How can you open an NPS account online?

After you retire, it is important that you have a stable financial condition so that you get to live your sunset years amongst peace and harmony. The National Pension Scheme is a scheme, which was launched by the government of India, with the motive of expanding the retirement fund to all the people, who apply for this scheme. It is managed and regulated by the Pension Fund Regulatory and Development Authority (PRFDA).

Types of NPS account

Generally, there are two types of NPS accounts:

1. Tier-I account- The tier-I account is a non-withdrawal permanent retirement account. However, according to the new rules and regulations, account holders can make premature withdrawals after they complete 15 years in the service.

2. Tier-II account- The tier-II account grants you permission to make unlimited withdrawals and functions as a savings account. The only catch is that withdrawing money from this kind of an account is comparatively more cumbersome than withdrawing money from a savings account.

How can you open an NPS account online?

There are two ways, through which you can open an NPS account online and they are:

1. Registration through PAN card

• Your KYC or Know Your Customer will be handled by the bank, and because of that, your savings account must be in an NSDL empanelled bank.
• The details that you provide in your form should completely match the details that are already with your bank. If your details do not match, then the bank has every right to reject your registration application and then you would have to contact the bank personally.
• Make sure that all the compulsory areas are duly filled
• Upload your signature and scanned picture
• In order to make the initial monetary contribution, you will have to do it through Internet Banking

2. Registration through AADHAR card

• Your valid AADHAR card should be linked to your valid mobile number
• You will receive an OTP on your registered mobile number. Once you provide the OTP number, your KYC will be done and authenticated.
• Once your KYC is done, your picture and all your relevant information will be extracted from the AADHAR database and used for your NPS online form
• You will have to fill out the remaining compulsory fields online
• You will have to upload your signature in a jpeg or jpg format, for registration purposes. Remember that the file size should be between 4 kb to 12 kb.
• You can make your initial contribution to your online NPS account through debit card or credit card

Opening an NPS account is one of the best things you can do for yourself keeping in mind the years to come. Retirement does not have to signify financial trouble and that is why the National Pension Scheme has become an imperative option for many.

A complete summary on loan against property

Loan against property is one of the simplest components of banking. Taking a loan against property means, you can avail a loan by holding your property as security. Banks generally offer this loan against your property, which can be a residential apartment, a commercial building or even a piece of land. You will only be able to avail this loan by mortgaging your property, and your loan amount will depend on the type of the property you will be mortgaging.

Best situations for applying for a loan against property

The ideal circumstances when you can apply for a loan against property are the following:

• Sponsoring wedding expenses of family members
• Sponsoring your vacation plans
• Funds for your children’s higher education
• Expansion of business plans and operations
• Payment of hospital expenses and bills

Eligibility criteria for applying for a property loan

In order to apply for a property loan, you will have to fulfil the eligibility criteria. However, the eligibility criteria are different for different people and their designations and are as follows:

1. Professional
• The applicant cannot be aged more than 65 years
• The applicant can be involved in any field i.e. engineer, doctor, lawyer, chartered accountant, architect etc.

2. Salaried employee
• The applicant must be at least 25 years old to avail this type of loan
• The applicant should be a permanent employee of a reputed company or the government

3. Self-employed individuals
• The applicant must be a part of the same business for at least 3 years to 5 years
• The applicant must be regular when it comes to filing income tax returns

Eligibility of property- The concerned property should not have any illegal aspect to it and must be free from any legal problems and complications. Your property must also have clear and legal titles registered in your name.

