5 Benefits Of Applying For An Online Personal Loan

Consumers often apply for a personal loan when they are in need of cash. From emergency monetary needs to unforeseen expenses, a personal loan is a lifesaver for many.

Many banks these days have an online presence and customers are embracing the digital way of banking. More and more people are applying for online personal loans too after understanding the benefits. It’s time saving and easier compared to the traditional method of applying for a personal loan.

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Here are some of the best benefits you can enjoy when you go online and apply for a personal loan.

  1. It is convenient

The most appealing benefit of applying for a personal loan online is convenience. You visit the bank’s website, fill out the application form, and attach the requisite documents. There is no need to visit the banks n number of times, for all the details are available on the website. You can apply for a personal loan from the comforts of your home or office or wherever you want. It’s time-saving and convenient.

  1. You get low rates of interest

Applicants who apply for their personal loan online enjoy low rates of interest as well. Increased use of a bank’s online offerings reduces the bank’s dependence on physical assets such as office space, storage rooms, electricity, and even staff. It’s cost-effective and banks, therefore, offer lower interest rates for loans.

  1. Instant EMI calculation

EMI stands for Equated Monthly Instalment. It is the set amount (principal + interest) of the loan you pay back to the bank. When you apply for an online personal loan, bank websites offer a tool called EMI calculator. It’s a useful tool where you enter a few details and calculator displays the EMI you will need to pay.

  1. Easy Comparison

The internet has made easy the process of applying for loans and even comparing them. You can visit website aggregators which list different banks’ personal loan offerings along with their details such as –tenure, EMI, the rate of interest, etc.  Compare different banks and make an informed choice.

  1. Freedom from pesky agents

You visit a bank to enquire about a personal loan. The bank takes down your contact number while collecting customer information. In the next few days, you get lots of messages and phone calls from many banks regarding a personal loan. It’s annoying, to say the least.

When you apply for a personal loan online, the details you enter are secure. There’s no risk of pesky agents calling you every now and then.

The internet has changed the way people apply for loans. It’s quick, hassle free, and offers a lot of benefits; something traditional banking lacked. Such benefits are drawing more and more customers towards digital banking.

6 tips on how to get the best deal on a car loan

A few years back, buying a car was a luxury not everyone could afford to have but, with growing pace of time, purchasing a car is no longer a luxury. Cars are now an important part of our lives and to own a car has become relatively easier with a number of auto loans offered by the companies. To live without a car hinders our social as well as professional life. Thus, emerging car loan lenders have made it easy for us to purchase a car by paying loans through installments or EMIs.

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Although, we need to take care of below mentioned points before seeking a car loan:

  • Shop around to get the best rate: Usually, you shop around to find the best car for yourself likewise, to get the best possible bank loan for your car, you need to do the same. Car buyers are discouraged by the dealers to buy a loan from other banks, they often pick loans from the bank with which car dealers have tied up. In this case, you must talk to other banks regarding car loans and you are more likely to get attractive offers than what your dealer was offering you. Therefore, before purchasing a car, you must do proper homework in order to get the best results.
  • Always negotiate the price of car: The car price should always be negotiated in order to bring down the cost of a car loan. Hence, this is the best possible way of doing so. Car dealers have usually fixed some sizeable margin on every car and possibly, you can get some discount on them. You must speak to multiple dealers for your car loan to get a brief knowledge on various offers and discounts available. At the end, if the price of your car will go down similarly, the amount of your car loan will drop too.
  • Go for shortest loan tenure, which you can afford: Never ever make the tenure of your loan needlessly long. You should always try to repay the amount as early as possible. Longer tenure means your EMIs are low but, if you can afford then make sure it lasts for a period of 3-5 years, which means your total interest rate would be fairly low. No need to opt for long tenure loans if you desire to buy an expensive car. A car loan for eight years makes no sense, as it will significantly increase the total cost of the car.
  • Keep a check on your credit reports: Well, before getting a loan, you must check your credit card reports. Any inconsistency in your credit card report may affect your credit card profile. Also, this can lead to higher car loan interest rates. You must get in touch with the rating agencies, in case you find any problem with your credit card.
  • Must avoid the extras by dealers: Buying is not the end always. Sometimes, dealers charge extras on cars by adding a number of accessories, which include central locks, gear locks to audio systems. Never buy the accessories from a dealer shop because their rates are significantly high. You have to buy them from a good accessory shop at reasonable prices.
  • Do not forget to read the document: You must not forget to read the documents carefully at the end. The documents will include prepayment charges, interest rates and other terms and conditions. Thus, this is to make sure that you read the whole document carefully before signing it.

So, if you are planning to buy your own dream car, opt for the right car loan.

Five Tips Which Will Help You Buy The Right Child Insurance Plan

The only wish of parents is to see their child happy and be the best in everything. Along with rearing duties, financial planning for the child’s future is important as well. With rising inflation, the cost of education, health expenses, and the standard of living is being affected.

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Under such changing times, the best way to secure a child’s future is through a child insurance plan. To buy the right plans is vital for your child’s future. We list out five points to consider while buying such an insurance plan.

  1. Buy A Plan As Early As Possible

Most insurance firms design these plans where the maturity date coincides with a child turning 18 years of age. Many offer payouts at regular intervals after the child turns 18 and maturity benefits too. To buy such plans early, when your child is still an infant, is prudent. It gives you a long investment period to build a healthy corpus.

  1. Look For Plans With Premium Waiver Option

In case of a parent’s death, the insurer waives off the remaining premiums and the insurer continues to fund the insurance policy until its maturity. That’s the benefit of a premium waiver option. This feature ensures the child insurance plan remains uninterrupted and provides the maturity benefit in spite of the death of the parent. Thus, the child’s financial future isn’t interrupted.

  1. Option Of Partial Withdrawals

There are times when an emergency arises with regard to your child without any premonition. You may need to withdraw some funds from the insurance policy and that’s when partial withdrawals are most helpful. Plans with such a feature are helpful as you can meet the sudden expenses without going in debt and the insurance plan continues without any interruptions.

  1. Choose A Plan Which Offers Cover As Well As Good Investments

There are many plans offered by insurers. An ideal child insurance plan will invest in a good mix of debt and growth funds to gain good returns in the long run. Another aspect is to find a plan which gives a substantial cover in case of the parent’s death so that the child’s future is secure.

  1. Compare

In the age of the internet, it’s easy to compare insurers and their offerings. There are many aggregator websites which offer a listing of child insurance policies, their features, and benefits. Go through them, and go through the user comments too as to get an idea about various plans, and then make a choice.

A child insurance plan is your best bet when it comes securing your child’s future. Go for insurers such as Aegon Life and HDFC Life which offer great plans with features aimed to give your child the best cover for his future.