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<p>Founder &amp; Managing Director, MyMoneyMantra| BFSI Visionary &amp; Thought Leader| Erstwhile Captain,DGC</p>

Raj Khosla

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<p>Omni Channel Content Specialist| enthusiastic personal finance writer | Top50 CM professional by WMC, CMO</p>

Reshma Rawat

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<p>Finance Writer: Expert in Loans &amp; Credit Cards</p>

Priyanka Jain

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<p>Director - MyMoneyMantra Fintech&nbsp;</p>

Aparna Sharma

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<p>In 1987, when HSBC Bank introduced the ATM concept in India for the first time, people were so excited that they won’t need to visit banks, stand in long queues, and fill the form to withdraw money. People were happy withdrawing cash from their bank accounts, and spend it on their expenses. The ATM and Debit Cards’ boom in India has been growing since that invention. Nowadays, people can’t imagine going through the same old process anymore. Today, most of the bank account holders have an ATM or Debit Card.</p><p>However, unlike Debit Cards, <a href="https://www.mymoneymantra.com/credit-card.html"><strong>Credit Cards</strong></a> took so long to get the acceptance among Indian customers. Credit Cards were seen as a liability in India and people were resistant to accept that transformation in the way transaction used to happen. The Credit Card market started in 1981 in India when Visa issued the card, and Andhra Bank was the trailblazer of Credit Cards in the country back then.</p><p>The word credit did not go down well in the Indian anti-credit mindset in the initial years of the invention of Credit Cards. Not many people were willing to adopt that trend as they felt Credit Cards can increase their credit and liability which they might not be able to repay. If they default or delay the due payment, the outcome could be against them.</p><p>The ability to ‘spend now and pay later’ became the reason behind acceptance of this plastic currency. And, gradually, with the increase in income and internet boom, salaried individuals also started using Credit Cards.</p><p>Today, <strong>Credit Cards</strong> are not just merely accepted, but are being used exponentially across the country for several reasons – you can withdraw money, make utility and other bill payments, buy a recent expensive gadget and pay in instalments, transfer funds, shop, and do a lot of stuff with this single plastic card.</p><p>As per the data recently released by RBI (Reserve Bank of India), around 29.8 million Credit Cards were issued in March, 2017. The usage of Credit Cards has also hit a record high in India. There is a 9% growth in Credit Card outstanding in the initial four months of FY18. The Credit Card spending stood at 33,6196 Crores on 31 March, 2017 in India. In March 2012, the figure was 8,958 Crores, that shows a leap of 275%. The number of defaults has also been reduced in recent years.</p><h3><i><strong>So, what is the reason behind this sudden jump? Here are a few reasons:</strong></i></h3><ul><li>Banks are being more flexible in issuing Credit Cards as they can easily access the credit scores of their customers through CIBIL and other credit bureaus. These scores help them determine borrower’s financial stability and the default, if any.</li><li>There is contribution of e-commerce boom too. Now more people are shopping online using digital payment methods including Credit Cards.</li><li>The merchants are providing attractive offers on Credit Cards for their customers such as cash-backs, rewards, discounts, etc.</li><li>Credit Cards enable customers can to buy expensive items on easy instalments.</li><li>The growth is also the outcome of Indian Government’s demonetization and digitalization move.</li></ul><p><strong>Credit Cards</strong> are being used in India like never before, and with the speed, people are being digitally advanced now, e-payments (including Credit Cards) are expected to increase 10 times by 2010.</p><figure class="image"><img src="https://d1lt2ralzv8247.cloudfront.net/Credit_Card_61a1913728.png" alt="Credit Card"></figure><p>&nbsp;</p>

