4 best mobile banking apps in India

Finding time to go to the bank is next to impossible. In fact, visiting a bank branch has become a chore. Again, passbook needs to be updated; new chequebook orders have to be placed, ATM cards have to be blocked in case they go missing. The list is endless.

Precisely why mobile banking app invention is one thing we all will be thankful for forever. Mobile banking operations started in India in 2002. Everything such as bank transactions, checking bank statements, paying credit card and utility bills, can be done by a click.

Time-saving and convenient, these apps are now massively popular. Listed below are the brands who are the face of banking app industry:

1) HDFC mobile application:HDFC is one of India’s leading banks today. It holds 4.2 rating and has over 10 million downloads on Google Play store. It allows the customers to view their account summary, transfer funds, make credit card payment, etc. Their app is also available in Hindi catering to the mass audience. HDFC app has a ‘LITE' version that makes it compatible with those using low internet speed. However, the ‘LITE’ version does not cover all the aspects. Nevertheless, the regular services are covered under it.

2) ICICI Bank’s iMobile application:ICICI was the first bank to launch full-fledged banking app services in India in 2008. The Google Play has rated ICICI bank’s app 4.5. It is one of the highest rated mobile banking apps in India. Apart from paying bills, the app allows users to open fixed and recurring deposits. Consumers can also manage life insurance policies here. Apart from the iMobile app, ICICI bank also launched the iWear smartwatch app. With Apple and Google smartwatches used heavily, ICICI bank users can access their account and check their last 3 bank transactions, current balance and credit card accounts on their hand.

3) Axis Bank’s mobile application: Axis bank’s app is known for its stability. It has over 5 million downloads and holds 4-star rating on Google Play store. Apart from the regular features, Axis bank users can time their credit card payment, covert them into EMIs, block cards and replace them, temporarily deactivate the debit card, set limit on debit card purchases. The customers can also autopay bills for over 200 utility services through the app. Axis bank’s app is also social-media friendly as users can email and Tweet directly from the app.

4) SBI’s Anywhere Personal Application: The app was previously called ‘State Bank Freedom App.’ The Anywhere Personal app provides essential banking services. The bank has 3.9 rating on Google Play. One of the salient features of the app is mCash. Through this medium, users can transfer funds to a mobile number or email id. It also has the mPassbook feature through which the users can check their past 150 transactions. They, too, have a smartwatch app for the smart users.

So, ensure that you install a mobile banking app today and start using it.

Advantages of making a bill payment online

With the advent of technology, our efforts towards household chores are almost negligible nowadays. Earlier, people used to stand in long queues to pay any bill, be it mobile or utility services. Today, one can quickly log into their mobile network or LPG website and make bill payment in a jiffy.

Earlier, many were sceptical to conduct online bill payment. Now, there are secure gateways and several encryption keys that make payment safe. It is specially convenient for those who live a fast-paced life.

There are several advantages of making bill payment either online or via apps. Here are some of them:

1) Saves time and effort: This aspect comes to play for those who use bill payment app. With the help of our mobiles phones, we can pay our bills anytime and any day. In fact, online merchants accept either credit/debit card or cash on delivery payment modes. So with your handset, you can make payments using either MasterCard or Visa.

2) Eco-friendly: Another advantage of online bill payment is you save a lot of paper. Precisely why banks and other service providers send statements or bills via email. Less paper means fewer envelopes minus the hassle for you. It is safe to say that online process is environment-friendly.


3) Safe and secure: With more and more users thronging the internet, online merchants are using the SSL mechanism to conduct safe and secure payments. The level of encryptions today is so high that it is impossible to perform fraudulent activities online. 

4) Consolidation of record: Some people do maintain records of their bills, be it payment slip of utility bills or any shopping receipt. Through the internet, the receipt is saved over your email once the payment is made.

5) Convenience: Bill payment app allows you to control on when to pay the bills and how much you wish to pay for each bill. You also have the liberty to change your expense choices or even cancel it.

6) Deals and offers: Customers can grab last minute deals while making payments. Recharge websites especially run offers now and then. Banks, too, give away deals periodically. This way you can go light on your pockets.

Every service provider today has their portals. They are associated with recharge websites such as Paytm and Freecharge or banking apps such as HDFC or ICICI. Bill payment has never been so easy and quick before.

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.