SBI Home Loan- The Perfect Way to Nurture Your Ideal Home Dreams

There is no other place as comforting and relaxing as your own house. It’s all because your home is sweet home. Building a home of your dreams is a lifetime investment which will bear fruits for a long time. It is the top most priority for any individual. Many times people have to let go of their dream of buying a house because they don’t have enough fiance in store. You require a good sum of money to buy a house and saving for the same is going to take a considerable amount of time. If you too want to buy an ideal home and live in it, then I have a good news for you. There are many home loan products available in the market but there is one product that offers you the best value and attractive interest rate. That product is SBI Home loan. State Bank of India is one of the leading public sector banks in India that has made a special name for itself because of its good services.

home-loan

The bank is always willing to help people who are in search of finance , so that they can fulfil their home dreams. Both salaried individuals and self-employed individuals can apply for a home loan from the bank. How you use is the loan will depend upon you. It can be used for any purpose, whether it is for buying a house or construction, repair, extension or renovation of an existing property. The maximum tenure for the same is 30 years which is very convenient for the people who avail it. This article has been solely created with the purpose of providing you with every bit of information about the product. Keep on reading.

Home loan products offered under SBI Home Loan category:

State Bank of India provides a wide range of products under the home loan category which can meet the requirements of the people. Check them out right now-

  • Flexipay Home Loan
  • SBI Realty
  • Maxgain
  • SBI Pal
  • Gram Niwas
  • NRI Home Loan
  • Shaurya Home Loan
  • Privilege Home Loan
  • Tribal Plus
  • Shaurya Home Loan

Eligibility Criteria:

The basic step which has to fulfilled while availing a loan is to meet the norms of eligibility criteria by SBI. you can check them right here-

  • The applicant should be between the age group of 18 to 70 years. It means the entire loan needs to be fully repaid by the age of 70 years.
  • If the applicant desires to secure funds from the bank, then he/she is required to earn a regular income. It is mandatory for all the applicants.

The applicants also have the provision to enhance their loan eligibility. All they have to do is add-

  • The income of spouse/daughter/son if any one of them are living with the applicant, and have a steady and stable income. Having a salary account which is managed and operated with the state bank is important
  • The rent which is expected from the new property, just in case it is going to be rented out
  • Regular source of income from all the available sources

Documents needed for a home loan:

The applicant has to ensure that he submits the documents on time if he wishes to successfully complete the process of loan disbursal. Don’t miss to check out the list of documents-

  • Completely filled application form
  • Proof of Identity- PAN card/Aadhar card/Driving license/Passport/Voter ID card
  • Bank statement of the previous six months
  • Proof of Residence- Electricity bill/Voter ID card/Telephone bill/Passport/Property tax receipt
  • Proof of Income- For salaried individual: IT returns of the past two years/Form 16 along with original salary certificate   For Self-employed individual: IT returns of the previous three financial years and  Assessment orders
  • Three photographs of passport size
  • Non- salaried class are required to show a business address proof

Interest rate and processing fees-

The rate of interest charged by the bank for a home loan lies in the range of 8.50% to 9.10%. It is very important to check the interest rates thoroughly ass they determine the EMI amount you pay for your loan amount. The processing fee charged by the bank for the same is 035% of the loan amount sanctioned along with applicable service taxes.

The maximum and minimum amount will turn out to be Rs. 10,000 and Rs. 2,000 respectively.

SBI Home Loan EMI Calculator-

This is the one of the most important aspects of the article. It is very important for you to know about the SBI Home Loan EMI Calculator. The calculator will allow you to calculate your monthly installment within few seconds. Don’t believe it, you should try on your own. You won’t have to do any tough thing but just enter your loan amount, rate of interest along with the tenure. Then you will simply have to wait for the magic to begin. You will get results showing the EMI amount and the total interest payable on your side. This tool is very useful for you as it will allow you to compare the EMI amount on various interest available. You can choose the best one accordingly. Check this example out to make things crystal clear.

Suppose Divya Singh, a software engineer wishes to secure a home loan of Rs. 10,00,000. She approaches the bank regarding the same and secures the loan amount at a rate of interest rof 9%. The tenure for the same is 10 years. Now, with the help of this tool, you can easily calculate the EMI amount. Let the tool display its magic. Within seconds, you can calculate that the amount to be paid each month will turn out to be Rs. 12,668. The total interest payable is going to be Rs. 5,20,109. All this quick and hassle free calculation has been possible because of this magical tool.

So now you have known all the important stuff about the product. I will suggest you to approach the nearest SBI branch today and complete all the required formalities and avail a home loan. Go nurture all your dreams.

 

Things You Should Know Before Credit Card Apply

When it comes to credit cards, there is no denying the fact that they have become the most crucial part of our lives. Today, our lives revolve around them as they cater the diverse needs. Right from shopping, dining, fuelling,  travelling, the usage of plastic money has rapidly increased and so is the dependency of people. This is the reason that every day the figures of credit card apply online are increasing thus grabbing the attention of many. Now, when we say applying for the same, there are various ways through which you can do it. Yes, you read that right! Today, applying for your favorite card is undoubtedly the simplest and easiest thing.  

