Credit Card vs Loan: which one to go for

What do you do when there is a cash crunch? Do you reach out for your credit card? Or do you apply for a personal loan? Both credit card and a personal loan lend you money. Which option should you go for?

To decide which is ideal for you, you need to know how the two work, and how they differ from each other.

Credit card loan
A credit card is issued by banks that allow you to carry out financial transactions. You can use it for withdrawing money and for money transfer as well.
Many banks in India grant you loans against your credit card. If you have a credit card and an excellent credit score, you can apply for a loan. No other documentation is necessary. However, your bank may need proof of eligibility. Because of the absence of red tape, it is a very easy loan to procure.

A person can opt for a bank loan against a credit card when your cash need exceeds your credit card’s withdrawal limit and you need money because of an emergency. However, a credit card loan predetermines the amount that you will be granted a loan. For example, if you need INR 2 Lakh but your credit card loan limit is INR 1.5 Lakh, your loan application will be rejected. The loan amount is transferred directly to your bank account or you get it in the form of a demand draft.

Loan against a credit card is pre-approved. That means you can get a loan anytime you need and there is no fear of your loan request being denied. Moreover, credit card loans are unsecured, i.e. you do not have to secure the loan. Until you pay back the loan in EMIs, you will not be able to use your credit card.

Personal Loan
This too is an unsecured loan. You can procure a personal loan for any purpose, be it for your medical emergency or home renovation. Anyone can apply for a personal loan. It is a comparatively more complicated process, as you have to provide the bank with documents attesting to your identity, your income, residence etc. and these loans take longer to process.

A personal bank loan charges a high rate of interest, sometimes as high as 30%. If you have not incurred many debts or if you have a good credit score, then this will push your interest rate down. The loan amount could be anything from a few thousand rupees to lakhs. There is no cap on how much you can borrow. This feature is beneficial if need a lump sum, maybe for a surgery. You have to pay the loan back in EMIs and the loan repayment tenure ranges from 1-5 years.

Both a personal loan and a credit card loan have their own specific advantages. Now you need to assess your needs and decide if you want to apply for personal loan or a credit card loan.

7 reasons why you should apply for a personal loan

Personal loans are a popular choice because they do not require collateral. They are very easy to procure because they do not require tonnes of paperwork. You could utilize a personal loan for any legitimate financial reason. Here are some common reasons why people often apply for a personal loan-

1. Debt Consolidation
You can apply for a personal loan if you already have incurred many loans.  Different loans have different interest rates. It is hard to keep track of them- calculating how much you have already paid, and the quantum that you have to pay. With a personal loan, you have the option of bringing all your outstanding balances under one umbrella. You can figure out a time frame and a payment schedule to repay all of your debts.

2. Credit card dues
When you use a credit card, your bank is actually providing the money for your transactions. That is why you are indebted to your bank. If you do not pay the dues back to your bank, your credit score will go down. You can take a personal loan to pay off your credit card dues.

3. Buy a home
You may have wanted a home of your own for ages. However, property prices are escalating by the day and so you are not being able to afford to purchase a new home. This should not come in the way of you fulfilling your dream. With personal loans, you can purchase that coveted house or apartment.

4. New amenities for your home
You might feel that your home needs new amenities. You might have to buy a new refrigerator or a television set. However, due to financial crunch, you might have to put off purchasing them. Personal loans can come to your aid in such a situation. Many banks extend personal loans that can help you the amenity that you desperately need.

5. Plan a wedding
Weddings are an expensive affair. You might save up for ages but even that might not suffice. The money you have to fork out for the clothes, the flowers, gifts for guests and the banquet or to book the venue can be quite overwhelming. Therefore, the best option to fund a grand wedding is to apply for a personal loan.

6. Education
Higher education these days costs a bomb, especially if you are aspiring to study in the best university/college abroad. Why should you give up on your dreams of pursuing your dream career because you could not afford the degree that you need to get there? You can procure a personal loan and enrol for a course in your dream university.

7. Medical emergency
If a medical emergency arises, you might have to mobilize lump sum cash in a very short time. At that particular moment, you might not be able to afford the money for hospitalization and treatment or medicines. Therefore, you can turn to your bank for a personal loan with which you can clear all your medical bills.

Many occasions arise in life when you desperately need some cash. This is when a personal loan can come to your assistance. These loans can help you in the need of an hour and are easily repayable.

5 reasons restaurants should be part of the food ordering apps list

Going to a fancy restaurant once a week is a fad in many families. However, it is those very families who order food and celebrate occasions at home. In fact, these food ordering apps and portals started the concept of house parties in our country. The adverse rise of ordering food online and on apps has only increased the competition amongst restaurants.

