Some points to remember while applying for a personal loan

Personal loans are the most convenient loans available in the market today. They reduce the financial burden related to travel, weddings, festivals, property purchases or any other financial emergencies that may charge additional money. A personal loan is a doubtful debt where there is no collateral or security for obtaining it.

The personal loan eligibility of an individual depends on several factors. Firstly, the monthly income should be more than INR 30,000. Individuals employed at private companies or government jobs can apply for these loans based on their credibility. The lender decides the final loan amount depending on the loan borrower’s credit score and financial history. The CIBIL score also plays a vital role in deciding the eligibility for the loan. The higher the score, the better is the repayment capacity.

Sometimes, the loan applications of individuals get rejected because of their inability to meet the eligibility for personal loan. It may lead to lots of financial issues and economic problems. Families may not be able to fulfil their needs due to the rejection of the loan. Hence, all loan borrowers must keep some things in mind before applying for the loan. Following are some points to consider:

Check the credit report at regular intervals to avoid any errors like defaulting on payments. The credit report displays the credit score, which lenders consider at the time of loan approval. If the scores are low, the bank can reject the loan application or charge a higher interest rate.

Approach the lenders based on the eligibility criteria. Every lender has minimum income criteria or employment requirement. Check with the lender before applying to save from the hassles during processing.

Maintain a low Debt-to-Income (DTI) ratio. Calculate it by dividing the total monthly debt (the amount to pay every month towards the debt) with the total monthly income. The DTI ratio shows the proportion of the income utilised to pay off all the debts. Naturally, a lower ratio indicates better financial health.

Be sure of the purpose of using the loan amount. Some lenders may have restrictions on usage of the loan money. Check with the lender and discuss the options. Compare the rate of interest for various loans and choose the most suitable one.

Avoid entering incorrect or misleading information while filling out the application form. Check for errors and cross-check all details. Even slight negligence could end up delaying the processing time and loan disbursal. Use the personal loan eligibility calculator to ensure whether it is possible to obtain the loan from a bank, lender, or financial institution.

What is a mortgage loan calculator?

 Before understanding the mortgage loan calculator, it is essential to understand what is a mortgage loan. So, here we brief you what mortgage loan is, and how to use it.

What is a Mortgage Loan?

If you have never heard of a mortgage loan, then here your concepts will become clear. A mortgage loan is a loan issued by the bank when the applicant or customer puts a real estate or property as security or collateral to the bank. Most of the banks offer different types of mortgage loans. The mortgage loan can be differentiated on different categories such as tenure of the loan, interest rate of the loan – whether it is based on the fixed interest rate or floating interest rate, and on the class of borrowers.

What is a Mortgage Calculator?

A mortgage calculator is a tool that helps the customer or the loan borrowers to calculate their Equated Monthly Instalments or EMI easily. If you want to calculate your mortgage loan monthly EMI amount traditionally or classically, then you may end up taking time to do the calculation because the same is a lengthy and complicated process. The results might also not be accurate, and you may get a faulty result.

However, if you use the mortgage loan calculator, then you will surely get an accurate result that too in a matter of seconds. Precisely why people have started using this calculator to calculate their fixed monthly instalment payments to the bank.

You will find this calculator on the websites of several banks and financial institutions. All you need to do is to open the site of the bank you prefer and search for the mortgage loan calculator and press enter. You will get the mortgage loan calculator on your screen in a few seconds. Now, the next important thing to know is how to use it.

How to use the mortgage loan calculator?

Using the mortgage loan calculator is a very simple and easy process. It needs minimum data to calculate precise EMI amount for you, that you need to pay to the bank every month.

The mortgage loan calculator uses the following data:

Loan amount

Tenure

Rate of interest

As you open the websites of the bank, you will observe that there is a loan against property EMI calculator that shows you different illustrative scenarios, depending on the input details. You may submit various inputs into the calculator, and it will show you a different result every time. You need to know that the results shown by the mortgage EMI calculator are correct. The user-friendly mortgage calculator is a highly professional tool that is deemed fit for financial documentation and financial statements.

How to get a car loan faster?

 You may take some time to get a car loan. However, you can speed up the process and get a car loan faster.

