How can you benefit from the education loan in India?

Education is an important aspect for your child’s development and growth. A school helps him be a better human being and choose a career path that suits his personality. However, with the cost of education increasing day by day, parents are finding it difficult to make ends meet.

The problem of educational expense becomes more acute when we enter higher education where there is fierce competition among students and few colleges and universities providing good education.

Therefore, the solution for educational cost is taking an educational loan to fulfill your dreams and desires. However, educational loans can be overwhelming to a student thinking about higher education either a MBA or post graduate studies abroad. To help budding students pick the correct educational loan, here are some pointers to guide you:

 Covers the Cost of your Education- When you take an educational loan from a bank, it will not help you financially but cover 90 per cent of your educational expenses. They cover not only tuition fees and exam and library fees but other incidental costs like your hostel expenses, book charges and travelling expenses.

 Parents are Relieved of the High Educational Cost- Higher education has become an expensive affair. For students opting for higher education like MBA in India, the expenses become a burden on the parents. Moreover, some parents may not have the capacity to sponsor their child’s education dreams. The solution to such problem lies in getting an educational loan.
  
 Tax Benefits- Educational loans in India are eligible for tax benefits. Under section 80C, the interest payable on your educational loan can be claimed as tax deductions by the student taking the educational loan.

 Happy Period- The educational loan that you have taken from the bank will start to add an interest rate once you get a job after your higher studies. The student is given a period of 6 months to 1 year depending on the bank to repay the loan amount after he or she has got a job. This period is termed as happy period.

 Helps you More Responsible- An educational loan will make you more responsible as an adult and towards your finances. It makes you aware of monetary matters and makes you focus on your studies so that you get a good job and is able to repay your loan.

 Female Advantage- There is a rule that states 0.05 per cent discount on educational loans for girls.
There are numerous educational loans for Indian students from various banking institutes.So, if you have been contemplating studying MBA or postgraduate study and are worried about finances, then an educational loan is the way to go.

Tricks to keep your bank account safe

Technology has many boons as well as demerits. While we laud technology for making our life easier, there are some loopholes in it that can make our life difficult as well. Scamming is one of them. Often we hear about so and so losing a significant amount of cash to the vicious hands of scammers. Remember you can also fall prey to such duplicitous activities and lose your hard-earned money. But how can you prevent that from happening? All it takes is a little bit of alertness on your side. Going cashless sounds cool and it is also very convenient in an urban setting, but becoming literally cashless can take a toll on your life. Therefore, follow these tips when you are conducting monetary transaction and keep your bank account safe.

1. Look for skimmers on the ATM machine: You can access all types of bank accounts using an ATM machine, a quality that makes ATMs a go-to option. But did you know that scammers can install a sinister device called skimmer in an ATM machine that is designed to collect all your bank accountdetails as soon as you enter the card in the card reader slot? Yes, skimmers are real and so should be your alacrity. If you find something off about an ATM machine, like mismatched colors around the card reader, scratches on the ATM machine, immediately talk to the bank. You should also address the financial institution if you find something unusual while inserting the card inside the slot.

2. Do not divulge bank details over call: A scammer might call you in the guise of a representative of a telecommunication company, a bank or any such institutions. These calls are meant to sound plausible, and often, the scammer will try to extract the bank details from you. But never let yourself be duped. If you get such scam calls, do inform the police.

3. Hide your ATM pin: The skimmers usually have cameras installed on them. The device uses the camera to capture the details. But, while you enter the pin, if cover the screen with your other hand the camera will fail to capture the image.

4. Use your card yourself: Remember all types of bank accounts are prone to getting hacked anywhere and by anyone. Therefore, if you are paying online, swipe the card yourself. Because, often the attendants in restaurants, bars and retail shops run your card through a skimmer when you are not looking. Therefore, always be vigilant.

5. Check your balance: You should keep record of your account balance from time to time. If you observe any unexplainable depletion, address the issue to the bank immediately and take legal actions if need be.

Keep your guards up 24x7 to save yourself from unnecessary harassments.

How to revive lapsed life insurance policy?

Life insurance serves as a form of security for your loved ones, in the case of your death. As life is unpredictable at times, it is always better to stay prepared against any eventuality rather than take any risk. However, a life insurance plan needs to be renewed after specific periods, for it to stay in effect.
Reviving such a policy can be difficult, especially if you are not aware of the intricacies of the same. Here is a look at some of the ways in which you can renew a life insurance policy even after it has lapsed.