Having an online presence increases visibility and makes you stand out amidst the competitors.

Precisely you have restaurants which have an only online presence and no restaurants across the country. Some of the benefits you earn through online food order are convenience and transparency.
However, some restaurants are yet to find their name in the online food ordering sector. So, the following are the reasons restaurants should opt for the online route right away:

1) Saves time: Owners can use their employees in bettering the services of their restaurant by ensuring on-time delivery of the food items. Owners can hire a team for food deliveries and make their brand stronger.

2) Right food order: Some of the food items may not be available when you dine-out. Sometimes, phone discrepancies can hamper your order, and the restaurant ends up delivering an order of not your choice. Ultimately, it is you the user who is left disappointed. Through food ordering apps, restaurants can add their menu on them, and customers can enjoy the right food.

3) Hassle-free ordering: Sometimes the card payment service may not work in the restaurant, which can go against the restaurant. Online food order system eliminates that stress as well. Customers can choose the food item, add it to the cart, make payment via net banking/credit/debit card/other payment apps. Nowadays, food tracking is also possible.

4) Revenue: Instead of spending on third-party websites, restaurants find their name on the food ordering app instead. That way the restaurant can gain all the profits. There is no requirement of intermediaries.

5) Customer data: Food ordering apps allows you to save the customers data on your system. So, you can offer exclusive deals and cashback offers, especially during the customers’ anniversaries/birthdays. You can also save the customers’ previous order that way you can earn their trust and keep them coming back to your app. 

In the coming years, online ordering from restaurants will take up maximum stake in the food servicing industry. So, when are you setting up your food order app?

5 reasons why online movie booking is beneficial

Ever been to the movie theatre to only find the tickets sold out? Or were you unable to get your desired seats? With technology touching every aspect, many industries are opting for online route. You do not have to go through those never-ending queues and head back disappointed. Online movie ticket booking has added to the convenience of the people.

With people heading to the theatres frequently, the seats get booked immediately. Now, with movie ticket booking websites and apps on the rise, you can book them on the go and in advance.

However, the threat of malware practices has increased the fear amongst the individuals. If you operate the websites and apps rightly, then booking movie tickets online is ideal. Some of the benefits are:

1) Convenience: One of the huge advantages of using internet or mobile for booking movie tickets is getting them done at the comfort of your home or office. So, can freeze your choice of seats and purchase them cheaply.

2) Environment-friendly: By using the movie ticket booking apps or websites, you are doing your bit towards the environment. Nowadays, online ticket booking sends you e-tickets on your e-mail ID, SMS and WhatsApp. You have to show the QR code at the theatre and enjoy the movie. Online movie ticket booking has stopped the usage of papers completely.

3) Saves time: Online movie ticket booking gives you access to all information under one roof. It also enables users to check movie timings across portals and apps. This allows you to plan your day/holidays accordingly. Apart from movie shows, you can purchase tickets for stand-up comedy and concerts on certain websites/apps.

4) No loss of money: Movie ticket booking have other pros as well. You have bought tickets for your family and you for your favourite movie. One of your family members falls ill. Not only does your plan get cancelled but there is loss of cash as well. When you use the internet for booking tickets, you do not experience any loss of money. In case of cancellations, through hassle-free customer service, you get a refund of your tickets within 24 hours today.

5) Deals and offers: Many apps and banks have partnerships with individual banks. Through these banks, you can earn cashback offers via your debit/credit card. HDFC’s PayZapp is associated with BookMyShow, PVR, INOX, and ticketnew.com, which has made online movie ticket booking safe and secured. Such portals even send alerts via SMS or e-mails in case of any offers.

Looking for on-the-go shopping? Here are India's top shopping apps

India has got enormous consumer base, which provides a great opportunity for marchants to sell their products in the country. The rise in sale of smartphones has resulted in the creation ofgroup of online shoppers. There are many international brands along with the local players to woo the consumers in the country. They provide versatility in their products and door to door delivery, making it very convenient for the buyers.There are multiple payment options including cash on delivery and EMIs. The user can also return the product without incurring any additional charges.

Let’s look at some of the top shopping apps in India:

1. Amazon
Based in US, Amazon has created a excellent network in the country. They offer a multitude of products ranging from groceries to clothing, books to electronics and much more. The online shopping app has got excellent user interface and also allows the user to live track their orders.

2. Flipkart
It has got the local origin. Flipkart initially started off selling books, when founded in 2007. Slowly they expanded their base to all products. Flipkart have also got a range of exclusive items. Flipkart also boasts of user-friendly app which provides access to live tracking of the placed order and much more.

