How to use online banking app safely

Online banking has become a popular option, due to the very fact that it makes financial management easy. Plenty of high end banks are now offering online facilities that will allow you to check your balance, set up direct debits or even access statements from their website. In fact, you can now do all these facilities through the new banking apps, a form of internet banking that will allow you to check information on the move.

While these mobile banking apps, increase the convenience to handle your finances, it also raises the risks of becoming the victim of fraud. However, there are certain steps you can take, in order to protect yourself. They include

• Choosing a very secure password: When you first set up internet banking on your phone, your bank will provide you with a password to initially log in. Once you log into the app, you should change the password to new and secure alternative. While you are changing the password ensure that you, never write down the new password, store the password in your browser, or pass on your password to anybody.

• Enable biometric authentication: Most of the phones that are being introduced into the market have now included biometric authentication to unlock the phones, or even use certain apps. It could be fingerprint scanners or even facial recognition to unlock or access the app. This prevents any unauthorised access to the apps. When you download the app, ensure that is compatible with this feature and include it. This is because biometric authentication is almost impossible to hack. This makes it difficult for cybercriminals to gain access to your device, let alone your app. Moreover, in the event your phone is stolen, your data will still be safe.

• Avoid banking on unknown internet networks: A free network will definitely be tempting to access, especially to surf the web or share a quick Facebook status. However, you should never ever use your mobile banking apps for sensitive activities, such as making transactions or making payments. Any unknown network runs the risks of cybercriminals intercepting your password.  In such a case, it is most appropriate to use your cellular data over the WiFi connection.

• Install anti – malware software: Malwares make it easy for cybercriminals to access your data. Without your knowledge, the malware, which is normally installed without your knowledge, will collect all your passwords and log in details. It will then send this information to the cybercriminals who can easily access your bank accounts whenever possible. In such a case, it is most appropriate to install an anti malware software which will block viruses and spyware from being installed on your phone. Furthermore, it will update you to any suspicious activities, so that you can take appropriate measures to block any unauthorised access.

Stages of a loan application: How the bank loan app will assist you

The loan application process has several stages that you, as an applicant must be aware of. Each of these stages plays an important role in your loan applicant, thus leading to your loan approval and disbursal. While the traditional way to apply for a loan would be to approach the bank of your choice, and its closest bank branch, the new method is to download the bank loan app on your phone and apply for the loan of your choice.

More and more loan applicants are now opting for the new age method to apply for a loan, as it is not only convenient but also time and resource saving. But how can this loan support you in your loan application?

Once you download the app and register for it, there are various features you can check out. One option there is to apply for the loan. Through this app, here are the stages of a loan application and how the loan app will assist you:

Stage 1: Confirm basic identity: This plays an important role in your loan eligibility. The first you would need to take is to confirm your identity. This would mean, you would need to provide details of your age and your gender. You would also be required details of your residency.

Stage 2: Income and employment details: As the next step, you will need to provide details of your employment and income details. In this stage, you would need to provide details of the type of employment you are working in, the name of your company, the income you earn, and whether you have any current EMI’s to pay. All these factors contribute to your loan eligibility to ensure that you will be able to afford the loan you are applying for.

Stage 3: Calculation of your eligibility: Once you have provided the relevant details, the app will automatically calculate your eligibility. This is one way to check loan eligibility without having to take the time and the effort manually to do it. Furthermore, it will help you understand how much of a loan amount you can opt for, and whether you can increase or decrease to match your financial requirements. This way, it will also help you manage your other current debts or any other debts that you will take upon in the future.

Stage 4: Verification of identity details: Once you have proceeded and satisfied the loan eligibility criteria, you can move ahead with the verification of your identity details. You would be asked to provide your PAN and Aadhar card details, wherein which, your identity details will be accessed online from a secured server. Once the details have been verified and confirmed, you can then proceed ahead with your application.

Stage 5: Loan tracking: Once your loan application has been submitted, you can check online for the status of your application. You only need to log into the app and prove your application reference number in order to gain access to the tracking status of your loan application.

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.