5 Ways to choose the best Personal Loan

 

For any kind of sudden expenses or big-ticket, planned purchases, a Personal Loan is the best way to deal with such circumstances. There are multiple reasons where availing a Personal Loan might be a good option to choose like Traveling abroad, Wedding, Higher Studies, Home Renovation etc. A personal loan is free from end-use restrictions & hence it can be used for any purpose that you deem fit.

Getting a Personal Loan is also an easy process in today’s world, thanks to the instant Personal Loan app. These apps have made the process of availing a Personal Loan utmost simple and convenient. With proper documentation and fulfillment of the necessary eligibility criteria, you can get money credited in your account instantly. This phenomenon comes in handy especially when you find yourself in emergency situations or fall short of funds.

Below are the factors that you must consider in order to choose the best Personal Loan –

·         Loan amount

·         Rate of Interest

·         Collateral free loan

·         Easy documentation

·         Tenure of repayment

1) Loan amount –

In accordance to the purpose of taking a Personal Loan, your requirement of funds can be big or small. Hence, you must find a lender that is willing to lend you the required amount of loan. If your requirement is small, there are many instant loan apps like Kissht, MoneyTap etc that lend small cash loans.

2) Rate of Interest –

The Rate of Interest is an important factor that you must look at before finalizing any lender for your need of funds. It is something which you pay extra, apart from the principal amount and hence adds to the total cost of your loan. It is always wise to compare 2 to 3 lenders before finalizing one.

3) Collateral free loan –

Personal loan is an unsecured type of funding and hence, you do not need any collateral against the loan which you need to avail. This makes Personal Loan an even more comfortable option to look at. You do not have to worry about any mortgages or collaterals to provide against your loan amount.

4) Easy documentation –

The documentation process for availing funds from instant loan apps is very simple. You only need to produce some basic documents like your ID proof, address proof, latest salary slips etc. and you’re good to go. You do not need any complex paperwork to be done.

Read Also - Some Great Tips To Lowering Your Gas Bill

5) Tenure of repayment –

The Personal Loan you take comes with a fixed repayment tenure i.e. a time period within which you have to repay the entire principal amount with interest. The longer the tenure, the smaller are your EMIs and the more EMIs you pay regularly, it has a positive impact on your CIBIL score.

Top reasons why mobile payment apps are helpful for small businesses in India

 

India is an agrarian country and a large share of its revenue is generated through agriculture. After that, small businesses are the second-largest providers of employment and are vital to the country’s economy. Businesses like grocery stores, medical stores, traders, confectioneries and bakeries, small-scale manufacturing units, etc all are accounted as small businesses.

Small businesses, unlike huge corporations, are owned independently by individuals. They need less capital to set up and function as compared to large-scale businesses. The workforce needed is also less and is flexible as per the will of the owner. This kind of setup leaves a large room of opportunities to be explored.

Dependency on cash –

Small businesses are knit closer to their consumers and most of their transactions are normally done in cash. However, this has gradually been changing at a moderate pace since demonetization in 2016 and now, the covid pandemic in 2020. Demonetization encouraged people in the country to move towards digital payments and online money transfers. This was one of the positive outcomes of demonetization that people started to accept and adapt to online bill payments.

Online bill payment apps –

The surge in the use of online bill payment apps was seen after the event of the demonetization of currency notes of higher denominations. Even though there was a sudden cash crunch in the market, people could carry out their day-to-day transactions easily using the bill payment app. It established the supremacy of online money transfer over cash payments.

Significant benefits of online bill payment apps & money transfer –

Online money transfer and bill payments have a number of benefits for the consumer as well as the business owner. 

They are enlisted below –

1) Using online bill payments apps can speed up your transactions and can let small businesses send and receive payments within a fraction of seconds. This completely eliminates the hassle of sharing invoices and then wait for a long time to receive payments.

2) With all information handy and payment statuses online, business owners do not have to invest time in follow-ups. They can very easily retrieve information of payments received and pending and act accordingly.

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3) Consumers these days cherish the option of paying online as this does not make them wait for bills or invoices and they can pay immediately without wasting time. Also, as the payment is done online, they also have proof of payment in the form of a soft copy of the receipt.

4) For small businesses, making available the facility to pay online for their customers also means that they are making it convenient for them and reducing the waiting time for paying. This in a way leads to customer satisfaction.

5) Bill payment apps are available for usage all year round, 24 x 7 regardless of holidays. This makes them even more useful and convenient for both, the business and its consumers.

 

 

 

 

 

 

 

Difference between mobile recharge and top-up

 

When you are a mobile user, you must be synonymous with the terms mobile recharge and top-up. Frequently heard, these terms are similar but at the same time, there are key factors that distinguish the terms. When you are out of Talktime, there are different ways you can recharge your mobile. There are multiple packs from service providers catering to different needs to get optimum results. When prepaid mobile accounts run out of money and they need to make a call, users must either top-up or recharge their accounts.

Some individuals mistakenly believe that recharge and top up are the same thing and use them interchangeably. 

