What are the benefits of net banking apps?

The banking sector has undergone a significant transformation ever since the introduction of Artificial intelligence(AI) technology. The digital world is on constant evolving stage. Modern Consumers today prefer digital. From simpler cashless credit/debt cash transactions to well-equipped net banking apps, financial activities have easy accessibility. 

In the absence of your computer or laptop, mobile banking apps come to the rescue. This app is an answer to all your banking needs. Access your account balance from the comfort of your home. A mobile application takes care of all your necessary utility bill payments, phone recharge or even a fund transfer.

Following are few benefits of using a net-banking app for your financial transactions:

1) Chatbot Assistance:

A chat assistant is an AI or computer program that conducts conversations meant to replicate a human dialogue via auditory or textual means. These bots act as your digital assistants providing you with hassle-free banking experience. HDFC Bank partnered with Bengaluru based Senseforth AI Research to launch the chatbot, ‘EVA(Electronic Virtual Assistant) this year. Similarly, India’s largest and oldest public-sector banking institution embraced the tech with the launch of ‘SIA’ in 2017.  Major banks in India are incorporating the technology to stay updated with the times.

2) Quick access to products and services:
The net banking apps provide fast services to their online customers. Through the app, consumers have the liberty to choose from various financial options available. They can surf through the products at their leisure and then make a decision. The primary purpose of an app is to engage consumers in real time. A consumer can also initiate a speedy request, even if it's about opening an account.

3) Safe Secure banking:
Banks use various security protocols to protect the information of the consumers. The institutions make sure that they use information encryption, the multi-factor authentication system to protect the confidential data of their consumers. Also, banks regularly update the apps with advanced technologies to avoid fraudulent activities.


4)  Go Green, Go Paperless:
Through the app, banks will deliver bank statements directly into customer’s e-mail addresses saving the cost of printing, paper and delivery. The less wastage of paper will be more helpful for the environment.

5) Reward pointers:
A netbanking app provides everything you expect from a bank with some pleasant surprises. A bank might give loyalty points to its customers in the form of discount vouchers for transacting via mobile applications. These points can be redeemable at retail shops, restaurants or movie theatres.


The mobile banking apps provide the opportunity to increase the efficiency of banking services. It minimises human errors, is an automated process and will offer a satisfactory experience to the consumers. Hence, No more long hours at the bank, no more queues and with limited documentation process, enjoy an improved banking service.

Paying Bills Online? Here are the Five Best Apps to choose from!

Post demonetisation, digital wallets have become to go-to space for financial transactions. The country has seen a massive increase in the number of people using digital wallets for transactions, as the country is slowly moving towards becoming a digital, cashless country. And with the limit of digital transactions being increased to Rs. 20,000 everyday, bill payments, fun transfers, A number of banks too, have started mobile banking options with the help of their own apps, as it reduces the cost of handling transactions by reducing the customers need to visit a bank branch. Here are some of the top digital wallets users swear by, that can be used pay bills, make transactions, etc., online”

1. Paytm
It is currently the most widely used, and largest mobile wallet app in India. Patym payments are accepted almost everywhere from the local grocery store, to high end malls. One can use this app not only for bill payments for electricity, water, etc., but to also purchase movie tickets, request for repairs at home, but flight and bus tickets, there’s almost nothing you can’t do with this app.

2. Airtel Money
With the help of this app, users can easily recharge their prepaid numbers as well as pay their postpaid bills, online. Users can also shop via the app, if there are sufficient funds. Safety is not an issue with this app as for every transaction made, a secret four-digit pin is required.

3. HDFC Payzapp
This one-of-a-kind app makes digital payments simplified all over the country and is one of the top platforms for making online bill payments. Apart from this, users can compare flight and hotel tickets, buy them as well as music, and a lot more! After connecting the banks credit/debit card, making physical payments will be a thing of the past.

4. Freecharge
One of the household names currently, this platform is known for targeting the youth with their funky promotions. They are also known for giving out coupons for every recharge or bill payment, which makes for a great saving option for students and even otherwise.

5. Jio Money
Launched in early 2016 by Jio, this digital banking app is one that provides great discounts and offers to its users. Apart from bookmarking frequently visited retailers to make shopping smoother and swifter, this app is also user-friendly and trustworthy, as it records every single transaction made on the app, in case the user needs to go back and check!

Understanding start up business loans; its benefits and types

What are start up business loans?

‘If you can dream it, you can do it,’ Walt Disney had said. Everyone aspires to become a doctor, engineer or entrepreneur as a child. As you grow old, that vision turns into a company, your company will have workforce, and that workforce will bring profit. All of this requires funds. Of course, a single great idea is enough to create a game-changing business. How does one execute it?

Start up business loan assist in executing your dream. Start up business loan means funding a business with little or no history of working capital. Those with strong personal credit score, start up business loan is the ideal solution.

Business-oriented people gain certain perks by opting for new business loans:

- They can be utilised to either boost revenues or gain a competitive edge.
- Leading banks and financial entities are focusing on small and mid-sized companies. With the help of government support and favourable economic position, processing start up business loan has become hassle-free. At the most banks and financial entities would take 2-3 day to disburse the loan.
- Some financial institutions provide tailor-made loans as per the requirement of the business.
- Individual banks do not emphasise on pledging any property or asset to get the loan.

