A brief overview of Agri Loans

 Agriculture is the backbone of the Indian economy. With over 60% of the Indian population employed in the agricultural sector, it is vital to provide them with the necessary financial support to boost production and increase income. This is where Agri Loans come into the picture.

Agri Loans are financial products specifically designed to meet the credit needs of farmers, agriculturalists, and other allied activities. They are offered by various financial institutions, including banks, cooperatives, and non-banking financial companies. The following are a few things to know about such Loans:

• Types

Agri Loans can be classified into three categories based on the purpose for which you avail them of:

Production Loans: These are used for meeting the working capital requirements of farmers. This includes purchasing seeds, fertilisers, pesticides, and other inputs required for farming. These loans are usually short-term loans with a repayment period of six to twelve months. However, it is wise to check this with the lender beforehand.

Investment Loans: Such Loans are used for purchasing machinery, land, or for other capital-intensive activities related to farming. They have a longer repayment period of three to five years, and the interest rates are usually lower than Production Loans. An example of such a Loan includes an Agri Gold Loan where farmers can take borrow money against their gold.

Allied Activities Loans: These Loans are mainly used for activities other than farming. This includes activities like dairy, poultry, fishery, and horticulture. They have a repayment period of up to five years.

• Features

Like Personal Loans, Agri Loans also have a range of features that make them attractive to farmers. Some of these features include:

1. Easy availability: Agri Loans are readily available from various financial institutions, including banks, cooperatives, and NBFCs. This makes it easy for farmers to access credit when they need it.
2. Low-interest rates: The government of India has introduced various schemes to provide credit to farmers at lower interest rates. This includes the Kisan Credit Card Scheme, which provides credit at an interest rate of 7% to 9% per annum.

• Flexible repayment options: Such Loans come with flexible repayment options, which include monthly, quarterly, half-yearly, or yearly instalments. This allows farmers to choose a repayment schedule that suits their cash flow.

1. Collateral-free: As it is with an online Gold Loan, many financial institutions offer Agri Loans without the need for collateral. This makes it easier for farmers who may not have assets to pledge as collateral.

• Insurance

Many Agri Loans come with insurance cover, which protects farmers against crop failure, natural calamities, and other risks. However, it is wise to check this offering on your Banking app beforehand.

• Moratorium period

In most cases, such Loans come with a moratorium period. This allows farmers to repay the loan after the harvest season when they have generated income.

What are the various items you receive upon Savings Account opening?

 Earlier, most individuals saw Bank Accounts simply as an instrument to secure their money. However, today is considered the core of every banking activity. You need it to make and receive fund transfers. Bank Accounts are of various types. Savings Account is an account that everyone should consider opening.  It is an interest-bearing account. It takes care of various banking requirements hassle-free.

You can opt for an online Saving Account opening with any leading bank. Typically, it is best to open an account with the bank offering the highest interest rate, while having a low minimum balance requirement, and charges. You receive various details on account opening and following is a list of them:

Account number

Your Savings Account number is the most important information piece you receive on account opening. It is the primary identifier of your account. Every account holder receives a different account number, no two account holders share the same number. Depending on the bank you have opened an account with you will receive either a 12-digit or 14-digit account number. The account number is mentioned in bold in your welcome letter. It is also printed on all cheques.

Bank branch details

You also receive information about your bank branch. You learn about the branch’s official name and identification code. Knowing your bank branch details is necessary. You need these details when making an International Money Transfer. Hence, make note of it. Furthermore, if you need to make major changes to your account, like closing it, you need to reach out to your bank branch for the same.

Debit Card number and PIN

Almost all leading banks offer a Debit Card upon opening the account. You can use the Debit Card to make both offline and online transactions. You receive your Debit Card with the welcome letter. You can find the Debit Card number printed on the welcome and on the card too. The Debit Card PIN is mentioned. Since this PIN is generated by the bank, you need to set a new one for further usage.

Memorise your Debit Card number and PIN as you need to enter them at various checkpoints to make a transaction.

Online Banking login credentials

Online banking has become a preferred way of banking for all. It is simple and time-saving. Whether you wish to make a fund transfer, pay utility bills, make repayments, invest, or apply for credit you can do it all online. Typically, every bank has two Online Banking platforms, one the net banking portal and the other is the Banking App. You need login credentials to access both platforms.

Generally, most banks offer the credentials like user IDs and passwords with welcome letter. Note, the login password is only for one-time use. Once you have successfully logged in, you should set a new password for yourself.

How to save money through Savings Account?

 The banking and financial sector has transformed entirely. However, the Bank Account remains at the core of all operations. You need a Bank Account to meet any requirement no matter how small or big it is. A plus point is you need not travel to the bank to access your account. You can open and operate your account from anywhere at any time using the internet. There are various accounts to open. Consider your requirement to open a suitable account.

Savings Account is an account that everyone should strongly consider. The account serves two purposes, saving and interest earning. You can park your money securely in the account and earn a competitive interest rate on your deposits. Following are some tips to save money through Savings Account:

List the definite goals

One common mistake that every individual makes with saving, is not having a definite goal in mind. Think about it unless you know the destination you would like to arrive at, how will you drive up there? Have a definite saving goal in mind, think of the time period you would like to achieve it in. This will help you chalk out a clear plan of action.