Let us understand the difference between both the terms:

What is a mobile recharge?

Paying your telecom operator for service is how recharge works. There are two categories for mobile recharge. Prepaid and postpaid. The key difference between a prepaid and postpaid mobile recharge app is, for a prepaid plan you will have to pay the amount prior to the recharge. You can choose the plan that best suits and your needs and proceed to recharge. There are multiple pack variations by service providers to help make your choice. From Rs. 10 to Rs. 1000, you can choose a package that best suits your need. While for a postpaid mobile recharge, you can pay a fixed amount at the end of the month. Now for a postpaid plan, the charges may be higher, but there are also many additional benefits to a postpaid plan.

What is a top-up?

Let's say, you wish to top-up your Airtel mobile. You simply pay the money required to Airtel and they allot a certain amount of data to you. With recharge cards that gave validity, it was simple to detect no balance in an account. This is where a top-up card is helpful, as it gave call time without jeopardizing the validity of the phone.  Initially, service providers would discontinue the services on the SIM card in case of inactivity. However, when service providers came up with the idea of a lifelong SIM card for prepaid accounts, the concept of top-up, which was so popular at the time, came crashing down. SIM cardholders now have a lifetime validity (which was not exactly a lifetime but validity of more than 10 years nevertheless). It meant that if a person's account had no balance, he didn't have to worry about losing the number, and he could add any amount to his credit whenever he wanted instead of worrying about its authenticity all the time before.

An example to explain both the terms, suppose you have done an Rs. 399 recharge for your mobile phone with unlimited Talktime and 1.5 GB data per day with a validity of 30 days. Now you realize you have exhausted your data limit for the day and need additional data for your day. In this case, a top-up plan is extremely handy. You can easily opt for a data top-up of the required amount.

Read Also - Why Maximum People Prefer Online Mobile Recharge? 

Do your mobile recharge and top-up with the Bajaj Finserv app

You can easily do your mobile recharge and top-up with the Bajaj Finserv app. The Bajaj Finserv app gives you the flexibility to choose from the available payment means. You can choose to pay with your saved credit/debit card, net banking, UPI, digital wallet according to your needs.

The mobile app ensures quick processing of your recharge and bill payments for a hassle-free experience. You can choose to do your recharge on the go or comfortably from your home. The app is available for download on both android and iOS devices.

Check your Personal Loan Eligibility in a few easy steps

Personal loans are used in emergency situations or to meet specific requirements and desires that are not covered by regular income. However, before asking for a personal loan, it's critical to know if all of the requirements have been satisfied. The loan application will be rejected if you do not match the qualifying requirements. Rejections have a negative influence on your CIBIL Score and your ability to get a loan from another lender. It is usually necessary to check eligibility before approaching banks, regardless of your occupation or profession, and it is all available online in only a few clicks.

Some points to consider for salaried employees before applying for an instant personal loan

·        The age factor: If the applicant is a salaried employee, the applicant's age should be between 25 and 60 years old when asking for a personal loan. Because you have many earning years ahead of you to repay your debt, the younger you are, the more likely you are to acquire a personal loan app. Most banks have a general rule that paid employees must be between the ages of 21 and 60 to qualify for a personal loan. Self-employed people, on the other hand, are between the ages of 25 and 65.

·         The income factor: Salaried applicants should have a monthly income of at least 25,000 in a metro city and 20,000 in other cities. This is an extremely important factor to consider when applying for a personal loan. You will not be deemed eligible until you are salaried and have worked in your present profession for more than 2 years, or if you are self-employed and have worked for at least 5 years.

·         Loan amount: Based on their eligibility, salaried applicants can get a personal loan starting at 10,000. The maximum loan Bajaj Finserv app offers is ₹25 lakh.

·         Work experience matters: Salaried employees should have a cumulative work experience of at least 2 years, with at least 6 months in the current organisation. If you happen to be employed with a top-notch firm where you appear to have a steady and promising future ahead of you, this is optional and depends on your current company and your annual income.

·         The CIBIL factor: A good CIBIL score is a must for loan application and processing. Usually banks and NBFCs accept a CIBIL from 750-900. Apart from your company's performance, your personal credit rating is quite important. Having an excellent credit score boosts your chances of acquiring a loan with more flexible terms, amounts, EMIs, and interest rates. Banks have the ability to cancel personal loan applications or impose higher interest rates if there are any default payment histories, large outstanding loans, or dishonest track records.

Personal loans are available from all of India's top lending organisations. The eligibility conditions for each of these Personal Loans differ depending on a variety of factors. Here's a quick rundown of the situation with Bajaj Finserv personal loan.

Bajaj Finserv Personal Loan will help you fulfil all of your short-term cash needs, whether it's for a vacation overseas, a new gadget, or anything else. Bajaj Finserv offers one of the best personal loans, with interest rates as low as 11.49 percent and loan amounts as high as ₹50,000. It is a reasonable decision for a personal loan because the interest rate is determined by the borrower's credit score and income. The loan is being processed quickly, and the funds will be disbursed as soon as possible. A smart online application alternative is also accessible.