<p>In 1987, when HSBC Bank introduced the ATM concept in India for the first time, people were so excited that they won&#8217;t need to visit banks, stand in long queues, and fill the form to withdraw money. People were happy withdrawing cash from their bank accounts, and spend it on their expenses.</p> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/credit-cards-resistance-acceptance-growth-india/' data-a2a-title='Credit Cards: The Resistance, Acceptance, and Growth in India'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-cards-resistance-acceptance-growth-india%2F&amp;linkname=Credit%20Cards%3A%20The%20Resistance%2C%20Acceptance%2C%20and%20Growth%20in%20India' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-cards-resistance-acceptance-growth-india%2F&amp;linkname=Credit%20Cards%3A%20The%20Resistance%2C%20Acceptance%2C%20and%20Growth%20in%20India' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-cards-resistance-acceptance-growth-india%2F&amp;linkname=Credit%20Cards%3A%20The%20Resistance%2C%20Acceptance%2C%20and%20Growth%20in%20India' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-cards-resistance-acceptance-growth-india%2F&amp;linkname=Credit%20Cards%3A%20The%20Resistance%2C%20Acceptance%2C%20and%20Growth%20in%20India' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-cards-resistance-acceptance-growth-india%2F&amp;linkname=Credit%20Cards%3A%20The%20Resistance%2C%20Acceptance%2C%20and%20Growth%20in%20India' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-cards-resistance-acceptance-growth-india%2F&amp;linkname=Credit%20Cards%3A%20The%20Resistance%2C%20Acceptance%2C%20and%20Growth%20in%20India' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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Credit Cards: The Resistance, Acceptance, and Growth in India -

<p>Without an iota of doubt, Credit Cards have become the preferred mode of transaction for many of the salaried and business individuals. They not just provide us a cashless payment medium but also offer us the flexibility of repayment.</p><p>However, with the availability of sky-full of Credit Cards nowadays, it has become extremely difficult to find one that suits your needs in the best way. It is important to keep in mind for which purpose you need a <strong>Credit Card</strong> such as – for saving on interest repayments, enjoying the benefit of repaying in instalments, earning attractive cashback, or utilizing other benefits.</p><h2><i><strong>When you are sure about your needs, follow the tips mentioned below for deciding which Credit Card is best:</strong></i></h2><h3><strong>1. Analyze Your Pattern of Usage</strong></h3><p>Analyze your spending habits! Do you pay monthly mobile bills or utility bills? Are you a frequent shopper? Do you travel by flights often? Considering these factors majorly influence your Credit Card choice because these habits directly determine your monthly interest outgo on an unpaid bill.</p><p>If you can pay monthly dues in a disciplined way, you don’t need to worry about the interest on unpaid amount or late payment charges. In that case, look out for a card with zero annual fees and longer grace period that comes with cashback offers and reward points.</p><p>If you feel that there could be a delay in payments, enroll for a card that provides the flexibility of carrying your existing balance forward to the next month at minimum charges or a card that comes with the lowest interest on the unpaid amount.</p><p>For those who don’t use their card frequently or hold multiple cards, opt for a no-frills card with no annual membership fee and low-interest rate.</p><h3><strong>2. Pay Heed to the Credit Limit</strong></h3><p>With daily expenses reaching sky high, everyone is looking for <a href="https://www.mymoneymantra.com/credit-card.html"><strong>Credit Cards with Higher Limit</strong> </a>to help them meet any unexpected expenses. Moreover, having a low card limit can lead to max out situation which can drastically pull your credit score down impacting your future borrowing eligibility. Hence, pay utmost importance to the credit limit before finalizing a card. Also, it is advised to plan your expenses beforehand so as to restrict your unnecessary expenses within card’s limit.</p><figure class="image"><img src="https://d1lt2ralzv8247.cloudfront.net/Home_Loan_Eligibility_1072142971.jpg" alt="Best Credit Card" srcset="https://d1lt2ralzv8247.cloudfront.net/Home_Loan_Eligibility_1072142971.jpg 868w, https://www.mymoneymantra.com/blog/wp-content/uploads/2018/01/Home-Loan-Eligibility-300x35.jpg 300w, https://www.mymoneymantra.com/blog/wp-content/uploads/2018/01/Home-Loan-Eligibility-768x88.jpg 768w" sizes="100vw"></figure><h3><strong>3. Consider Interest Rate</strong></h3><p>The interest rate is the most important factor to be considered when choosing a Credit Card, especially for those who often miss paying their Credit Card bills. Credit Cards come with two types of interest rate – fixed interest rate and variable interest rate.</p><p>The interest rate may vary depending on user’s credit limit and payment history. Don’t forget to read the clause relating to the APR (annual percentage rate) in the terms and conditions document of your card.</p><p>Do you know that some banks offer lifetime free Credit Cards that come with no processing fee and annual charges? Make sure you are aware of all the factors before purchasing a Credit Card so that you can negotiate for a low-interest rate.</p><h3><strong>4. Be Aware of Penalties</strong></h3><p>To maintain a good rapport with your Credit Card issuer and get multiple reward points offers, you need to be a disciplined card user. For that, make sure you do not default on any payment. Card issuers levy heavy penalties on non-payment to prevent the card holders from repeating defaults. Also, go through their terms and conditions document before deciding on a card.</p><p><strong>Also Read:</strong>&nbsp; <a href="https://mymoneymantraloans.weebly.com/post/do-credit-cards-enjoy-an-edge-over-popular-e-wallets"><i><strong>Do Credit Cards Enjoy an Edge Over Popular E-wallets?</strong></i></a></p><h3><strong>5. Look for Attractive Offers</strong></h3><p>Does your card offer cashback or reward points for each spending? Are there any partner hotel chains, flights or retail merchants where you can get discount on your every purchase? Many Credit Cards come with these benefits nowadays. Research before choosing a card to make sure you have got the best deal as per your requirements.</p><p>With these considerations in mind, we hope you will find the best-suited Credit Card for your needs to make your life simpler.</p><figure class="image"><img src="https://d1lt2ralzv8247.cloudfront.net/Credit_Card_61a1913728.png" alt="Credit Card"></figure><p>&nbsp;</p>