Moreover, you can not only get your favorite card instantly, but it also allows you to get closer to wishes with the same pace as well. Yes, the moment you have your favorite card in hand, you can use it to meet your various needs instantly. So, if you want to apply for the best card, you have multiple options to do the same. To begin with, you can avail the same online as most of the banks these days provide you this facility, wherein you just need to visit their page, choose a card of your choice and click on the apply now button. The moment you do so, you will be redirected towards a page, asking for your personal and professional details such as age, income, residential address, city, etc. Once you are done filling these details, the bank will further pass on your details and if everything works in your favour, you will be contacted soon by the bank.

credit card

Another reliable option available for you is the option of buying the same at the branch itself. You just need to visit the bank for which you want to avail the card. You just need to fill the form by giving all the required details and then submit the same at the branch itself. If your eligibility matches with the bank’s eligibility, your application for the same will proceed further. But, one thing that needs to be mentioned here is the fact that the entire process is a bit time-taking as it usually takes 8-10 working days to get the approval for the same. Yes, because the verification process    is a time- consuming process, wherein the banks check your CIBIL, verify the details you submitted, and once they are satisfied then only they give approval to your application.

So, now that you know how to apply for your favorite card, it is also important for you to keep in mind the points that are crucial while choosing the one. Yes, that’s absolutely right! Never ever go on the glitz and glamour of a card i.e. never go on the looks and appeal, instead try to find out what all features, privileges and perks it offers. Also, keep in mind , it’s joining, annual/renewal fee, interest rates, late payment charges and other related charges. Most of the times, people while availing a card don’t pay attention towards these parameters as for them what all matter is actually few lucrative offers, look and appeal that’s it. They don’t dig inside to know the real game changers as they can turn your credit card experience from good to bad. Usually, the interest rates charged by most of the banks on various purchases ranges between 2%-3% per month, which means if you fail to clear your debt before the interest- free period (48-51 days), you will end up paying the annual interest of 24%-36%, mind it guys it is the annual interest calculation.

We don’t even realize this fact that the annual calculation of a credit card can actually be so high that it can take a toll on your pocket. This is the reason that people easily fall into the debt consolidation trap and before they know the actual cause of the same, it’s too late for them. So, before you opt for the credit card apply, do remember that it comes with a plethora of important pointers that you should always keep in mind in order to stay away from the future hassles.   

Own your dream house through Home loan SBI

The house is a dream of every person and after a time period, we all need one for ourselves. In the wake of hustle bustle, we tend to find peace only in our home. The comfort to be yourself and live the way you want is only possible when its your own possession. The main reason to own a house is to secure a place for yourself where there are no boundaries and you can live in your own conditions. The moment you own anything there is a sense of attachment and security. The main aim of the home loan is to turn this dream into reality. The home loan SBI is one such product which can help you to get your dream home.

sbi home loan

The home loan is the solution which helps you to organise your finances. The main aim of the home loan is to provide the finances to the borrower for purchase, construction, renovation, and elongation. State bank of India is one of the largest public sector bank in India. It is also the largest bank which has the maximum customer base in India. The home loan product offered by the banks is one of the best due to its competitive interest rate. The bank is one of the most trusted bank and it offers the products that are customer friendly. The main aim of the banks is to provide the best financial solution to the people and make them economically strong.

The home loan products offered by SBI-

SBI Flexi Pay home loan

  • This is the home loan that is given to the salaried professionals/ executives. Under this scheme, you can avail 1.2 times more loan amount than normal home loan products. However the loan amount for this scheme should be  20 lakh or more.  
  • The minimum age of the applicant should be 21 years and the maximum age limit should be 45 years at the time of applying for the SBI flexi pay home loan.
  • The applicant should have at least 2 years of experience.
  • The borrower has the option to pay only the interest rate during the moratorium period (pre- EMI) so as to neutralise the extra burden of EMI. You also have the option of choosing your moratorium period of upto 12- 36 months.
  • The tenure of repayment is also long which can extend from 25 to 30 years. You can also make the prepayments of your home loan without any prepayment charges.

SBI Maxgain-

  • It is one of the customer friendly and innovative product that is designed to benefit the customer to yield the optimum on their savings by reducing the burden of interest rate with no extra cost.
  • The borrower can operate the home loan account just like the saving or current account. The loan is sanctioned as an overdraft. The bank provides the chequebook and net banking facilities for this scheme.
  • You can put your surplus savings or funds in this account and take out the money as per your requirements.
  • The minimum loan amount in this scheme is 20 lakh and there is no cap on the maximum loan amount.
  • The other term and condition are applicable as per the normal home loan products.

NRI Home loans-

  • This scheme is especially designed for the Non- Resident Indians (NRI) and the person of Indian origin (PIO).
  • The applicant under this scheme should have the regular and stable source of income.
  • The applicant should have the minimum of two years job experience in India or Abroad.
  • The minimum loan amount available under the scheme is ₹ 3 lakh and there is no maximum limit.
  • The other term and condition are applicable as per the normal home loan products.