Read Also - Benefits Of Personal Financial Planning

Eligibility Criteria for Bajaj Finserv personal loan:

·         Applicants must be at least 25 years old. The highest age limit is 60 years old.

·         The applicant's monthly income should be at least ₹40,000.

·         A minimum of two years of work experience is required.

·         The CIBIL Score must be greater than 750.

You can easily apply for the instant personal loan with the Bajaj Finserv app. It is available on both iOS and android stores.

Pay all your bills with your Mobile Phone

With the growth in digitalization, there has been an emergence in mobile apps to help add ease to your monthly bill payments. You can pay for your mobile recharge, DTH recharge, monthly electricity bills all with a mobile app. These apps have become widespread with Android and iOS, and it's safe to assume that if you're looking for nice stuff, you already have some of them. There are a plethora of fantastic Android and iOS apps are available. However, their use is frequently constrained by the habits of those who use them. These issues should not occur with these apps.

One of such apps is Bajaj Finserv app. You can easily pay for all your mobile recharge app and utility bills with the mobile app. The mobile payment app gives you the flexibility to choose from the available payment means according to your convenience. The payment means include credit and debit card, net banking, UPI, and digital wallet.

There are numerous advantages to paying your bills using the Bajaj Finserv app. You can save all of your credit cards and other payment methods in a payment app, so you don't have to carry them around with you. You may quickly save your payment information for future use. Contactless payments have gained a lot of traction since the outbreak. There are numerous advantages to paying your bills using the Bajaj Finserv app. You can save all of your credit cards and other payment methods in a payment app, so you don't have to carry them around with you. You may quickly save your payment information for future use.

Contactless payments have gained a lot of traction since the outbreak. The inconvenient experience of waiting in long lines for your payment is eliminated with bill payment software. Alternatively, you can search for merchants when you need to refuel. Thanks to a computerized interface, you are now the first in line! The Bajaj Finserv app ensures that your bill payments are completed fast for added convenience.

1.       Easily recharge your mobile

You can easily complete your mobile recharge with the Bajaj Finserv app. You can browse from the top plans and choose the one that best caters to your needs. The app includes mobile recharge for all network providers such as Airtel, Jio, Vi, Idea. You can easily recharge both your prepaid and postpaid mobile with the app. You can also save money on your recharge by choosing to use coupons on the payment gateway.

Read Also - Online Mobile Recharge Apps To Save Money And Time

2.       Pay all your monthly bills

You can also pay all your bills including your electricity, gas, water, broadband bills at ease with the mobile app. You can pay your DTH recharge as well with the mobile app. You can also set reminders by saving your consumer details, so you do not miss out on a date. This also helps in saving your time when it comes to bill payments.

The Bajaj Finserv app is currently available on both iOS and Android devices. You just have to enter the consumer ID details and from the payment gateway you have to select the chosen mode of payment to complete your transaction.

 

Why online bill payment is better than offline payments

Standing in long queues was quite a common sight before the advent of the online bill payment apps. It was quite a struggle to actually go visit the administrative offices and pay your bills.  But now our lives have been made easy due to the digitization of bill payments. We no longer have to wait for lengthy hours for our turn to come to pay bills.

There multiple payments that we have to make like electricity bill, water bill, LPG, landline etc. A single bill payment app can make your life way easier. Paying for utility bills online using the bill payment apps has the following benefits –

·         Timesaving

·         Safe payments

·         Convenient

·         Online tracking

·         Eco-friendly mode

·         Rewards & cashback

Timesaving –

Making bill payments online has the biggest advantage of being timesaving as it happens within minutes. In only a few clicks you can initiate the payment and with a good internet connectivity, it is completed within a minute. The hassle of waiting in queues is completely eliminated and you can save time for other important tasks at hand.

Safe payments –

Some people might have a notion that paying bills online might not be safe and can have the risk of online frauds. But all of these concerns can be easily dealt with if we are a bit more vigilant and aware of certain do’s and don’ts like not sharing your OTPs, CVV numbers, or passwords with anybody. If you take such precautions, bill payments are completely safe and secure.

Convenient –

It was never convenient for any of us to go to the service providers’ offices, stand in lines, and wait our turn to pay. Payments for utilities such as electricity, water, LPG, and other utilities have never been easier thanks to online bill payment apps.

Online tracking –

Apps for online bill paying are available almost all of the time. They are not restricted by working hours or even holidays. You have the option of paying whenever it is convenient for you. You can easily track all the payments online with just a tap of your finger.

Eco-friendly mode –

Online mode of bill payment is always eco-friendly as it eliminates the usage of paper completely. In turn this is good for the environment as the lesser is the use of paper, the more trees we would save. Going paperless is the need the need of the hour plus it has the benefit of convenience.

Read Also - Types Of Utility Bills Payments With Mobile App

Rewards & Cashback —

Some bill payment apps offer you rewards and cashback on using their platform to pay your bills. This helps you save money. The cashback vouchers can be redeemed at the partners of the app that you have used to avail the cashback benefit.

