5 best-prepaid travel cards in India

Travelling overseas is always an exciting feeling. You get to visit new places, explore different cuisines and meet new people. Managing the currency could get tedious. This where a prepaid travel card comes to the rescue. Different banks offer different travel cards to fund you in the foreign country.

These prepaid cards come with numerous benefits and deals. They conveniently handle the extra expenses in the foreign land. Rather than carry hard cash, a travel card is the most cost-effective and secure option. They are generally accepted worldwide in e-commerce portals or retail outlets.
There are two usually two kinds of prepaid travel card: single currency car and multiple currency card. In the single currency card, you can add just one country’s money. As for multiple currency card, you can add multiple countries’ cash to make your travel a hassle-free one.

Who are the front-runners under the travel card category?

1) ICICI Bank travel cards: With the help of ICICI Bank’s travel card, you can manage your expenses in a convenient fashion. They offer three prepaid cards under this category like ICICI multi-currency travel card that supports 15 currencies. There is student travel card as well that supports the aspirant’s exam, university and hostel charges. Students can also book air tickets, do shopping and make other purchases with the help of the student card. ICICI Bank’s single currency card is perfect for those who venture out for a once in a lifetime international trip. It is available in 9 currencies.

2) Induslnd Bank travel cards: You can easily purchase and load currency with the Induslnd travel cards. Induslnd's prepaid travel card offers cashless and secure transaction to make your international trip a memorable one. They provide Indus forex card and Indus multi-currency card. The former card comes with 16 currencies for remittance. Meanwhile, the Indus multi-currency card supports 8 currencies

3) HDFC Bank travel cards: On the basis of your preference and usage, HDFC Bank offers wide range of travel cards that comprises of the following:

- HDFC Forex Plus Card: It is the most chosen card amongst the frequent travellers. Both MasterCard and VISA options are available on this card
- HDFC Forex Plus Chip Card
- HDFC Forex Plus Platinum Card
- Hajj Umrah Forex Plus Card: This card is specially designed for the pilgrims
- HDFC Multi-Currency Platinum Forex Plus Chip Card
- ISCI Student ID Forex Plus Chip Card: This card comes handy for the students travelling abroad

4) Axis Bank travel cards: Axis Bank provides 2 types of travel cards – multi-currency forex card in which you can load up to 16 currencies. It is further divided into 3 variants:
- Multi-Currency Forex Card
- Contactless Multi-Currency Forex Card
- Multi-Currency Image Card
You then have the Axis Travel Currency Card that is extensively used at VISA/MasterCard outlets and e-commerce websites. It is available in 11 currencies and comes loaded with some additional benefits.

5) SBI Foreign travel card: The card specially caters to your travelling needs. The SBI Foreign prepaid travel card enables you to shop, dine and get other purchases done. The card is presently available in 8 currencies.

The next time you plan your business, leisure or study trip, ensure that you have one of these prepaid cards throughout your journey. They will save you from the hard cash hassles in the overseas country.

6 ways to get the best interest rate on personal loans

Whenever we are in urgent need of cash, the only investment we resort to is personal loans. They are disbursed instantly and require minimal documents.

A personal loan comes handy not only during emergencies but also for other kinds of financial purposes. However, before applying for the right kind of personal loan, you have to check the interest rates offered by different banks. Although most of the banks follow the same personal loan interest rate, you can avail of exclusive discounts   on the rates depending on your profile.  

How can you get the best interest rate on a personal loan?

1) Credit score: If you have a clean credit history and a decent score, somewhere between 700 to 900, the chances are that you can acquire the    best personal loan for a lower interest rate.  You can manage your credit score if you make your remaining financial payments on time

2) Repayment track record: The repayment factor for other loans also plays a crucial role as well. If you have a decent payment track record, you will be in the right position to   negotiate on the personal loan interest rates  with your lender

3) Seasonal offers: During festive seasons, banks offer lucrative deals to match up to the rates offered by other banks. Since these interest rates are offered during special occasions, they last for a limited period only. It is advisable to take up a personal loan during such times

