Personal Loan Application Process: A Step-By-Step Guide

Personal Loans are a great financing option to meet several financial requirements. Since they are multiple purpose Loans, you can use them for anything: funding education plans, home renovation, planning your dream wedding, or even debt consolidation. Many prefer Personal Loans because of their hassle-free application and approval process.

Understanding the various steps involved is crucial if you plan to apply for one. Here is a detailed overview of the approval process.

Checking your eligibility: Before starting your application process, determine your eligibility. Using a Personal Loan eligibility calculator can be helpful here. It gives a clear picture of where you stand concerning the Loan eligibility and the amount you are eligible to apply for. 

Application process: Once you have checked your Loan eligibility, the next thing to do is make an application. There are two ways to apply for the Loan; you can either do so online or visit the nearest bank branch to complete the procedure. Applying for a Personal Loan online is simple and convenient. You can apply for a Loan online by logging into the bank’s website. A working computer and stable internet connection is needed for the request.

Documentation: After filling out the application form, upload certain documents on the bank’s portal. Also, upload the KYC documents, income proofs, tax filings, and other papers. You can find the checklist on the bank’s website. So, check it out.

Verification: The bank verifies all your details on completing the Bank Personal Loan application process. They check its accuracy. Sometimes, the bank would visit your place of employment for verification purposes, so be prepared.

Approval and disbursement: Post the verification process, if the bank is satisfied, they approve the Personal Loan request right away. The process becomes more time-saving and simple if you are eligible for a pre-approved Loan. On your Loan request being approved, you can expect funds to be credited to your Savings Account within one or two working days. In the case of a pre-approved Loan, the funds get credited to your account instantly.

Usually, the entire Loan process and approval takes up to four to five working days. However, the timeline can be prolonged if your documents are not in place, and you need not meet eligibility for Personal Loan. Applying at the earliest possible is best, considering delays in the Loan approval process. This ensures that you are not running around to arrange for funds during trying times.

Do not forget to maintain an excellent financial profile and have all necessary documents handy. 

What Are The Notable Features Of Banking Apps?

The customers of today do not like waiting. They want their needs met and issues resolved instantly. Banking requirements are no exception. Owing to the emerging preference, banks and financial institutions have introduced apps into the picture. Not only are these apps convenient, but they are also quite efficient. But to reap the benefits of any Banking app entirely, you should know about its features.

Only then can you use it to your advantage effectively. Else, it might be of no substantial use to you. So here are the most notable ones for your reference:

1. Security & fraud alerts

Despite being easily accessible, Internet Banking facilities like Banking apps are incredibly safe. They operate on advanced security features that go beyond simple log-in requirements. They are embedded with multi-factor authentication that ensures advanced level protection. This way, hackers cannot get access to your details whatsoever. If there is an unsuccessful log-in attempt from another device, you get notified.

You also get fraud alerts; at times, bank officials might contact you to verify suspicious transactions made through your online Bank Account. Here are some things you can do to take your security up a notch:

• Do not share your log-in credentials with anyone
• Change your PINs and passwords frequently
• Do not create obvious PINs and passwords. For example, your birth date, wedding anniversary date, etc.
• Create strong passwords to be on the safe side

Note that these come in handy while availing of any Online Banking facility. It is always good to take precautionary measures on your end.

2. QR payments

Nowadays, QR payments have become significantly popular. They are contactless payment facilities performed by scanning a QR code from a Mobile Banking app. You must go to your app and click the ‘Scan QR code’ option. Then, the app will open your camera to scan the code. Once that is done, you must enter the amount and your PIN to process the payment.

3. Cheque deposit facility

Earlier, you had to visit the bank to deposit cheques. But nowadays, you need not even step out of your house to do so. With an Android Banking app, this task becomes simpler. You need to scan the front and back sides of the cheque and follow the instructions given by the app.

4. Bill payments

Most apps provide you with options to pay your utility bills. For example, if you need to pay your electricity bill, you will find the option ‘pay electricity bill’ in the app.

Why Are Sips Suitable For First-Time Investors?

Investments play a significant role in our lives. They enable us to build our wealth strategically. They also come to our rescue in times of financial emergencies. Without them, it becomes challenging to establish our monetary goals on time. But for a first-time investor, specific Investment options could seem slightly intimidating. This is when a Systematic Investment Plan comes in handy. It is a systematic yet simple investment scheme.

It allows the investor to deposit small sums at regular intervals for a predetermined period. It serves as a hassle-free and convenient investment option for beginners. Here are other reasons why SIPs are suitable for first-time investors:

Easy to comprehend

As discussed, a SIP follows a simplistic investment structure. You only need to invest a fixed sum at regular intervals. You and the fund provider agree upon both when initiating the SIP.  This way, there is no confusion whatsoever.  

