenience of bank loan applications through your smart phone

There will come the point in your life, where you will be required to borrow funds. You may have an option to borrow friends from your close friends or family. However, if the amount is large, or need it on short notice, or even for a specific purpose, you can always apply for a loan from a bank. Applying for a bank loan offers plenty of options, if not benefits. Here, not only will you be able to get a loan amount of your preference, but you will also have a comfortable control and flexibility when it comes to repaying the borrowed funds.

But in order to access these funds through the traditional process, you will need to approach a bank and get your application processed. At the same time, you would be required to submit certain documents that need to be verified. Once all these documents have been accurately submitted and verified in accordance with the banks representative, will your loan application be processed? However, this application process has several shortcomings. For one, the application process is long which may not be the appropriate solution during any financial emergency. Additionally, applicants who may not have a bank branch located nearby may not be able to access the loan they want.

To counter these problems, banks are now offering loans through the smartphone apps. Technological progression and the fact that almost every individual in the country possesses a smartphone, allows banks to reach out to potential loan applications and satisfy their financial requirements. Here is how you can enjoy the benefits of a loan from a bank, through your smartphone application.

Convenience: One of the main benefits of applying for a loan through the bank is the convenience. No longer would you be required to approach a bank of your requirement, and put in an application for the loan. This eliminates other resulting features such as approaching the bank within the given working hours or standing in long lines to get your application approved. By applying for loans through the bank app, you can easily apply for a loan at any point in time. You can even apply for the loan from the comfort of your home, your workplace, or even when you have ample free time.

Fast process: Each type of loan from a bank will have different processing duration. Additionally, through the traditional channel, an applicant would need to approach the bank several times to get the loan processed. However, through the app, you can easily get your loan application approved in a mere matter of minutes of not an hour. You only need to provide relevant details such as your bank account details, your employment status and details of your income. Once this is processed, you need to check your eligibility and proceed with the loan application.

All you need to know about Understanding the Payment System Under GST

GST has been a major reformation in the Indian economy. It stands for Goods and Services Tax and its liabilities must be computed every month. The concept of GST payment revolves around removal of several indirect taxes such as excise duty, state tax, VAT, entertainment tax and luxury tax and others. It was passed in August 2016 and implemented on the 1st of July 2017. This will make the taxation system uniform and reduce the burden put on people by the payments of multiple taxes. Goods and services have been categorised into the following tax rate slots 0%, 5%, 12%, 18% and 28%. Rough and semi-precious stones and gold have a special rate of 0.25% and 3% respectively. The entire concept of GST revolves around subsuming all the indirect taxes into one single tax.

ADVANTAGES OF GST

1) Removing cascading tax effect.
2) Higher threshold for registration.
3) Composition scheme for small business.
4) Online simpler procedure under GST.
5) Lesser compliances.
6) Defined treatment for e-commerce.
7) Increased efficiency in logistics.
8) Regulating the unorganised sector.

IMPACT OF GST

Salaried employees- The term goods and services tax clearly demarcates the taxation area. It is applicable on business and salaried employees won’t be affected directly by this. Prices of most of the commodities shall change and this may indirectly affect this class.

Business- Doing business will be a much sorted affair with the elimination of a mesh of taxes and the creation of a single market. But these advantages shall only be visible on the long run.

Crude petroleum, motor spirit, diesel, aviation turbine fuel and natural gas shall not be taxed.

COMPONENTS OF GST

CGST- the Central Goods and Services Tax shall be levied by the centre.

SGST- the State Goods and Services Tax would be imposed by the State.

IGST- Integrated Goods and Services Tax shall be paid when goods or services of one state are being sold in another. This shall also be levied by the centre.

HOW TO PAY GST

GST payment is done on every level of value addition by the buyer. Every person involved in a business must file for a GST return. The following must be submitted by a registered dealer in this process:

1) Purchases
2) Sales
3) Output GST (on sales)
4) Input tax credits (GST paid on purchases)

The dealer has to file 3 monthly returns and one annual return amounting to 37 returns in a year. The variation between this output GST and Input Tax Credit shall be the amount either payable or returned by the government.

