Convenient instant transfers: Why electronic fund transfer is your choice?

Electronic Fund Transfer (EFT) is the use of digital technology for the transfer of funds without the exchange of paper currency. The devices through which EFTs are initiated include codes and cards. They allow you and others whom you authorize access to your account. Access to your account entails withdrawals, deposits and transfers. Modes of EFT such as ATM or Debit cards require Personal Identification Numbers (PINs) while others need a scan or a signature. Radio Frequency Identification (RFID) for example scans your pertinent information without any direct contact with you.

Direct Deposit allows you to authorize deposits for specific reasons into your account. Regular deposits like paychecks, insurance benefits can be thus authorized. You can also authorize withdrawals for recurring bills like insurance premiums, electricity and other utility bills, club memberships. This will allow for them to be paid automatically every month without any hassle.

Debit Card Purchase or Payment Transactions let you pay for the merchandize you have bought using your card. Quite similar to the use of a credit card, it allows the buyer to pay for an item of purchase without the exchange of paper notes.  The only point of difference being that with a debit card, the amount of money spent must be existent in your bank account. You cannot extend credit on it.
With your commitments to your family and work in these modern hectic daily life, a trip to and from the Western Union is simply too much of a hassle. Speed and convenience are two of the major factors to consider in anything these days. With everything available at the push of a button, our banking needs have also been made accessible at our fingertips.

With no additional costs or charges attached on these services, Electronic Fund Transfer is not only a viable option; it is the one that makes the most sense. They are flexible, and entirely hassle-free. Without the inconvenience of commuting to the place of business or standing in a queue for long hours, you can take care of your banking needs from the comfort of your home.

Electronic Funds Transfer allows the transfer of funds within the country and also let you transfer funds to accounts that exist overseas. Students studying abroad, who need money for their tuition fees and other expenses in a foreign currency, receive these funds through EFT. The future is most definitely digital. We are moving further and further away from traditional modes of currency and payment. The day isn’t far when we will live in a cashless economy.

Two Wheeler loan: Get your dream vehicle in an instant

Having your own vehicle is a matter of pride and convenience. Now you can have your very own bike or scooter without any hassle due to easy availability of two wheeler loans. While some may prefer paying in cash, most people need a loan to pay for their purchase. As something that accrues interest as you pay back over time, it’s better to come prepared before you take out a two wheeler loan. With increasing demand for two wheelers, getting a loan is fairly easy. The following steps will guide you through before you apply for a loan:

• Check your eligibility
Any individual above the age of 18years is eligible for taking a loan. However, some banks may prefer their applicants to be 21 years or older. Before applying for a two wheeler loan you must be prepared with all the documents that are required for your application- an address proof which is usually demanded in the form of household utility bills, a voter’s ID or a passport. The aforementioned documents other than household utility bills also serve as your proof of identity. You would also need to submit your salary slip from the past 3 months along with the bank statement and the latest TDS certificate as your proof of income to show that you meet the minimum income criteria before borrowing a loan.

• Credit score
Your credit score determines what type of loan you’ll be able to get from the lender. The credit score of the borrowers show their repayment capacity and is given importance in determining the eligibility of the borrower.

• Select your loan amount and tenure
Interest rates on two wheeler loans vary from bank to bank and from lender to lender. Depending on the type of two -wheeler required and financial background of the applicant, loans are available in both secured and unsecured forms. In case of a secure loan which requires pledging of a security against the liability of the loan, the rate of interest is relatively low. In case of an unsecured loan which does not require pledging of the asset as collateral, the interest rates are usually higher. To make it affordable to the borrowers, banks allow a repayment tenure which usually varies between a period of 12 months to 48 months. The borrower can choose any tenure as per their convenience.

• Submit your application
After you finalize your lender, you’re required to submit your documents validating your proof of income, resident proof and identity proof. Once the lender decides on your eligibility and the interest rate you qualify for, you’re ready to take out a two wheeler loan.

With such easy availability of loans, getting a two wheeler of your own is the most convenient way to travel around.

Remitting to India: The key to money transfers

According to the surveys conducted by the Reserve Bank of India, remittance, that is transfer of funds happen mostly from US and the maximum transfers that occur are of a personal nature, that is, they are used to maintain a family. One of the major modes of money transfer from the overseas is SWIFT or electronic/wire transfer.

You might be one of those who remit to India occasionally to support your family. To make the process seamless and error-free you need to follow these few tips that we are going to discuss today. With these tips you can remit to India without any hassle.

Online and offline options: If you are looking into online options you are looking into e-transfers and power transfers. On the other hand offline transfer includes cheques and bank drafts. It is not a question of which option is better; you should concentrate more on the security issues. The first and the foremost thing that you should do is check the list of banks with which the bank from where you are sending the remittance has collaborated with. Go ahead with the further procedures only if the bank to which you will be sending the money is a trustworthy institution.