SBI Realty-

  • The loan products which gives you the opportunity to buy the plot for the construction of the house.
  • The commencement of the house should be within the two years after availing the SBI realty home loan product.
  • The borrower under this can also take the loan for the construction of the house on the plot. The benefits of both the loans can be availed simultaneously.
  • The maximum loan amount under the scheme is ₹10 crore and the repayment period of loan is up to 15 years.
  • The other term and condition are applicable as per the normal home loan products.

SBI Pal-

  • It is the pre- approved loan amount which is sanctioned before the property which helps the borrower to negotiate with the property dealer.
  • The income details of the applicant are necessary for the sanctioning of the loan product and the amount is also finalised on the same basis.
  • Non- refundable processing fee is collected at the time of sanctioning the home loan.
  • The pre approved loan agreement papers are signed which is valid for 4 months only. The property papers are required to produce by the borrower to the bank within the validity period of the agreement. The agreement carries the loan amount and the prevailing interest rate on the sanctioned amount.
  • The minimum loan amount is ₹ 10 lakh.
  • The other term and condition are applicable as per the normal home loan products.

SBI Tribal Plus-

  • It is especially designed for the hilly/ tribal areas.
  • The applicant can purchase, construct, renovate, repair or elongate the new or old house/ flat under this scheme.
  • The maximum loan amount under the scheme is ₹ 10 lakh and the maximum repayment tenure is 15 years.

Gram Niwas-

  • The scheme is designed for the rural areas with population up to 50,000.
  • The applicant can purchase, construct, renovate or repair the house or purchase the land for the construction of the house/ shed etc.
  • The maximum loan amount under the scheme is ₹ 5 lakh and the maximum repayment tenure is 15 years.
  • No processing fee is applicable under this scheme.

Sahyog Niwas-

  • It is the scheme under which the home loan is provided to the self- help group in the rural areas which has the good payment record of  2 years.
  • The applicant group can purchase, construct, the house or place for carrying out the activities by them or purchase the land for the construction of the house/ shed etc. or renovate or repair the existing house.
  • The maximum amount sanctioned under this scheme is 10 times the of the savings of the group subject to a maximum amount of ₹ 50,000 per member.

SBI Priviledge home loan-

  • The applicant eligible under this scheme should be the employee of Central/ state government including the PSBs and PSUs of central government and other individuals with pensionable service.
  • The repayment tenure is extended up to 75 years in this scheme.
  • No processing fee is applicable for this home loan product.
  • You can switch over the outstanding balance of the home loan from other banks to State bank of India.

SBI Shaurya Home Loan-

  • The scheme is designed for the defence personnel belonging to Army, Navy or Air Force.
  • The repayment tenure is extended up to 75 years in this scheme.
  • No processing fee is applicable for this home loan product.
  • You can switch over the outstanding balance of the home loan from other banks to State bank of India.

So, you can avail from the above scheme to fulfill your dream to own a house for yourself. These schemes will help you financially to own your own abode. Hence decide carefully to extract the maximum benefits.

Track the Process of Your Loans Through Bajaj Finance Loan Status

So you have applied for loans with Bajaj Finance and waiting to track your application process? Don’t know how to ascertain the process for each type of loan preferred by individuals? In order to simplify your loan approval worries, so you can comfortably plan out the other steps required towards achieving your financial dreams. We discuss the following loan categories provided by Bajaj Finance loan to help you track your loan acceptance with ease:

Personal Loan-

As there is no collateral security against personal loan availed from Bajaj Finance, the interest rates are solely based on your credit history, salary, the amount being borrowed. The lowest interest rates start from 12.99% p.a. for loan amount upto Rs. 25 lakhs. Moreover, additional charges are applicable thereon such as processing fee, EMI Bounce charges, Penal Interest and Secure Fee (only for online) rendered by individuals availing personal loans.

bajab-finance-personal-loan-1

Eligibility Criteria for Personal Loan

  • The age limit of an individual should be in between 25-58 years.
  • An individual need to be a salaried employee by profession.
  • The net monthly income of an individual should be average ₹  35,000 (Varies subject to the location and employer)

How to track your personal loan status ?

There are two ways of checking your Bajaj Finance Personal Loan Status :

Step I

  1. Go to the Personal Loan page by visiting Bajaj Finserv website  and click on “Apply Online”. Once you are directed to the page, then click  “ Track Application” given above the top of the webpage.
  1. Submit your mobile number and reference number.
  2. Click the ‘Go’ button to view your application status.

Step II

  1. 1. Click the Bajaj Finserv link : http://mysite.bajajfinservlending.in/Contact-Us/FileStatus.aspx.
  2. Enter your case id/loan id/file id.
  3. Click the ‘Submit‘ button.

Home Loan-

Home loans are available to those who are ready to occupy the property. The loans are available also on the fixtures and fittings as a part of refurbishing your home. The loans are placed upon you so as to remove your worries of looking unnecessarily for a separate Personal Loan or a Home Improvement loan either.