Reliable & safe

A SIP Investment is the safest investment option available. It is both managed and controlled by professional fund managers. You need not worry about security threats. Also, SIPs are not influenced by market fluctuations. They follow a rupee cost averaging structure that determines the average high and low amount based on your investment duration. Hence, they are highly reliable too.

Redeemable

Unlike other investment schemes, SIPs allow termination and withdrawals. It grants full redeemability of your invested funds. For example, you have invested in a SIP. For whatever reason, you wish to discontinue it and withdraw your money. In this case, your fund provider will disburse the total invested amount in your Savings Account. This way, you get full access to your investments.

Tax-saving perks

A significant chunk of investments gets deducted by taxation. But in the case of SIP Plans, the investor does not face this issue. As per section 80C of the Income Tax Act, such Investments are exempt from taxes. Hence, it is an excellent option for first-time investors. It allows them to reap the benefits of investing entirely.

Calculator

A SIP calculator is an online tool that helps investors compute their returns. This tool is readily available on most fund providing portals and the Mutual Fund app. It is highly beneficial to first-time investors who have little knowledge about investment growth.

Accessible

Nowadays, SIPs have become quite accessible. Several online banking portals and fund houses offer them at the click of a button. You need to meet their eligibility criteria and follow their application process. After this, you can start your SIPs.

5 reasons to hold a Premium Savings Account

 Almost every salaried individual owns a Savings Account. It is safe, dependable, and easy to operate. It also offers steady interest that helps the holder generate significant income. But nowadays, the financial needs of people have changed drastically. They expect more perks from banking products, especially their Savings Accounts.

Considering this emerging need, banks have introduced a Premium Savings Account. It is an advanced version of your regular Savings Account. At its core, it has the same functions and features. The only difference is that it offers a host of additional perks and benefits to its holder. Following are the reasons why this account is beneficial:

1. Privileges

When you do Premium Banking, you get access to numerous lifestyle privileges. A few common ones are:

• Travel: This includes airport pick-up/drop-off services, airport meet-greets, exclusive airport lounge access, global travel assistance, etc.

• Medical: These involve 24x7 global medical assistance in case of medical emergencies. This facility is available to the holder and their immediate family.

• Education: Overseas education concierge to help you fund your child’s higher education.

• Sports & Entertainment: Exclusive access to sports and entertainment events, with attractive discounts.

• Property & legal services: Beyond banking services like property management, tax planning, trust management, legal services, etc.

2.   Competitive interest rates

A regular Savings Account offers favourable interest rates. However, some wish to benefit more. Thus, a Premium Savings Account has relatively higher interest rates to push your deposit growth considerably. Besides, the Premium Savings Account fees & charges are also low. This way, you do not have to spend a fortune to avail of the benefits.

3. Promotional offers

The account holders get exclusive access to special promotional offers from time to time. They also get appealing discounts on select brands. As a result, they get the best markdowns when shopping.

4. Free ATM withdrawals

When you withdraw money from your Savings Account, you are charged a specific fee from the bank. Although not a significant amount, it eventually starts draining your cash with time.  But with a Premium Savings Account, you do not face this issue. In most cases, it does not charge you for ATM withdrawals. Plus, the withdrawal limit is also relatively higher. This way, you need not worry about complying with the standard limit.

5. Higher insurance coverage

The holders also get higher Insurance coverages under this account. Compared to a regular Savings Account, it also offers other perks in the insurance category. However, these benefits strictly depend on your banking partner and their policies.

What modes to use for transferring money to India from the UK?

 Funds are a source of living worldwide. You earn money to secure your future and fulfil your expectations while finding several growth opportunities in professional fields. Indians travel to foreign countries to live a bright future and secure their goals. You never forget your responsibilities and cultural values, even in a foreign land.

Every year, Indians travel abroad and initiate a money transfer to India from the UK to support their families financially. It helps improve the household’s living standards while fulfilling everyone’s desires. The following are the modes you can use for the fund transfer:

Bank transfers

The first and most convenient option for money transfer to India is through banks. With the promotion of benefits of Digital Banking, most Indians own a Bank Account. Your recipient accesses the money from an authorised ATM or visits the bank to collect money.

Mobile wallets

The majority of the mobile phone users in India use a mobile wallet to manage payments. It is an app you download on your phone which works similar to a physical wallet. It allows you to store money, pay, and send money directly to another person’s wallet or Bank Account. In transferring money from the UK to India, the cash is readily available for the receiver to spend, pay bills, or withdraw.

Money agents

Sending cash is one of the quickest ways of money transfer from the US to India. You must approach an agent, hand over the money to transfer abroad, and provide the recipient and sender details. The receiver collects it from a local agent. Consider the size of the agent network in India. Since the receiver collects the cash personally, having a broad network is an advantage.

Reasons to transfer

You transfer money to India for various occasions, including paying rent, weddings, medical expenses, etc. Since it is an important event, you ensure it goes smoothly, and your family faces no financial trouble or worries.