If you are sending money to India, chances are you will have to stick to offline procedures. Check the RBI guidelines before you remit to India.

Online money transfer: In case you wish to send money to your dear ones within a short notice period, you have no option left other than opting for online procedure. You can use modes such as wire transfer. Your beneficiary receives the money within 24 hours. At the max it takes 96 hours, unlike offline money transfer which takes 7 to 15 days. This is an instant process. There are correspondent banks in the overseas that will assist you in disbursing this process.

Choose a mode that you can afford: A wire money transfer is obviously costlier than a draft or a cheque though the former takes lesser amount of time. You need to decide before you remit to Indiawhether you should give due diligence to speed and drill a hole in your pocket. If there is an emergency to meet with you have no option. But this is one downside of online money transfer.

Foreign Currency Account Banks Scheme: Most of the banks in India cover major currencies like Dollar, Euro, Pound, and Sterling and accept remittance of these currencies. However, to avoid any kind of difficulties it is better to have a foreign currency bank account, which allows uninterrupted flow. This scheme can be used to easily convert currencies like Australian Dollar, HK dollar, dinar, yen, deutsche mark etc.

Wealth Management 101: Why starting early is the key to a healthy investment

Your early twenties are the most memorable years of your life and also are the most crucial ones. Especially when it comes to money.  For most 20-somethings with a steady job and economic stability, managing their finances is one of the biggest hurdles that they have to overcome. With the bad habits of both procrastination and ignorance, quite often people don’t pay attention to their wealth management till they are in their 30’s.


Do Not Drain Your Cash:
For much of the younger generation, the fear of missing out is a very real thing. And this fear drives a lot of them to spend money that they do not have just to be able to keep up appearances. Racking up debts over the student-loan debts that they are already buried under. Putting off responsibilities like investing to the future or deeming saving as “boring”, they wait far too long. Being debt-free is a big part of being financially independent. Learn to live on a budget and once you have done it for 3-4 months you will come to the realization that your expenses can very simply be divided into three categories:a) Essential b) Discretionary and c) Entertainment. The goal should be to reduce the spending on entertainment and to exercise more discretion. You should also have a sum of money set aside for emergencies.


Do Not Be Intimidated:
The thought of investing in stocks makes a lot of young people quite nervous. They do not make an effort until they are much older and that leads to investment choices that are faulty, resulting in portfolios that are flawed and economic insecurity in the later years of life. You can opt for an SIP(Systematic Investment Plan) that will let you invest a fixed amount each month in a mutual fund, typically an equity mutual fund scheme. A target date mutual fund is also a good option. Much like the name suggests, you invest until a certain year in a combination of stocks and bonds. You need not be a whiz at finance to consider investments. Keep it simple and watch your money increase.


Be Patient:
When you are young you have the luxury of time and when it comes to wealth management, time is most definitely on your side. The interest that you will incur on the amount of money you have invested will be compounded over the years and you can then reap the benefits of it. As much as you want to use what expendable income you have on luxuries and amusement, in the long run it will only harm you and your bank balance.


You have worked hard for the money that you have earned. You need to be smart about how you manage it. Start young when you can afford to be aggressive with your investments. You need not be afraid of the future when you can craft it yourself.

What are the perks of credit card you can take advantage of?

We live in a world where credit cards come in handy to make payments and keep record of our purchases. Issued mostly by banks, credit cards offer money or credit which need to be repaid within an estimated period.

When we think of the benefits or perks of using a credit card, we mostly think of rewards and low-interest rates. But apart from these, the best credit cards come with additional benefits which many of us may not be aware of. Taking advantage of these perks can help you get more out of your credit card and also save you some money in this process!

• Price protection
Often it happens that you purchase an item at a given price and see its price go down in the next few days. Don’t you feel cheated? Well, if you used your credit card for purchasing the item, you would be able to get the price difference refunded through your credit card’s price protection benefit.

• Purchase protection
What if you purchase an item and later have it damaged or stolen? In case of such a situation you would be eligible for a purchase protection policy if you bought the item with your credit card. All you need to do is provide a receipt and the credit card statement showing records of the purchase. In case of a theft, you’ll be required to show a police report.

• Car rental insurance
Best credit card networks provide car rental insurance for which you must charge the entire expense of the rental to your credit card. You must decline the rental company’s loss damage waiver/ collision damage waiver in order for your credit card company to agree to cover you.

• EMIs
If you’re making a big purchase, like a TV, laptop or refrigerator, you can easily convert it to affordable monthly installments in the form of EMIs.