Open multiple accounts

You must consider opening multiple Savings Accounts. This way you can assign one account to every saving goals you may have. This works very well. You are able to focus on attaining your goal single-mindedly. Furthermore, opening multiple Savings Accounts allows you to earn higher interest income. Scout for the best Savings Account interest rates and open two or more accounts today!

You should also have a separate account for your daily transactions. This will ensure you do not end up using your savings to meet your daily expenses.

Maintain the minimum balance requirement

Savings Account follows the concept of minimum balance requirement. You need to maintain the minimum balance requirement always. The main idea behind following the minimum balance requirement is to encourage you to save and curb unnecessary spending. Hence, you should try to keep up with the minimum balance requirement always. That’s the bare minimum you can do.

You are liable to pay a penalty in case of non-maintenance. The penalty amount increases with repeated instances of non-maintenance. Keep up with the minimum balance requirement to avoid paying such high penalties.

Contribute to your account 

Keeping up with the minimum balance requirement is not enough to save. Actively contribute to your account to attain your saving goals. Make it a point to deposit a fixed amount to your Savings Account every month. You can contribute to your account by making an online transfer via a Banking App in no time. Do it today!

Link your Savings Account to your investments. This way, your investment returns get deposited swiftly. This also ensures the safekeeping of your money.

How to Send Money From India to Canada?

 You travel from India to foreign countries in search of better opportunities and a better lifestyle. We leave our families here but do not forget to fulfil our responsibilities towards them. As they depend on us for everything, we must fulfil their demands despite being in a foreign land. Therefore, you look for the best ways to send money from Canada to India at low exchange rates for Canadian Dollars to Indian Rupees.

Fast, smooth, and convenient ways to convert currencies are available online, saving time and effort. Follow these steps:

Signing up

The process of signing up for remittance websites is easy and free. You can also use the app to send money to India for unlimited access and convenience on the go. It is available on the Apple App Store and Google Play Store, making it easier to download and use at any time of the day.

Verifying identity

Security and efficiency are the focus of money transfer companies. Verify your identity quickly and easily to start a money transfer from US to India in no time. You also gain the advantage of earning bonuses and other points upon signing up.

Adding recipients

Banks enable you to transfer funds directly to India. They are quick, convenient, and offer access anywhere, including your home. They allow you to send money to your loved ones even during emergencies and urgent fund requirements, whether at work or elsewhere.

Payment methods

You can use several payment methods to send money to India from Canada. Load your wallet on the money transfer app from your Bank Account using Debit Cards or Online Banking methods. Use these funds for the transfer by entering the beneficiary details correctly.

Exchange rates

Confirm the updated exchange rate and fees, if any. You should view and enquire about all this information beforehand to avoid financial losses. Get a clear idea of all the terms, conditions, charges, and transfer limits. The exchange rates fluctuate between countries during the money transfer to India from Singapore.

Transfer speed and time

Some banks take a few hours or even days to complete the process with time limits. The shorter the duration, the better it is, as it helps your loved ones meet emergency requirements. You also get access to Canada to India money transfer directly to the recipient’s Bank Account.

Receipt

After you send money from Canada to India, collect the receipt or download it online on your smartphone. It holds all the details about the transfer, including the names of the issuing party and the person receiving the document, the transfer description, the date of the issue, and its purpose.

Send money globally 24x7 and instantly in over 20 currencies with live exchange rates.

A Beginner’s Guide to NRE Accounts

 Moving abroad garners many changes. This includes how you handle and manage your money through banking. For instance, you cannot rely on your resident Bank Account for everyday transactions. You must either opt for a new one with a foreign banking partner. You could also convert your old account into a Non-Resident Indian Account.

An NRI Account is meant for NRIs. It allows them to park their foreign earnings safely. It facilitates their banking and investment needs once they move away from India. Such an account comes in three distinctive types:

1. Non-Resident External Account
2. Non-Resident Ordinary Account
3. Foreign Currency Non-Resident Account

Out of these, let us discuss the aspects of an NRE Account. Following is a quick guide on it.

• Rupee-denominated

An NRE Account is Rupee-denominated. This simply means that it maintains your deposits in Indian Rupees. The function stays consistent across all types of such an account. For example, it does not matter if you hold an NRE Current or NRE Fixed Deposit. Your funds will be retained in Indian Rupees regardless of the type.

• Fund maintenance or transfer

You can hold funds received from another country in your NRE Account. The same goes for transfers obtained from another NRE or FCNR Account maintained in India. Also, it is possible to transfer money from your NRE Account to an NRO Account. The process involves no restrictions or extensive formalities.

• Repatriation

This account offers you full repatriation. You can freely transfer the funds in your Bank Account to another country or another NRI Account. Therefore, many NRIs with financially dependent families open an NRE Account online. It allows them to send money to India without any hassles.

