5 ways to instant personal loans

‘Money cannot buy happiness,' is how the age-old saying goes. However, the fact remains, the entire world runs on money. We need money not just to purchase our day-to-day products but also to fulfil our other requirements. This is why banks such as HDFC, Axis Bank, ICICI Bank, offer money in the form of a personal loan.

What are personal loans?
It is an unsecured loan that does not require any collateral as security. They come for a fixed tenure and are provided to fund your immediate needs such as refurbishing your home or going for a dream holiday, etc.

Who are eligible for a personal loan?
Since this kind of loan does not require any collateral, your credit history and healthy income would suffice. If these factors are in place, there are chances of you obtaining an instant personal loan. At the time of application, you should keep your identity, address and age proof handy. The loan can be paid in monthly instalments as soon as they are processed. The tenure usually does not exceed beyond 2-3 years.

What are the factors that enable you to get personal loans quickly?

1) Credit score: Your credit history plays a crucial role in getting you an instant personal loan. If your credit score is somewhere near 750-800, you have high chances of getting the loan on time. However, if the score is around 300, the chances are slim.

2) Loan Amount: If you apply for a higher loan amount, you might face rejection from the lender. Nowadays, banks are wary of providing individuals with loans who are playing multiple EMIs. In fact, the loan amount you choose determines the amount of money you would have to pay monthly. In such cases, you can use the loan eligibility tool that assists in determining the loan amount you can afford based on your credit score.

3) Documentation process: The document requirements are simple such as PAN card, passport, driving license, voter’s ID, bank passbook, ration card, bank statements, payslips, etc. Hence, there should be no margin of error. However, it is advisable to read the document requirement instructions before submitting your loan application. If your documents are in place, your loan can get disbursed quickly.

4) Research: You can apply for a personal loan online as well. One of the significant advantages of getting the loan online is competitive analysis. As users’ emphasis on the interest rate, they can compare the interest rates from various banks and take a call accordingly. This will help you get a loan that is most suitable for you.

5) Simultaneous applications: Applying for multiple personal loans can hamper your credit score. You will be deemed as ‘credit hungry,’ which could, in turn, lead to rejection of your investment. And if your loan gets rejected initially, there is a high risk of not receiving any loan efficiently in the future.

The above pointers can help you get an instant personal loan. These factors hold true even if you opt for a home loan, car loan and others.

Top health insurance policies for families in 2018

From the food we eat to the air we breathe, everything has some level of contamination. This has seen Indians getting gripped by numerous diseases. More people are visiting the hospital frequently. This is where a health insurance comes into effect. Health insurance covers up your medical and surgical expenses. In fact, banks who are associated with top-ranked hospitals have insurances in place that provides cashless treatment.

Number of people buying health insurance in India has increased dramatically over a decade. Some of the points health insurance policies cover are:

1) Cashless treatment
2) Pre and post hospitalisation fees
3) Ambulance fee
4) Routine medical check-up expenses
5) In-patient hospital expenses
6) Treatment charges of pre-existing illness
7) Treatment charges availed at home

Following are the best health insurance plans for families in 2018:

1) Religare Care: Children who are 3 months old and adults who are 18 years and above can apply for this insurance. They offer lifelong renewability services and covers 6 family members. They provide 4 years of waiting period for those experiencing pre-existence medical condition and 2 years for policy-specified diseases. The best part of the policy is that there is no limit on ICU-stay charges. You can also include additional facilities to it such as ambulance cover, personal accident covers, etc.

2) Apollo Munich Optima Restore Family: The insurance covers children who are 5 years old. For adults, the entry level begins at the age of 18. Although the maximum entry level is 65 years, Apollo Munich also offers lifetime renewability. In case of a life-threatening disease, the insurance will cover the entire expense. It also comes with a daily-cash benefit.

3) Star Family Health Optima: It is one of the best health insurance plans in India as its entry-level begins at 16 days and provides lifetime renewability. However, the insurance covers only 5 members. Yet, it offers plenty of benefits such as ambulance expenses, hospital charges, in-house treatments, etc. This insurance has tie-up with more 6,000 hospitals in India. Hence, the payments are done swiftly. You can also maintain your records through this policy.