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Without an iota of doubt, Credit Cards have become the preferred mode of transaction for many of the salaried and business individuals.

5 Tips to Find an Ideal Credit Card

<p>Without an iota of doubt, Credit Cards have become the preferred mode of transaction for many of the salaried and business individuals. They not just provide us a cashless payment medium but also offer us the flexibility of repayment.</p> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/5-tips-to-find-an-ideal-credit-card/' data-a2a-title='5 Tips to Find an Ideal Credit Card'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F5-tips-to-find-an-ideal-credit-card%2F&amp;linkname=5%20Tips%20to%20Find%20an%20Ideal%20Credit%20Card' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F5-tips-to-find-an-ideal-credit-card%2F&amp;linkname=5%20Tips%20to%20Find%20an%20Ideal%20Credit%20Card' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F5-tips-to-find-an-ideal-credit-card%2F&amp;linkname=5%20Tips%20to%20Find%20an%20Ideal%20Credit%20Card' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F5-tips-to-find-an-ideal-credit-card%2F&amp;linkname=5%20Tips%20to%20Find%20an%20Ideal%20Credit%20Card' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F5-tips-to-find-an-ideal-credit-card%2F&amp;linkname=5%20Tips%20to%20Find%20an%20Ideal%20Credit%20Card' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F5-tips-to-find-an-ideal-credit-card%2F&amp;linkname=5%20Tips%20to%20Find%20an%20Ideal%20Credit%20Card' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

