What are the benefits of IMPS and why you should take advantage of them?

With growing popularity of mobile banking and IMPS transfer, it has become easy and convenient for common man to transfer funds whenever they feel like. Even if you’re low on cash or do not have time to withdraw money from your bank  at the need of an hour, you can transfer money from your cell phone using IMPS service and save some time!

IMPS or Immediate Payment services is electronic interbank instant mobile money transfer service which can be done using the user’s cell phone. It is the most simplified and trending money transfer facility in the today’s world. Let’s take a look the vast benefits of IMPS and mobile banking which we should definitely take advantage from:

• 24x7 Real time money transfer
While National Electronic Fund Transfer (NEFT) takes up to 3-4 hours to transfer money depending on bank to bank, IMPS is real time money transfer service which means using IMPS you can instantly transfer funds to other accounts. You can transfer fund using IMPS 24x7 even when the banks remain closed on national holidays or Sundays. This is probably the most crucial advantage of IMPS.

• Transaction limit
Although different banks hold different transaction limits depending on the customer profile, Real Time Gross Settlement (RTGS) allows you a minimum transfer of Rs.2 lakh and a maximum amount of Rs.10 lakh while transaction limit for IMPS is Re.1 to Rs.2 lakh.

• Available through multiple channels
IMPS provides you options of transferring funds through multiple channels like ATM, Net banking, SMS, USSD, Mobile application. You don’t need to step out and stand in long queues in the bank. Just one click and you’re done with paying your bills- be it utility bills, travel tickets, online shopping, movie tickets, grocery shopping etc. In fact e-commerce companies largely promote mobile apps and offer heavy discounts, for which IMPS can be used to make payment through mobile application.

• Mobile banking
In order to transfer funds via IMPS, a 7-digit MMID pin is required for which all you need to do is go to ‘mobile banking’ option on your phone, select your desired bank account, select IMPS and click on MMID. As soon as the details of your account are validated, the money will be debited from your account and a SMS alert showing the transfer status will be sent to your phone.

• NRI customers
IMPS  allows NRI customers to transfer funds from their account to the account of those residing in India.

With these key features, IMPS has gained immense popularity over the years and has benefitted common man like never before. It is time-saving, user-friendly, and has brought the commercial banks at our doorstep.

How to take gold loan against gold

Acquiring loan against gold is the quickest and safest possible way. It is a simple, hassle-free procedure and it can be used to avail of a loan to meet any kind of emergency, like higher education for your wards, expansion of your business inventory, paying EMI bills for any of your recent purchases, or for confronting medical crisis. Here is how you can get loan against gold.

1. Value of the gold: The loan that the bank provides you is directly related to the value of the gold. The loan will be given also on the basis of your income, because the bank needs to look into your repayment capability. Instead of gold jewelleries, if you secure other gold items like a gold bar or a gold coin, you will reap the benefits of a better valuation.

2.  Documents: Like all other bank-related procedures, a gold loan also calls for documentations. You can either fill in the application online or you can submit your personal details with the bank. You will probably have to provide PAN/Aadhar card details, address proof, identity proof etcetera to get a gold loan.

3. Signing of Agreement: Once the value of the gold is evaluated the bank takes the gold from you and keeps it in a secured vault. It remains that way until you have cleared the loan. The clearance of gold loan in India can be done over a period of 12 to 18 months depending on the bank.

4. Interest: Most of the banks in India, charges nominal loan interest rates against goal.
  
5. Extra payments: You might have to make extra payments other than the complete loan with the interest, which pertains to loan processing charges and gold valuation fares.

6. It is a very quick procedure: Like other types of loans you do not need to wait for long to get a gold loan. You receive it usually on the day you deposit the gold with the bank.

7. In case of default: In case you fail to repay the loan within the tenure the bank keeps the gold and uses it in whichever way it finds fit. And if you do clear the loan on time, the gold is given back to you in the same condition.

Business loans and app: Why you need to download now!

Business loan apps are gaining popularity with every passing day. With the new and simpler mode of connecting to organizations which hand out business loans, everybody seems eager to download the numerous business loan apps and make the most of it. With the help of the business loan apps, business owners can now calculate the amount which could be required to start a new business or grow and manage an already existing one. Multiple products and features help you filter and prioritize what you might need and this also allows you to save a lot of time. Managing your business finances has become easier with the help of these apps. Given below are some of the best loan apps which you should download right away for easy access to business loans. Along with business loans, you can take a number of other loans with these apps as well.