Ordinary revival
This is the simplest form of revival for a life insurance plan. To do this, you will have to pay off all the unpaid premiums and the interest at once. However, the company may ask you to provide a proof for good health and medical report. So, keep these documents ready if you are planning to follow this route.


Specialized revival
This particular revival allows you to pay just one outstanding premium in order to renew the policy, depending on your age. Such a revival is only possible for people who do not have the financial backing to clear all of the unpaid premiums at one go. However, even in case of the special revival, you may be asked to provide proof of health.


Instalment revival
If a person is unable to clear premiums under the ordinary and special revivals, he/she can also opt for an instalment revival. This revival allows the insured to clear the payments in a yearly, half-yearly and quarterly instalments. Under such a revival, you can take advantage of a hassle free premium payment.
Here are some things to consider before you opt for a revival of the life insurance policy.


1. You can only revive a life insurance policy if a long time has not passed since its lapse.
2. Aside from having to pay off the outstanding premiums, you will also have to pay a penalty fee, based on the time that has passed since the lapse of the plan.
3. If you are suffering from a medical condition, a proper medical report detailing the seriousness of the condition may be required while you apply for a revival.


Even though you would need to pay off all the premiums with interest, it is always better to revive a life insurance policy. However, try to avoid a lapse in the first place and pay your premiums regularly, so that you do not have to undergo the hassle of reviving the plan.

What are the benefits of IMPS and why you should take advantage of them?

With growing popularity of mobile banking and IMPS transfer, it has become easy and convenient for common man to transfer funds whenever they feel like. Even if you’re low on cash or do not have time to withdraw money from your bank  at the need of an hour, you can transfer money from your cell phone using IMPS service and save some time!

IMPS or Immediate Payment services is electronic interbank instant mobile money transfer service which can be done using the user’s cell phone. It is the most simplified and trending money transfer facility in the today’s world. Let’s take a look the vast benefits of IMPS and mobile banking which we should definitely take advantage from:

• 24x7 Real time money transfer
While National Electronic Fund Transfer (NEFT) takes up to 3-4 hours to transfer money depending on bank to bank, IMPS is real time money transfer service which means using IMPS you can instantly transfer funds to other accounts. You can transfer fund using IMPS 24x7 even when the banks remain closed on national holidays or Sundays. This is probably the most crucial advantage of IMPS.

• Transaction limit
Although different banks hold different transaction limits depending on the customer profile, Real Time Gross Settlement (RTGS) allows you a minimum transfer of Rs.2 lakh and a maximum amount of Rs.10 lakh while transaction limit for IMPS is Re.1 to Rs.2 lakh.

• Available through multiple channels
IMPS provides you options of transferring funds through multiple channels like ATM, Net banking, SMS, USSD, Mobile application. You don’t need to step out and stand in long queues in the bank. Just one click and you’re done with paying your bills- be it utility bills, travel tickets, online shopping, movie tickets, grocery shopping etc. In fact e-commerce companies largely promote mobile apps and offer heavy discounts, for which IMPS can be used to make payment through mobile application.

• Mobile banking
In order to transfer funds via IMPS, a 7-digit MMID pin is required for which all you need to do is go to ‘mobile banking’ option on your phone, select your desired bank account, select IMPS and click on MMID. As soon as the details of your account are validated, the money will be debited from your account and a SMS alert showing the transfer status will be sent to your phone.

• NRI customers
IMPS  allows NRI customers to transfer funds from their account to the account of those residing in India.

With these key features, IMPS has gained immense popularity over the years and has benefitted common man like never before. It is time-saving, user-friendly, and has brought the commercial banks at our doorstep.

How to take gold loan against gold

Acquiring loan against gold is the quickest and safest possible way. It is a simple, hassle-free procedure and it can be used to avail of a loan to meet any kind of emergency, like higher education for your wards, expansion of your business inventory, paying EMI bills for any of your recent purchases, or for confronting medical crisis. Here is how you can get loan against gold.

1. Value of the gold: The loan that the bank provides you is directly related to the value of the gold. The loan will be given also on the basis of your income, because the bank needs to look into your repayment capability. Instead of gold jewelleries, if you secure other gold items like a gold bar or a gold coin, you will reap the benefits of a better valuation.

2.  Documents: Like all other bank-related procedures, a gold loan also calls for documentations. You can either fill in the application online or you can submit your personal details with the bank. You will probably have to provide PAN/Aadhar card details, address proof, identity proof etcetera to get a gold loan.

3. Signing of Agreement: Once the value of the gold is evaluated the bank takes the gold from you and keeps it in a secured vault. It remains that way until you have cleared the loan. The clearance of gold loan in India can be done over a period of 12 to 18 months depending on the bank.

