All you need to know about the education loan eligibility through the loan app

Education loan is vastly helpful for people looking to pursue higher studies, both in a foreign country or within India. The financial help can be of great aid in paying off the tuition fees and even the travel allowance in case of foreign degrees. However, not every student is eligible for such a loan. Lenders check the background of the student thoroughly before sanctioning or rejecting a loan.

Application for such a loan has now been made much easier due to the arrival of the loan apps. Such apps allow the user to apply for the loan from within their home, without having to undergo the hassle of the standard loan application procedure. Still, people must keep in mind the eligibility criteria for such a loan.

Eligibility criteria for education loan

• The first thing that the lenders check in such a case is the academic background of the student for whom the loan is being taken. This is done because the lenders need to check whether the student would be able to perform well in his upcoming course and get a good job. This will determine whether he/she will be able to pay off the loan in the future.

• The lender will also check the course for which the loan is being sought. Most institutions will reject lending money for courses that are not recognized universally or properly accredited. This is because the chances of securing a proper job after such a course are low, which in turn means that the student may not be able to repay the money.

• Usually, for education loans, a guardian or parent of the student in question acts as the co-borrower. This means that failing the repayment of the loan by the student; this co-borrower is liable to pay. So, the lenders will also look into the age and the income of the co-borrower before sanctioning an education loan.

• Finally, the education loan is usually sanctioned against collateral. This collateral may be a property or any other asset. In such a case, the lender will determine the value of the collateral and figure out whether the price of the same covers the loan amount as well as the interest payable.

Remember these pointers before applying for the education loan. Do not forget to check out the education loan interest rates as well. Ensure that you pick a loan where the rates are affordable and where you or your child will be able to pay it off after the completion of school.

Gold loan and loan App: How to enjoy a convenient loan application

With each passing day, gold loan is becoming more and more popular. Many people are opting for gold loans rather than availing a personal loan for their needs. Most institutions offer competitive interest rates, which makes gold loans a profitable prospect for people in need of immediate funds.

With the emergence of the online banking system, loan application has become easier than ever before. People can now take advantage of loan apps, through which they can apply for a gold loan in just a few minutes. Here is a look at some of the benefits of applying for the gold loan through an app.

1. EMI calculator
Applying for the loan offline means choosing a lender blindly without a proper accounting of the EMI payable per month. This may lead to inconvenient situations in the future. However, when you apply for the gold loan through an app, you are instantly allowed to check the interest payable along with the monthly payments, which you would have to make during the loan repayment tenure.
A tool known as the gold loan calculator is used in such a case. All you have to do is to enter the principal amount, the interest charged and the tenure of the loan.

2. Saves hassle
In the standard gold loan application process, you would need to visit the offices of the lender and apply for the loan there. Not only would this cost you additionally, but it would also mean spending a lot of time on the loan application. However, if the gold loan application is made online, you can complete the entire procedure from the comfort of your homes.

3. Free insurance cover
Some companies also offer a free insurance cover for your gold if the application for the loan is made online. However, do not expect every company to throw in the free insurance coverage. Such an insurance can be very handy in case of theft or loss of the gold products in question and can help you recover from such a loss.

4. Online repayment
The online gold loan application may also mean easy, online repayment options. This will further save your time, as you do not have to write out a check each month and drop it in the beneficiary’s account. You can sit at home or office and just clear the EMI through the internet banking system.

If you are looking for a gold loan, the application should be made online through such an app. This will make the entire lending process much simpler for you.

Why is it important to calculate your car loan EMI?

A car loan will prove to be very useful for people who are looking to purchase a new four-wheeler but do not have the appropriate financial backing. A loan in such a circumstance can help you get the vehicle you desire without having to worry about the expenses.

If you are looking to sign up for such a loan, make sure that you conduct a thorough research online in order to get the loan with the lowest interest rates. This is where the car loan EMI calculator can come very handy.

What is the car EMI calculator?

Every loan scheme allows you to get a lump sum amount from the lender in exchange for paying a certain percentage of interest on the money lent. This interest is usually paid off through monthly instalments known as EMIs or equated monthly instalments. The amount of EMI payable each month depends on several factors, including the principal amount, the rate of interest charged and the tenure of the loan repayment.