Tips to take a faster car loan

If you want car loan finance instantly, here are some methods –

Check Your Credit Score

A credit score is an important criterion. You can check your credit report to know how much is your credit score. If you your credit score is 750 or more, then you the loan faster and at a lower interest rate too. But if you have a credit score between 650 points to 750 points, you will get the car loan at a higher interest rate, as compared to the former. In case of credit defaults in your report or you have a score lower than this, you might not get the car finance at all!

Timely payment of Bills

For a quick and easy loan, your monthly pre-tax income, and a manageable debt-to-income ratio (DTI) should be less. Though you cannot change your earning amount, you can always improve your DTI by paying your bills such as pending credit card bills on time. It indeed has a positive impact, and you may get a faster car loan finance.

Paying bills on time leads to a better credit profile. If you have made timely payment of your bills for the last six months, before you apply for car loan, then it will assure the lender that have always you’re your debts or Equated Monthly Installments (EMIs) on time. This will help you get a loan quickly.

Look for the quickest lender.

There are many lenders available in the market through which you can secure a car loan for your new car or used car. If you do some market research and read customer reviews, it will not be difficult for you to identify which financial institution renders car loan in the least time.

Borrow a less amount

You should apply for a minimum loan amount. Try to increase the amount of down payment so that you need to apply for a lesser loan amount. The loan that has less amount is approved more quickly. If you make a big down payment, you can reduce the sum you need to borrow to match the price of the car. Also, if you apply for a lesser loan amount, you will be able to repay the same more easily and quickly. You can get the advantage of smaller EMIs or a shorter loan duration. And the interest will reduce too.

Though your focus may remain to be taking the fastest car loan, take time to read the documents related to the terms of the loan well. Before finalising the financing scheme, do know if you are getting the loan at the lowest interest rate. Do not be tricked into opting for an expensive payment mode. The loan must be conclusive, and as per market norms. 

The registration procedure for a PPF account

 The government considers people as an asset to the development of the country. All technological innovations, as well as inventions, add to the overall progress of the nation. Every person has the liberty to work and earn for the family. They receive multiple benefits, such as medical claim, travel allowances, gratuity, pensions, encashments, etc.

The government of India introduced the PPF or Public Provident Fund facility for the public to start saving tax. Applicants receive interest on the account every three months, paid by the government. It is a fixed-income investment, with the Central Government modifying the interest rate every quarter. Deposit the money in the account between the first and the fifth of the month to maximise returns.

The eligibility criteria for opening the account

Every scheme that the government implements has some benefit for the citizens of the country. All applicants must compulsorily follow the guidelines to open a PPF account. The following are the eligibility criteria:

The applicant should be an Indian resident

Parents/guardians can open the account for applicants who are minors

Joint and multiple account opening is prohibited

NRIs are not eligible to receive this benefit. If a resident Indian changes to an NRI status after account opening, it is an exception.

The procedure to login and register

To open a PPF account online, follow a set of guidelines. Many services are now available on websites and online portals after digitalisation.

Following are the guidelines for registration and login:

Use a valid bank account

Log in to the net banking portal

Click on the option ‘open an account.’

Choose between ‘self-account’ and ‘minor account.’

Enter the nominee details, bank details, and other necessary information

Verify the PAN (Permanent Account Number) and other details

Enter the deposit amount

Set standing instructions for the bank to deduct the amount. Choose between lump sum and fixed interval options.

Enter the OTP

The account is now open. All applicants must save the account number.

Some banks may require a hard copy of the details along with the reference number while submitting the KYC details for verification

All account applicants need to note that every bank has varied registration processes for the PPF account opening. The process is simple and convenient for senior citizens, as well. It helps people save a lot of money and use it in spending for other household requirements and priorities. They can plan their expenditures and make way for other products to invest. The more the investments, the higher is the security and probability of returns.

Most common questions regarding bike loan

 If you have several doubts and queries related to the 2-wheeler loan, here we have taken the most common doubts and questions regarding the bike loan for you.

When should I take a bike loan?

If you have enough fund to buy the bike yourself, you should not take a loan and pay for the interest unnecessarily. But if you do not have that kind of money, then you must apply for the loan and get easy finance.

How much loan will I get?

Most of the lenders offer you 2-wheeler loans up to around 85 to 90 per cent of the value of the vehicle. Some banks may provide 100 per cent amount too. Many times, you need to arrange some part of the money on your own. The loan limit in some banks is up to 10 lacks.

How to apply for a two-wheeler loan?

There are different ways to apply for a bike loan:

•    You can directly apply by visiting the branch office of one of the banks that can provide you bike loan.