<p>Savings Bank Accounts are one of the most conventional as well as convenient ways of parking your idle money while earning a fixed rate of interest each month. Besides high liquidity, you also enjoy multiple free &amp; nominally charged benefits on your Bank Account such as a Debit Card, internet banking facility, cheque books, pre-approved Credit Card offers, discounts on other bank products &amp; many more.</p><p>Yet, in the current falling interest rate regime, top banks such as State Bank of India, HDFC Bank, Axis Bank, and PNB have slashed bank account yields drastically. The return on Savings Account is as low as 2.75 % to 3.5 % with many of these top banks. The markets are highly volatile to invest funds for your short term needs. Amidst falling gleam of debt funds, bank FDs and other short term saving plans, it is no brain teaser to opt for a Savings Bank Account promising 6-7% return &amp; enjoy 100% liquidity.</p><p>So let’s find out which are these high yielding Saving Account options that can let you earn 6% -7 % returns on your bank account balance while enjoying liquidity, safety, security &amp; convenience all along.</p><ul><li>IDFC first</li><li>Fincare Small Finance Bank</li><li>ESAF Small Finance Bank</li><li>Utkarsh Small Finance Bank</li><li>DBS</li><li>Bandhan bank 6%</li></ul><h2><strong>IDFC First Bank</strong><br>&nbsp;</h2><p><strong>About:&nbsp;</strong>In 2018, IDFC Bank and Capital First merged to form IDFC First Bank. It is one of the popular commercial banks of the country with good infrastructure back up. Currently the bank is offering the best interest rate on Savings Accounts and <a href="https://www.mymoneymantra.com/fixed-deposits.html"><strong>Fixed Deposits</strong></a>, making it one of the first choices for anyone who wants to earn interest while keeping the money idle. It is also the first bank in India to launch Aadhaar-linked cashless merchant solution.</p><p><strong>Rating:</strong> CRISIL has rated IDFC First as FAAA, i.e safe for banking and fixed deposits.</p><p><strong>Rate of Interest:</strong> With IDFC Bank customers enjoy up to 7% interest per annum on Savings Account. It is the only main stream bank to offer such high yield. The accounts with lower than Rs. 1 Lakh deposit earn 6% p.a while the accounts with over Rs 1 Lakh balance earn Rs 7% interest rate.</p><p>The Interest is capitalised to your account on quarterly basis.</p><p>Minimum Balance Required: Average Monthly Balance should be Rs. 25000. If the account holder fails to maintain minimum balance, a charge will be applied.</p><p><strong>Features &amp; Benefits:</strong></p><ul><li>6-7% interest return per annuam</li><li>Digital transactions facility</li><li>Free Visa Debit Card</li><li>Whatsapp banking facility</li></ul><p>Indian Residents &amp; NRI can open the account, subject to GOI’s specific norms.</p><h2><strong>Fincare Small Finance Bank</strong></h2><p><strong>About:</strong> Fincare Small Finance Bank is a scheduled commercial bank that offers a host of bank account options for catering a diverse customers’ base. You can choose the best account as per your needs. You can also open an instant bank account through Aadhar based verification online with Fincare Small Finance Bank.</p><p><strong>Rating:</strong>&nbsp; Short Term Ratings by CRISIL is A1+</p><p><strong>Rate of Interest: </strong>With Fincare Small Finance Bank, you can earn up to 7% interest on your savings bank account balance. The rate of interest will vary as per the balance in the account. Here are the details:</p><figure class="table"><table><tbody><tr><td colspan="1"><strong>Balance</strong></td><td colspan="1"><strong>Rate of Interest</strong></td></tr><tr><td>Up to Rs 1 Lakh</td><td>5.50%</td></tr><tr><td>1 lakh to 5 lakh</td><td>6.50%</td></tr><tr><td>5 Lakh to 5 crore</td><td>7.00%</td></tr><tr><td>5 crore to 15 crore</td><td>7.10%</td></tr><tr><td>&nbsp;20-30 Cr</td><td>6.50%&nbsp;</td></tr><tr><td>Above 30 cr&nbsp;</td><td>5.50%&nbsp;</td></tr></tbody></table></figure><p><strong>Types of Savings Accounts:</strong></p><p>Let’s run through the types of savings account you can open with Fincare Small Finance and yield 7% or more interest rate annually.