 

What are the important things you should check in your credit card statement?

Credit cards have become a vital part of everyday life as an easy-to-pay alternative for most daily purchases, making transactions simple by reducing the burden of carrying cash in our pockets. Credit card usage in India increased to 52 million in 2019 and are predicted to grow at a CAGR of over 25% between 2020 and 2025.

The nicest thing about credit cards is that they are much more secure and safe than debit cards, as they provide greater security against online and in-store purchases. They also feature a slew of advantages, including global acceptance, payback points, rewards, cash withdrawal from ATMs similar to debit cards, and ease of use in an emergency.

If you are a regular user of credit cards, here are a few things that you must be aware of –

1) Account Summary –

You must carefully go through your credit card statement after you receive it. Usually, things like credit card balance, opening balance, amount of purchases, interest rates, statement closing date etc are mentioned on it. You must know that payments made post the billing cycle won’t be reflecting in your current statement.

2) Due Date –

The deadline to pay your credit card bills is called the due date & it is explicitly mentioned on your statement. If you miss this due date, you may be charged with high interest on your pending bill amount. This is one of the most important points in the credit card statement.

3) Min. amount due –

In case you are unable to pay the entire bill of your credit card in full, there is a minimum amount defined on your statement which can paid to avoid any penalties. This is your minimum amount due which is the least amount expected from you to be paid. One must note that even if you pay the minimum amount due, interest will be charged for the outstanding amount.

4) Total amount due –

This is the sum total of the interest rate on the outstanding amount, late fee if applicable, carry forward amount from previous billing cycle, applicable service charges, or penalties.

Read Also - What are credit card cashback rewards?

5) Grace period –

 After you spend a certain amount from your credit limit, you get a grace period of generally 45 days to repay the amount. If you pay your bills within the grace period, you are not charged with any extra fees or charges. 

6) Rewards & Perks –

This is one of the major reasons why people choose to use a credit card app for payments. Users win reward points when they spend money from their credit limit to purchase goods or services. You can easily convert these into cash or redeem them while shopping. 

7 Top Questions Answered about credit card

 

An effective mode of payment, credit card adds ease to all lives. If used responsibly, credit cards are indeed a blessing. You're actually better off paying with a credit card than a debit card and keeping cash purchases to a minimum if you can utilise the cards properly, contrary to popular assumption.  

Q] What is the difference between a credit card and a debit card?

A credit card allows you to borrow money from a credit card business in exchange for agreeing to pay a percentage of your outstanding debt in interest at the end of each billing cycle. A debit card withdraws funds straight from a linked bank account. Credit card usage that is done responsibly might help you create a positive credit history. Debit cards, in general, are unable to do so.

Q] What are the advantages of a credit card?

Credit cards also aid in the improvement of your credit score (CIBIL score). When we don't have the funds available right away, it can also be a valuable tool for purchasing large-ticket items like televisions, vacation packages, and jewellery. Having another payment method in your back pocket has its benefits. For starters, you'll have a safety net in case you run into a budget problem soon. You may just open your wallet and charge it to your card if you're short on cash and your automobile requires new brakes.

Q] How does a credit card help with my credit score?

You'll need a credit score if you wish to borrow money because it's based on your financial activity history. These ratings are influenced by your credit card history. Using your credit card responsibly is good to your financial health on multiple levels. To begin, you can increase your credit score by using credit responsibly, which means spending less than 40% of your credit limit and paying your bills on time and in full.

Q] What is the eligibility criteria for a credit card?

You must meet certain eligibility standards in order for your credit card application to be approved. Different parameters may apply to each bank or lender or card. Your application may be refused if you do not meet the bank or lender’s requirements. Your credit score may suffer as a result of this. The common parameters for acceptance is age, stable income source and your credit history.

Q] Can I manage my credit card with my mobile?

Yes, you can manage your credit card with a mobile app. Credit card lender such as Bajaj Finserv have a mobile app to help keep track of your credit card spends. With the Bajaj Finserv app, you can easily pay all your credit card dues.

Q] Is shopping online easier with a credit card?

More purchase protection, as well as additional warranties and benefits, are frequently available when shopping online with a credit card rather than a debit card. Although not all credit cards are made equal, many of the best ones include features like purchase protection, extended warranties, return guarantees and rewards programmes.

Read Also - Things to keep in mind before applying for a Credit Card

Q] How do I redeem reward points on my credit card?

Some programmes have no expiration dates, so you can earn and redeem prizes whenever you choose. Others offer annual programmes with "use it or lose it" stipulations that require you to redeem prizes within a specified time frame or they will be forfeited. Check your Credit Card Agreement to see whether and when your benefits may expire.

Q] Can I pay my monthly bills with a credit card?

Yes, you can easily pay your monthly bills with your credit card app. With apps like Bajaj Finserv, you can pay all your bills, simply from the payment gateway, choose credit card and enter your details. You can also save your card details for hassle-free checkout.