The LLC Business Loans App

The LLC App allows you to choose any desired loan program to start or manage different kinds of businesses. Downloaders can get to choose the different kinds of loans which they can use for inventory, payroll, renovation and even operating costs as well. The LLC loans app makes it easier for you to navigate and access different features available on the app.  They also have loan calculators to help you out instantly. This app also lets you apply with good, bad or limited credit in a matter of 60 seconds. The best part about this app is that you do not have to pay any application fees as this app can be downloaded for free from the Apple iTunes or the Google Play Store.

HDFC Bank Loans App

Another similar app which you can make the most of and help your business flourish is the HDFC Bank Loans App.  With the help of HDFC Bank loans app, you can now manage your account from anywhere and everywhere, absolutely hassle-free. HDFC Bank loans app allows you to take credit which will be granted to you by providing few simple details about yourself. It can only get simpler with HDFC Bank Loan apps as you can also withdraw funds from your phone right away. Withdrawing working capital and instantly getting information on how much funds can you access are some of the perks of downloading this app. Not just business loans but any kind of home loans, personal loans, car loans and more can be easily accessible with the HDFC Banks loans app.

FlexiLoan Business Loans Apps

Another amazing application which helps people in India take small loans is, Flexiloan. This app has helped a number of small and medium sized businesses to flourish and acquire loans and working capital when required. The products and features available in the app helps people get vendor financing, line of credit, working capital loans and even merchant cash advance. You can easily get your SME loan approved by downloading the app, uploading some photos of your key documents and connecting to your bank account.

Two wheeler loan application is now made easy with an app!

Are you thinking of purchasing a bike? Why spend money from your own pockets when you can avail a loan for the same! A two-wheeler loan can be very handy if you want to purchase the bike or scooter of your choice without worrying about the expense. Due to the development of several loan apps, the application process for such a loan has now become much simpler.

If you are indeed thinking of applying for a two-wheeler loan, ensure that you do so through one of the several loan apps. Here is a look at how you benefit when you apply for the bike loan online.

1. Calculating EMI
For any loan, the monthly installments or EMI is of the greatest concern for most people. When you apply for the loan using the app, you have the ability to calculate the EMI even prior to the application. This is an advantageous feature, as it can give you a good idea regarding how much loan you should apply for. You want to ensure that the EMI payments for the loan do not become too much of a hassle for you.

A bike loan EMI calculator is present in most loan apps. For such a tool, you need to enter the loan amount, tenure and rate of interest in order to get the exact EMI payable each month for the same loan. Therefore, the bike loan EMI calculator can be very handy.

2. Hassle-free process
The entire process for the two-wheeler loan may take a bit of time as it is conducted using the offline, conventional method. You would need to visit the lender personally and apply for the loan. However, in case of the online bike loan application, the entire procedure becomes much more streamlined and simple. This helps you save time and allows you to conduct the entire procedure from within the confines of the home.

Aside from saving time, the online procedure also allows you to save conveyance money, which you would have otherwise spent while travelling to and from the lender’s office.

3. Comparing rates
Application through an app, allows you to compare the interest charged by the different companies. In the conventional offline procedure, consumes often do not perform a thorough comparison and end up paying higher interest than they really need to. However, in the online procedure, most consumers can easily compare the rates charged by the different institutions and make an informed decision regarding the same.

So, it is best to apply for the bike loan using the loan application in your smartphones or tablets.

All you need to know about the education loan eligibility through the loan app

Education loan is vastly helpful for people looking to pursue higher studies, both in a foreign country or within India. The financial help can be of great aid in paying off the tuition fees and even the travel allowance in case of foreign degrees. However, not every student is eligible for such a loan. Lenders check the background of the student thoroughly before sanctioning or rejecting a loan.

Application for such a loan has now been made much easier due to the arrival of the loan apps. Such apps allow the user to apply for the loan from within their home, without having to undergo the hassle of the standard loan application procedure. Still, people must keep in mind the eligibility criteria for such a loan.

Eligibility criteria for education loan

• The first thing that the lenders check in such a case is the academic background of the student for whom the loan is being taken. This is done because the lenders need to check whether the student would be able to perform well in his upcoming course and get a good job. This will determine whether he/she will be able to pay off the loan in the future.