•    You can also apply online by opening the website of the bank.

•    Another good option is to apply for the bike loan at the time of purchasing the bike.

What will my bike loan cover?

Most of the two-wheeler finance cover the cost of accessories, insurance, and registration charges for the bike. The banks may also offer other lucrative deals, in case they have a collaboration with a two-wheeler brand.

What is the ideal tenure for the bike loan?

You can choose the mandate according to your choice. A longer tenure means a lesser EMI amount, but you will have to be under the debt for a long time. Shorter tenures mean higher EMIs, but you will finish your loan faster.

Should I go for a floating interest rate or a fixed interest rate?

Many banks provide both the options of a fixed interest rate and a floating interest rate. While the former option means that the rate of interest will remain fixed, irrespective of changes in the market rate, the floating rate interest is subject to change with the change in the market rate. The people prefer taking floating rates as they have a lower interest rate as compared to the fixed rates model.

Should I consider a prepayment of the loan?

Prepayment is when you pay multiple EMIs together in advance, before the closure. Whenever you prepay a part of the loan, it will reduce your principal amount and interest cost as well. So, prepaying your loan is a good thing to do as it saves your money.

However, some banks may charge you a fee when you prepay your two-wheeler loan. Some banks do not charge prepayment fee. Before applying for the bike loan, check the same with your bank.

How has FASTag digitised toll collections?

 Technology has created a significant impact on people and the way things function. All over the world, they are using it to save time, effort and labour. While most of the companies have started including them as a replacement to manual labour, why not use it for infrastructure? The Indian government introduced the Digital India movement, where it inspired all the companies and governmental institutions to use electronic devices for performing their regular tasks.

As India switches to a toll-operate-transfer model, the success of FASTag has been evident. It is a data intrusive centralised system which accepts the data of the car electronically. The voluntary but mandatory proposition will positively impact the Indian economy. It is convenient, reduces congestion at toll plazas, and helps the economy aim at an all-round digital functionality.

What is it?

FASTag electronic toll collection is operated and controlled by the National Payments Corporation of India (NPCI) along with various banks and the Indian Highways Management Company Limited (IHMCL). All the vehicles will have an RFID tag linked to their wallet or bank account. The charges will deduct directly from these as they pass the toll plazas. It will also make the whole process cashless.

The benefits of electronic toll collection include decongestion of Indian Highways, where all the cars do not have to wait for paying the toll by cash, thus making the movement of vehicles faster and smoother. Other advantages include a reduction in fuel consumption, lesser revenue leakage, and increased transparency in the processing of toll payments.

Twenty-two banks are certified to issue the tags. Ten banks act as ‘acquirers’. They enter into contracts with individual concessionaires to support the installation of tag readers and acceptance infrastructure. The toll collection infrastructure is operated by NPCI and IHMCL, with private and public sector banks, financial institutions and infrastructure companies as shareholders.

These tags are also available online. Car owners can apply for a FASTag online and recharge it using the same method. They can use different payment modes, such as credit cards, debit cards, RTGS, NEFT, and net banking. Some issuers also take convenience fees, along with the Goods and Services Tax, for recharging the wallets based on the mode of recharge. These costs concern not only transactions but also money and personal expenditures. They are long-term expenses that help in protecting the data, the privacy of individuals and the economic interests of the state.

Things to know about Education Loan Interest Rate Calculator

 Are you planning to take educational loan for your studies? One of the best government offerings, the education loan is available to all the students of India who aim to attain higher education in the home country or abroad. The students can apply for the loan and then begin paying back when they complete the studies and start their job.

To facilitate the students to know about their outstanding EMI, there is a simple and convenient to use a tool called Education Loan Interest Rate Calculator.

What is an EMI calculator?

After taking the loan, you need to pay the loan amount back to the bank in short equated monthly instalments. This is called EMI. It is an agreed fixed monthly repayment amount that the borrower has to pay to the bank. The EMI is a mix of principal amount and the applicable interest.

An Education loan interest calculator helps the borrower to calculate his monthly payback amount. This is available online and can calculate your outstanding in a few seconds.

What information does the EMI calculator use?

The EMI calculator uses only a few inputs to calculate the final monthly amount. They are the total loan amount you have taken from the bank, the duration of the loan, the interest rate applicable, and the amount of processing fee.

What is the traditional method of calculating EMIs, if I am not using EMI calculator?