 

How you can reduce & pay your Bills

 

One of the simplest methods to save money on a monthly basis is to cut back or bundle your cable and internet services. Stop paying for channels or internet connection speeds you don't need; instead, look around for the best offer or use a bargaining bot like Trim to cut your costs. Downgrade from premium to basic cable bill payment, or think about cutting the cord entirely. One of the most difficult aspects of personal finance is figuring out how to spend less money, and one of the most effective methods to do it is to reduce your monthly bill payments. Even though some of our regular bill payments may appear little in and of themselves, their cumulative effect can be massive - and a significant strain on our resources.

• ·         Contact several lending institutions if you believe you could be eligible to refinance your mortgage at a reduced rate. Locking in a lower interest rate can save you money over the course of the loan, as well as reduce your monthly payment and enhance your monthly cash flow.
• ·         Determine whether it makes sense to consolidate all or some of your student loans if they have a high interest rate. While most federal loans now have fixed rates, if you can find a decent loan consolidation programme, you may be able to save on bill payments every month.
• ·         If you have a significant credit card amount, contact your credit card company and ask for a rate decrease. They may be prepared to compromise if you pay your account on time every month. If they refuse, request a 0% balance transfer to a card with a lower interest rate.
• ·         Indians spend a lot of money on energy bill payments, thanks to scorching summers, freezing winters, and all the gadgets we plug in; in fact, the average household spends approximately ₹2,000 per year on bill payments. Fortunately, technological advancements have provided us with a few viable options for increasing energy efficiency and lowering that figure.
• ·       If your home's lightbulbs haven't been updated in a while, consider converting to CFLs or, better yet, LEDs. These bulbs are approximately four times more energy efficient than incandescent bulbs and have a long lifespan. One piece of advice: when comparing bulbs, use the lumens number rather than the comparable wattages. The quantity of light emitted by the bulb is measured in lumens.
• ·         If they looked hard enough, most people could find a cheaper method to watch their favourite shows. You might be able to reduce from premium to basic cable, or possibly get rid of your cable bill entirely (we finally did). Cutting the cable and watching less TV can help you save money on your online electricity bill payment while also exposing you to less advertising that encourage you to buy things.
• ·         Make a large batch of whatever you're cooking at home so you can freeze some for later meals and, even better, take some leftovers to work for lunch. Some people dislike leftovers, but there are a few tricks to making them taste as excellent as the original.

How to make bill payments from home?

Read Also - What are credit card cashback rewards?

You can easily choose to pay all your bills with the trusted Bajaj Finserv app. Apps give you the flexibility to pay all your bills with various payment means like UPI, digital wallet, net banking, credit card and debit card. You can easily pay all your bills anywhere and anytime. No more crowding outside stores or shops to process your payments. Its all done with a single tap. Especially post the pandemic, when online payments are encouraged, it is better to opt for such apps to make your bill payment.

 

5 Ways to Pay Utility Bill Smartly with Ease and Convenience

Once upon a time, paying electricity bills on time used to be a challenge, especially for working professionals. To pay electricity bills, telephone bills, and other bills, one had to go to the local office and wait in line. And keeping up with the due date was often difficult, resulting in a penalty or additional charges. You can complete a number of chores without ever leaving your house or going anywhere else –– office, café, hotel, or even while traveling. All you need is a device (a laptop or smartphone) and a high-speed internet connection. There has been a paradigm shift in the way individuals deal in the last several years, particularly since demonetization.

Today, online payment systems/platforms are accessible for a range of utilities, including landline bills, mobile bills, piped gas bills, electricity bills, DTH recharge, data card recharge, toll payments, credit card bills, and so on. Apps like Bajaj Finserv app aid in the easy and quick payments of your utility bills. Here are a few methods from which you can do Utility Bill Payment

1.       UPI

The National Payments Corporation of India (NPCI) established the Unified Payment Interface (UPI) last year, which has been a boon and has brought a dramatic change in the way transactions are conducted. Because UPI is based on the Immediate Payment Service (IMPS) infrastructure, it is available 24 hours a day, seven days a week. UPI apps are now available from a large number of banks.

2.       Mobile digital wallets

A mobile wallet is a device that allows you to carry cash in a digital form. You can use your mobile device to attach your credit card or debit card information to a mobile wallet application, or you can transfer money to a mobile wallet online. Your smartphone can now act as a wallet if you have a good mobile wallet. Because the notion has been broadly embraced across points of sale and services, you won't need to carry wads of cash. Many mobile wallets have integrated utility billers, online shopping, and travel booking, among other features that may be accessed at any time and from any location.

3.       Net banking

All Savings and Current account holders will find Internet banking to be a simple way to bank––anytime, anyplace. You don't need to establish a new account here. You can make an online payment to your biller by simply logging into your internet banking account. A user-friendly dashboard is available from many banks, which offers a slew of benefits. It not only lets you to pay bills, transact, and invest, but it also gives you more control over your own resources. After you've paid your bills online, you may keep track of your spending and make adjustments as needed.