Home Loans are offered both to salaried employees and self-employed persons. Moreover, 3 EMI free months facility is available to those looking up to plan out their finances. Refinance facility is also available if the property has been purchased within the last 12 months through their own sources of funds and avail a loan upto the registered value of their property.

Home Loan for Salaried employee-

Home loans can be approved on an instant basis in 5 minutes where the lowest interest rates start from 8.85% p.a. for the loan amount starting from ₹  30 Lacs to ₹  5 Crores.

As a salaried employee, you can also decide for part-prepayment of your loan after paying your first EMI. As no charges are applicable upto 6 times in a calender year, so each part-payment cannot be lesser than the total of 3 EMIs. Plus there are no foreclosure charges admissible thereon which brings an additional advantage to you.

Home Loan for Self-Employed professional-

The lowest possible interest rates are applicable for loan amount upto ₹ 15 crores. The additional advantages for self-employed individuals range from securing 3 EMI holiday, getting sanction for 4000+ pre-approved properties and getting a Flexi-home loan on top-up plans.

Eligibility Criteria for Home Loan-

  • Individuals availing home loan need to be an Indian Resident
  • Individuals need to be at least 25 years of age when the loan is sanctioned
  • Individuals need to be a salaried person with a work experience of 3 years or more

How to track your Home loan status?

  • Go to the Home Loan Section by visiting Bajaj Finserv website  and click on the  “ Track Application” given above the top of the webpage.
  • Enter your mobile number and reference number.
  • Click the ‘Go’ button for viewing  your application status.

Business Loan-

Business loans are really very helpful to secure finance and increase working capital for your enterprise. It is an unsecured loan amount offered by Bajaj Finance as the loan amounts are available upto ₹ 30 lakhs at a fixed rate of interest. There is no need to provide any guarantors or give any collateral to avail Business loan from Bajaj Finance. Also, the pre-approved offers are also available which include a top-up loan or even reduction of rates from time to time.

Eligibility Criteria for Business Loan-

  • To become eligible for a business loan, you need to be either of the following :
  • Limited or Private Limited Company
  • Partnership or Proprietorship Firm
  • Chartered Accountant / Self Employed Professional

How to track your Business Loan Status?

FD Interest Rates Offered by Top Banks

Fixed Deposit is an investment product in which the depositor invest the desirable amount in the bank for a fixed period of time. The bank pays the interest on the deposited amount remaining with the bank for a certain time period. This is an effective way to earn attractive returns on the money not in use. It is an optimum way of utilizing the idle funds and saving for the future needs. Also, investment in the fixed deposit is safe as little or no risk is associated with this type of investment. The depositor receives a fixed interest as promised to him at the time of opening a fixed deposit account. The interest yield is calculated at the fixed deposit interest rates prevailing at the time of booking the deposit.

What is FD Interest Rate-

The interest rate is the percentage at which the returns on the fixed deposits are calculated. The percentile on deposited amount is added to the initial amount and is paid at the time of maturity of the deposit. These rates are predetermined by the bank and vary according to the tenure of the investment. The rates also differ from institution to institution. Therefore, before opening an FD account the depositor must check and compare the rates of various banks. The rate of interest offered on fixed deposits by various banks are given below:

nre-fixed-deposit

FD Interest Rates-

State Bank of India (SBI): The rate of interest offered by SBI on the term deposit of 7 days to  45 days to the regular citizen is 3.75% p.a. and to senior citizens is 4.25% p.a. It pays an interest of 4.25% and 4.75% to regular and senior citizen respectively on the deposits remaining with the bank for the period of 5 years to 10 years.

Indian Post Office: The candidates can book the deposit for the period of 1 year, 2 years, 3 years and 5 years at Indian Post Office. The interest rate on these deposits variates from 7.00% p.a. to 7.80% p.a. and the deposit account can be opened with the minimal amount of ₹ 200 and its multiples thereafter.

HDFC Bank: The HDFC Bank provides fixed deposits for the period ranging from 7 days to 10 years. The rate of interest on the deposits made for the period of 7 days to 14 days is 3.50% p.a. and for the period of 2 years to 10 years is 6.00% p.a. The highest interest offered by the bank is 6.90% p.a. at the term period of 1 year 1 day to 3 years. Also, the bank provides additional interest of 0.50% to the senior citizens.

Axis Bank: The Axis Bank offers the interest rate of 3.50% p.a. to 7.00% p.a. on the deposits remaining with the bank for the period of 7 days to 10 years. It offers an extra interest to senior citizens on certain tenure.

ICICI Bank: At ICICI Bank, the customers can book the deposit for the tenure of 7 days to 10 years with premature withdrawal facility and without premature withdrawal facility. The interest rate on both the types is different. The interest rate on fixed deposit with premature withdrawal facility made for the period of 7 days to 14 days is 4.00% p.a. The rate prevailing on the term of 5 years 1 day to 10 years is 6.50% p.a. However, the interest of 5.25% p.a. – 6.30% p.a. is paid on the deposits without premature withdrawal made for the period ranging from 7 days to 10 years. The senior citizens are entitled to receive an extra interest of  0.50%  on the deposits booked with the amount less than ₹ 1 crore.