Traditional way can be tedious and lengthy. The formula is:

EMI = [P x R x (1+R) ^n] / [(1+R)^ n-1].

Where,

P = principal loan amount

R = rate of interest

N = monthly instalments

Why should I go for EMI calculator?

An EMI calculator is simple, easy to use, less time taking or quick, not complicated at all, and user friendly. Many people use education loan EMI calculator to cut short their calculations. It is also an accurate method of calculation that gives correct results.

I don’t know what is a processing fee for my education loan. What to do?

You can check your loan documents to know the processing fee. You can also talk to the bank directly to find the same. Since educational loan calculator needs the input of the processing fee to calculate the applicable EMIs correctly, it is must for you to know that.

Will I get different results if I use the EMI calculator of different banks for the same loan amount?

The education loan EMI calculator uses inputs such as:

the total loan amount you have taken from the bank

the duration of the loan

the interest rate applicable

the amount of processing fee.

Even if the loan amount and the tenure of the loan remain the same, if the interest rates are different for different banks, then the final amount will change. Also, if the processing fee is different for different banks, then also the amount will change.

4 Features of the Atal Pension Yojana

People work their entire life dedicatedly to earn a better future and living. They sacrifice their recreational activities only for their families to enjoy their present and future. Every stage has to end. Similarly, all those who are employed have to retire at some point in life. They deserve some relaxation after so many years of hardship and effort.

The Atal Pension Yojana, introduced by the Government of India in 2015, provides pension benefits to all senior citizens and retired employees. It is an extension of the National Pension Scheme and replaces the formerly institutionalised Swavalamban Pension Yojana. All accounts opened in the first year, i.e., 2015, were eligible for co-contributions from the Government for five years.

The APY scheme eases the financial obligations of individuals that may occur during their retirement and encourage them to start saving from the initial days of employment. The amount of pension that they receive depends on the contributions and age. All the beneficiaries of the scheme receive their accumulated corpus in the form of monthly payments. If the beneficiary dies, their spouse shall continue to receive the pension benefits. In case both of them are deceased, the beneficiary’s nominee gets the whole lump sum amount.

The following are the features it offers:

Automatic debit facility: One of the primary benefits of having an APY account is the automated debit facility. The bank account of the beneficiary gets linked with the pension account from where the monthly contributions get deducted. All individuals who have subscribed to the scheme have to ensure sufficient account balance to avoid penalties.

Facility to increase the contribution amount: To receive pension amount, the account holder should be at least 60 years old. Different contributions have varying pension amounts. Individuals can make larger contributions to get higher pensions after their retirement. The amount is adjustable according to financial needs once in every financial year.

Guaranteed pension: Beneficiaries of the Atal Pension Yojana scheme can choose to receive a periodic pension of INR 1000, INR 2000, INR 3000, INR 4000, or INR 5000, depending on their monthly contributions.

Age restrictions: Individuals above 18 years and below 40 years of age can invest in the scheme. The age of 40 is the maximum bar for entry into the program. Contributions shall continue for at least 20 years.

People can apply for the scheme by visiting the nearest bank or post office branch and submitting two photocopies of the Aadhaar card along with the duly filled application form. Provide the contact details of an active mobile number. They can also download the form from the bank’s website and follow the steps.

How does a bike loan calculator work?

 Due to the facility of online banking, it has become easy for us to take financial decisions. Banking has become extraordinarily transparent and simple, where we need to open the website of the bank and get to know the different products and services offered by them and details associate with the same. Several banks, leading insurance companies, and third-party financial websites offer a tool called the bike loan EMI calculator. It assists with the financial aspects related to the two-wheeler loan, comprehensively.

What is the loan EMI calculator?

A two-wheeler EMI bike loan calculator is a tool to calculate the EMI amount payable to the bank to clear the loan amount in instalments. You need to fill the financial details to get the exact amount. Once entered all the details correctly, the tool will auto-compute your EMI amount. Other than letting you know the EMI amount; the tool also generates much additional information for your reference. The best use of this tool is the amortisation table it generates for you. The amortisation table provides you with a month-wise breakup of the principal amount and the interest amount that get used in the calculation of the EMI amount.

You can also use bike loan EMI calculator Bank of Baroda. When you get know the amount of your fixed, that you need to pay to the bank every month, you can plan your budget accordingly.

How does it work?