4) HDFC Health Suraksha: It boasts of being associated with 6,600-plus network hospitals that ensures smooth procedure for the patients. All hospitalisation expenses such as consumables like gloves & surgical appliances, OT, ICU charges, etc. are covered under HDFC Health Suraksha policy. If you take the plan for 2 years, the patient is guaranteed to receive 10 per cent discount. Also, there is no age limit on entry level.

Purchasing a health insurance in India has become a must with rise in unknown diseases such as Nipah Virus. It acts as a shield in case of health emergency. It is advisable to compare different health policies and opt for a the right one that suits your family’s needs.

5 reasons why solo-travellers need travel insurance policy

The new generation does not believe in the concept of family holidays. They prefer venturing into the woods or trekking on their own. They do not care about the consequences and look for peace and tranquillity by solo travelling. There are some points to ponder upon: what if your bag goes missing? What if you misplace your passport? What if you meet with an accident or require medical attention? There are several challenges while travelling solo.

Those worries can take a backseat. Several banks offer travel insurance to ensure you are safeguarded. To enjoy your vacation to the fullest, stay covered. We list down 5 points why solo-travellers should take up travel insurance now:

1) Cancellation charges: You might have to cancel your trip for any unforeseen circumstances. In such cases, travel insurance covers cancellation factors like pre-paid costs, accommodation, transport and car hire. Getting these covered by your travel agency is next to impossible. It is, however, recommended that you study the cancellation guidelines carefully before buying one.

2) Medical expenses: Nobody can predict accidents or sudden infections. This can mainly get difficult when you are holidaying abroad. It gets challenging to communicate with the doctors, and the fees are super expensive. This is where travel insurance plays an important role. It not just covers your medical bills but also assist you to get back home at the time of emergencies.

3) Costs of personal possessions and electronic devices: Some of worst experiences that solo travellers experience is delayed baggage, loss of passport and damaged electronic devices. The insurance covers all these. However, check the policy limit, to gauge the kind of items you can carry while travelling. Buying travel insurance online allows you to compare the features of the insurance offered by different banks and make the right choice accordingly.

4) Adventure activities under check: What is the meaning of solo travelling if you do not take some risk such as bungee jumping, skydiving, skiing, etc. What if you lose your balance and hurt yourself? Travel insurance protects you from these dangerous activities. The insurance form has a section where you can mention the kind of activity you will indulge in during your trip, which they can, in turn, protect you from.

5) Legal advice: You can always seek some legitimate suggestions with regards to some claim on the policy. Most of the insurance plans have a section that pertains to legal advice and cover.

Solo travelling might sound all rosy, but the process is daunting. With travel insurance in hand, you have the freedom to explore the place as you desire to.

6 advantages of having a fixed deposit in India

Do you know why people store money in the bank than under their mattress or any other hiding place in their house? Well, there is a couple of good reason. One such reason is that the banks keep your money safe and secured in the event of theft, fraud, fire and natural disaster. Another reason is, banks pay interest to you for depositing money. Several bank facilities pay interest to you; one such service is a fixed deposit. 

What is a fixed deposit account?

It is a depository account provided by financial institutions and banks who pay interest if the money remains until the fixed maturity date. Fixed deposits offer investors a higher rate of interests than any other savings account. It also provides other benefits which make it one of the most reliable investment tools. If you are investing for the first time, then fixed deposits are the best service to resort to. You can open a fixed deposit by either walking to your nearest bank branch or get it done through your net banking service. FDs develop savings habit within a person.

Apart from the benefits mentioned above, having a fixed deposit involves other advantages as well:

1) Guaranteed returns: Fixed deposits assure you returns. The gains are more than that of savings account. However, these returns vary as per the investment tenure. Ensure you do not break your fixed deposit in between. That might affect your profits.

2) Flexible tenure: Another significant advantage of having a fixed deposit, is flexible tenure. They come with n-number of tenure that ranges from 7 to 10 years. Again, this factor differs from bank to bank. Choose a mandate that meets your financial requirements and avoids falling into premature withdrawal trap.