What are the factors that help in determining the fixed deposit rates-

The market forces play a vital role in deciding the rate of interest. Various economic factors contribute in the determination of return rates and they are as follows:

Factors Affecting FD Interest Rates :

  • Policies incorporated by Reserve Bank of India
  • Recession
  • Inflation
  • Current State of Economy

Article Source: https://goo.gl/MJxvo7

Fulfill your dreams with Bajaj Finserv Loan

The dreams are never ending wishes that we aspire for and want in our lives. The most satisfying feeling is when you need or has set up a goal and it gets fulfilled. But in today’s world when the lifestyle has changed and expenses are high in the sky, to achieve the life goals have become little difficult. The wishes have either gone for a toss or get delayed. The lack of finances is one of the main reason for it. The Bajaj loans are the solution to all such problems. It will give you the financial strength that is required to fulfill your desires. It makes the problem relatively easy and gives the required answer to your financial predicaments.

The bajaj finserv loan is the Non banking Financial company that provides a wide range of loan products so that you can avail it and make the most out of it to reach your dreams and turn it into reality. given below is the brief description of all the types of loan products it offers to its customer.

personal loan

The types of loan offered-

  • Home loan
  • Personal loan
  • Loan against Property
  • Business loan
  • Gold loan
  • Two and three wheeler loan
  • Consumer loan
  • Loan against Fixed deposit
  • & Much more

Home loan- Bajaj Finserv provides the tailor made home made product which comes up with the overall expenses as they understand the need for the furnishing and fixtures to call the place as your home. you can avail the overall package and don’t need to apply for a different personal or home improvement loan.  You can also switch over your loan through the service of balance transfer if you are not happy with the current lender. If you opt for the balance transfer loan then you can get the top up loan on it as well. You can use that loan amount as per your requirement.You can also refinance the home loan if you have bought the property within 12 months with your own funds. You can avail the loan upto the registered value of the property. They do not charge any foreclosure fee so that you can foreclose your loan anytime during the loan tenure.

It has also introduced the flexi scheme which is first of its kind in the industry. You can pre pay and drawdown the amount within the drop-line facility within the loan tenure. You can save the interest rate by pre- paying the amount as the interest is only levied on the used amount. It is the self- service account which allows you to prepay or drawdown as per your need through the net banking. Also, the add- on feature of availing is that you can have 3 month EMI grace period. It means that you can start paying the monthly installment after 3 months of availing the loan.

Personal Loan- The personal loan product is offered by the Bajaj Finserv to only the people who are the salaried individual. You can use the personal loan for fulfilling your wishes or paying your outstanding bills or for the emergency. You can have any reason reason to avail the personal loan and put your plans into action. You can avail the maximum of 25 lakh loan amount as the personal loan. You can choose the tenure of repayment which ranges from 24 to 60 months. The personal loan can be easily approved within 72 hours. You have the option of quick approval. If you are the existing customer of the company then you can get the pre- approved offers for the personal loan. You also have the benefit of having the online account access which will give you all the details from time to time like the repayment date, EMI amount etc.

Loan against Property- It is the type of loan in which you keep the property as the mortgage with the lender to get the loan against it. The loan against the property is one of the best ways to avail the loan at the cheaper rate. You can avail the loan at less interest rate after the home loan. It is given only to the self- employed people. You can get the loan amount up to 20 crores as the loan against the property.

Business Loan- It is the best way to secure the finances and increase the working capital and expand the business. The business loan is for the people having their own business. You can avail up to 30 lakh loan amount within 2 days. It gives the benefit of quick approval. You do not need any collateral or guarantor for this loan. It also gives the preapproved offers which include the top up loan and reduction in the interest rate from time to time.

Gold Loan- You can avail the loan keeping the gold as the security. You can avail up to 25 lakh loan amount with the loan tenure of 1 month to 36 months. It provides the facility of part prepayment and part release facilities. Also, the foreclosure charges are nil.

Two or three wheeler Loan- The two and three wheeler loan gives you the opportunity to own the bike or three wheeler without much worry about the finances. You can avail these loan in the Bajaj showrooms as well as the other recognised service stations. The foreclosure charges are only 3% and partial foreclosure is also permitted. If you have excellent credit record then you are eligible to get the special scheme.

Loan Against Fixed deposit- This is the type of loan that you can avail against the fixed deposit. You can avail the funds and fulfill your requirements without breaking your FD. The features is that it has the guaranteed approval, single page documentation, and quick loan disbursal.

So, if you are in the urgent need of the fund then you can avail the loan as per your requirement.

Types of Credit Cards and Eligibility Criteria

The plastic money or credit card is a small card made out of plastic which are issued by the credit card company. It is one of the most essential add-on to the purse. The credit card is one type of loan which is taken for the short period of time. The aim of the credit card is to help the user for digital payment and let them be cashless. The credit card can be used for both online and offline mode of payments. The most important thing to consider is that you buy now and pay later. It is the mode of payment in which the user can make use of the card anywhere and everywhere and can pay the credit card company later.