Many banks or financial institutions portals offer this user-friendly two-wheeler loan EMI calculator. It helps understand what is your EMI, for purchasing the bike on loan. You must know how much is your EMI payable to the bank before you apply for the loan. This will ensure smooth planning of the budget and also helps you decide the right loan amount, as per your repayment ability.

Following are the steps to use the calculator:

Firstly, open this tool on your preferred website. You can do so by searching for Finance Tools, where you might find EMI calculator.

Now select on the EMI calculator.

The calculator ask to select the principal loan amount. 

Now, you need to fill in the rate of interest charged by the bank, in the correct field.

In the next empty field, you will have to enter the loan tenure.

The calculator also asks you to mention the processing fee charged by the bank.

You need to select all of these by dragging the cursor and selecting the appropriate amount. Then, you may have to choose the right option regarding prepayments. If you want to repay the loan anytime, you can choose a 'yes', else select 'no'. Just remember that you are required to give the exact prepayment information like prepayment fee, prepayment frequency, and prepayment amount.

Now you can click on the 'Calculate' button. In a few seconds, you will be able to see the EMI amount on your screen. Another advantage of using the calculator is that you can enter different details to get different results.

What are the tips to consider while taking out a home loan?

 One of the biggest financial decisions you make in your life is purchasing a house. Those who seek to own on, opt for a home loan. Getting one is easy nowadays as you can either opt for offline or online mode. However, many are still unaware of the formalities associated with the loan. The newbies should know about essential factors such as interest rates, credit score, hidden costs, documentation process, and so on.

The other tips to consider when applying for home loans are –

Credit score

It is the most crucial aspect which all lenders investigate before offering the loan. Anyone who applies for a house loan should hold a decent credit score. The score range must be between 300 to 900. If the score is closer to 900, you not only get an excellent deal but also receive affordable interest rates. Maintaining a good score is not challenging. Timely repayment of bills and existing EMIs is necessary.

Interest rates

You must conduct a window-shopping spree before narrowing down on home loans in India. Compare and opt for the one who offers the lowest interest rates. Before that, understand the kind of rates the lenders are offering. There are two kinds – floating and fixed rates. Under the fixed one, the rates do not change throughout the loan tenure. Under floating rates, they change over time.

Tenure

It is necessary to decide the term before getting the loan. You can use the EMI calculator for checking the same. Lenders prefer those applicants who opt for shorter repayment tenure. Short duration not only decreases the interest rates but reduces the burden of EMIs immediately. Although the monthly installments are high initially, eventually it lowers the total loan cost.

EMIs

It is the repayment that the borrower makes towards the housing loan. Again, EMIs depends on specific factors that you decide. The higher the down payment you make, the lesser the stress of EMI. Make sure the EMIs do not exceed 40 per cent of your income. Calculate them using the calculator, which every lender has at their perusal on their portal. The parameters include interest rates, tenure, and principal amount.

Documentation

The best about home loans is the documents are minimal but important. Basic ones such as ID proofs, address proofs, income proofs, and property papers are essential. Your half task ends if the documents are in place.

Hidden costs

Read your home loan agreement carefully. Check for the expenses like application, processing fees, etc. It could increase your overall finance. If there are queries, raise them to the lender.

What documents do NRIs need to submit for home loans?

 If you want to afford a home in today’s market, you need to rely on banks and NBFCs for financing. These lenders offer finance up to 80 per cent of the market value of the property to every borrower, including the joint ones, salaried, independent professionals, and NRIs. However, the documentation process for all kind of borrowers is a little different, especially NRIs. If you are an NRI borrower applying for the loan, you need to submit some personal documents to get your loan application approved. Following are some home loan documents NRIs need to provide –

Personal documents to submit:

Application form

First things first, the process cannot begin without home loan apply document. You can get this either from the website of the chosen lender or by visiting their branch office.

Passport-sized photographs

You need to provide two passport-sized photographs as well. One of them get attested on the application form, and the other gets saved on your housing loan file.

Documents confirming NRI status

The Indian Government issues unique ID cards to NRIs, which confirms their NRI status. NRIs are offered Person of Indian Origin and Overseas Citizenship of India ID cards which they must submit with their loan application.

Age and ID proofs

The documents required for home loan include your age and ID proofs. The lender accepts all forms of Government approved ID proofs as these include your age as well. The ID proofs typically include PAN card, Aadhaar, passport, and driving license.  