Read Also - How to pay your medical bills online

4.       Credit card

Credit cards, like debit cards, can be used to pay for utility bills. When you use your credit card, you can earn reward points (which can be used to purchase certain items) and take advantage of interesting cash-back/discount offers, which can help you save money.

5.       Debit card

Your debit card, which is linked to your savings account, can be used to pay your utility bills as well. It's simple to use and may be used on multiple biller sites. You don't need to carry wads of cash to pay your power bills on a monthly basis. It is a simpler alternative, especially when you have the available balance in your savings account.

All of the above-mentioned payment modes, are available on the mobile app of Bajaj Finserv app. The app is available on both android and iOS devices. Payments with mobile apps add both convenience and speed to your daily life.

Why covid the financial crisis a good time to get a personal loan?

 

Many people have had their salaries cut in the recent year as a result of poor business performance, which has been exacerbated by the global coronavirus outbreak. Transitioning to a lower pay scale can be a difficult process. Borrowing as a way out, even to meet the most basic of requirements, is only logical in such a situation. People have been contacted by lenders offering personal loans. If you're in a similar situation, you might find it comforting to know that you can get a personal loan accepted quickly if you're in a pinch. If you have an excellent credit score and have been a good borrower, the loan will be easier to obtain. Should you take out a personal loan to bridge the gap in your budget caused by layoffs? Is now a good time to take out a personal loan because of the present financial crisis?

So how can a Personal loan help you?

• ·         Taking out a personal loan makes sense in most cases when it is the least expensive type of credit and is used for something that has the potential to improve your financial situation, such as debt consolidation or home improvement, so that your budget is not put under strain.
• ·         A personal loan for discretionary needs, such as a trip, on the other hand, can be costly and unneeded. Even in a crisis, a personal loan to pay bills such as rent, utilities, or medical bills is a pricey choice that should be considered only after all other options have been exhausted, such as loans from friends and family, crowd-funding, and so on.
• ·         When you are dealing with medical emergencies, and you are short of cash, a personal loan can come in handy. You can use the personal loan to pay for hospital and medical bills.
• ·         Borrowers with a solid credit score and history are more likely to get approved for the loan. However, as a result of the financial crisis, several lenders have raised their income and credit score criteria, making it more difficult for borrowers to qualify for a loan or secure a low interest rate.
• ·         As a result of the foregoing, it is now more vital than ever to shop around for a loan. NBFCs are more likely than banks to offer loans with more flexible terms. If you have a good credit history, check with your bank to see if you can get a better loan approval, as well as reduced rates and other benefits. If you have a friend or family member who is ready to co-sign a personal loan, including them on the application will help you get approved or get a better interest rate.

Make a list of the attributes that are most important to you while deciding between lenders. Think about how much it will cost and when you'll need the money. You could use pre-qualified offers to see what rate and terms you'll get, while some may specialise in quick finance. Make a list of the attributes that are most important to you while deciding between lenders. Think about how much it will cost and when you'll need the money. You could use pre-qualified offers to see what rate and terms you'll get, while some may specialise in quick finance.

Read Also - Benefits Of Personal Financial Planning

Apps like Bajaj Finserv offer an instant personal loan of up to ₹25 lakhs to help you with medical emergencies. With an easy to apply mobile process, you can get your personal loan in a few easy steps with minimal documentation and quick disbursal. You can easily apply for a personal loan in a few easy steps with the mobile app.

The process to apply for Bajaj Finserv EMI Network Card

 

With the advent of online bill payments, there have been many new inclusions to simplify the process. One of the inclusions is an EMI card. Imagine purchasing electronics, home appliances, clothing all at easy no-cost EMIs. It gives you the power to purchase for electronics and more and pay for it later in a flexible repayment tenure.

The Bajaj Finserv EMI Card allows you to use a digital credit line to get a pre-approved loan up to Rs. 4 lakh. You can utilise the card's credit line to make no-cost EMI purchases from 60,000+ partner businesses, including home appliances, groceries, and even gym subscriptions. The Bajaj Finserv EMI Network Card is a credit line provided through a card that allows you to pay for goods and services in instalments. The card functions as a pre-approved credit line that may be used at a variety of partner stores. No, the Bajaj Finserv EMI Card is not a credit card; rather, it is a card that offers a pre-approved line of credit. With minimum documentation and no cost EMI, you can use the loan amount on the card to buy a selection of electric products from 60,000+ partner businesses. Most products can be purchased with the Bajaj Finserv EMI Card at "No Cost EMIs," meaning you will pay no interest at all. Some items, on the other hand, may have a nominal interest rate attached to them.

The Bajaj Finserv EMI Card is a one-of-a-kind network card that works as a pre-approved loan, allowing you to break down the cost of your appliance or gadget purchase into simple, no-interest EMIs. This EMI card's adaptability enables you to swiftly and simply conduct secure online transactions. As part of the Bajaj Finserv EMI ne, you may shop from a variety of offline partner stores of the Bajaj Finserv EMI Store.