</p><div class="table-wrap"><table><tbody><tr><td colspan="1"><strong>S.No.</strong></td><td colspan="1"><strong>Product Name</strong></td><td colspan="1"><strong>Rate of Interest</strong></td><td colspan="1"><strong>Minimum Balance Required (Rs.)</strong></td><td colspan="1"><strong>Debit Card</strong></td><td colspan="1"><strong>Other Benefits&nbsp;</strong></td></tr><tr><td><strong>&nbsp;1</strong></td><td>Smart Saver Account</td><td>&nbsp;5.5 to 7.25%</td><td>10000</td><td>Silver (RuPay classic ) Debit Card</td><td><ul><li>Internet banking</li><li>Mobile banking</li><li>Debit card</li><li>Insta Account Opening</li><li>Monthly interest payout</li></ul></td></tr><tr><td><strong>&nbsp;2</strong></td><td>Priority Account</td><td>&nbsp;5.5 to 7.25%</td><td>10000</td><td>&nbsp;NA</td><td>Same as above&nbsp;</td></tr><tr><td><strong>&nbsp;3</strong></td><td>Priority Plus Account</td><td><p>&nbsp;6 % on Balance Up to 1 Lakh</p><p>7% on balance above 1Lakh</p></td><td>1 lakh</td><td>Premium (RuPay Platinum) Debit card</td><td><p>Same as above</p><p>+ Doorstep service</p><p>+ Optional benefit: By opting for a Rs 4 Lakhs FD, get waiver on monthly balance requirement</p></td></tr><tr><td><strong>&nbsp;4</strong></td><td>Pro Priority Account</td><td>&nbsp;5.5 to 7.25%</td><td>Waiver on minimum balance requirement</td><td>&nbsp;NA</td><td><p>Account for Doctors &amp; chartered accountants&nbsp;</p><p>All benefits included</p></td></tr><tr><td><strong>&nbsp;5</strong></td><td>101 First Account</td><td>&nbsp;5.5 to 7.25%</td><td>Zero balance account</td><td>Gold (RuPay Classic ) Debit card</td><td><ul><li>Mobile banking facility</li><li>Free debit card</li><li>12 free ATM transactios per month</li><li>50 online transactios free each month</li></ul></td></tr><tr><td><strong>&nbsp;6</strong></td><td>101 Priority</td><td>&nbsp;5.5 to 7.25%</td><td>Rs 25000&nbsp;</td><td>Premium (RuPay Platinum) Debit card</td><td>&nbsp;All benefits + 24X7 concierge service</td></tr><tr><td><strong>&nbsp;7</strong></td><td>BSBDA<br>Basic Savings Bank Deposit Account</td><td>5.5 to 7.25%</td><td>&nbsp;Zero Balance Acount</td><td>Silver (RuPay classic ) Debit card</td><td><p>&nbsp;All benefits</p><p>+ No annual maintenance charge for card</p></td></tr><tr><td><strong>&nbsp;8</strong></td><td>Shakti Account&nbsp;</td><td>&nbsp;5.5 to 7.25%</td><td>No Minimum Balance Requirement&nbsp;</td><td>&nbsp;NA</td><td><p>All benefits</p><p>+ 5 Min Insta Account opening</p></td></tr></tbody></table></figure><h2><strong>ESAF Small Finance Bank</strong><br>&nbsp;</h2><p><strong>About:&nbsp;</strong>ESAF Small Finance Bank is an SFB headquartered in Kerela and offers banking services and loan &amp; credit facilities for underbanked population across country. Prior its incorporation in 2017, ESAF was a Non-Banking Finance Company and microfinance institution (NBFC-MFI). This small finance bank offers different types of Savings Accounts for different segment of customers yielding high interest rates.</p><p><strong>Rating:</strong>&nbsp;NA</p><p><strong>Intereset Rates:</strong> The saving bank holder can earn rate of interest as per the account balance. Currently return on Saving Account range from 4 % to 7 % p.a.</p><p><strong>Saving Account Rate of Interest by ESAF Small Finance Bank</strong></p><figure class="table"><table><tbody><tr><td><strong>Up to Rs.1 Lakh</strong></td><td>4.00%</td></tr><tr><td><strong>Above Rs. 1 Lakh to&nbsp;Rs.10 Lakhs</strong></td><td>6.50%</td></tr><tr><td><strong>Above Rs. 10 Lakhs</strong></td><td>7.00%</td></tr></tbody></table></figure><p><strong>Types of Accounts:</strong><br>&nbsp;</p><p><strong>1.Regular Savings Account</strong></p><ul><li>Account can be opened with minimum opening balance of Rs 1,000.</li><li>Average quarterly balance of Rs.2,000 needs to be maintained.