Different modes to pay utility bills

Did you miss out on your last utility bill payment? Wish you had an assistant to get the task done? In the past few years, there has been a paradigm shift in the way transactions have been taking place. Technology backed with high-speed internet has played a crucial role in this move. Online has become a way of life across different age groups and generations nowadays. One of the changes is paying off utility bill through internet.

Paying utility bill online has its set of benefits:

1) Saves time, energy and money as the task of standing in long lines is nullified
2) It is convenient. Bills can be paid anytime and at any point
3) Eliminates many errors
4) Helps you manage and control your finances
With more efficient methods introduced in technology, you can pay utility bill through different mediums:

1) Bharat Bill Payment System: National Payments Corporation of India (NPCI), which is an umbrella organisation for all retail bill payment, launched BBPS. It was introduced to reduce cash transactions and encourage digital payments. Once the customer pays the amount, he/she will receive a receipt instantly. At present, BBPS caters to utility services such as electricity, gas, telephone, water and DTH payments.

2) FreeCharge: It is one of the portals that changed the industry of digital payment. You can electronically pay DTH and mobile bills. You can also recharge your mobile, DTH, mobile, gas, electricity connections. FreeCharge runs several deals and offers every month that allows users to pay less than the billing amount.

3) HDFC PayZapp: HDFC’s PayZapp is a one-stop payment solution. With just one click you can make your payments by connecting your debit/credit cards with the wallet. It also caters to other aspects such as movie tickets, grocery shopping, gift cards, etc.

4) Bijli Bachao: Government has facilities such as Mahavitran and Bijli Bachao in place to pay your electricity bills. Bijli Bachao’s online service allows you to pay the amount for almost every electricity bill.

5) Suvidha: It is always a blessing to have a website that provides you with all in one service. Suvidha is one such portal. Here one can pay all sorts of utility bill such as gas, landline, data card, etc. You can also make your insurance payments here.

Utility bill payment was always considered a daunting task until digitalisation made its way. So, will cash-based transactions fade away? Will the new digital payment system turn the country into a dominant force?

What is internet banking? 8 reasons for its rise

Money is becoming increasingly electronic. We do not find long queues at the cash counter in bank branches anymore. You can now access your accounts and get done financial transactions instantly through his/her tablet, computer or smartphones. Internet banking has become an acceptable norm for millions of Indians for a decade. 

What is internet banking?

The internet has changed the way we shop, eat, cook and interact. It also controls the way we save and invest. Internet banking, a concept established in India in 1999, allows the users to check their recent account operations, schedule bill payments, apply for loans, transfer funds and lots more. In short, internet banking has changed the face of the banking industry as well as banks services towards customers.
We give you 8 reasons why more and more users are increasingly using this approach:

1) Effective management of cash flow: You are the master of your expenses. For example, you can arrange for alerts for impending responsibilities catering to the banks services.

2) Control of government remittance: Filing tax returns or government remittance manually is time-consuming. With the help of online banking, you can fill the form then and there as well as schedule your outflow. That way you can avoid late payment charges.

3) Easy access to accounts: One of the significant benefits of internet banking is easy access to accounts. You can check your bank balance or recent transactions anytime from morning to night or during holidays as well.

4) Application for loans: It is an intensive and lengthy process. It also involves plenty of paperwork. However, loan applications are not a task anymore. Provide all the information regarding your account and the bank will check your credit score, helping you get the loan instantly.

5) Making online bill payments: Another practical use of managing expenses online is paying mobile or utility bills in hassle-free fashion. You can set up automatic bill payment for the ones that do not change. You can even catch hold of deals and offers to receive discounts at the time of making payment.

6) Transfer of funds: You can save your trip to banks by merely transferring money from one account to the other quickly. When accessing accounts online, ensure all your bank accounts are listed. This makes it easier to move the funds swiftly. This way you can also check the available funds before the outflow of funds.

7) Mobile apps: It is not humanly possible to carry your laptops or computers wherever you go. Just like online recharge portals, banks too have their mobile applications. In fact, some of the banks have synced their apps with smartwatches as well. This way, you can carry your bank in your pocket or on your hand.

