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The Pradhan Mantri Suraksha Bima Yojana and the Pradhan Mantri Jeevan Jyoti Bima Yojana are insurance schemes launched by the Indian government to ensure that even the poorer sections of our society have some kind of insurance in the face of adverse accidents to help them through financial adversities. 

Have you taken a personal loan or home loan at an interest rate which is digging deep in your pocket during repayment? Wouldn’t it be relieving if you could transfer whatever loan balance you have to another bank for a lower interest rate? Yes, you can now switch your existing loan to another bank/lender who is ready to offer you a lower interest rate on your outstanding amount. This is called balance transfer.  

Credit is a great tool that can come in handy at any time, be it a personal or a business need. As individuals might need loans to fulfill many of their needs and wants, so is the case with businesses. The need for credit in business is more pronounced as the credit requirements are of a larger magnitude, which is difficult to be met out of personal resources.  

Owning a home is a dream for many of us.  A home is a big-ticket investment, which is difficult to own without a loan. As a home loan involves large amount and extends across a long tenure of 20-30 years, lenders do a thorough due diligence before approving loan applications. Lots of factors go into determining the approval of your home loan application. They can range from your income to your existing credit score to other loan commitments, documentation and other issues involved with the property being chosen.  

A good credit score is a great asset to have these days. It comes in handy in all those situations when you need credit to buy anything that cannot be paid for immediately, like a home, vehicle or loans to tide over emergencies/unplanned circumstances or even for availing a credit card.  

Rajesh took his family and parents on a vacation to the US. Unfortunately, his father fell ill and was diagnosed with a heart ailment which required immediate hospitalization. The cost of the treatment and hospitalization came up to $20,000 (Rs 14,00,000). It was a huge amount and Rajesh had to pay through his nose after gathering some help from friends and relatives. 

We live in a world of consumption. Right from groceries to mobile phones to vehicles and homes, we have to have the best and latest one in the market. Often, these work out to be high-ticket buys; somewhat beyond our capacity to buy it only on our savings/income. 

To cater to the needs of consumers, credit is available in a variety of ways nowadays, but it often comes with many preset conditions of minimum income level, credit score, etc. There are many people who fall on the lower end of the income spectrum. All these people need may be a small ticket loan, but such individuals often find it difficult to secure credit from traditional sources of lenders, such as banks, as they do not meet the stringent conditions of income.

When your mobile phone is lost, does not support some of the latest applications, or no longer functions, you would certainly look for ways to get the latest mobile with the much-heralded sophisticated features. During such instances, it is quite hard to gather enough money to purchase the mobile phone that you set your mind upon, especially when your savings are meagre.  

Credit scores range between figures of 300-900 with the higher scores signifying better grade of creditworthiness.  A credit score is the indicator which conveys to your lender the probability of you defaulting your next loan/credit card outstanding bill.  With a good score, the lender will know that you are a creditworthy borrower.  

Permanent Account Number or PAN, as it is popularly called, is a very important document required for carrying out financial transactions.  Whether it is opening a bank account, depositing cash beyond a certain limit, applying for a credit card or doing any real estate transactions; all of these and many more situations mandatorily require you to quote your PAN. 

Home Loan and Loan Against Property are two different types of loans but sound similar due to the terms used in denoting them, often creating confusion among people. Both home loan and loan against property are drawn against a property, so what are the differences between the two loans? 

Owning a home often involves a home loan and these are big ticket, long-term commitments. As the loan involves lakhs of rupees and runs up to long terms like 20-30 years, interest paid on these loans matters a lot. Often, individuals pay an amount equal to or more than the principal of the loan as interest. Let’s look at an example to demonstrate the same.

Skimming is the process by which information on the credit card is stolen during an otherwise legitimate transaction like swiping at the fuel stations, restaurants, etc. These are done by using a small device called the Skimmer. The data skimming devices could be attached to the Electronic Data Capture (EDC) machines or could even be carried in the hands of waiters or store employees. 

Your love for your daughter will shine best through the future you secure for her. No amount is too small to start investing. Irrespective of how much you earn, there is always a way to save for your girl’s future. Launched by the Government of India in January 2015, the scheme Sukanya Samriddhi Yojana is an exclusive saving scheme designed for the financial well-being of a girl child. This saving plan offers the highest interest rate when compared to all other plans, such as Fixed Deposit, Recurring Deposit, or Public Provident Fund.

A home is much more than a combination of 4 walls and some contents like furniture and gadgets in it. To protect it, you may put the heaviest of the locks, hire an army of security guards and install CCTV cameras all around, yet all that together cannot protect your home from certain damages like in case of a natural calamity. 

The popularity and ease of use of credit cards have risen many folds. Not only does a credit card help in payments and offer short-term credit, but it is also a good way to earn some offers, rewards, and other perks. These rewards/benefits come in various forms. While some cards may award you for spending online, others may do so for spending on hotels, dining, shopping, etc. 

The convenience of credit cards needs no repeated mentioning, but the dangers of credit card debt do require some attention, as it can act as a major reason for your financial ruin. Credit card debt is the most expensive debt that one can owe. At exorbitant rates of 30-40%, credit card debt is totally not worth it. 

India is the second largest producer of farm products, contributing a major share in the country’s economy. However, agriculture is steadily declining with the country’s broad-based business growth. The reason for decline could also be the lack of funds for sustainability. However, the future seems promising for agriculture with the wide array of loans available from banks.  

We have as many varieties of credit cards as our needs and wants. One that rewards you for traveling, one for fueling up your vehicle, one for online shopping, one for air tickets, one for grocery shopping offline, and so on and so forth. It seems nice to open a wallet full of credit cards that make you feel good.  

We Indians are fond of gold. Not only does gold hold investment value, culturally we show an affinity towards gold. In fact, a study by the World Gold Council in 2017 revealed that Indians households, form the world’s largest hoarders of gold, holding a record 23,000-24,000 tonnes of the precious metal, worth at least $800 billion. Though the fancy for this metal has decreased after demonetization, gold still holds a strong place here.