4) Interest calculation method: Understand the loan calculation process before opting for a low-interest rate personal loan. Some calculations do not involve gradual repayment of principal and interest amount

5) Relationship with the bank:  If you have an excellent relationship with the bank, you can get discounted interest rates on personal loans. Some banks offer such deals to retain their customers, be it old or new. Another advantage here is that banks know about your credit behaviour. That acts as a reassurance for the loan providers

6) Job value: Banks also are favourable towards customers who work in top-end companies. It speaks volumes about their job stability and regularity of income. Some of the banks are also tied up with corporate companies. So, if you work with any such organisation, you might receive discounted interest rates often

Apart from the above hacks, you can take the effort from your end as well to avail of the best personal loan:

1) Ensure there are no debts by paying off your loans on time
2) Work towards improving your credit score as a poor CIBIL score can lead to rejection of your loan 
3) Avoid taking back-to-back loans
4) Use your credit card in a healthy manner

Health insurance and its benefits

In a world where we are running around to earn money, become a wealthy person and lead a happy lifestyle , our health takes a backseat. This negligence takes a toll on our body . Eventually, we are trapped in a circle of diseases. More ailments call for additional expenses. Therefore, to avoid the stress of medical care, people resort to all-in-one health insurance policies for themselves and their family.
 
What is health insurance all about?

It is an investment that protects you from unforeseen medical costs that you or your family member may require. All banks in India offer different health insurance plan. Following are some of the features of a health insurance:
1) Ensures cashless medical treatment
2) Repayment facilities in case of surgeries
3) Covers pre and post hospitalisation charges
4) You can also avail of cashless therapies from certain hospitals that are linked to your bank 
  
Health insurance policies are available for every kind of individual in India:

1) Personal health insurance
2) Family health insurance
3) Child health insurance
4) Senior citizen health insurance and others

Taking up health insurance has become more of a compulsion today. Some significant advantages of applying for a   health insurance plan is: 

1) Safeguards your health: A medical insurance acts as your saviour when you are in dire need of money. Many health insurance schemes offer medical cum health check-up facilities and counselling sessions. Health counselling not only heals you mentally but emotionally as well. And nothing can get better than receiving such advises for free

2) Health costs are covered:  Although the advancement of technology has enabled the users to  get better treatment and services, it has only got costlier for the common man. If you have invested your money in buying an appropriate health insurance plan, then getting the right kind of medical treatment is not impossible. Your insurance company will manage your expenses, regardless of your financial condition


3) Best medical aid: The health insurance provides cashless treatment facility in time of emergency. This way you can avoid the delays of receiving the cash and get the treatment done on time

4) No claim bonus: You may not have the facility to claim  medical insurance benefits every year, but the insurance company provides you with a no claim bonus  in the following year. This includes all the reward you have earned over the past year , thus making it a profitable investment 

5) Top-up plans: They are like additional covers. It enables you to settle your extra hospital dues, once your initial benefit sum gets exhausted. Apart from insurance coverage, a top-up plan boosts your health insurance policies as you receive additional benefits. You have to pay a premium to obtain these reimbursements, though   

6) Covers critical illnesses: Major diseases such as cancer, heart attacks, paralysis, kidney disorders, are all uncalled events. They also require heavy treatments. Several health insurance policies offer coverage for critical illnesses. They ease off the pressure of massive    payments from the shoulder of the insured. Insurance company offer these services from the beginning of the sickness.
 
Consider these aspects when you opt for a perfe ct  health insurance plan. Do not compromise on your medical insurance because as the saying goes, ‘health is wealth.'

5 know-how about credit cards

You have received your first pay cheque. You decide to open a savings or salaried account. Now that you have your account in place, how do you plan to use the money in it? Banks offer services such as debit or credit card for such purposes. In fact, the banks in India provide an assortment of  cards that carry additional benefits like rewards, cashback, shopping miles, entertainment, etc.