8) Deposit cheques: Cheques can be deposited in many ways apart from visiting the bank branch or dropping it in the drop box. One of the fastest and comfortable options is the remote cheque deposit. Here you take a snapshot of the cheque and submit it to your bank manager.

Just like a 24-hour medical shop aids a patient at any point of the hour, similarly, internet banking comes to the rescue for those who cannot physically visit a branch at the time of emergencies. 

Two-wheeler loan – all you need to know

Owning a personal vehicle has become a necessity in today’s fast-paced life. Reaching our destinations has become next to impossible with commuters thronging the local transports, long queues in the bus stop and super expensive cabs occupying the road. If we keep aside the day-to-day work commute, a two-wheeler is required for weekend getaways or hangouts with family and friends as well.

A bike can be rode by all age groups. In fact, women, too, are ruling the streets with their scooters. Bikes are affordable and custom-made for anyone and everyone. However, if you are looking for more fuelled or trendier bikes, the price of the vehicle might soar up. In such cases, it might not be everyone’s cup of tea to purchase a two-wheeler instantly. Here is where two-wheeler loans come into the picture. 

What is a two-wheeler loan? 

The loan allows users to purchase a vehicle of their choice with affordable repayment options. By paying monthly instalments, the credit can be paid-off. This way your pockets are also light. Be it travelling for work or merely flashing in front of your friends; a bike loan is at your disposal instantly.

Who offers bike loans?

Who comes to your mind while applying for a two-wheeler loan? Family, banks or financial institutions? Following are the entities who offer the mortgage:
Banks: Public/private banks, commercial banks, scheduled/non-scheduled banks, all provide a bike loan. You can avail the loan if you are/not the customer of the bank.

Non-Banking Financial Companies (NBFC): They are similar to banks and offer services such as loans, deposit schemes, etc. These institutions are associated with bike dealers to provide the two-wheeler loans in a hassle-free manner.

What are the types of two-wheeler loans?

1) Secured: This kind of loan is availed by keeping any collateral as a security against the loan. You can save an asset that is equivalent to the value of the loan as security. The processing of a loan gets faster in such cases. It also leads to lower interest rates. If you fail to repay the amount, there are chances you might lose out on the ownership of the vehicle.

2) Unsecured: Unlike secured loans, you need not pledge any security for this loan. You can avail the loan if you meet the eligibility criteria. However, the interest rates tend to be higher while acquiring such loans.

Are you eligible for a bike loan?

1) You should be a resident of India to avail the loan
2) You should fall under the age bracket of 18 to 60 years
3) Unlike other personal loans, a two-wheeler loan requires minimum income level. This factor is subject to vary from bank to bank
4) Stability in a profession is a must. You should be employed with an organisation for at least 2 years
5) You should carry a decent credit score to get the loan

What are the benefits of two-wheeler loans?

1) Finance margin: While applying for a two-wheeler loan, majority of banks require you to make mere 10 per cent of down payment.

2) Flexibility: The loan can be paid off as per your financial requirements. Tenures, however, range between 1 to 2 years, making it easy for you to pay back.

3) Credit score: A two-wheeler loan builds up your credit score as these loans are relatively easy to pay off. If the amount is cleared within the stipulated time, it becomes more comfortable for you to apply for other investments.

4) Extra coverage: Many times, banks and financial organisations cover additional expenses such as insurance, bike accessories, etc. It is one of the most attractive features of a bike loan.

If the above information does not lure you enough to purchase a bike, then nothing will. Go to the market and get the bike of your choice. However, keep the helmet on.

6 tips before applying for an education loan

Securing a degree from a premier institution is a dream for many students. Earlier, children coming from the lower segment were unable to fulfil their aspirations as they faced financial restrains. Nowadays, students can take a loan from the bank and secure their dreams. This kind of loans are called as education loans.

Students avail an education loan to pursue their higher education from a reputed institution of their choice. However, before approaching a bank for acquiring the loan, there are some points to remember:

1) Evaluate expenses: One of the critical factors before applying for an education loan is to gauge the costs involved such as the value of the course, availability of financial aid, contribution of family members, etc. Also, check out for deals from the banks. Draw comparisons between different banks and then apply for the loan.

2) Check for financial aids: Ensure you have the necessary financial documents such as scholarship, grants, etc. in place. These provide enough financial support and need not be paid, unlike education loans. It is advisable to take up mortgages when you face a financial crunch.