• Cash back and bonuses
While reward cards earn you points for spending money on certain things, cash back cards pay the money back into your account. These cards help you save money depending on your monthly expenses, and amount refunded is based on the credit card’s cash back rate. Many credit cards offer lucrative bonuses for signing up with them, such as large amount of bonus points, complimentary flights, lower fees and reduced interest rates.

• Grace period
You can use your credit card to defer your payments till your bills are due. Contacting the credit card company and asking to change your billing cycle date could buy you another week before interest is charged. Banks usually offer a maximum of 50 days grace period for paying the dues.

In today’s world easy availability of credit card is a boon. If you pay your bills on time, they’re actually a free short term loan.

What are the reasons you would need international travel insurance?

Most people plan their holidays with much anticipation and enthusiasm. Be it for the purpose of leisure or for work, people travelling by air are very common these days. But what about the uncertainties that life brings upon you? Insuring your trip in case of an unforeseen event is probably one of the best ways to make sure that your holidays aren’t ruined by expensive emergencies bills or sudden expenses.

International travel insurance policy offers coverage to medical and financial emergencies that may arise when travelling abroad. While your date of journey remains fixed, accidents and mishaps may not be.

Here are a few reasons why you would need to invest your money in buying a good international travel insurance policy.

• Support in medical emergencies
Your health insurance policy won’t cover you in a foreign country if you encounter a medical emergency that requires hospitalization or immediate medical attention. International travel insurance covers these eventualities.

• Coverage in remote areas
If you suffer an accident or sudden illness in a remote area where there are no medical facilities available, or the expense of being admitted to the hospital is quite high, the international travel insurance comes in handy because it covers all your expenses.

• Reclamation of cancelled and rescheduled flight fees
If your flight gets cancelled or delayed due to bad weather conditions or technical issues, or if you miss your connecting flight because of a strike or some other reason, your international travel insurance can compensate by covering these expenses so that you won’t go over budget before you set off on your journey.

• Stress free accommodation
If you fall sick or get injured while holidaying at your favorite destination, the international travel insurance policy can recompense you for any emergency accommodation until you’re able to fly again.

• Stress free car hire
If you hire a car and get involved in an accident, it may cost you more than what you’d expected and could ruin your entire trip. International travel insurance takes care of these unexpected expenses.

• Replacement of stolen or lost luggage
In case you lose your luggage or have them stolen, this international travel insurance policy helps you deal with expenses such as paying for replacement of your passport or buying new clothes.

• Coverage for the whole family
International travel insurance policy provides coverage to your entire family- dependent children travelling with adults, children up to the age of 21 years, spouses and elderly people. If you’re involved in an accident where you find yourself legally responsible for someone else’s injury or damage to their property, the insurance can cover you up to the amount specified under your plan.

Smart people protect themselves and their families with travel insurance because it is useful in terms of a wide a range of unforeseen events like medical emergencies, flight cancellations, emergency accommodation and vehicle accidents.

Loans for professionals and why you need one today

No collateral loans are those that do not require the borrower to deposit a security with the bank. In case of collateral loans the asset which the borrower deposits with the bank works as security. In case the borrower fails to repay the loan within the tenure, the bank or lender takes possession of the asset.
Professional loans do not require the borrower to deposit a security with the bank. A professional loan can prove to be a great boon to self-employed or practicing professionals like doctors, journalists, engineers, architects, lawyers etc. Here is how a professional loan can help you:

• You can use it to expand your business
• You can use the loan to make foreign trips pertaining to your work
• You can use the loan to buy new apparatuses for your business.
• Professional loans can also be very useful if you want to renovate your office or expand it. 

Professional loans can be easily availed by anyone belonging to any profession. You will be able to get a loan for professionals if you have two years of trading experience, if you are a licensed practitioner and if you are between 21 to 65 years old. You simply need to provide documents like PAN/Aadhar card, ID proof, address proof as per the guidelines of the bank and you can get professional loan hassle-free.

You need to get a professional loan over other types of loans because of the following reasons:

Credit protect insurance plan: Many banks offer a credit protect insurance plan along with a professional loan. Here you simply need to pay a nominal premium and your loan gets covered. In other words, if you unfortunately pass away within the loan tenure, you do not leave your family stranded and indebted, at least financially. The premium that you paid in the beginning would be used to pay off a significant part of the loan.
Flexible tenure: Professional loan is a good option because it allows flexible tenure, which lasts from 12 to 60 months.

Reasonable interest rates: If you modify your current loan into a professional one, you get to reap the benefits of interest rates as low as 12.99%.

It is easy: You can get up to 50 lakhs INR on a professional loan, depending on your credit history, the success of your business etc. And, you can use this money to give your business that extra boost that it requires.