The Bajaj Finserv EMI Network Card's validity is stated on the card itself. You can also check the validity of your card via the Bajaj Finserv app or contact customer service for more information.

 Some of the benefits of EMI card include,

• ·         With the EMI Network card, you get a pre-approved loan of Rs. 4 lakh that you may use at 60,000+ partner retailers in over 1,300 cities.
• ·         Amazon, Flipkart, MakeMyTrip, Paytm, Samsung, and other major e-commerce platforms accept the card.
• ·         With the EMI Network Card, you can purchase select products from Bajaj Finserv's partner retailers for no cost EMI, i.e., you won't have to pay any interest to convert your purchases to EMIs.
• ·         The card has a variable repayment period that ranges from three months to two years.
• ·         Only the essential KYC documents are required. If you already have an EMI Network Card, you don't need to present any documents when you buy something.
• ·         The Bajaj Finserv app is included with the EMI Network card. As a result, you won't have to carry the card with you all the time. Alternatively, you can use the wallet mobile app to make payments.
• ·         If you foreclose your loan account after paying the first EMI, Bajaj Finserv will not charge you any fees.

How to apply for the EMI card?

• ·         You can apply for the EMI card with the Bajaj Finserv mobile app. You just have to register with your 10-digit mobile number in the app, and go to the offers section. Or you can click on the EMI card above and proceed to application. Once you are done with registration , your card will get activated for online shopping.
• ·         Visit a Bajaj Finserv EMI Network partner store in your area. To find the nearest store, go to the Bajaj Finserv website and use the store locator. Select the item you wish to purchase. Choose in-store financing by contacting a store representative. Choose in-store financing by contacting a store representative.

How to save money on Utility Bills

Several objects that rely solely on electricity are all around us. Every machine that makes your life easier runs on electricity: the air conditioner, the fan, the television, the refrigerator, the microwave, the mixer, the grinder, the washing machine, and so on. Because of our reliance on electricity, electricity bills account for a significant portion of our monthly utility bills payment.

Because electricity use is continuous and we frequently fail to limit it, exorbitantly expensive electricity bills might place a strain on your monthly budget. Any unexpected increase in a bill can put your budget out of whack. As a result, it is critical that you maintain track of your electricity usage and, as a result, your monthly costs.

How can you save money on your electricity bills?

There are two advantages to attempting to lower your electricity expenditures. One, it saves you money, and two, it is good for the environment because power generation is a costly task that necessitates a lot of resources. Reduced electricity usage can also aid in the conservation of our natural resources. Here are some ideas to help you save money on your electricity bill –

1) Non-conventional energy sources —

 Our primary energy needs are met by conventional energy sources such as coal, petroleum, natural gas, and nuclear power. Because these energy sources are finite and will soon be depleted, it is critical for humanity to transition to non-conventional energy sources such as solar energy, tidal energy, and hydroelectricity. These sources are more reliable and futuristic because they are abundant and limitless in nature.

2) Solar Energy Harvesting –

The sun is the most potent source of limitless energy on the planet. The only difficult aspect is to put in place infrastructure that can harness solar energy, such as solar panels. India is a tropical country with over six months of uninterrupted sunlight per year. If this energy can be collected and stored for future use, it will significantly lessen our reliance on electricity generated from conventional sources. As a result, solar energy can help you save a lot of money on your electricity bills.

Read Also - How to pay Utility bills using credit card

3) Efficient Lighting –

One of the numerous strategies to assist minimize your electricity bill is to use energy-efficient light bulbs and tubes. LED lights, which use less electricity and are more energy-efficient, can help you save a lot of money on your energy costs. Below are some other suggestions that may be beneficial –

• •         Turning off lights when not in use
• •         Cleaning light bulbs and tubes on a regular basis to remove dust that causes the bulbs and tubes to reflect less light.
• •         You can experiment with motion sensors, dimmers, and other devices.
• •         Whenever possible, use reading lights or table lamps so that you only consume the amount of electricity that is actually required rather than lighting up the entire room.

4) Air conditioners –

To save money on electricity, set your air conditioner to 25 degrees Celsius.

• •         As a low-cost alternative to air conditioning, you can utilize wall fans or coolers.
• •         Planting greenery around your home might help to keep it cool naturally and enhance airflow.
• •         If the room is air-conditioned, try to keep the doors closed.

5) TVs/PCs –

It goes without saying that you should turn off TVs and computers while they are not in use.

To save money on energy, put them in sleep mode.

6) Refrigerator –

• •         Avoid opening the fridge door frequently
• •         Do not place hot or warm food immediately inside the fridge Allow time for it to cool before putting it inside.
• •         Make sure there's enough space between the fridge and the wall behind it for adequate ventilation.

Mobile Payment app: A safe way to pay bills online

  

A service that allows you to manage and pay bills electronically is known as online bill pay. You can easily initiate bill payments from the comfort of your home with the mobile app. These can be monthly costs, such as electric bills, auto payments, or credit card payments, or one-time payments to businesses or individuals. Recurring payments to a biller are also possible with online bill pay systems.