Types of start up business loan:

Line-of-Credit loans:

Just like a credit card comes to the rescue to pay for something that is financially out of reach, line-of-credit loans are used at the time of emergencies and delayed cash flow. Every business owner is recommended to arrange for the loan from their banker. These loans are generally short-term and have low-interest rates. To gain line-in-credit loan, the banker will need current financial statement and latest tax returns of the owner.

Instalment loans:

As the name suggests, these are scheduled payments. Student loan, car loans are some of the examples of instalment loans. How are they useful for start up businesses? New company goes through more challenges than an existing organisation. It is a quick and easy way to fulfil working capital requirements, short-term cash needs, finance for business expansion, salary commitment, timely vendor payment, etc.

Balloon loans:

They are paid off on one go rather than continuous payments. Generally, small amounts are not enough to pay off the mortgage before its due date. In such cases, final payment is required to be made to wipe off the remaining balance. Balloon payments are generally large amounts and paid off after 5-7 years.

Letter of credit:

The owner issues letter of credit to guarantee suppliers from other countries that the right amount would be paid off on time. In case the buyer is unable to make such a payment, the bank will cover the full amount of purchase. Letter of credit is useful for international trade purpose.

The other kind of new business loans include:

- Commercial loans
- Personal loans
- Guaranteed loans
- Secured and Unsecured loans

So, what are you waiting for? Now that you know what is needed for turning your dreams into reality, get to business and make them work.

Bike Loans and its Benefits

In recent years, two wheelers have become the most preferred modes on transport in cities. They are cheaper as compared to cars, easier to maintain, and help wade through traffic congested roads. They also have better resale value and are super convenient. But most two-wheeler companies require a one-time direct cash payment for purchasing these vehicles. In such cases, financial institutions have started to provide two wheeler vehicle loans, to make it convenient for customers to purchase their dream vehicle. Bike financing is easier to acquire, as compared to other loans provided by banks.

Some of the advantages of availing a two-wheeler loan instead of going with an all cash transaction are:

1. It reduces the burden in times of a financial crunch. Since the money to be paid back is at a nominal fixed interest rate, it makes it easier on the pocket to repay a small sum every month.

2. There has been an increase in the number of commuters who prefer to travel via two-wheelers. Due to this, interest rates have been facing a downward slope over the past few years. Interest rates mostly vary from 12-27%, depending on the bank, income range, bike specification, etc.

3. Getting a two wheeler vehicle loan approved is not a very difficult task as it is not mandatory to have an annual income salary within the taxable income range. A basic two-wheeler costs between 55,000-75,000. When a loan is taken up, the amount repaid each month will be lesser as the cost of the vehicle is lesser and there are also very convenient offers, which include low EMI outflow, and only interest.

4. Previously, borrowers needed to wait months before their loans were sanctioned to them. Now, it happens within a day! The process of repaying the amount has also become easy as the time period now varies between 12-48 months. And in case the borrower is unable to pay back the bike loan, an extension for 60 months can be availed as well.

A two-wheeler does not have to be a luxury that one cannot afford, anymore. With the help of loans from financial institutions, 90% of the marginal cost is covered and only 10% is the down payment, which is a very nominal amount, to purchase a bike. Such improvements have made the process of bike financing, hassle-free for the common man.

All you need to know about education loan – its criteria and benefits

The function of education is to teach one to think intensively and to think critically. Intelligence plus character - that is the goal of true education,’ – Martin Luther King, Jr.

For a successful and complete life, quality education is a must. For many students, it is about graduating from top college. However, the cost of education is increasing rapidly. Simultaneously, the price and quality of education in reputed colleges is growing dramatically. To provide the best training to their children, parents take up mutual funds or fixed deposits for long-term purpose. Despite all this, some might face shortage of funds. That is when education loan is taken to cover up the deficit. 

What is education loan?

An education loan bridges the gap between scarcity and required amount. It assists students to study in reputed colleges in India by providing financial aid. With education cost increasing at an average of 15 percent per annum, attaining an education loan in India is easy.

With education loan provided to students who do not possess enough expense, the primary education loan eligibility is the students’ academic excellence and achievements.

Criteria for an education loan

Some of the essential education loan criteria are:

- The student must be resident of India
- He/she must have confirmed admission in a recognised institute in India or overseas
- The age bracket of the student must be within 18 to 35 years
- He/she should be undergoing a graduate/postgraduate course
- The student must secure admission in a college affiliated by UGC/Government/AICTE, etc. 
- Students who are intending to pursue full-time courses need to have a co-applicant. They can be either parent/guardian or spouse/parent-in-law.
Now that you know the criteria let us understand education loan in detail. Why should one opt for it?

What are its benefits?

1) The student on whose name the loan has been taken can claim a deduction for the entire interest under Income Tax Act section 80E. However, this can be availed if the investment is made from a specified financial institution that is listed on behalf of the Central Government. Also, it can be taken only when the student is pursuing higher education.