Steps to get the best personal loan rate with this Tool

Redefine the way you look at your personal expenditures by taking a personal loan, be it for the trip you had been longing for, a new phone, or that picture perfect wedding. Your dreams are just a few clicks away on a personal loan EMI calculator that will give you a clear picture about how little you have to spend monthly.

Always compare the rate of interest for a personal loan before applying for one. Also check for provisions of flexible payment schedules. You can calculate the EMI to be paid in different instalments by using the personal loan EMI calculator and it also saves you from visiting all these offices to get a detailed scenario, if you take a loan from there.

Spending Rs.5,00,000 instantly may seem to be a very difficult task for many but when this is broken into payments over 60 months at an interest rate of 7.75% the amount payable monthly would be Rs.10114. The personal loan EMI calculator changes the perspective with which we look at something expensive and makes it seem much more affordable.

The best thing about a personal loan EMI calculator is they give you an error free figure that is easy to understand. It also helps spare the need of running to the bank personally to know the status of your loan account. You can sit at home and have a clear view of how far you are in repaying your loan.

STEPS TO BE TAKEN WHILE APPLYING FOR A PERSONAL LOAN

Make a budget – According to your need plan a detailed budget. Over-borrowing may seem to be a safe option but in the long run you would be in a debt for an unnecessarily extended period of time. Similarly you would not even want to end up with an amount lesser than you need.

Realise your affordability – After considering your monthly expenditure make a note of how much money you are left with. Make full use of the personal loan EMI calculator to determine how much your monthly instalments shall amount to. Compare it with the amount you have extra every month and decide wisely whether or not to go ahead with the loan.

Scan the market for best rate of interest – Look for the lowest rate of interest on your loan. This scanning can be done easily sitting at home surfing the internet.

Find suitable time period for repayment – Also take into account the tenure of the loan and the policies related to paying it off early or extending it. Often banks have rules that do not allow paying off of loans before the loan period ends or they include a higher interest if you try to do so.

The Ideal Remittance Guide You Should Refer To

India has made an astounding progress economically in the last few years. Many who leave the country in search of better career prospects often feel the need to send money to India. In the previous year, India has surpassed China to become the highest remittance-receiving country in the world according to a UN report. When you remit to India you contribute greatly to the development of the country’s economy as the inflow of foreign money into the Indian economic clockwork means more funds for channelization in developmental projects.

DIFFERENT METHODS OF REMITTANCE

The different methods of remittance can be classified by the mode of transfer into two broad headings, manual deliverance of funds and electronic transfer of funds.

MANUALLY THE FUNDS CAN BE SENT IN THE FOLLOWING WAYS:

MONEY ORDER- You can buy a money order form the bank, certain retail stores and post offices and post it to the person you wish to pay. It is one of the oldest ways to remit to India. The receiver of the money order can either get it cashed or deposit it just like a draft or a cheque. Though it is a time consuming method, it is preferred because it is a secured way. In case it is lost or stolen it can be replaced. Also the advantage of being able to use a money order without having a bank account makes it very convenient.

FOREIGN CURRENCY CHEQUES- The simplest way to send money to India is writing cheques and posting it. The only disadvantage of this direct method is it takes a lot of time. But once it reaches, the receiver can simply go to his bank and deposit it or cash it as per his needs.

FOREIGN CURRENCY DRAFTS- This method is very similar to sending cheques from abroad. It is a method preferred by businessmen. There is no chance of a failed transaction like a cheque as sending a draft does not depend upon the balance you have in your account.

ELECTRONIC TRANSFER OF FUNDS CAN BE DONE IN THE FOLLOWING WAYS:

REMITTANCE CARD- This is like a debit card that can be used to pay for all the needs and requirements of the people in India. For using it, the person staying abroad has to recharge the card and the amount will be available for use in India. This saves a lot of time and is the most convenient option for those who are technologically sound.

DIRECT DEPOSIT- This method is the best possible option for those who transfer funds regularly to India. Here an Indian bank is authorised to withdraw money from that person’s account in the foreign bank. The money transferred can be collected by the recipient directly from the bank.