Cost reduction

Funds are necessary for people in all parts of the world. When you transfer money from Singapore to India through your Bank Account, you pay a fee. Find ways to reduce it and achieve affordable exchange rates while securing your transfer.

Points to note

While initiating a money transfer to India from the UK, you must pay attention to the costs, time, and network. Approaching a provider with a vast network in different countries is helpful as they are genuine and hold a good reputation.

Conclusion

It is easy to send money from Canada to India because of technological innovations. Since the remittance industry updates itself regularly, you get access to the best services. Therefore, selecting an agent or transfer company with the right expertise and reach is essential.

Preparation tips for opening an NRI Account

 As you move overseas and reside there for a period, your residential status changes. You become a Non-Resident Indian, which impacts your finances significantly. Managing your income in India requires you to modify your banking practices. This primarily involves opening an NRI Account. Banks offer this account specifically for Indians residing abroad to access funds in India.

You get two options – Non-Resident External and Non-Resident Ordinary Accounts. They let you manage foreign and Indian income, respectively. If you have both sources of revenue, you may open both accounts. The opening process for NRO online is simple. It involves minimal formalities and gets done within minutes. However, staying prepared is essential. Follow these tips:

Research

You get all the information required on the banks' websites. This makes the account opening process easier. Besides that, it gives you the power of comparison. Although the banking services are similar, banks' interest rates and requirements differ. Go through them by visiting their respective websites. This lets you make an informed choice while opening the NRO and NRE Account.

Gather documents

After finalising the right bank, going through the documentation requirements is helpful. This way, you get to arrange the paperwork beforehand. Most banks have a similar protocol for KYC documentation. They ask for your passport-sized photograph, Identity proof, PAN Card, address proof, etc. Additionally, you must submit the overseas address, work permit, passport copy, etc. Banks use this to verify your NRI status.

Leverage Digital Banking

Thanks to digitisation, you need not visit India to open an NRO Account. You get to complete the formalities from overseas. You do this either through the bank's website or application. Either way, you go through easy steps, and the account gets opened quickly. Also, maintenance is easy through banking apps. Everything happens smoothly from checking balances, making investments, subscribing to financial products, and making transfers.

Understand regulations

The Reserve Bank of India has specialised terms for regulating the NRO Account in India. You must follow the same to avoid inconvenience. This involves converting your existing resident Savings Account into NRI Bank Account. If not, the bank takes the necessary actions. It is better to take control of your hands instead. Besides, understand the rules regarding account maintenance, taxation, repatriation, etc., for smooth operation.

Decide nominee

You get the right to appoint a nominee for NRO Bank Account. However, only one nominee is permitted per account. You choose your close relative, spouse, or guardian for the same. They can either be a resident or NRI. Understand your purpose before making the decision. If you want someone from India to access your account, choosing a resident is ideal. They perform tasks on your behalf, avoiding any hassles you may face.

What Are The Primary Responsibilities Of A Celebrity Coach?

Celebrities and public figures are no strangers to the spotlight. They meet all kinds of media entities who want to interview them. In such a case, prepare for any question. But this is not an easy task for an untrained individual. Hence, they hire a celebrity coach. They are professionals who groom and train you for media interactions. They guide and educate you on social cues and help you channel your confidence effortlessly.

Here are their other primary responsibilities explained briefly:

1.Work-life balance

You have numerous places to be and things to do as a celebrity. If you do not manage your time efficiently, you will have no time for your personal life. But managing time is a slightly challenging task for many. This is where a celebrity coach is useful. They help you systematically allocate time for professional and personal affairs.

2.Creativity and innovation

As a public figure, people expect you to look and sound intriguing 24x7. But that is not humanely possible. Hence, they provide ideas for revamping your public image. They empower you to channel your creativity through your interviews or appearances. For this, they offer video conference training too.

3.Accountability

Irrespective of which profession you are in, it is essential to take accountability for your actions. But this works slightly differently if you are in the limelight. You have to say the right things without losing your authenticity. Thus, many celebrities seek the guidance of a coach. Since they are professionals in the field, they assist you in taking accountability. They also enable you to take the necessary steps to avoid blunders in the future.

4.Confidence and self-esteem issues

Celebrities are humans too. Like most of us, they too have days when they feel underconfident. During such times, it becomes tough to put on a show. Hence, hiring celebrity coaches is essential. They empower public figures to overcome their insecurities. They provide strategic tools to reduce work stress and anxiety. As a result, facing the cameras and media interactions becomes significantly manageable.

5.Amplifies strengths

Low self-esteem comes from the unawareness of your strengths. Considering this, a celebrity coach urges you to acknowledge your worth. They push you to do your best and give you a much-needed boost of confidence. They even act as a mirror to help you recognize your true self.  This way, you place your best foot forward. You also feel motivated to add in more work on your weaknesses. Over time, you learn ways to channel your talents effectively.