3. Paytm Mall
Paytm was largely benefitted by the Government’s push to Digital India to promote cashless transactions. They started off with digital wallets and slowly diversified themselves to the online shopping platform. They have got excellent cashback offers and other discount vouchers. Their online shopping app provides this option of payment from multiple digital wallets and debit/credit cards, besides their own wallet.

4. HDFC PayZapp
The HDFC bank has collaborated with marchant providers and some of the reputed brands worldwide to provide its customers a ultimate shopping experience. The USP of PayZapp is that, it provides offers on certain products. The app provides the ideal payment solution for the shopping requirements.
  

5. Snapdeal
They recently got an image makeover and appointed Bollywood star Aamir Khan as their brand ambassador. Snapdeal, based in India, provide an excellent range of products with user friendly interface. They have got tremendous outreach in the country. And the app is definitely smooth and provides million of options to choose from.

Travelling abroad? Here are the 5 best apps to refer to

The traveller who is informed, is safer. A planned trip keeps the tourist relaxed and let them concentrate on the purpose for which they have visited the place. Booking the tickets in advance is always cheaper and it provides time to plan for the trip accordingly. Following are the 5 best travel apps to plan your trip

1. HDFC PayZapp
This travel booking app is making steady progress. It provides best deal on international flights, hotel booking and holiday stay packages. It is very convenient to use PayZapp because of its user-friendly interface. It has partnered with some of the leading airlines, hotels and bus service providers to give you best service in the segment. Some of its collaborators are:
● Indigo
● Jet Airways
● Make my trip
● Yatra
  
2. Expedia
Expedia Group is one of the leading players who provide travel apps for booking flight and hotels around the world. It covers every aspect of travelling, which includes, researching, planning, booking travel, choosing the best airplane seat, personal travel reviews of hotels and much more.

3. Ixigo
Launched in 2007, ixigo has emerged as one of India’s leading travel booking app, connecting over 100 million travellers to over 100 travel suppliers. Ixigo aggregates and compares real-time travel information, prices & availability for flights, trains, buses, cabs, hotels, packages & destinations.

4. Goibibo
Goibibo provides range of choice for hotels, flights, trains, bus and cars for travelers. Through GoStays, the customers enjoy excellent stay experience at certified hotels. They have introduced first virtual travel booking currency GoCash and travel social network, GoCash+ Rewards, making it on of the most popular choice among the users.

5. ClearTrip
Cleartrip, an online corporate travel management, is the ideal travel tool for travel agents/ They also have Cleartrip Mobile, a travel booking app for smartphone users. It has also introduced Quickeys, for last-minute deals on hotel booking and other journey planning services.

All the customers should download these travel apps from authenticated app stores only, and they should never share the OTP and passwords with anyone. They should also avoid saving their passwords in the phone and keep changing it occasionally for safety purposes.

5 reasons why online mobile recharge is the best innovation

Mobile phones are a necessity more than luxury. With innovation in technology, life has become easier. After the introduction of high speed internet in the phones, it is now used in more ways than just a communication device.

Now, imagine you have got a smartphone and want to explore internet, book tickets, or you just want to watch a trending video but you are out of data. You will have to go to your nearest retailer, and if it is late in the evening, there is no way out until the next morning.

Following 5 reasons prove why online mobile recharge is the innovation that we deserved:

1. Available Round the Clock
You can recharge your phone at any given point of time with just few taps, all you need is an internet connection. You can stay at your home, choose the required plan and its done

2. Multiple Payment Options
The online recharge portals provide multiple options to pay for the recharge. The amount gets deducted from your account and you recharge successfully. You can use the following modes of payment to get your recharge done:
• Digital Wallets(HDFC PayZapp, Paytm, Freecharge, Airtel Money, SBI Buddy etc)
• Debit Cards
• Credit Cards
• Internet Banking

3. Freebees
With the introduction of digital wallets, they came up with multiple offers including cashbacks and other vouchers. Some of these apps when introduced, offered cent per cent cashbacks. You can install these applications on phone and do the recharge via smartphones. You can also go to the website and get the topup done

4. Choose your Plan
Online recharge not only saves lot of time and effort, it also provide the user the option to choose from multiple mobile services. Some of these services are listed as under:
Prepaid
Postpaid
Talk Times
SMS
Data
You can also compare different plans and their validity and then carry on with the recharge. 

5. Everyone included
All major mobile service providers offer the ‘everyone included’ option to recharge your phone online, you can use digital wallets for that or you can directly go to the website of the particular mobile service operator and get recharge done after choosing your plan. You also get a confirmation message through SMS.

There are few things that the customer should keep in mind before online mobile recharge. They should always download the application from authentic application stores like Google Play and App Stores. There are many fraud links that offer vouchers, the user should be cautious.