Benefits of a loan against property

The advantages of property loans are numerous. They are as follows:

• Since property loans have high tenures, you can pay them off in the form of EMIs and the repayment period ranges from 10-15 years
• Property loans charge reasonably low-interest rates i.e. 12% to 15% compared to personal loans, which charge around 15% to 25%
• As property loans are secured loans, they are comparatively easier to get than other types of loans
• Property loans charge very little to no prepayment charges

Documents required for a loan against property

You will have to submit the following documents if you are applying for a property loan:

• Identity proof validated by the government
• Self-employed people must furnish their financial statement of the last 3 years
• Accurate proof of your residence
• Salaried employees will have to furnish their salary slips of the last 6 months
• Copy of the recent bank statement
• Self-employed people will have to provide proof of the existence of their business profile
• A duly filled application form with a recent photograph of the applicant
• Processing fee cheque
• Copy of income tax returns
• Copy of details of all your current loans
• Self-employed people will have to provide proof of their educational qualification
• Every property related documents you have, including the approved building plan, needs to be submitted

Before you choose to go for a property loan, make sure that you have all the important information regarding it. This will help you make an informed decision; otherwise, you might end up failing to repay your debts.

How to apply for a loan on credit card

Taking a loan against your credit card is a kind of a personal loan and you can easily apply for one. Loan against a credit card is one of the most convenient and easiest ways of taking a loan, as you do not need any form of documentation to get it approved. However, the only difference between taking a loan against credit card and a personal loan is that a personal loan takes a few days to be approved, whereas a loan against credit card is pre-approved. Apart from this, there are a few things, which you should know about, before applying for a loan on credit card.

Eligibility for applying for loan against credit card
Before you decide to purchase a loan against credit card, make sure that you know about the eligibility. The eligibility for applying for a loan against a credit card is:

• It is mandatory to have a credit card account to get your loan approved
• It is a better option to be high-level income employee, as this can help you transfer your credit card from silver to gold very easily. This transition can improve and highly increase your loan eligibility
• Banks generally offer loans against credit cards for new as well as existing customers. However, sometimes, different banks have different rules so it is better to talk to your bank before finalizing your decision.
• You must have an impressive credit score, as your credit score will determine your chances of getting your loan approved. As long as you have a high credit standing and a good record of credit repayment, you will get your loan as you wished.

Necessary documents needed for a loan against credit card

You do not really need documentation if you are applying for a loan against your credit card, because you will already be submitting your documents when you apply for a credit card. Without a valid credit card, you can never apply for a loan against it. Generally, you will have to submit the following documents to the bank when you apply for a credit card:

• Identity proof such as PAN card, AADHAR card, Voter ID card, Passport, driving license etc. (any one of these)
• Salary slips of the previous 3 months for salaried employees
• People, who are self-employed need to submit their PAN card and an attested copy of their Income Tax Return (ITR)
• Address proof copies such telephone bill, electricity bill, passport, driving license etc. (any one of these)
• Recent passport size photographs
• A copy of your office ID card, if you are a salaried employee

How can I apply for a loan against my credit card?

If you are interested in applying for a loan against a credit card, then do not worry because the process is very simple. As long as you have a valid credit card of your own, you can apply for it anytime you want. You will simply have to visit your bank branch and let the bank employees know about your intention of taking a loan and then they will do the rest. You can also call on their customer care number and get it done through phone banking.

Taking a loan on credit card does not just help you with your finances; it can also provide you with many financial benefits. So consider applying for the same today!

4 things to consider before applying for a new business loan

Starting your own business is a matter of pride and accomplishment. Initiating something from the ground up and building it into something big takes a lot of effort, time and hard work. Adding to that, being your own boss also is one of the best parts! However, in order to start your own business, you will need a lot of capital and that is where a business loan comes in to play. A business loan will give you that much-needed financial kick-start and will help propel you in the exciting world of entrepreneurship. Nevertheless, you must keep a few pointers in mind before applying for a business loan and they are-

• Business plan- You will have to come up with a business plan because your lenders will want to know, whether you are running a reliable and trustworthy business or not. They will also study and judge you on your skills and knowledge, and whether you will be able to take your business in the right direction or not. That is why it is important to create a business plan, which includes everything such as competitors, goals, market analysis, past and projected expenses and revenues and how you intend to turn your company into a massively profitable one. Show your lender that you are the best person to whom they can give their money. Your business plan is the first thing they will go through, so make sure that you make it worth their time.