Address proofs

NRI applicants should provide their address proofs, and this is including both Indian and overseas residence proofs if you currently live overseas and intending to buy a property in India.

Passport with Visa

The significant criteria under the list of documents required for home loan for NRIs include notarised as well as self-attested photocopies of the passport and Visa. This document validates your NRI status.

Employment proofs

NRI applicants need to submit documents highlighting the overseas employment status. You should ask the employer for offering a letter certifying your employment on the company letterhead. This should feature information such as designation, income, and years of employment.

Listing of POA

Since NRIs are settled abroad, lenders need to assign a liaison who will be available for all loan-related correspondence. Thus, NRIs appoint a Power of Attorney who submits their ID, address, and contact information along with the mentioned home loan documents.

How to save more on your two-wheeler insurance

 It is always a wise decision to get a bike insurance policy before you even get your bike from the showroom. A two-wheeler insurance policy covers you and your bike from various liabilities that might crop up due to an accident.

However, a lot of bikes riders tend to buy the very first policy cover that gets offered to them.  By doing this, you restrict yourself from being entitled to the benefits that a suitable bike insurance policy would offer. What’s more, probably you would have got a better policy at a far reduced price.

As per the Motor Vehicles Act 1988, having a valid motorcycle insurance policy is mandatory. There are two types of insurances offered by motorcycle insurance. They are:

Third-party insurance for bike

Comprehensive insurance

Any damages caused to your motorcycle due to the third party gets covered by third party insurance.

For example, if your bike accidentally hits a pedestrian, third party insurance will protect you from further damages.

Whereas on the other hand, comprehensive insurance protects you from instances such as theft, natural calamities, damages due to fire or self-explosion.

How to save more on bike insurance?

A lot of bike owners skip purchasing insurance policy as they think it is unnecessary and costly.  However, if you were to compare the protection provided versus the premium paid your perception towards it will change.

But, at the same time, you should be able to save more money on your motorbike insurance. Here a few ways that will help you to save money:

Compare

You gain clarity on different motorcycle insurance online policies if you research and compare them. Online there are many policies available offering you various benefits and costs of the insurance cover. You can opt for one that suits your budget as well as your requirements.

Take advantage of add-on cover

Most motorbike insurance policies have an add-on cover, which can help you to save a lot of expenses. Most of these add-on cover costs get added to the base premium of the policy. By removing the ones, you do not require; you can significantly reduce your bike insurance cost.

Increase your voluntary excess

It refers to what you pay in case if a claim arises. If you increase your voluntary excess when you buy the policy or when it gets renewed, you shall see a substantial decrease in your premium amount. To get this benefit, you must contact your insurance provider and know about the voluntary excess to reduce the premium you need to pay.

Doing your proper research always helps while purchasing or renewing your motorcycle insurance. Ensure to read the fine print at the time of purchasing as well as during renewal of the policy. Ensure you are aware of how it works so that you need not pay more for a policy that offers less.

Why do people prefer online money transfer to India?

 Money is an essential resource for every human being, whether rich or poor. It has helped individuals meet their daily requirements and helped them fulfil all their desires and needs. The lack of money makes them dependent on others and forces them to repay loans in massive amounts. If they are unable to pay it, they are penalised and end up in lots of worry and concern.

Many people from India travel abroad for several purposes like education, employment, scholarships, and even foreign visits. Money is their constant companion, and the need can arise at any time. Hence they use a service that provides an online money transfer to India so that they can at least support their families in need. The internet is useful not only for browsing information but also for supporting people financially. Following are the reasons why people prefer this financial service:

Service at any time and from anywhere: Most of the people who live abroad can use the 24/7 money transfer service to send money to India. Compared to traditional banking services, one can carry out transactions from the smartphone or PC from their homes, workplaces, or any corner of the world. It hardly takes a few minutes to complete the transaction instead of waiting in long queues outside banks.

Safety of money: There is a collateral advantage in avoiding losing money or getting robbed. Many companies promise to deliver the funds safely but end up stealing it. But, with the introduction of online cash transfers, the money is safe from the eyes of thieves and can reach the recipients without any worries of theft. People can set strong passwords and PINs while initiating the transfer. It is important to visit only secured web browsers and websites for the process.

Cost-effective and convenient: Sending money to India using electronic transfer facilities is cost-effective and suitable for many people. It offers the benefit of anytime transfers during the day and even at night so that no family member suffers financially.

