How to get a gold loan quickly?

Obtaining a gold loan is quite easy as compared to other loans. It can be availed by pledging some gold ornaments or issued gold coins from a bank. If you urgently need money with less hassle, then applying for a gold loan is the best option for you. You need to have a supporting address proof or an ID proof to avail the gold loan. Disbursal of this kind of loan is faster in comparison to other types of loans. The gold loan interest rate is usually meagre so it serves as an easy and quick way to fulfilling your financial needs. Gold loans can be used to fund a variety of requirements such as business expansion, funding a start-up, education and weddings. Secure storage makes gold loans an easy funding option to suit your needs. 

Tips to get a gold loan quickly by selecting appropriate schemes such as: -

Bullet scheme- You can only pay the interest in this scheme either quarterly or monthly.

EMI scheme- The total amount of the gold loan is divided into equal EMI’s which you have to pay at regular intervals.

Flexi scheme- There are multiple options in this scheme for top up without any charges and part payment (innovated for businessmen, big traders and builders).

Upfront interest- In this scheme, you can pay interest right away at the starting of your loan period. The rest of the interest amount can be paid after the completion of the stipulated period.

Gold loans are very beneficial and require minimum documents such as passport, driving license, ration card or voter ID. There are no time-consuming formalities involved in this type of loan. The varied number of schemes can suit different income groups.

Sometimes, you might have extra cash at hand. In such cases, you can choose to pre-pay a small part of your loan amount right there. This will not only reduce the overall tenure of your loan but will also assist you to pay off your loan as soon as possible.

However, the minimum pre-payment sum cannot be less than the total of 3 EMIs. There is no maximum limit for pre-payment of the gold loan.

Features of Gold loans: -

Loan amount- Gold loans not less than INR 50,000 is available in urban areas, while in rural areas loans below INR 50,000 is also available.

Interest rates- Gold loan interest rates come with very competitive and low rates on EMI loans, Overdraft and Term Loan.

Collateral- Gold which is surrendered as collateral is guarded safely and securely in the bank’s locker.
Servicing- The servicing is efficient and quick as disbursement over the counter just takes about 45 minutes.

Complete Transparency- The charges and loan rates are communicated through writing with the quotation, so there is no tension of extra fees or hidden costs.

Enjoy the convenience of a car loan application through your phone

Does the fancy car parked outside your neighbour’s house make you wish you had one too? Fret not, getting a car is a very convenient affair now. You begin the process by selecting a car you want and then search for a dealer who has the particular car in their stock. The next step would be to arrange for the money to pay for the car. In some cases, that is easier said than done.

One of those cases is when you have to take a car loan. Earlier taking a car loan required you to go through certain stages of going to the bank to procure information. But now, thanks to technology, all of those stages are now incorporated in specially designed banking applications on your phone.
HDFC offers some of the best loans in the industry. You can find information about their car loans online and accordingly pick a scheme.

People are often confused about the EMI amount. They find the process by which the EMI is calculated to be very cumbersome and difficult. One way to address this issue is by using a car loan EMI calculator on your phone. A car loan calculator requires you to input the following details: the loan amount, the interest rate and the time. You can then check to see if the EMI amount is feasible.

If you are looking for a good car loan EMI calculator, then you can try the hdfc car loan calculator. You will find it online on their official website.

Before you opt for a car loan there are certain things you need to keep in mind, they are:

1. CHECK your CIBIL score
Most banks sanction loans only after checking the applicant’s CIBIL score. If your score is on the lower side, then the banks will charge a higher interest rate and vice-versa.

2. Processing Fees:
Banks charge a fee for processing your loan application. In some cases, that fee can be very high, so you should ask the bank for clarifications, should you have any queries regarding their processing fees.

3. Opt for a short-term loan:
Shorter the term of the loan, lesser the amount of interest you have to pay.

4. Keep an eye out for offer from car dealers:
 Most dealers have tie-ups with various financial institutions when it comes financing a car loan for the buyers. At times, the rates you will get at a dealer’s are less than those offered by banks.

What are the features of the FAStag?

A new payment program introduced by the government, FASTag is a type of Electronic Toll Collection (TOLL) that has been rolled out on the highways of the country. FASTag has been fashioned by the Indian Ministry of Road Transport and Highways and is now being implemented by the Indian National Highways authority. In order to make FASTag a success, the Indian Highways management Company Limited (IHMCL) has teamed up with Axis Banks as well as ICICI Bank to help Indian citizens clear toll payments and transactions.

How does FASTag function?