The car loan EMI calculator is a specialized tool, available online, that can calculate the monthly instalment for a particular car loan scheme. You need to enter the loan amount you are applying for along with the interest charged and the tenure of the payment. Once all of the data is entered, the calculator will tell you the exact amount that you would have to pay if you decided to take the same loan.

Importance of EMI calculator

The car loan EMI can help you understand the nature of the loan and whether it suits your need and financial condition. Here is a look at some of the benefits of using such a calculator.

• It helps you to figure out the car loan EMI, which you have to pay each month. This allows you to know the exact amount of payment and thinks whether these would be possible for you or not.

• It prevents you from taking a loan, which you may not be able to repay when the time comes. If you use the calculator, you are more likely to take only as much as you would be comfortable repaying.

• It allows you to compare the EMI for loans from competing institutions. Therefore, you are more likely to find the plan with the lowest interest rate

So, never apply for a car loan without first comparing and calculating the rates and EMI payable through the car loan EMI calculator. A quick bit of research will help you a lot in the long run.

Internet banking: What are the bills you can pay through the app?

Using a smartphone equips you with the ability to navigate through a wide range of applications available in the cyberspace. These applications have transformed how humans interact with each other, how they consume their media and entertainment, how they shop, how they hitch rides and now, how they draw and deposit money.

Indeed, internet banking has become the go-to method for the basic banking functions for which you had to previously queue up at the bank. By means of a few clicks and swipes, you are able to carry out a large number of tasks within a few minutes. Paying bills through a mobile app can remove an unnecessary source of tension from your life and free up your schedule to engage in activities that truly please you to the fullest.

Here are many of the bills you can pay through the mobile app:

Electricity
Most power utility companies now have a website that not only provides you information on how your power is generated and routed to your home but also has a payment option. No longer would you have to wait inside your homes for the company representative to collect your money or massively rearrange your schedule to visit the office yourself---the app encourages you to regularly pay utility bill and avoid risking your power availability.

Gas
Likewise, you can use the same app for paying your gas bills as the app aggregates your payment history and provides access to multiple businesses across the country. Moreover, the app saves your information and allows you to pay utility bill with almost no effort.

Mobile
This is another bill that can easily be paid in the matter of minutes through the app. Much like other utility bills, you do not want to risk your mobile connection being shut down for failure to pay your monthly bill on time. Seeing how most of the payment plans nowadays run on a post-paid basis, you have to be careful not to default on these bills. The app makes this chore easier by sending you text alerts regarding bill payments so you can be on time.

Insurance Premiums
Through the mobile application, you can set a threshold amount and schedule payment as per your convenience. This function also facilitates the efficient payment of insurance payments that you can now follow through by means of this app. Most insurance corporations have set up portals within their websites and have direct correspondence with your bank’s system, so internet banking may be your best option for this tedious task.

Pay your credit card bills with mobile banking today

The mobile phone or smartphone nowadays has become an extension of our lives. It is like our third arm. Living without it is next to impossible for most people. People these days turn to their mobile phones for fulfilling the most basic needs such as shopping for grocery or even calling a cab on the road. So, when such basic functions are being carried out through the medium of a device, why should important tasks such as banking or paying credit card bills to be left out of the scheme of things?

Read this article to find out the how to pay credit card bill with mobile banking.

• Almost all banks offer the service of mobile banking. You need to ask your bank if this option is enabled by them. Download the app of the concerned bank, link your account and get things started.

• On the app, make an entry for the amount that is due, select a date for delivery and you are set. If you do not feel like paying the bills manually every month, you can pull some strings on your app and stir up the automatic payment settings. You can schedule your payments henceforth so that you do not need to log in every time you wish to take care of your dues.

• Paying the credit card bills on your mobile phone can make it easy for you to streamline payments and also help you to keep track of the balance all the time.

• Getting access to eBills can make your life aeons easier. The company that is charging you will forward eBills to your concerned bank, and you can later clear up this eBill amount in your own sweet time through mobile banking or through the online account.

• Have we mentioned how easy and convenient it is to clear up your bills with your mobile banking app with just a few swipes and taps here and there while you sit comfortably in your favourite armchair back at home?

• Paying the credit bills on your mobile phone is an extremely safe affair as the banks encrypt the information to the extent that is undecipherable, plus they use high-end security features.

