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.

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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.

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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.

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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.

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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.

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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.

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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.