After choosing a credit card of your choice, how can you go about using it? Following are some information about the credit card  that you need to be aware of:  

1) Interest rate: Remember, you are charged interest rate only when you carry forward your balance. If you pay off your bill all in once, you do not incur any interest. So, if you are someone who gets your credit card payment done entirely and on time, then interest rates should not matter

2) Annual fees: Some credit card carry annual, renewal or joining fees. So, opt for a card that does not have yearly charges.    The annual costs sometimes waiver from bank to bank if you spend above a certain limit 

3) Delayed payment: If you miss your credit card payment, banks charge heavily. They may also increase the interest rates. So, ensure to pay the bill within the specified due date, i.e. 15th or 20th of every month

4) Cash credit: By making use of your credit card to withdraw cash, can cost you heavily. They come with high-interest rates and no free credit periods. Before applying for a credit card, inquire about the cash credit details

5) Reward points: If your bank offers some reward points, do not get carried away by them. These reward points are just a small return for spending on your card. Usually, you earn 1 point for spending every INR 100

Following are some tips to remember before you choose the right credit card:

1) Know what kind of card you want concerning your requirements and benefits     
2) Do not let the bank pick the card. You know what   your needs are than the bank 
3) Do thorough research before applying for your kind of credit card
4) When applying for a credit card via tele caller, ask the necessary information
5) Spend as per your budget. Do not exceed the credit card limit
6) Pay your bills on time to avoid high-interest charges

Banks offer credit cards that suit a person's taste. You need to recognise the perfect category that you fall under. 

Demat account - how to open one?

We all hold multiple bank accounts, be it savings or current or salaried account. And if you are an entrepreneur or business person, you might be interested in Demat account. They act like a DigiLocker. Just like how a DigiLocker saves all your essential physical documents safely, a Demat account manages your assets (bonds, debentures, shares, etc.) If you are someone who purchases shares from the market frequently, then you should open Demat account right away.

What is a Demat account?

A Demat Account’s functions are similar to a DigiLocker. Now, if you want to buy or sell your stocks, you should have a Demat account with a Depository Participant (DP). Who are these entities? Just like the Indian government operates DigiLockers, the DPs manage your Demat account. Unlike a DigiLocker, the depositories facilitate transactions, though.

At the moment, three entities are handling the Demat accounts in India: Securities and Exchange Board of India (SEBI), National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL).

How to open Demat account?

You cannot directly open an account through CDSL. You have to open Demat account through a DP of CDSL. Following are the steps to open one:

1) You must first choose a DP based on your budget and convenience
2) You have to fill a Demat account application form along with the following documents:
- Age and address proofs
- Bank account details
- PAN card
3) Prior to opening your account, you have to sign an agreement that includes the rights and obligations of both, the DP and you
4) Upon opening Demat account, you will receive a beneficial owner identification number that should be used for future transactions
5) You will also be allotted a unique Demat account number that ensures debit/credit of securities
Note: You can open Demat account can be maintained even with a nil balance

What are the benefits of owning a Demat account?

1) You do not have to pay stamp duty, which in turn reduces your transaction cost
2) Convenient and instant electronic settlements
3) Less paperwork concerning transferring of securities
4) The chances of fake certificates and theft get reduced
5) Can sell n number of shares
6) You can also invest via your Demat account, courtesy internet

Remember to open a trading account as well when you open Demat account to conduct buying and selling of shares. Go to your closest bank and get one now!

5 reasons to take up personal loans

Money plays a huge role in shaping our lives. They have the potential to turn our dreams into reality. However, there is one hurdle that stops us from nearing our goals – the financial setback. Lack of funds can be detrimental on several occasions. Nevertheless, there are many avenues by which you can secure your dreams. One such solution is a personal loan.

What is a personal loan?
Simply put, a personal loan is an unsecured loan that requires no collateral as security. These can be taken from banks or non-banking financial companies (NBFC). Personal loans are available with much ease and provide flexible options. They offer immediate financial relief as well.

What are the personal loan eligibility criteria?

