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For millions of people, buying a home of their own is one of their most cherished dreams. Most people will achieve this dream with the help of a home loan - which is one of the most significant financial commitments they will make in their life. Home loans generally involve a substantial loan amount and a long repayment period that could stretch into decades, but it also the means of owning a valuable asset and confers a sense of security.  Here are some useful tips to keep in mind to ma

A commercial loan is a loan that is sanctioned for commercial use rather than for individual consumer use. A commercial loan, or business loan, is one that is taken for business related reasons. You might be a small entrepreneur who needs funds for a variety of reasons like buying office equipment, larger business expansion or maybe even software development – a commercial loan is designed for these requirements. A consumer loan, on the other hand, is taken by an individual for personal

HDFC is one of the leading banks in India and one of the largest credit card issuers in the country. It offers an array of credit card options to suit your requirements that include airline cards, cards designed for women, co-branded cards, entertainment and lifestyle cards among several others.Checking your HDFC credit card balance onlineIf you already own an HDFC credit card and want to check your credit card balance, you can do so online as well, without

Andhra Bank currently offers an interest rate of 4% per annum for savings bank accounts.  The rate is subject to change at any time.Andhra Bank Interest rate on savings accountMost banks, including Andhra Bank, offer an interest rate of 4% p.a. on savings bank accounts. Earlier, the RBI had laid down a uniform interest rate on savings accounts for all banks which meant that there was no difference in the amount you earned as interest, regardless of whic

It is simple to apply for a PAN card and you can choose to do so online or by physically submitting it at a PAN centre.What is a PAN card? PAN stands for Permanent Account Number (PAN) and is a ten digit alphanumeric (containing both letters and numbers) that is issued by the Income Tax Department. It is laminated on a plastic card which is why it is commonly referred to as a PAN card. PAN enables the IT department to link all the transactions of the assesse

The beginning of the year always seems a good time to start good new habits afresh. We usually focus our new intentions on our physical and mental health – but what about our financial health? You don’t have to wait for the next January 1st to make a resolution to pay attention to your financial health and create financial goals for yourself. It is never too late to take stock of your personal finances, take steps to improve your financial health, and remove the stress

When you offer a property you own (whether residential or commercial) as collateral to take a loan, it is known as a Loan against Property. It is a popular type of loan to take as it is cheaper than a personal loan and offers a larger loan amount over a longer repayment period. It is similar to a Personal loan in that you can use the loan amount for any purpose – like debt consolidation, business expansion, education expenses, family or medical emergency. Benefits

Planning to apply for a loan? Or if you have unsuccessfully applied for one, are you wondering why your application was rejected? Applying for a loan seems a straightforward thing to do but many people unknowingly reduce their chance of securing a loan by making some very avoidable ‘loan mistakes’.  What are some of the things that trip up your application? And more importantly, how can you avoid them when you next apply for a loan?  Some common ‘l

Most information available on loans is overwhelmingly about housing or auto or personal loans. If you are a business owner looking for a business loan, here are some tips on how to qualify for one.Tips for a successful business loan applicationHere is how you can maximise your chances of success when you apply for a business loan.a. Have a sound business plan: Banks will lend you money if they think that you have a clear idea on how the money will b

You might think of a bank as an impersonal institution that enables you to conduct your finances. Think again. Having a good relationship with your bank is a two-way street with both bank and customer enjoying the benefits. Developing a good relationship with a bank can help you in ways you might not have thought of before. Here, then, are 7 secrets about your relationship with your bank that might be useful to keep in mind. Why should you have a good relationship with

Bank of India currently offers an interest rate of 4% per annum for savings bank accounts.  The rate is subject to change at any time.Bank of India Interest rate on savings accountMost banks, including Bank of India, offer an interest rate of 4% p.a. on savings bank accounts. Earlier, the RBI had laid down a uniform interest rate on savings accounts for all banks which meant that there was no difference in the amount you earned as interest, regardless o

Even small mistakes on a small loan can have big consequences! Do not assume that because a loan is small in size it does not require much time or effort to complete.  Here are some common mistakes to avoid when you apply for a small loan. 1. Not researching enough Often because it is a relatively small loan, customers do not pay attention to every detail of the terms and conditions of the loan.  This can lead to unwanted complications and unnecessarily high costs in

You do not have to wait for January 1st to make resolutions to improve your finances! Any time of the year is a good time to start taking concrete steps to organize your personal finances.  The state of our finances is one of the biggest contributors to stress, and you can start to remove some of that constant anxiety by following the practical tips below. Simple ways to improve your finances 1. Write down your financial problems and goals. Writing them

Insurance is quite simply protection against the risk of potential significant financial loss in the future. Insurance is a way of buying financial peace of mind against the uncertainties and risks in life such as untimely death, loss of property, serious health issues requiring heavy expenditure and accidents among others. Life insurance: Let’s take the example of one of the more popular types of insuran

With the cost of medical care skyrocketing, dealing with the expenses of a major illness or surgery can come as a shock and leave a deep hole in your wallet. Buying health insurance is a good way of planning for unexpected medical expenditure which can run into many lakhs of rupees depending on which city you live in and the kind of medical care you need. Simply put, by paying a small amount to the insurance company periodically over a number of years, you are assured of at least a pa

An auto loan can be the first significant loan many people take from the formal banking system. While it is a wonderful feeling to own your own vehicle, the cost of purchasing the vehicle should not leave you unhappy! Here are some tips on what you can do to get a good deal on your auto loan. Remain updated on your credit score: When you are planning to buy a vehicle – whether two wheeler or car – the f

Features and Benefits of Personal LoansA personal loan is a loan taken by an individual to fund any personal expense like, for example, a wedding, to make renovations to the home or even for a vacation. Unlike many other kinds of loan, there is no restriction on how the borrowed amount is finally used – the borrower has full freedom to use the money for any purpose they want.There are two attractive features of a personal loan:i.Complete flexi

ICICI Prudential Life Insurance is a joint venture between ICICI Bank and Prudential PLC, a leading British financial services company. It was the first private sector life insurance company to begin operations in India in 2000 after approval by the Insurance Regulatory Development Authority of India, and it remains one of the leading life insurance companies in the country.  ICICI Prudential has a range of plans to suit the differing needs of customers:Term Pla

What factors affect the interest rate on personal loans? It is important to note that personal loans are the most expensive loans in the formal consumer banking system.  Interest rates on personal loans in India generally range from 14-25% though, of course, it could be higher or lower depending on each individual bank or lender’s internal policies and lending criteria. The reason personal loans incur the highest interest rates are because they are

Unlike a regular credit card, you need a cash deposit with the bank to be issued a secured credit card. This deposit is used by the bank as security in case you default on your credit card payments. This kind of card also helps you create credit history or rebuild your credit profile if you have a poor credit score.When should you opt for a secured credit card?There are three categories of people w

It is mandatory to have auto insurance in India. You can purchase your auto insurance at the time of buying the vehicle. Along with the joy of owning your vehicle, is the ever present danger of loss due to accident, theft or natural calamity. Tips to keep in mind when claiming car insurance Claims arising from an accident 1.The first thing you should do when involved in an accident is to inform the police and your insurance representat