This system of toll clearance has been adopted in foreign countries and basically involves the installation of a Radio Frequency Identification (RFID) device or strip which is fixed to vehicle windscreens. The technology makes toll payment easy as the driver does not have to stop to pay the toll at the toll booth. The money is automatically deducted from his prepaid account. FASTag is valid for about 5 years, and one can recharge it whenever they want after buying it.

Here are a few commendable features of this new technology that one should be aware of-

• The first and most important feature is cashless payment. Those who use FASTag do not need to worry about carrying change in order to pay money at the toll booth. They can wiz by in no time.

• In order to promote the use of FASTag, the government offered a cashback offer. Anyone who used this technology got a 10% cashback every month till the 31st of March 2017.

• One is definitely assured faster transit. This is primarily because an individual using this feature will not have to wait for the staff at the toll booth to complete the transaction and fish for change. The money will be directly deducted from their prepaid account which is must faster.

• One can recharge their FASTag prepaid account online via net banking, credit card, IMPS as well as a debit card.

• One will get SMS alerts on the mobile number they have registered in case of a transaction or if their balance is low.

• One can do a minimum recharge of hundred rupees and a maximum recharge of one lahk rupees.

• In case a person owns 2 vehicles, each vehicle will require FASTag facility.

• In case of loss of vehicle or if it is stolen, one can immediately block their account by calling customer care.

One can create a FASTag Account for themselves either by visiting the 2 banks that the government has associated with or one of the Point of Sale (PoS) stations near toll plazas in the country.

Making the most of your forex card on your travels

Travelling overseas has become hassle-free with the advent of the forex card. It allows you to make payments in the regional currency without any trouble. A person does not need to go to the currency exchange center to get local currency when he/she travels to another country. This is because the forex card or the travel card is pre-loaded with the foreign currency. Therefore, it allows a person to withdraw cash in foreign currency, shop, make payments and also to check the balance. A single currency or even multiple currencies can be loaded into the card and this allows a person to travel seamlessly across a number of countries.

Furthermore, these cards are widely accepted as they registered either with the Visa network or the MasterCard network.

The different benefits of using a forex card are as follows:

• You need not worry about fluctuating exchange rates. This is because the money that you have put into the card will become immune and not get affected by the changing market rates. A person who has loaded in money in a forex card will surely receive the value of the currency that he had initially signed up for.

• A forex card comes with security features like chip and pin technology and this enables a person to block the card if it is stolen or lost. The balance amount is frozen and no other person can gain access to that fund. Therefore, it is always better to carry a forex card instead of cash when a person is travelling abroad.

• A travel card usually offers better exchange rates when compared to using cash to buy foreign currency. When a person uses a forex card, he/she generally gets a difference of 50paise as exchange rate markup. On the other hand, a person who buys US dollars with cash has to bear a difference of Rs 2.

• Some banks in our country allow multiple currencies to be loaded into a single card. A person is liable to carry different currencies like Japanese Yen, Australian Dollar, Hong Kong Dollars, US dollars and Euro and others. Thus, foreign travel has been made extremely convenient and easy.

• A person will have to bear lesser transaction charges when he/she uses a travel card. The charges are much less when compared to that incurred by using Debit or Credit cards.

• A person does not have to pay Dynamic Currency Conversion fee while using this card.

These benefits ensure that a person can bid goodbye to his/her currency woes while travelling abroad.

Easy steps to open a FD Account now

A fixed deposit is an essential financial tool that can be used to increase assets over time. However, prior to generating returns on the investment, one has to open such an account with a bank. Such an account can be opened both online and offline. Here is the procedure that needs to follow in case one is trying to invest in a fixed deposit.

How to open online FD account?

With the emergence of the internet, people can easily visit the online webpage of their banks and elect to open an FD account from there. In the fixed deposit related section of the webpage, the banks offer an online form to the customers. You need to fill up the entire form and submit it. Once submitted, you will receive an email from the bank, where the completed form is attached.

Take a print out of the completed form. A representative from the bank in question will contact you shortly and fix an appointment for the collection of the application along with the other documents needed for opening such an account. Alternatively, you can also elect to visit the nearest branch of the bank and submit the documents there yourself.
Before submission, ensure that you have signed the printed out application form. Paste your photograph in the appropriate slot as indicated in the form.

Finally, keep a photo identification handy for the completion of the procedure. Aadhaar card and PAN card may be the most preferable ID in such a case.
Submit the documents along with a CTS compliant cheque so that the funds are cleared faster. This ends the online procedure for creating an FD account.

How to open offline FD account?

If you do not have access to the internet or want to complete the procedure manually, you can visit a branch of the bank itself. Once you are in the bank enquire on how to open an FD account. The staff will provide you with the application form. You have to fill it up and submit the required documents to the bank to open the account.