Those who take up personal loans need to fulfil conditions based on income level, repayment capacity, employment history, etc. The criterions are as follows:

1) Age: You should fall between the age group of 21-60 years

2) Income: To avail a personal loan, you should earn a minimum salary of 20,000. This is applicable for salaried employees. If you are self-employed, you should be drawing at least INR 2 lakh per annum


3) Employment stability: You should have been in your current business or organisation for at least 3 years

4) Credit score: Your rating plays a crucial role to determine if you can   pay back the loan on time. You must have a rating anywhere around 650-700 
   
Although personal loans are taken to fund your requirements, there are times people use it for impractical events. It is imperative to know when to avail of a personal loan:

1) Holiday: Lengthy working hours, stressful work environment, improper eating habits, are some factors that contribute to our health problems. To counterbalance all this, a vacation is an ideal solution.  If you cannot afford the expenses of the ho     liday entirely, you can always take up a personal loan for the same.  Banks do not back out from offering loans for such reasons, provided you have your trip documents in place.       

2) Wedding: A wedding calls for expenses that could leave a hole in your pocket. Considering weddings are a one-time affair, people do not hesitate in spending lavishly. Indian weddings involve several ceremonies, and that adds on to your budget. In such scenarios, you can   opt for a personal loan. These loans are generally quick in nature and ensure the wedding takes place smoothly. 

3) Clear existing debts: There are times we need loans to meet some of the other financial emergencies. That leads to multiple investments in our name.    It is better to clear them off with one single loan, i.e. a personal loan. Most banks do not refuse to sanction personal loans to clear existing debts.  

4) Health: Let’s be honest, medical emergencies are erratic. The cost of healthcare is too much to handle. Health insurance could bail us out for that  moment, but additional expenses could emerge. At such times, a personal loan comes to the rescue. It offers some amount of relief and is an extremely viable option due to its immediate processing.      

5) Home renovation: No house is complete if it does not give you a homely feeling. We always want the best amenities for our home. Whenever you want to make some changes to your home or purchase new equipment, a personal loan acts like your best ally.

Regardless of the reason, a personal loan should be treated with respect as it always provides us with relief from a significant burden.

Top 5 benefits of purchasing a two wheeler loan online

With the magic of the internet, the entire world has become smaller and smaller. Things that looked impossible a decade ago have suddenly become the new norm. While it was understandable that one could buy clothes, accessories and even food online, no one thought that a day would come when people could purchase bank loans online. That’s right, in this modern, 21st century; online shopping has been taken to a whole new level where you can apply for bike loan online. Here are a few benefits of purchasing your loan off the internet.

You can get lower interest rates: As we all know, online aggregators are highly competitive. You get discounts not only on the product, but there is also a good chance that purchasing a loan online can result in a lower interest rate percentage. If you visit a bank or a financier’s office, you will mostly find them offering the loan, at say 14% for 3-4 year tenure, whereas, when you apply for the loan you may get a 2% discount on the bike loan interest rate, resulting in a lot of savings.

Additional discount on processing fees: Most online aggregators try to win your business by giving you as high as 20%-50% discount on processing fees, further reducing the total price you pay. The rates are reduced further if you purchase the bike during festive seasons. Some will adjust it to lower one entire EMI, allowing you to save a lot more than you would have, had you visited the dealership to purchase the bike on loan. Plus, they would also throw in free bike servicing for the first year.

You can use an EMI calculator to check your

eligibility: Before you apply for the loan, you can do a quick check of the loan amount and interest you would be eligible to pay, on the bike loan EMI calculator. You simply have to answer a few questions such as your personal details and provide a few documents like your salary/income certificates, pay-slips etc. In just a few seconds, the algorithm will tell you the interest you can pay as per the tenure you select.

Your loan gets approved faster: Once the eligibility check is completed, you can get the two-wheeler loan approved much faster, eliminating any reason to visit the branch. Note that if you opt to apply for the loan online from a bank with which you have a working relationship (current/savings account), your chances of getting the loan approved increase further. The bank sends over an agent to complete the formalities, saving you a lot of time.

You can get 100% financing: Since most bikes are not that expensive, you don’t have to think a lot before taking out a loan. What’s more, you can get 100% bike loan, so you don’t have to worry if you initially had a low budget.