3) Mode of interest payment: As you open a fixed deposit account in the bank, the lenders provide you with the options through which you can receive the interest. You choose to be paid annually, monthly or during maturity.

4) Emergency rescuer: An essential benefit of investing in fixed deposits is it helps you during emergencies. Several banks offer loan against a fixed deposit. You can use 90 per cent of FD amount as loan. Some banks also allow partial withdrawals.

5) Risk management: Mutual funds, loans, etc. provide high returns. At the same time, they are risky as well. It becomes essential to have a debt account in place. Fixed deposits handle these risks well as the returns are fixed.


6) Joint fixed deposits: Some are unaware of the concept of joint fixed deposit account. Customers can have an account with their spouse, parents or children. However, at the time of partial withdrawals, signatures of all FD holders would be required.

You can open a fixed deposit anytime and anywhere. The process is hassle-free. However, ensure to select the right tenure.

What are credit cards? 5 points to remember and its types

Imagine, you receive your first pay-check, and you are lost on how and where to invest it. Questions like, ‘what if I go into debt?' or ‘How to sort the options?' You require a secured place, and for that, you need to create a treasure box. Banks provide such boxes in the form of salaried, savings and current account facilities. This way new employees can take their first step towards financial planning.

Once the account is in place, you can apply for a debit/credit card to smoothen your financial transactions. However, first-time office goers tend to use credit cards recklessly. The following guide should assist the beginners on how to go about using credit card in India:

1) Do not hamper credit score: Many times, credit card payment dues affect your credit score. Some other factors that affect your credit score are your accounts duration period, how much money you hold in the account, etc. In the longer run, you do want to purchase a car or a house. If you keep the above factors under check, your credit score will be unaffected and will make it convenient for for you to obtain insurances, loans, etc. smoothly.

2) Keep track of billing cycle: Just like we mark important birth and anniversary dates on the calendar, mark a day every month for paying your bills as well. This way you can keep aside the necessary amount for the month.


3) Keep a check on interest rates: Credit cards incur different interest rates for balance transfers, purchases, etc. In case you opened the account recently, you might even have promotional rates. If you know you will not make balance transfers or investments; you do not need to keep up with those rates. However, do check on the changes on the interest rates that can be seen on your billing statement.

4) Beware of late payment fee: If you do not adhere to minimum payment on your credit card which is 5 per cent of the statement within the stipulated time, be prepared to pay the late payment fee. The payment fee is standardised for credit card in India. These late payments affect your score in turn.

5) Be responsible: Do not fall into the category of ‘got-to-have-it-now, pay-it-later.’ Try to coordinate your needs and budget.

There are different types of credit cards for every individual. Those are:

1) Silver credit card: It can be availed by anyone who falls under nominal salary range. The person should have 4-5 years of work experience

2) Gold credit card: Those who earn higher income can obtain a gold credit card. These people should possess a good credit score.


3) Classic credit card: These cards come with additional perks such as global acceptance, revolving credit, cash advance, interest-free credit period, reward programs and dedicated customer care service.

4) Credit cards for women: Certain banks have credit cards specially designed for women. These cards focus on rewards and cashback deals.

5) Titanium credit cards: This kind of card come with plenty of privileges for its customers. The key benefit is the titanium reward program that includes redemption of air miles and gifts, cashback offers, surcharge waivers, annual fee reversals, vouchers from retail brands, dining benefits, etc.

6) Platinum credit cards: It is the most popular type of credit card and owned by several users. They offer benefits for shopping, entertainment, dining, etc. They charge a very high fee on the annual joining and renewal.

7) Rewards credit card: This card offers rewards on every transaction. This way users can earn reward points at retail stores and e-commerce websites. Besides these, customers can also get renewal bonus, welcome gift, birthday gift, as reward points.

8) Corporate credit cards: These cards are generally offered for business purposes so that the company can provide credit cards to their employees and conveniently manage their finances.

6 smart tips on preparing for Hajj

Every year Muslims from around the globe gather at Mecca for Hajj. It is obligatory for Muslims to take part in the pilgrimage if sponsored by someone or affordable for you. The 6-day ritual takes place between August and September. Hajj occurs in the 12th month as per the Islamic lunar calendar. It is carried out between the eighth and 13th day of that particular month. This year, the pilgrimage is panned out from August 19 to August 24.