3) Check for options: Certain banks and financial institutions are associated with some colleges and courses that they provide an education loan for. In case the lender does not have the desired college, you can check for other options.


4) Need for a security/collateral: Students are the primary borrowers. However, banks ask for co-signor. They could be one of your parent’s or your guardian. If you are married, your spouse can act as a co-signer. If the loan amount is high, you will have to provide collateral in the form of fixed deposits, etc.

5) Choose an appropriate tenure: Some borrowers take a loan with longer tenure because of lower EMIs. However, that increases the interest rates. If you believe there are chances of better job prospects after the conclusion of your course, you may opt for shorter tenure. This way the loan will be less expensive, and you can repay them quickly.

6) Make payments during and after the course: This factor comes into picture especially if wish to study abroad. Generally, such students work for a living and earn in dollar or pounds. It will help you to repay the loan amount instantly at the same time it will add up to your work experience. It could also decrease your interest rate.

The education loan procedure is simple and convenient. Following is the eligibility factor:

1) You should be an Indian national.
2) You should have secured admission to a diploma/post-graduate course in India or overseas.
3) You should be within the age bracket of 16 to 40 years.
4) You can avail a loan amount of INR 10 lakh for studying in India. If you study abroad, the loan amount can go up to INR 20 lakh.

The society we live in values education and consider it to be a matter of pride. While an education loan can be the ticket to your dream college, it is better to get your facts right and then enrol for the right one.

5 best gold loans India

Whenever we are in dire need of money, we resort to investments. If you have a decent credit score and know can repay the amount on time, then there is no better investment than personal loans. From absolute transparency with the policy to flexibility in returns, personal loans are easily the best type of loan there is. However, when it comes to gold loans and loan against property, you get a further advantage.

They come with longer tenures as you provide either gold or property as a security. Many opt for these loans than the unsecured ones. Banks and other financial organisations provide gold loan. They can be in any form – gold bar, gold jewellery, etc. The lender can auction your gold if you do not repay the loan amount on time.

Some of the salient features of a gold loan are:

1) Since it is a secured loan, the processing time is sometimes less than an hour or maximum 3 hours
2) No salary proof needs to be provided while enrolling for one
3) Documents such as Voters ID and PAN card would suffice while availing the loan

Several public/private sector banks and non-banking financial company have the right kind of gold loan to woo their customers. We have jotted some of the best gold loan offered in India:

1) HDFC Gold Loan: For immediate fulfilment of personal or business requirements, a gold loan is an ideal solution. HDFC’s gold loan has a hassle-free procedure in place and provides secure storage. They disburse the loan in 45 minutes and offer flexible interest rates.

2) Muthoot Finance Gold Loan: Their portfolio is the largest in India as well as across the globe. Over 2 lakh people avail Muthoot Finance service per day. Within minutes Muthoot Finance generates gold loan for quick funding purpose. They also have in-house gold valuation process before disbursing the loan.

3) SBI Gold Loan: You can acquire SBI’s gold loan by pledging any gold including coins. They provide competitive interest rates and require minimal documentation. Any individual who is 21 years or above can apply for SBI’s gold loan. The loan repayment tenure is 36 months.

4) Manappuram Finance Gold Loan: The kind of power that gold loans provide, you do not require personal or business loans. Manappuram processes the loan within minutes and requires only government-issued identity proofs. Customers can choose from a range of schemes to meet their requirements.

5) Axis Bank Gold Loan: One of the best features of Axis Bank's gold loan is that consumers get to choose their tenure. They process the loan in a day’s time and charge no extra expenses for foreclosure.

Gold loans are affordable in comparison to personal loans. If you require immediate funds, a gold loan will be your best ally. They are processed quickly and are the most reliable loan in the market today.

What are car loans? 5 tips for first-time buyers

Earlier, owning a car fell under the luxury category. Today, it has become more of a necessity. You need a car to avoid the crowd that throng on local transports. You require a vehicle to go on long weekend drive/trip with your family. And if you do not have enough expenses to meet the above requirements, you can always go for a car loan.

What are car loans?