• Also, you will get alerts when payments are due.
As you can rightly see that paying credit card bills with mobile banking app these days are so easy that it almost seems like a child's play. Don’t wait any further; enjoy the benefits of mobile internet banking today!

What Are The Opportunities You Can Get Through Your Banking App

The utility and benefits of mobile applications are numerous, to begin with. A mobile app is the new face of virtual marketing nowadays. A mobile banking app is a much faster option for a quick browse than manually manoeuvring through a web browser. With all kinds of businesses now having an app of their own these days, starting from retailers to restaurants, to better their marketing domain, banking has also joined in the league.

For the sceptics and the amateurs who are still trying to figure out the wonders of the mobile banking app, here are some opportunities that you will likely get.

• Increased Customer Engagement
Mobile apps give you the opportunity of participating in increased customer engagement. The purpose of apps is for seamless connections and interactions.  Mobile banking allows you to check your financial details whenever you feel the urge to or whenever the need arises. This is very beneficial to manage the safety of the account. You can keep track of any uncalled for transactions and fraudulent activities.

• Lower Expenses
The banking app reduces costs that come with messaging and also reduces the cost of paper. When you conduct banking services often, you need to take out truckloads of printouts of various details from various facets of your life. This entails a lot of costs. But a banking app will take care of all of this.

• Pay Your Bills
You get the opportunity to pay credit card bills through your banking app. You can either pay directly or on the company website. When you try to make your bill payment through mobile banking, it helps to streamline payments and also to monitor your balance 24*7. This saves tons of time and is extremely convenient.

• Banking Apps are Serious Game Changers
Banking apps are becoming better and better every day with new and improved features being added on a regular basis. Certain banking apps give you the opportunity of using virtual wallets and also saving engines that automatically set money aside as per your scheduling.

• Free Gratis
Nowadays, banks do not charge extra fees for enjoying the benefits of various services.
Although mobile banking apps are still in their initial stages of growth, they are already becoming popular at breakneck speed. Banking apps are extremely easy to use, safe and secure. This has completely changed the commercial canvas making it a top priority of online mobile banking services all over the world to provide consumers with a smooth experience that will keep them coming back for more.

Net Banking Apps You Need to Download Today

Mobile banking and net banking are related but not entirely similar. Mobile banking is offered by banks through their customized apps and is easily accessed by consumers for banking purposes. You don’t have to go to a bank to make monetary transactions. Here the medium is mobile or your smartphone, to be precise. On the other hand, net banking is having access to banks through the internet. Also, net banking facilities can be accessed using both laptop/computer and mobiles.

Nowadays people have become more tech savvy and social media friendly.  As a result, mobile and net banking have become almost the same and are often used interchangeably. Everywhere people are using smartphones and do not carry around cash anymore. For these reasons, net banking has become all the rage among youngsters, professionals and businessmen.  The market has been flooded with various net banking apps for users to choose from. Every bank has their own individual app which customers can use. Some of the most popular apps are listed below:

 Axis Mobile- Launched by Axis bank. The Axis Mobile app is available for both Android and iOS platforms. Through the app, you can view your bank account details, access your debit and credit card details. It also lets you convert your credit card transactions into EMIs.

 HDFC Mobile Banking- This is one of the most user-friendly net banking apps out there. It allows the user to perform a host of banking tasks such as creating your RD account, checking your FD account, transfer funds and also, you can request for chequebooks via this app. It is the only app on mobile that provides banking services in Hindi.

 iMobile- This net banking app has been launched by the ICICI bank. The app is pretty streamlined and safe to use. You can do a host of banking activities ranging from checking your FD account to managing your insurance and credit cards. Also, you can locate ICICI ATMs through this app and check the status of any check issued by you.

 YES Mobile- It has been launched by YES bank and offers basic banking facilities ranging from managing your accounts to fund transfers and also making donations. 

 State Bank Freedom- This is the net banking app from the State Bank of India which is a public sector bank. The app is very easy to use, where you need to register only once and then you can access a host of its functions including paying bills, money transfers and managing accounts.

 Baroda M-Connect- This app has been launched by the Bank of Baroda and lets you access all of the possible banking facilities.

There are a host of other net banking apps that allow you to fulfil every possible banking need ranging from mutual fund debts to loan repayment. These apps allow to pay credit card bills and bills of other utility services like gas, electricity etc. So, don’t wait in ques anymore as banking is a just a click away.