4. Interest: Most of the banks in India, charges nominal loan interest rates against goal.
  
5. Extra payments: You might have to make extra payments other than the complete loan with the interest, which pertains to loan processing charges and gold valuation fares.

6. It is a very quick procedure: Like other types of loans you do not need to wait for long to get a gold loan. You receive it usually on the day you deposit the gold with the bank.

7. In case of default: In case you fail to repay the loan within the tenure the bank keeps the gold and uses it in whichever way it finds fit. And if you do clear the loan on time, the gold is given back to you in the same condition.

Business loans and app: Why you need to download now!

Business loan apps are gaining popularity with every passing day. With the new and simpler mode of connecting to organizations which hand out business loans, everybody seems eager to download the numerous business loan apps and make the most of it. With the help of the business loan apps, business owners can now calculate the amount which could be required to start a new business or grow and manage an already existing one. Multiple products and features help you filter and prioritize what you might need and this also allows you to save a lot of time. Managing your business finances has become easier with the help of these apps. Given below are some of the best loan apps which you should download right away for easy access to business loans. Along with business loans, you can take a number of other loans with these apps as well.

The LLC Business Loans App

The LLC App allows you to choose any desired loan program to start or manage different kinds of businesses. Downloaders can get to choose the different kinds of loans which they can use for inventory, payroll, renovation and even operating costs as well. The LLC loans app makes it easier for you to navigate and access different features available on the app.  They also have loan calculators to help you out instantly. This app also lets you apply with good, bad or limited credit in a matter of 60 seconds. The best part about this app is that you do not have to pay any application fees as this app can be downloaded for free from the Apple iTunes or the Google Play Store.

HDFC Bank Loans App

Another similar app which you can make the most of and help your business flourish is the HDFC Bank Loans App.  With the help of HDFC Bank loans app, you can now manage your account from anywhere and everywhere, absolutely hassle-free. HDFC Bank loans app allows you to take credit which will be granted to you by providing few simple details about yourself. It can only get simpler with HDFC Bank Loan apps as you can also withdraw funds from your phone right away. Withdrawing working capital and instantly getting information on how much funds can you access are some of the perks of downloading this app. Not just business loans but any kind of home loans, personal loans, car loans and more can be easily accessible with the HDFC Banks loans app.

FlexiLoan Business Loans Apps

Another amazing application which helps people in India take small loans is, Flexiloan. This app has helped a number of small and medium sized businesses to flourish and acquire loans and working capital when required. The products and features available in the app helps people get vendor financing, line of credit, working capital loans and even merchant cash advance. You can easily get your SME loan approved by downloading the app, uploading some photos of your key documents and connecting to your bank account.

Two wheeler loan application is now made easy with an app!

Are you thinking of purchasing a bike? Why spend money from your own pockets when you can avail a loan for the same! A two-wheeler loan can be very handy if you want to purchase the bike or scooter of your choice without worrying about the expense. Due to the development of several loan apps, the application process for such a loan has now become much simpler.

If you are indeed thinking of applying for a two-wheeler loan, ensure that you do so through one of the several loan apps. Here is a look at how you benefit when you apply for the bike loan online.

1. Calculating EMI
For any loan, the monthly installments or EMI is of the greatest concern for most people. When you apply for the loan using the app, you have the ability to calculate the EMI even prior to the application. This is an advantageous feature, as it can give you a good idea regarding how much loan you should apply for. You want to ensure that the EMI payments for the loan do not become too much of a hassle for you.

A bike loan EMI calculator is present in most loan apps. For such a tool, you need to enter the loan amount, tenure and rate of interest in order to get the exact EMI payable each month for the same loan. Therefore, the bike loan EMI calculator can be very handy.

2. Hassle-free process
The entire process for the two-wheeler loan may take a bit of time as it is conducted using the offline, conventional method. You would need to visit the lender personally and apply for the loan. However, in case of the online bike loan application, the entire procedure becomes much more streamlined and simple. This helps you save time and allows you to conduct the entire procedure from within the confines of the home.

Aside from saving time, the online procedure also allows you to save conveyance money, which you would have otherwise spent while travelling to and from the lender’s office.

3. Comparing rates
Application through an app, allows you to compare the interest charged by the different companies. In the conventional offline procedure, consumes often do not perform a thorough comparison and end up paying higher interest than they really need to. However, in the online procedure, most consumers can easily compare the rates charged by the different institutions and make an informed decision regarding the same.

So, it is best to apply for the bike loan using the loan application in your smartphones or tablets.