User-friendly features: Most of the websites offering remit facilities have a user-friendly interface and features that attract most of the customers. They can access the services without any hassles and transfer within minutes. It becomes easier for the recipient to arrange for funds and complete pending transactions while in India. No need to visit the offices of utility companies to pay bills. Ask for an online transfer and make payments within the blink of an eye.

Various methods of online transfers: In India, there are many methods to transfer money into other people’s accounts like RTGS (Real Time Gross Settlement), NEFT (National Electronic Fund Transfer), etc.

What are the reasons to renew bike insurance?

 Insurance for motorcycles has become the need of the hour. Imagine every time your two-wheeler hits a snag, or you meet with an accident, you need to pay for repairs from your pocket. It is not an excellent sign for paying a hefty amount for every scratch, dent, or broken part. What the insurer does is they take away the hassle of you removing your wallet while making repairs. With two-wheeler insurance renewal, you can ride them all day long without worrying about spending thousands.

The Indian Government has directed to make it compulsory to have insurance. It seems to be a safer option, especially during an unexpected turn of events, accidents, etc. These happen daily, and it is best to have the insurance handy. Following are the reasons to get the renewal done –

Coverages

When you do two-wheeler insurance policy renewal, you can unlock an array of comprehensive as well as third-party liabilities. You get coverage against any natural or humanmade calamities. Renewing the policy makes sure your bike gets protected from every damage. But what happens when you get involved in a third-party accident? In such scenarios, third-party liabilities offer top-notch coverage. Besides, this is mandatory to hold as well according to the Motor Vehicle Act.

Change of beneficiary and coverage

When you buy your first insurance policy, you tend to take from the dealer itself. At the time, you do not place much importance on the beneficiary aspect of the coverage. However, by the time of renewal, you become aware of the amendments you can make to the existing plan and see if you can add or leave out something from the policy.

No Claim Bonus

Suppose your plan for expired recently, and you are to get done the two-wheeler insurance renewal online, with no claims made during the period, then you become eligible for No Claim Bonus. You get around 10 per cent bonus on the premiums. This goes up to 50 per cent, for every claim-free year.

Security

There is always a sense of security when you have the insurance and ride your two-wheeler on the Indian roads. You need not worry when you get stopped at the checkpoints or get fined for not holding the insurance papers. There are no expenses incurred if the motorcycle gets damaged in an accident. Hence, two-wheeler insurance renewal becomes essential.

Applying for a debit card? Know about these types

 The way we do transactions nowadays has changed. The advent of a debit card has enabled us to access funds quickly. These cards may also be used for making payments or online purchases at the domestic and global front. This pocket-sized card comes with hosts of benefits.

The bank issues debit cards to those individuals who hold a savings account with them. They are also given to business entities. Such cards are meant for current account holders. When you use a debit card for a transaction, the cash gets debited from your account.

Now, there are different types of debit cards available in the market. It is imperative to understand its features. This helps you to use your card to the maximum. It is also essential to know about various financial tools available in the market.

Types of cards:

VISA cards

They are the most popular debit cards in India. Most of the banks in the country have VISA tie-ups. The VISA debit card allows banks to offer online transaction with a VISA verified service for enhanced security. The VISA global customer assistance program operates 24*7 and addresses the problems or inquiries relevant to any card immediately. It also provides 24-hour concierge service, which makes everything easier, including flight bookings, hotel reservations, restaurant reservations, ticket purchases, etc.

VISA Electron cards

They are like VISA cards but do not offer VISA debit card overdraft functionality. Most of the Indian banks give VISA Electron cards. It is a necessary debit or ATM card that is cost-effective and does not charge much for its services. If you withdraw cash, there are no interest charges either. You can use the VISA Electron card for shopping online and paying utility bills.

MasterCard cards

Besides VISA, MasterCard is one of the global debit or credit card companies. MasterCard debit cards are standard, and most Indian banks have them at their offering. MasterCard is famous for its quick service and excellent customer care, along with a superb package of benefits and rewards. MasterCard debit cards get accepted globally and not only in India.

RuPay cards

It is India’s VISA and MasterCard version and has been famous since RBI launched it in 2012. The RuPay debit card allows secure payments and online transactions at POS terminals. Owing to low transaction costs and easy availability, even in rural areas, RuPay is used by many and considered the best alternative to VISA and MasterCard.