There are different types of credit cards that can be used for different purposes. The credit cards are one of the useful tools but it charges the high rate of interest on the late repayment. Thus, the due date for the bill payment is needed to be remembered so that the interest rates should not be leveraged on you. It is also the very secured way of payments. The card is secured through the pin number which is known only to the authorized users. Thus, at the time of theft and robbery, you can block the card and be safe.

 

credit card

Types of credit cards

There are different types of credit cards that are available for the user according to the purpose of uses. The credit card is one of the modes of the payment which can earn you the cash back, reward points and discounts which can be utilized by the user for the maximum benefits. Given below is the list of the credit card that is available in the market for the different purpose:

  • Standard credit card
  • Lifestyle credit card
  • Travel credit card
  • Student credit card
  • Reward credit card
  • Balance transfer credit card
  • Business credit card
  • & much more.

The eligibility required for the credit cards are-

To get the credit card the eligibility criteria required are mentioned as follows:

  • The applicant should be 18 years old and the maximum age should be 60 years. And the Add-on card holder should be minimum of 15 years old.
  • The applicant should be a salaried individual or self- employed.
  • The applicant should have good credit score.
  • The minimum income of the applicant in the case you are the salaried individual is 1.5 lakh, and if you are self- employed your minimum income should be 2 lakh.

Documents required

The valid and legal documents are required by the credit card company at the time of application. The documents asked by them is mentioned below:

  1. ID Proof- PAN Card/ Driving Licence/Aadhar Card/ Passport.
  2. Age Proof- PAN Card/ Aadhar Card/ Passport
  3. Residence Proof- Utility bills/ allotment letters.
  4. Bank Statement- Last 3 months bank statement/ last 6 months bank passbook.
  5. Income Proof- Latest salary slip/ ITR/ Form-16.

Credit card bill payment

The credit card is a type of loan which needs to be paid on time to avoid any type of interest that are chargeable on the amount. For that, it is necessary to know the various mode through which you can pay your credit card bills. There are various options including the offline and online mode of payments. The credit card bill payment can be made offline by physically going to the branch and settle the bill. The online mode of payment is one of the most popular ways to settle the bill as it is more easy and convenient way. The different types of online bill payment is

  1. Online banking- You can easily access your account through your ID and password and pay the bill of the credit card.
  2. Mobile Apps- In modern days everyone has mobile with them which act as a magical wand and you can make payment from the apps anytime and from anywhere.
  3. Debit card- It is the card which is like taking your account everywhere. So when you enter the details of your debit card through the payment gateway then the money is directly deducted from the account and the payment is done.
  4. Other portals- There are many portals which are the third party and authenticated for the bill payment. You can login and pay through these portals as well.

The credit card is one of the ways through which the payment is done by the authorized user. Credit card does not exist. This bank is relatively new and does not have the much services and products to provide to its customer. The bank is improving and growing meanwhile. It can take some time to start providing the credit card for the users.

Criterion to Compare Mutual Funds

Every investor would be interested in knowing which is the best performing mutual fund as of now. The reason behind this is they would like to assess whether the scheme they are choosing or continuing with are already the best performing mutual fund schemes or not. If it is not worth the performance, they would like to switch their investments from the existing scheme to the currently best performing mutual funds.

You should take a note that best mutual funds do not mean the best in returns, but the one which suits your risk profile and goals and the one that fits in your peer group. The biggest mistake which many mutual fund investors make is selecting the mutual funds on the basis of recent performance and also depend on the star ratings, no doubt  can be one of the factors to consider. However, there are many criteria which needs to be looked at before finalizing your mutual fund portfolio.

funds

Know the Performance Ranking

The performance ranking among the schemes need to look at is the first thing to do. More than the recent or long-term performance, it is necessary to check the quartile ranking for the scheme. The quartile ranking shows how the fund has performed during the quarter to quarter basis amongst its competitors. In quartile ranking, the quartile is composed of 25 percent of peer group schemes. So one may pick the scheme which has remained in top quartile maximum times. If you observe the investment schemes ranking going below 3rd quartile in a series of consecutive quarters it indicates you to exit from the scheme. You can check these rankings from the factsheets of several mutual fund companies and also check their research websites.

Assess the Ratio Analysis

Mutual funds risk can be measured with the risk-return ratios and standard deviation, Sharpe ratio, alpha ratio are such ratios to name a few. When you check the Alpha ratio which is the performance ranking of the fund manager, clearly describes what surplus or deficit the fund manager has generated from a specified portfolio as compared to the benchmark. The positive alpha generated by the fund manager in last few quarters you should assess in order to know whether the fund is maintaining its consistency or not.

Total Expense Ratio

The expense ratio is a critical factor to be assessed at while choosing your mutual fund scheme. All fund management and distribution expenses are rendered by the scheme. It means higher expense ratio will impact the fund’s returns. Although the total expense ratio comes under the regulations of SEBI, still the lower expense ratios are preferred until some exceptional returns are generated by paying higher expenses for managing the fund.