If you and your family have planned to participate in Hajj, you might be interested in the unique hajj umrah card by HDFC. This one of a kind forex card enables the pilgrims to make all sorts of payments securely and conveniently. Apart from the card, there are other financial tips that pilgrims should remember before heading to Mecca:

1) Plan your budget: Participating in Hajj is not as easy as it seems. Costs have increased dramatically especially for people coming from the United States of America (USA) and the United Kingdom (UK). For the poorer pilgrims, it is a matter of life savings. Also, it is against the Islamic rules to borrow money for Hajj. If you do, you have to repay the debt before heading to Mecca.

2) Find a sponsor: If you find a sponsor for the pilgrimage then nothing like it. Muslims who reside in India can make use of the special government subsidy called ‘hajj subsidy’. It includes massive discount on airfares. If you are heading in a group such as a student group, university group, Islamic centres, mosques, etc. you can receive further discounts.


3) Start applying early: In some countries like Egypt, Turkey and Libya, Islamic authorities distribute lotteries to take part in Hajj. Through this lottery system people coming from all economic background receive equal importance.

4) Travel via reputable agencies: There have been many shocking stories regarding fake visas or fake travel agencies in the past. Keep these incidents in mind; the Saudi government has a list of licensed travel agencies who organise hajj trip. The list can be found on Saudi’s embassy portal.

5) Consider unique offers from banks: Just like there is a travel card for financing your holidays or a student’s studies. Similarly, certain banks offer forex cards for holy visits as well. HDFC had specially launched the hajj umrah card. With the help of the card, the pilgrims can withdraw cash from ATMs during emergencies, can avail offers from VISA merchants, etc. Both HDFC customers, as well as the general public, can obtain the card. The pilgrims will also receive a backup card in case of damage to the original one.

6) Analyse finances: Uncertain inflation is not within our control. Sometimes it is difficult to predict the economic state of a country. Therefore, it is necessary to keep yourself updated with the latest economic conditions before applying for a forex card.

Hajj is a beautiful passage if done rightly and organised well. With assistance in the form of hajj umrah card, you can cover your additional expenses instantly. 

5 key benefits of student travel card

Many students aspire to pursue their career abroad. It is a culmination of excitement as well as apprehensions. Students who face financial constraints opt for education loans and get their dreams fulfilled. But what about the day to day costs and expenditure while studying overseas? What if you fall sick or meet with an accident and need cash immediately? Considering you are abroad, money might take time to reach that is sent from home. To avoid such crisis, it is best to keep a student forex card with you.

What is a student forex card?

A forex card for student, also known as student travel card, fulfils currency requirement as well takes care of a student’s needs such as accommodation, travel, education, medical emergencies, and many more.
Owning a student travel card has its advantages. Listed are some of them: 

1) No exchange-rate fluctuations: If you are travelling to abroad for the first, a forex card acts like your best friend. Under a student forex card, you have the liberty to lock the exchange rate if it is favourable. For example, if US dollar rate is going strong, you can freeze the rate.

2) Reload on the move: Youngsters prefer opting for smarter routes than the lengthy procedures. With the help of smartphones, you can instantly reload your forex card. If there are enough funds in your bank account, you can recharge the money quickly. This helps students to be prepared and organised for unpredicted circumstances.


3) Secured online payment: Using your debit/credit card will have 3-5 per cent of conversion charges. To avoid extra expenses, you can use the student travel card for paying your accommodation charges or university fees.

4) No risk of fraudulent activities: In case you use your credit/debit card that is linked to your bank account, chances of fraudulent activities are high. There is no guarantee of receiving the money back despite complaining to the concerned authorities. If student forex cards are stolen, there is no need to panic. Your hard-earned money will remain untouched as they are not linked to your bank account.

5) Appropriate usage of backup card: Students who use a forex card for the first time receive a replacement card in their kit. In case the card gets stolen, you can not just file a complaint, and have it blocked, you can also use the backup card provided to you.

A student forex card acts like a survival kit for a first-time overseas traveller. It is advisable to use the card with discretion and guard the card with a secure pin.