It is a personal loan that allows the potential user to purchase a car of their choice by paying monthly instalments. However, if the borrower fails to make timely payments, the lender can take away the vehicle until the debt is paid off. For first-timers, it is always difficult to make a choice. Therefore, thorough research and planned budget plays a crucial role while purchasing a car.

Apart from the mentioned points, there are specific tips before applying for car finance: 

1) Have a fixed budget: ‘Can I repay the amount?’,
‘Do I have enough credit score to make timely monthly instalments?’ If your answer is ‘yes’ for the above questions, then go for the car loan. Know your repayment capacity. Also, do not opt for a higher mortgage just because you are eligible for one.

2) Stick to a particular lender: Multiple applications can bring down your credit score. It will show you as a credit hungry borrower. This, in turn, increases the chances of your application getting rejected.

3) Compare loan options: You can acquire car loans online as well. That gives you the privilege to compare various schemes. You can check the interest rates offered by different banks and opt for the one that fits your bill.

4) Make a right down payment: This is the part that first-time car loan buyers have to be careful about. Pay an initial loan down payment that minuses a part of your overall loan amount. It will reduce your total interest payouts at a later stage as well.

5) Choose an appropriate tenure: Lastly, go for a mandate that is within your reach. Shorter tenure usually an ideal solution. Longer tenure leads to higher interest rates over the duration of the loan.

Are your eligible to opt for car finance?

The criterions might vary lender to lender. However, you will have to fulfil the following car loan eligibility rules:

1) You should be a resident of your current area for a year
2) You should fall within the age range of 18 to 75 years
3) You should receive a monthly income of INR 10,000
4) You can be a salaried or self-employed individual
5) You should be employed with/run your current organisation/business for at least 3 years

You can avail the best car loan from top banks such as HDFC, Axis Bank, SBI, ICICI Bank, Dena Bank and Andhra Bank.

Business loans for women: Eligibility criteria and various schemes

Venturing or starting a business is not a new concept in India. In fact, a range of services is offered for start-ups. Even though you spend all your capital in your new business, money is required for other purposes as well such as expanding operations of smaller firms, purchasing machinery and equipment, repayment of other loans, turnaround of an ineffective business, etc.

We live in a generation of start-ups and women are leading the pack as well. There are numerous business options for women such as launching a fashion boutique, education classes, tours & travels, beauty clinics, etc. For this very purpose, certain banks provide business loans for women. Some of the schemes available are:

1) Cent Kalyani by Central Bank of India: The objective of this scheme is to encourage women entrepreneurs to take up more new projects or expand their existing business. At present, the options to take under Cent Kalyani include overdraft/cash credit and lower term loans.

2) Shree Shakti scheme by State Bank of India: The SBI aims at supporting business women by offering certain concessions. To avail this loan, women have to hold 50 per cent of an enterprises’ capital.

3) Synd Mahila Shakti from Syndicate Bank: With regards to financial empowerment of women, the Syndicate Bank launched Synd Mahila Shakti. It offers credit facilities to those women who do not earn regular income from their business. The loan is available for short term up to 10 years or as cash credit to meet the day-to-day business requirements.

4) Shakti Scheme from DENA Bank: Under this scheme, the following activities are covered:

- Agriculture and allied operations
- Small enterprises
- Retail trade
- Microcredit
- Education
- Housing
The maximum loan term might differ from business behaviour and action.

5) Udyogini Scheme by Punjab & Sind Bank: This scheme caters to women who are involved in business activities such as tiny SSI sector, business enterprises, retail traders, professional and self-employed women, etc. The scheme requires one or more women to share capital of at least 51 per cent.
Banks like HDFC bank provide small business loans to every budding entrepreneur including women who have an established company but require a slight nudge.

Business loan eligibility criteria for women:

When women apply for business loans, the rules differ from that of businessmen.

1) Age: Should be between the age group of 18 to 60 years 
2) Ownership share: Should have 50-51 per cent of the capital share
3) Loan amount: Can apply for a loan amount anywhere between INR 50,000 up to INR 5 crore
4) Loan term: This varies from bank to bank.
However, it generally last between 1 to 10 years

Women do everything on their own and are very strong-willed when it comes to proving a point to the society. Banks above have understood the needs of women entrepreneurs. One can expect more renowned banks to come forward and provide further provisions through their business loans scheme.