• Compile financial statements- A company can only be a successful one if it makes a substantial amount of profits. When you choose to apply for business loan, your lender will also focus on your potential profits because without that, you will not be able to pay them back. Create a financial plan and include your balance statements for the past 3-5 years, cash flow statements, estimates for the next 3-5 years and income statements. Additionally, also take into consideration how you will utilize your lender’s money and the seasonal changes in the business.


• Mention the amount and purpose of your loan- Once you have convinced your lender and shown him your financial statements and business plans, inform him about how you are planning to utilize his business loan and how much you will need to fulfil your goals. Be very transparent when it comes to your needs and intentions. Let them know what kind of marketing equipment you will need, your marketing strategy, what you will purchase with the loan and other relevant things. Do a lot of research when it comes to the things you will need and show it to your lender so that he takes you seriously.

• Take into consideration what the loan will cost you- Remember to compare a few lenders before saying yes to one. It is going to be you, who have to repay the loan, so apply for business loan, which will give you a very good offer such as proper interest rates, estimates, and a handsome loan offer. Remember to add up all your payments and double-check whether you will be able to fulfil the loan or not. Lastly, go through all the terms and conditions before signing on the dotted line.

A business loan is a necessary tool for starting your own business; without one, it can be quite difficult to start. Make sure that you have all the important information at hand before coming to a final decision; otherwise, you might end up repenting and suffering losses.

4 benefits of international travel insurance

Going on an international trip or vacation is something we all have on our bucket list. Additionally, a vacation can go a long way in making you feel relaxed and expose you to many new things in this world. However, emergencies do not announce themselves before showing up. Therefore, when you are travelling, you might come across some problems or obstacles, which may threaten to ruin your trip. In order to avoid a situation like that, you can purchase an international travel insurance that will safeguard you against potential problems you might face. Read on to know about the benefits of international travel insurance-

• Baggage insurance- International travel insurance will ensure that you do not have to face any trouble during the entire trip. Simple problems such as loss or misplacement of baggage and arrival delay will also be included in your insurance coverage. For instance, in case of theft or loss of baggage, you will have to buy a couple of things and pay for them from your own pocket. However, if you have an international travel insurance plan you can ask for a repayment or reimbursement from your insurance provider.

• Medical coverage- Your international travel insurance plan can also provide you with medical coverage, in case you run into any emergencies while travelling abroad. It will pay for your hospitalization expenses and as far as the doctor’s fees are concerned, you can ask for a reimbursement from your insurance provider. However, have a very clear idea about all the inclusions and exclusions before making a claim; otherwise, your claims might end up being rejected.


• Trip interruption or cancellation- Flight cancellations and flight delays are something that is entirely out of your control. If your chosen airline decides to cancel your flight unexpectedly, there is very little you can do about it. However, what you can do is use your international travel insurance plan to ask for a reimbursement of your flight tickets. Flight cancellations can cause a huge dent in your pocket, but if you have international travel insurance, you will have nothing to worry about.

• Comprehensiveness- An international travel insurance plan is very comprehensive in nature and covers numerous things under the domain of international travel. Baggage loss, stolen passport or other travel documents, flight delays, flight cancellations, emergency evacuation based on medical grounds etc. are just some of the things an international travel insurance plan would normally cover. That is why a majority of travellers considers an insurance plan of this nature.

Travelling is supposed to be peaceful and rejuvenating and running into trouble should be the last thing on your mind. People travel because they want to deviate themselves from all the daily chaos and problems of their lives. Since emergencies are something you cannot always control, having an international travel insurance plan is the best thing you can do for yourself and your family when travelling.

5 reasons why your health insurance claim is being rejected

In case you have a health insurance plan, you can rest easy as your policy will be paying all your medical bills and expenses. Having a health insurance policy is considered an incredibly important part of health care. However, if your insurance claim is rejected, it might come as a shock to you and your finances may take a direct hit because of that. In order to avoid such a situation, it is imperative that you know and understand why your health insurance claim might be rejected-

• Delay in filing claims- Every health insurance provider has a specific time period within which you will have to make your insurance claim. In case of emergency hospitalization, you will have to inform your insurer about it within 24 hours, if you wish to avail your policy benefits. However, in case of planned hospitalization, you will have to notify your insurer days or weeks in advance. If you fail to do so, your health insurance claim will be rejected.