• Conversion

Many Indians move overseas for a brief period. When they come back, they get the option of converting this account into a regular resident account. The procedure for this conversion, however, varies from bank to bank. Hence, it is best to check the guidelines for conversion beforehand.

• Joint holding facility

At times, you might want to open an account with a family member living overseas. Considering this, an NRE Bank Account offers you a joint holding facility. You are allowed to hold the account jointly with another individual. However, the co-holder must be an NRI. Else, they cannot avail of this facility.

• Taxation

The most appealing aspect of an NRE Account is its taxation policy. Interest earned on deposits in this account is exempt from taxes. This benefit is enjoyed by all, NRE FD, Savings, and Current Account holders. That way, everyone with this account gets to optimise their interest earnings without any worries.

• Transfer rules

A resident power of attorney cannot open an NRE Account on the NRI’s behalf. However, they are permitted to make local rupee payments and transfers on the NRI’s behalf. There is no imposition on such transactions.

In need of funds for home renovation? Apply for Personal Loans

 Among debit products for customers, Personal Loans are an extremely popular choice. They can be availed of for any reason and helps you fast-track your wishes when you are low on funds. Such a Loan can also enable you to overcome uncertain times and help you tide with ease during emergencies.

Moreover, today, you can get your hands on easy Personal Loans with a few clicks online.

What is it?

A Personal Loan is an Unsecured Loan that allows you to handle your personal needs. Hence, it not only lets you pay for a home renovation project but also lets you take a vacation, buy an electronic gadget, arrange a wedding, etc. The lender has no say in how you spend the money.

Benefits

Some benefits you can claim under the Personal Loan include:

Apply online

Today, you can go fully digital and apply for the Loan online using the Banking app or through Internet Banking, right from the comfort of your space. Hence, the process is quick, and you need not waste time visiting your bank or standing in long queues waiting for your turn. You also need not fill out a ton of paperwork. Instead, the process is completely paperless, and you can complete your application online and scan and upload the documents from anywhere.

High corpus

Depending on your eligibility criteria, you can apply for an instant Personal Loan for Rs. 25,000 to Rs. 15 lakh. Since it is an Unsecured Loan, you do not require collateral.

Flexible tenures

You can choose a bank and apply for a Personal Loan that lets you choose from flexible tenures that last from 12 to 60 months. Hence, you can repay your Loans in equated monthly instalments that are easy on your budget and provides ample room to fulfil your other needs and wants.

With Mobile or Internet Banking, you can effortlessly manage and pay your Loan EMIs instantly. Alternatively, you can set standing instructions in your account to repay the Loan EMIs on a fixed monthly date.

Freelook period

Some banks offer a freelook period when you apply for a Personal Loan. So, if you change your mind, you can easily cancel your Loan application within the stipulated period.

Quick disbursal

After the application process is over, your bank verifies all the details. Once your Loan is approved, the amount is immediately disbursed to your Bank Account.

Tax benefits

When you use a Personal Loan to renovate your house, you can avail of tax deductions of up to Rs. 2 lakh for the interest in a single financial year. You can claim this benefit courtesy of Section 24B of the Tax Act.

Advantages of applying for a Personal Loan online

 Life is unpredictable. It sometimes throws curveballs at you when you least expect them. While it is essential to plan for such emergencies, it is not always possible. You might have pressing needs or your finances may not permit you to pay for such unplanned expenses. Sometimes, you may not have the funds to pursue a passion or go on a vacation on such short notice. This is when a Personal Loan helps.

What is it?

A Personal Loan is classified as an Unsecured Loan that allows you to borrow funds to fulfil various needs like buying an electronic gadget, travelling, renovating your home, meeting small business expenses, organising a wedding, etc. Moreover, you can use the funds in whichever manner you like and the lender does not typically have any say in it.

Today, applying for such a Loan has also become extremely easy. You can simply do so online and enjoy the following benefits:

Ease of documentation

When you visit the bank to apply for Personal Loans, the process includes a ton of paperwork, However, when you do it online through Internet Banking or the Banking App, the process is completely paperless. You only need to fill out a form online that details your requirements and submit your application.

If the Loan amount exceeds your approved limit, your bank may ask you to upload scanned copies of your bank statements or account details. You also need to provide your salary slips or additional details as IT Returns.

Faster application

If you have a Savings Account with your chosen bank, you can apply for an instant Loan with a few clicks. After you check your eligibility, the application process takes only a few minutes. Once the bank approves the Loan corpus and verifies your account details, the amount gets directly credited to your Bank Account.

Apply anytime

Applying for a Loan online does not require you to wait for your bank to open or wait for the manager to make time for you. You can submit your Loan request 24*7 online and get it done conveniently.

Freelook period

If you change your mind about the Loan, you can cancel your application without any hassles during the freelook period offered by banks.

Compare easily

Traditional channels make it difficult to track the benefits offered by different banks. However, the process becomes easier when you apply online for a Personal Loan in India. You can effortlessly compare the different tenures, eligibility criteria, processing fees, and interest rates offered by various banks. Afterwards, you can narrow down one that suits your needs better.

Effortless management

You can easily manage your Loan from the comfort of your space with a few clicks, thanks to the different Online Banking channels.