The tenure of Fund Manager and Experience

Fund manager plays an active role in the mutual funds’ performance. Since, managing a scheme is a full-time job so it comes under the discretion of the fund manager and his experience and wisdom in picking up the best performer. It is advisable to you that you should know who is the fund manager of the scheme and about his past record. You should also consider the past performance of other funds which is managed by him. If there is a change in the fund manager of any scheme, don’t lose hope. Just keep a track on his performance by checking at alpha and quarter-to-quarter basis performance. If you see that with respect to a change in the fund manager there has been a noticeable effect on the fund’s performance which does not accommodate your risk appetite then you can decide to quit from the scheme.

Asset Size of the Scheme

This criterion is different for equity and debt schemes. In equity, the stipulated asset size is hundreds of crores whereas in debt, it should be thousands of crores as the worth of investment per investor is higher in debt funds. Since, 90% of total assets under management(AUM) of the mutual fund industry are invested in debt funds, subsequently, constitutes a considerable asset size in AUM.

Lesser AUM in any scheme proves to be risky as you are not aware of who the investors are and what quantum of investments are made by them in this particular scheme. If a big investor makes an exit from the scheme, it makes a heavy impact on the overall performance of the scheme which ultimately falls on the remaining investors of the scheme. Those schemes with larger AUMs tend to minimize their risk.

After going through the above parameters, it becomes the duty of a good fund manager to automatically  deliver the better performance of its scheme which in turn demands to focus towards improving the quartile ranking and generating a good alpha. Also, the higher scheme assets will tend to reduce the total expense ratio of the scheme. Hence, the selection of current funds should be based out on their every quarter or half yearly performance.

Article Source: https://onmogul.com/stories/criterion-to-compare-mutual-funds

Why & How to Apply for a Loan Online

Online process of applying for a loan is far more convenient and time-saving as compared to the offline procedure. The borrower gets to compare all the offers available for a particular loan in addition to other benefits as well. Loan is a segment that includes all kind of loans like home loans, personal loans, business loans, mortgage loans, and education loans etc. Having said that, a person can apply loan online for any kind of loan to any lender of their choice. So, here are some of the things you must keep in mind while applying online for a loan:

loan online

  • Check eligibility (use eligibility calculator for a better understanding)
  • Do proper research and select few options
  • Calculate EMI
  • Know your affordability
  • Choose the offer that if affordable to you
  • Seal the deal that suits your wallet

Now, these general steps you can follow for each type of loan. But, as you know different lender have different eligibility and offers. So, you will have to follow the steps depending on the type of the finance you are looking for.

Personal Loan- For instance, if you are looking for a personal loan, the eligibility will be as follows:

Eligibility Criteria-

For Salaried:

  • The applicant must be above 58 years
  • Minimum Net Monthly Income of the applicant should be ₹15,000/-.
  • Good score
  • Minimum work experience of the applicant should be 1 year

For Self-employed:

  • The age of the applicant should be between 24-65 years
  • Net Monthly Income of the applicant should be ₹2 lakhs
  • The applicant must have a minimum work experience of 3 years
  • Good cibil score

Eligibility Calculator

Once you know that you are eligible, you can also have the idea about the loan amount you are eligible for. Thinking about how is this possible without the help of the dealer? Well, the internet has a lot more than what you can even imagine, so there is a calculator to check the eligibility in terms of money. Here is an example for you:

Suppose you are a salaried person with the net monthly income of ₹80,000 and you save around ₹40,000 of your salary every month after you are done with other financial liabilities. Now, you have thought of applying for a personal loan but want to have an idea about how much loan amount you can get. We can have an idea about by assuming the rate, tenure, and amount.  

Amount- ₹1 Lakh

Loan Tenure- 5 years

Rate of Interest- 11.29%-24%

Your monthly EMI will be- ₹2,189-₹2,877

Here is how you can calculate the maximum loan amount

₹1 Lakh x 40000/2189 = ₹18.27 lakhs

₹1 Lakh x 40000/2877 = ₹13.90 lakhs

So, your loan amount eligibility will range between ₹13.90-18.27 lakhs.

Home Loan-

In the case of home loans, the general eligibility criteria asked is:

For Salaried:

  • The applicant’s age should be between 21-60 years
  • Minimum annual income should be at least  ₹1,20,000
  • Minimum work experience should be 2-3 years

For self-employed:

  • The applicant’s age should be between 21-65 years
  • Minimum annual income be at least ₹1,50,000
  • Minimum stability in current profession is required to be at least 3 years

Eligibility Calculator-

Suppose you are a salaried person with the net monthly income of ₹80,000 and you save around ₹40,000 of your salary every month after you are done with other financial liabilities. Now, you have thought of applying for a personal loan but want to have an idea about how much loan amount you can get. We can have an idea about by assuming the rate, tenure, and amount.  

Amount- ₹1 Lakh

Loan Tenure- 15 years

Rate of Interest- 8.35%-11% p.a.