The CTS compliant cheque, which carries the FD amount can also be handed over to the bank alongside the completed form and documents. Once the cheque clears, the FD account will be created. In some cases, the offline method is faster when compared to the online procedure. However, before opening the account, one should ensure that they are aware of the interest rates offered by the bank. Conduct research to select the best fixed deposit investment.

What are the types of deposits available in India today?

Banks in India, offer quite a few services to their customers, ranging from money savings options to loans as well as investments. One can open a savings account in a bank to save up some cash, or opt for any type of loan be it a home loan or even a car loan. Investments through banks may be done via banks deposits, bonds or mutual funds etc.

When it comes to the various types of deposits that are available in India today, the first 2 types that one may be aware of are fixed deposits and recurring deposits. Fixed and recurring deposits are the most common types of deposits.

Bank deposit has been divided into 3 specific types. They are-

1. Time deposit
2. Demand deposit
3. CASA deposits
These 2 deposits have been further categorized into other forms of bank deposit.

Time Deposit

In case of time deposits, the money is deposited with the bank for a certain period of time. An individual cannot withdraw the amount before the tenure is over. If a depositor does withdraw cash from the bank deposit account before maturity a penalty fee is charged. Time deposits are thus also known as term deposits. The time deposit that is most commonly opted for is fixed deposit. Other time deposits include re-investment deposits and recurring deposits.

Those opting for time deposits can save as well as enjoy returns in the form of interest. The interest rate offered on time deposits varies from one bank to another. Longer the term of the deposit, higher will be the rate of interest that the bank will offer.

Demand Deposit
 In case of demand deposits, the money deposited with the bank can be withdrawn anytime. The bank does not need to be given a notice in advance. The funds can be withdrawn via a cheque, ATM or from the bank directly.

Those who opt for a demand deposit may or may not receive interest from the bank. Even if interest is given, the rate is generally quite low.
There are 2 types of demand deposits, namely savings account and current account.

CASA Deposits
A savings account and current account deposit together is known as a CASA deposit. These deposits pay low interest and are quite beneficial for banks. Banks want to increases the number of CASA deposits they have, thus they offer services to companies like salary accounts etc.

Other types of deposits in the country also include NRO, NE (E) RA as well as FCNA (A) accounts. One can also avail insurance for deposits in India.

Features of the NRE account and how it can benefit you

Non-residential Indians (NRIs) can maintain a rupee account in India. NRIs have two options available to open and operate a bank account in India – NRE or Non-resident Rupee account and NRO or Non-Resident Ordinary Rupee account.

A NRE account allows a person to transfer or convert Indian currency and also allows him/her to park their money in various savings accounts. The primary reason why a person would want to open this account is if he/she wants to convert his/her overseas earnings into Indian rupees. This account allows a person to maintain a savings account in Indian currency, he/she can hold a joint account with another NRI or if the person wants his savings in rupees to be fully repatriable.  

The features of a NRE account are:

• The amount that is saved in this type of an account can be repatriated overseas as well.

• A NRI can open this account and he/she can hold it jointly with another NRI or PIO.
The deposits in this account can be done in the following ways:
• A NRI can deposit money in this account personally when he/she visits India and the deposit can be made in Indian currency and a few other foreign currencies.
• Deposits can also be made in a NRE account through the foreign exchange transfer while in a foreign country.
• A person can also deposit in such an account by transferring funds through NRE account or FCNR account that are held in financial institutions apart from banks.
You can open NRE account online to enjoy the features of NRE account such as:
• A person does not have to pay taxes on the interest that he/she earns from the deposits in this type of account.
• The Reserve Bank of India has set some guidelines about how to document the transaction procedures and how to submit those to the governing body. NRIs have to fill in the Form A4 when he/she is depositing money in foreign currency through remittance or via demand drafts or cheques. A person who does transactions above Rs 1, 00,000 needs to submit proper documentation.
• The credit and debit flows into and out of this account are regulated by FEMA by imposition of a set of permissible transfer types.
• A person having Power of Attorney can only perform limited tasks like withdrawing money and remitting money across the border so that it can reach the account holder.
The advantages of NRE account are as follows:
• This account allows a non-residential Indian to invest in different deposit schemes and saving schemes of banks in India.
• You can also open NRE account online to avail a loan from foreign as well as Indian banks. Moreover, the amount of loan that a person can get is much higher in comparison to loans provided to other types of accounts.
• You can transfer funds from one country to another without incurring any cost.
• You can also transfer funds from this account to other FCNR/NRE accounts of the same person or even of a different person.

A person can avail facilities like cheque book, international credit card and also pay bills if he/she has a NRE account.