2) The education loan not only covers the deficit amount but almost the entire study expense like tuition fees, library and exam fees, cost of uniform and books, and travel costs.


3) Banks generally offer 0.5 percent discount on the education loan interest rate for female students, who are pursuing higher studies.

4) One receives a holiday period of 6 months to 1 year known as moratorium period under which you do not have to repay the loan. It means the repayment does not begin immediately after the conclusion of the course.

Education is a way of inculcating culture in children, moulding their behaviour, and eventually guiding them to their role in the society. In short, education is the tool to shoo away the evils of the societies.

7 Reasons why the gold loan is best for your financial needs

‘All that glitters is not gold’ goes the well-known proverb. Gold and its craze in India is prominent. There are even auspicious occasions where one specifically purchases gold in India like ‘Dhanteras’ and ‘Akshaya Tritiya.’ India are the biggest importers of gold in the world. But were you aware that this gold can act as a financial aid during emergencies? Be it medical, child education, business expansion or holiday with your family, gold comes to the rescue in financing these expenses.

What is gold loan?

Several banks and non-banking financial companies (NBFC) offer gold loans. They are the most hassle-free and quickest way of getting cash. Lower middle-class segment makes use of the gold loan in their lockers for funding their child’s education or wedding, till date. One can acquire the credit against any piece of gold like jewellery, gold coins or gold biscuits.

Gold loan in India comes with specific benefits: 

Faster processing of loan:

Banks are receiving physical gold as collateral for the loan; they tend to happily disburse the mortgage right away. Value of the gold is determined on the spot by an expert. Based on the examination, banks provide the loan in few hours or maybe even 45 minutes, if the process is conducted swiftly. Brownie point: no processing fee is applied. 

Fulfils short-term goals:

Want to head to that dream destination but facing lack of funds? Loan on gold is provided for short as well as long-term goals. The tenures for short and long-term is 6 months and 2 years respectively.

Borrow in thousands or lakhs:

Personal loans are usually not offered if the amount required is not more than INR 1 lakh. When it comes to a gold loan, one can borrow anywhere between INR 50,000 and INR 50 lakhs. Thus, both small and large financial requirements are fulfilled. 

No credit issues:

Unlike other loans which are issues based on your high credit score, the case is different with the gold loan. Since the gold is used as collateral, the bankers are not worried about low credit score.

Lower interest rates:

As these are secured loans, the interest rates are lower than unsecured loans like a personal loan. If you attach another collateral along with gold, the interest rate can be reduced further. The interest rate begins from 13 to 14 percent as compared to personal loan rate that starts at 15 percent.
No requirement of income proof:
While equity loans have made it mandatory to provide income proof, loan on gold requires just address, identity proof and passport size photographs. 

Special gold loan schemes:

Certain banks offer special gold loan schemes for women and agriculturists. In case you are eligible for the same, one can contact the financial institutions to avail them. Some banks offer loan against gold on discounted rates to many. Some schemes are streamlined for people in business and small and mid-sized companies.

Some of the best banks that offer gold loan in India are:

- Muthoot Finance Gold Loan
- Manappuram Finance Gold Loan
- Union Gold Loan
- HDFC Gold Loan
- SBI Gold Loan

Pre-owned Car Loans and All You Need to Know About Them

Getting your dream vehicle is not too far away. Second-hand or pre-owned cars have become popular among consumers these days, due to the reliability of a number of establishments in the country. They ensure that the pre-owned vehicles are certified and well maintained and is a perfect working condition. Despite being pre-owned, these vehicles don’t come cheap. Sometimes the allocated budget might not be enough and this might be a huge hassle for customers looking forward to purchasing their own vehicle. At times like this, financial institutions provide an easy option of taking up a vehicle loan in order to make such a purchase.

Following, are the benefits and features of opting for a car loan for used cars:

1. The bank finances up to 80%  of the value of the car, therefore reducing the burden of arranging for and shelling out huge sums of money

2. Loan for used cars is available for almost all car models

3. The used car loan can be availed up to 3-6 times of the borrowers annual income

4. The bank will finance cars of any make manufactured in India, as long as the car is not more than 10 years old

5. The repayment tenure is flexible and varies from 12 to 60 months. So depending on the repayment capacity of the borrower, one can choose a longer tenure with lesser EMI, or a shorter tenure with a larger EMI

6. Car loans up to Rs. 50 lakh can be availed, therefore helping buyers purchase popular and newer models, at better rates
The vehicle loan can be availed by salaried individuals as well as self-employed ones. For salaried individuals, the minimum age is 21 and maximum age is  60, for applying for the used car loan. For self-employed individuals on the other hand, the minimum age is 25 years, and maximum is 60.

The following documents are required, in order to apply for the vehicle loan:

1. Age proof (Passport/Aadhaar card/PAN card/Voters ID/Driving license0
2. Identity proof (Aadhaar card/Passport/Voters ID/Ration card)
3. Proof of income (Latest salary slip/Latest form 16)
4. Address proof (Ration card/ Passport/ Telephone bill/ Electricity bill)