Your monthly EMI will be- ₹976-₹1,137

Here is how you can calculate the maximum loan amount

₹1 Lakh x 40000/976 = ₹40.98 lakhs

₹1 Lakh x 40000/1137 = ₹35.18 lakhs

So, your loan amount eligibility will range between ₹40.98-35.18 lakhs.

How to apply-

You can go to the official website of the lender that you have selected and then follow the steps. Since the process is online, you will for sure a lot of time and get comparatively easy replies also.

Thus it is clear that online process is quicker and easier both with makes it altogether a great deal for you. So, what are you waiting for? Apply now!

Realise all you dreams with ICICI Personal Loan

There are many dreams on which you have to apply a brake because of financial issues. Do you wish to go on a long trip to New Zealand? Want to give the best education to your daughter? Need funds for your sister marriage? Have plans to renovate your dream house? Have a medical emergency in your family and need immediate financial assistance? If you any of these situations apply to you, then I have a good news for you. ICICI Personal loan is there to make you accomplish all your wishes and needs.

ICICI bank is one of the renowned private sector banks in the country which has created a name for itself.  The product can be availed by a anyone in the country who is a salaried employee or a self-employed individual. The maximum loan amount for a salaried employee is Rs. 20 Lakhs, for self-employed is Rs. 30 Lakhs and for doctors is Rs. 40 lakhs. You can secure the given amount for a period of one to five years. Gain a better understanding about the product by reading this article.

 

personal loan

Eligibility criteria:

Check out the eligibility norms for both self-employed and salaried individuals here-

Salaried employee:

  • The applicant should be between the age group of 23 to 58 years. he/she should not exceed the age of 58 years when the loan matures
  • The applicant should be a salaried employee earning a monthly income of a minimum of Rs. 17,500. For residents of cities like Mumbai and New Delhi the minimum salary should be Rs. 25,000. Applicants based in Kolkata, Bengaluru, Hyderabad, Pune and Chennai need to earn a monthly income of at least Rs. 20,000
  • Working experience of at least two years is mandatory
  • The applicant should be living in his current residence for a period of at least one year

Self-employed:

  • The applicant should be at least 28 years old at the time of application of loan and 65 years old when the tenure expires. For doctors, the minimum age has been kept at 25 years
  • A turnover of at least Rs. 40 Lakhs and Rs. 15 Lakhs is required for a non-professional and a professional respectively
  • A business stability of five years is important. Doctors have to be employed in their current profession for at least three years
  • The minimum profit after tax for  self- employed/proprietorship firm and non-professionals should be Rs. 2 Lakhs and Rs. 1 Lakh respectively
  • The applicant needs to have a liability or asset relationship for a period of at least one year with the bank in the previous 36 months

Documents required for the loan:

Applicants are required to deposit certain documents to the bank if they desire to secure finance from the bank. Check the list of important documents here-

For Salaried individuals

  • Identity Proof:- Driving License /Aadhar card/Passport /Voters ID card/PAN Card
  • Two Passport size Photos
  • Proof of Address:- Utility Bill (telephone or electricity/)Passport/Leave and License Agreement
  • Salary slips of the previous three months.
  • Bank Statement of the latest three months in which the applicant’s salary is credited

For Self-employed individuals:

  • Identity Proof- PAN card/Aadhar card/Passport/Voter ID card/Driving license
  • Proof of Age- School leaving certificate/PAN card/Birth certificate/High school marksheet
  • Proof of Address- Electricity bill/ Leave and License Agreement/ Telephone Bill/ Passport
  • Bank statement of the latest six months
  • Proof of Business continuity
  • Proof of Income- Income Tax returns of the previous two years along with Audited balance Sheet and Profit & Loss Account
  • Proof of ownership of Office
  • Proof of Office Address

Interest Rate and Processing fee:

It is very important to keep in account the interest rates offered by the bank before availing a loan. In case you secure a high interest rate, you will have to pay a higher EMI. The current interest rates for a ICICI Personal loan is 11.59% to 22%. The processing fee levied by the bank is 2.25% of the sanctioned loan amount along with the applicable service taxes.

In case, the applicant wants to prepay his loan, then a prepayment charge of 5% per annum of the outstanding principal is levied along with the service taxes applicable.

ICICI Personal Loan EMI Calculator:

If knowing about the interest rates is important, then having knowledge about the monthly installments is as important. You cannot ignore the EMIs you will have to pay each month. There is no point of availing a loan with high EMIs, which can easily burn a hole in your pocket. You must be thinking how can the installments be calculated, isn’t it? The process of EMI calculation can be confusing and time taking. ICICI Personal loan EMI calculator has been specifically designed to make the entire process easier and hassle free. All you have to do is feed in the details of your loan amount, rate of interest and tenure. And then wait for the magic to begin. You will get instant information relating to your monthly EMI and total interest payable.

 

 Article Source: http://wishfinblogs.kinja.com/realise-all-you-dreams-with-icici-personal-loan-1792380635?rev=1487158127895