• Your policy has expired- If you forget to renew your policy when the time comes, you will not be able to avail its benefits. It is only when you renew it on a routine basis and pay your premiums on time that you will be able to file an insurance claim and get your money.


• Your ailment is not included in your policy- Every health insurance plan has its own set of inclusions and exclusions so make sure that you go through the lists thoroughly before you sign on the dotted line. If the disease or ailment, for which you have been hospitalized, is not included in your health insurance plan, then your claim will be rejected. Some of the conditions, which a health insurance plan does not cover in general, are a suicidal attempt, drug use, alcohol abuse, self-harm wounds or injuries, injuries caused due to radioactive substances etc.

• Incorrect information- When you purchase a health insurance plan, it is mandatory to fill out a proposal form and submit it along with your premium. It is important to fill out your form with accurate information, as your insurer will provide you with the policy based on what you have written in your form. If you choose to provide incorrect and vague information, your insurance provider has every right to reject it, if they deem fit.


• Failure to submit all necessary medical documents- When you file for a health insurance claim, your insurance provider might ask you to provide medical records, in case your claim needs extra documentation to determine its authenticity. Some of the medical documents or records that your insurance provider might ask for are patient’s physical reports, patient’s discharge summaries, operative reports, radiology reports, physician consultation reports, and patient’s medical history. If you fail to submit what your insurer asks of you, your claim might be rejected.

Claim rejection can cause you a lot of stress and unnecessary hassles, which is something you would naturally not want to experience. Therefore, before you finalize your health insurance plan, read it thoroughly to avoid any problems in the future.

Steps to open a current bank account

Having a bank account has become nothing short of a necessity these days. With India gradually marching towards the ‘digital’ and cashless era, bank accounts have become a staple in every household. Moreover, in many homes, there is not just one bank account but also multiple. The presence of bank accounts help you save money and makes sure that your money is in a safe place; having a ton of cash in your drawer is not really a safe thing to do. However, before you open a bank account you will need to understand how to do so. Read on to understand the process of opening a current account.

1. Determine what kind of an account you will need- Before you open current account, you will have to decide what kind of an account you want to open. If you are looking to keep money in your account to pay your bills in the short-term or pay for your daily requirements daily, then go for a cheque account. However, if you are planning to save money but want it to be accessible to you at all times, then go for a savings account.

2. Seek a current account with services that you will need- Keep into consideration how you will deposit money and withdraw it. There are several options for doing this and they are-


• Debit card, which you can use for buying whatever you need from any store
• Direct debit, through which all your bills will be paid automatically every month i.e. the money will be automatically deducted from your bank account
• Bank branch, where you can deposit and withdraw your money from using an ATM
• Checks through which you can pay your bills and give money to someone when needed
• Telephone or internet banking can be done for different and various kinds of  financial transactions
• Direct deposit, is when your employer deposits your salary or pay directly into your account

3. Explore all your options in the current market- Prior to zeroing on a specific bank, make sure that you check out all the options and then go for the one with the lowest service charge and interest rates.

4. Choose a convenient bank- Make sure that you always select a bank, which has multiple branches and ATMs near you. If you go for a bank that has only one or two ATMs near you, then it will spell a lot of inconvenience for you in case of emergencies.


5. Open your bank account- When you finally go to your preferred bank to open current account, you will have to provide personal information such as name, address, identity proof (Voter card, PAN card, AADHAR card, Passport etc.), date of birth, job designation, social security number, and your personal contact number. Only after you provide all these important documents, you will be able to open a current bank account.

Earlier, having a current account was considered a luxury but with problems growing in our country and society in general, it has become very important to safeguard your money as much as possible. After all, being extra cautious is not going to harm you.