• The lender will also check the course for which the loan is being sought. Most institutions will reject lending money for courses that are not recognized universally or properly accredited. This is because the chances of securing a proper job after such a course are low, which in turn means that the student may not be able to repay the money.

• Usually, for education loans, a guardian or parent of the student in question acts as the co-borrower. This means that failing the repayment of the loan by the student; this co-borrower is liable to pay. So, the lenders will also look into the age and the income of the co-borrower before sanctioning an education loan.

• Finally, the education loan is usually sanctioned against collateral. This collateral may be a property or any other asset. In such a case, the lender will determine the value of the collateral and figure out whether the price of the same covers the loan amount as well as the interest payable.

Remember these pointers before applying for the education loan. Do not forget to check out the education loan interest rates as well. Ensure that you pick a loan where the rates are affordable and where you or your child will be able to pay it off after the completion of school.

Gold loan and loan App: How to enjoy a convenient loan application

With each passing day, gold loan is becoming more and more popular. Many people are opting for gold loans rather than availing a personal loan for their needs. Most institutions offer competitive interest rates, which makes gold loans a profitable prospect for people in need of immediate funds.

With the emergence of the online banking system, loan application has become easier than ever before. People can now take advantage of loan apps, through which they can apply for a gold loan in just a few minutes. Here is a look at some of the benefits of applying for the gold loan through an app.

1. EMI calculator
Applying for the loan offline means choosing a lender blindly without a proper accounting of the EMI payable per month. This may lead to inconvenient situations in the future. However, when you apply for the gold loan through an app, you are instantly allowed to check the interest payable along with the monthly payments, which you would have to make during the loan repayment tenure.
A tool known as the gold loan calculator is used in such a case. All you have to do is to enter the principal amount, the interest charged and the tenure of the loan.

2. Saves hassle
In the standard gold loan application process, you would need to visit the offices of the lender and apply for the loan there. Not only would this cost you additionally, but it would also mean spending a lot of time on the loan application. However, if the gold loan application is made online, you can complete the entire procedure from the comfort of your homes.

3. Free insurance cover
Some companies also offer a free insurance cover for your gold if the application for the loan is made online. However, do not expect every company to throw in the free insurance coverage. Such an insurance can be very handy in case of theft or loss of the gold products in question and can help you recover from such a loss.

4. Online repayment
The online gold loan application may also mean easy, online repayment options. This will further save your time, as you do not have to write out a check each month and drop it in the beneficiary’s account. You can sit at home or office and just clear the EMI through the internet banking system.

If you are looking for a gold loan, the application should be made online through such an app. This will make the entire lending process much simpler for you.

Why is it important to calculate your car loan EMI?

A car loan will prove to be very useful for people who are looking to purchase a new four-wheeler but do not have the appropriate financial backing. A loan in such a circumstance can help you get the vehicle you desire without having to worry about the expenses.

If you are looking to sign up for such a loan, make sure that you conduct a thorough research online in order to get the loan with the lowest interest rates. This is where the car loan EMI calculator can come very handy.

What is the car EMI calculator?

Every loan scheme allows you to get a lump sum amount from the lender in exchange for paying a certain percentage of interest on the money lent. This interest is usually paid off through monthly instalments known as EMIs or equated monthly instalments. The amount of EMI payable each month depends on several factors, including the principal amount, the rate of interest charged and the tenure of the loan repayment.

The car loan EMI calculator is a specialized tool, available online, that can calculate the monthly instalment for a particular car loan scheme. You need to enter the loan amount you are applying for along with the interest charged and the tenure of the payment. Once all of the data is entered, the calculator will tell you the exact amount that you would have to pay if you decided to take the same loan.

Importance of EMI calculator

The car loan EMI can help you understand the nature of the loan and whether it suits your need and financial condition. Here is a look at some of the benefits of using such a calculator.

• It helps you to figure out the car loan EMI, which you have to pay each month. This allows you to know the exact amount of payment and thinks whether these would be possible for you or not.

• It prevents you from taking a loan, which you may not be able to repay when the time comes. If you use the calculator, you are more likely to take only as much as you would be comfortable repaying.

• It allows you to compare the EMI for loans from competing institutions. Therefore, you are more likely to find the plan with the lowest interest rate

So, never apply for a car loan without first comparing and calculating the rates and EMI payable through the car loan EMI calculator. A quick bit of research will help you a lot in the long run.