The most common method of payment for online bills is a bank account, however, some bill pay sites also accept credit cards. On the bill pay website, you can see all of your bills and transactions, and many bill pay services also include a mobile app. With a mobile payment app, you can choose to pay all your bills with a credit or debit card, net banking, UPI, digital wallet. Mobile payment apps like Bajaj Finserv enable easy payments of all your mobile bills including your electricity, mobile, DTH recharge, broadband, water, and gas bills.

When you choose the right bill payment service, online bill payment is safe. An online bill pay service sponsored by a bank or a company or a lending institute that offers online banking services is usually safe and dependable. For example, online bill payment is far safer than presenting a credit card to a waiter at a restaurant.

To keep your information safe, online bill payment systems encrypt it and use multistep identity verification and password security. A person who handles your credit card during a restaurant transaction, on the other hand, can readily duplicate your credit card account information and use it to make unlawful transactions.

Benefits of bill payments with mobile payment app:

• ·        Mobile phones are always handy, they're becoming an extension of all daily duties, and mobile payment service providers make it simple to pay with them. Customers' requirements are already being met by ordering food and shopping online. So there is no need to carry about their bulky wallet if mobile payment app can help them pay their bills.
• ·         Customers can pay using any method they like or are familiar with while using mobile payments. Debit and credit cards, online banking, mobile wallets, UPI, and other payment methods are available through mobile payment service providers.
• ·         The checkout procedure and the payment gateway is sped up when using mobile payments. It eliminates the necessity for searching for cash or standing in long lines. Customers may simply place an order, pay using mobile payment, and receive their order.
• ·         Customers may shop anything they want, whenever they want, thanks to the internet and online shopping websites. Customers can also pay for their purchases whenever and wherever they choose with mobile payments. There's no need to go to the store, look for cash, or worse, run out of cash.
• ·         The first payment option can be saved as the default in mobile payments (card or bank). Customers can pay whenever they want because the default payment option is always available. Keeping track of daily costs is a critical chore for every one of us. Many of us make use of expenditure management software. Many mobile payment service providers include a management or finance tracking feature in their app.
• ·         Special deals and offers are frequently used by mobile payment providers to attract and target users. Messages or pop-ups incorporated inside the mobile payment application deliver these promotions and offers.
• ·         Mobile payments are quick and allow for completely digital financial transactions. Customers will undoubtedly choose mobile payments due to all of these advantages. As a result of this circumstance, retailers and enterprises must begin taking digital payments.
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Apps like Bajaj Finserv, offer an easy and hassle-free gateway to faster processing of all your bills. You can easily process all your bill payments including your mobile and DTH recharge, electricity bill, water and gas bill, and more easily. The Bajaj Finserv app also offers the flexibility to pay all your bills anywhere and anytime.

5 Features Of Mobile Bill payments

In order to compensate for the utilities that we use, we must make many monthly bill payments. These are recurrent monthly payments that are not discretionary because they cover necessary utilities that are an inextricable element of our existence. We have to pay bills for a variety of utilities, including electricity bill payment, water, LPG, and broadband.

There are various advantages to using your phone to pay your bills. The following is a list of them:

• ·         Convenient
• ·         Secure transactions
• ·         Online tracking
• ·         Reminders for payments
• ·         Cashback

1. Convenient –

What makes paying your electricity bill online so simple? The ability to pay it whenever and wherever you want, rather than needing to wait in line as in the past. Electricity bill payment apps on the internet are a highly easy way to pay your monthly payments online. As we are all obliged to carry out day-to-day tasks indoors as a result of the epidemic, this form of bill paying comes in handy and is really useful.

2. Safe and Secure Payments - 

Online bill payment apps are entirely safe and secure payment methods. People may be skeptical of the online form of bill payment due to a lack of technical knowledge. But, in truth, it is the safest and most convenient way to pay for your utilities, such as your energy or water payment. If you are facing any issues with your bill payments, you can obtain help from virtual assistants or contact customer support immediately on the app platform.

3. Online Tracking –

Another significant benefit of online power bill payment apps is that you can conveniently manage all aspects of your bill payments online. It entirely eliminates all paperwork and makes life easier for you. In just a few clicks, you can view, download, and share payment receipts online, as well as trace your transaction history.

Read Also - Pay electricity bills with mobile app

4. Payment Reminders - 

You may have forgotten to pay some utility bills before the due date on several occasions. Online electrical bill payment apps will notify you of forthcoming bill payments, allowing you to avoid late fees by paying your bills on time. If you don't pay on time, some billers may charge you late fees. This can cause your budget to become unbalanced as the money accumulates. You must be very strict with your monthly bill payments if you need to stay within your budget.

5. Cashback - 

This may be the most compelling reason to pay your power bills online. Imagine earning money back for paying your bills! You have the chance to win redeemable coupons that can be used to shop at the bill payment app's partner brands. This advantage saves you money and makes paying your bills a little more fun!