</li><li>No cap on cash deposits and withdrawals; No cap on ESAF ATM withdrawals</li><li>Cash withdrawal limit: Rs.30,000 per day; At POS: Rs 2,000/- in Tier II to VI Cities &amp; Rs 1,000 in Tier 1 &amp; II cities</li><li>Internet banking facility</li></ul><p><strong>2. Premium Savings Account</strong></p><ul><li>Account can be opened with minimum balance of Rs 10,000</li><li>Unlimited Cash transactions in Base and Non Base branches</li><li>Classic/ Platinum Debit Card</li><li>Unlimited transactions &amp; Rs 50000 limit for daily withdrawal at ESAF all ATMs</li><li>Anywhere banking</li><li>Internet banking</li><li>Mobile banking</li><li>SMS alert &amp; banking services</li><li>Missed call banking facility &amp; many more</li></ul><p><strong>3. Pradhan Mantri Jan Dhan Yojana (PMJDY)</strong></p><ul><li>Offers basic banking facilities</li><li><a href="https://www.mymoneymantra.com/zero-balance-saving-accounts.html"><strong>Zero-Balance Account</strong></a></li><li>Eligibility: 10 years or above</li><li>Rs 10000 per day ATM withdrawal limit</li><li>Insurance &amp; all applicable benefits on PMJDY</li></ul><p><strong>4. Senior Citizen Savings Account</strong></p><ul><li>Minimum account opening balance: Rs 1000</li><li>Dedicated relationship officer</li><li>Daily cash withdrawal limit of Rs 50000</li><li>All other banking benefits &amp; facilities included</li></ul><p><strong>5. Mahila Savings Account</strong></p><ul><li>Account can be opened with Min balance of Rs 100</li><li>Average quarter min limit Rs 1000</li><li>Daily withdrawal limit of Rs 20000</li><li>All other benefits included</li></ul><p><strong>6. Student Saving Account</strong></p><ul><li>Minimum initial balance of Rs 100.</li><li>Joint account holder &amp; nomination facility</li><li>Passbook/statement issuance on request</li><li>Daily cash withdrawal limit from ATM: Rs 5000</li><li>All other benefits included</li></ul><h2><strong>Utkarsh Small Finance Bank</strong></h2><p><strong>About:</strong> Utkarsh Small Finance Bank was established in 2009. It is primarily a small finance bank from Varanasi that has a mission to fulfil dreams and needs of low-income group. Currently bank meets banking and credit need of a vast base of customers.</p><p><strong>Rating: </strong>CARE A (by ICRA)<br>&nbsp;</p><p><strong>Interest Rate:&nbsp;</strong>Utkarsh Small Finance Bank offers 7% annual return on balance up to Rs 25 Lakh. This is the maximum return on Saving Accounts.</p><p><strong>Types of Saving Accounts:</strong> Let’s take a quick overview on different Saving Account Options and features below:</p><figure class="table"><table><tbody><tr><td colspan="1"><strong>Savings Account</strong></td><td colspan="1"><strong>Features &amp; benefits</strong></td><td colspan="1"><strong>Rate of Interest</strong></td></tr><tr><td><strong>Standard Savings Account</strong></td><td><ul><li>Free &amp; Unlimited ATM transactions across India</li><li>low Average Quarterly Balance (AQB) requirement</li><li>Free NEFT/RTGS</li></ul></td><td><p>7.00% p.a ROI on Balance Up to Rs. 25 Lakh</p><p>7.25% p.a on</p><p>Incremental balance above Rs. 25 Lakhs to Rs. 10 Crores</p><p>7.75% p.a. on incremental balance above&nbsp; Rs. 10 Crores</p></td></tr><tr><td><strong>Premium Savings Account</strong></td><td><ul><li>Access to Premium Airport Lounges</li><li>Lifestyle Privileges</li><li>Doorstep Banking Services</li><li>Free online transaction</li><li>Unlimited Free ATM transactions across India</li><li>Platinum Rupay Debit Card with Personal Accidental Insurance Cover of 2 Lakh*</li></ul></td><td>&nbsp;</td></tr><tr><td><strong>Gen-Nex Savings Account</strong></td><td><ul><li>Auto transfer funds to Minor’s Account</li><li>Classic Rupay Debit Card</li><li>Unlimited Free ATM access across India</li><li>Lower ATM withdrawal and purchase limits as protection against misuse</li><li>Free SMS Alerts</li></ul></td><td>&nbsp;</td></tr><tr><td><p><strong>Salary Accounts:</strong></p><p><strong>Two variants:</strong></p><ul><li>Standard Salary Account</li><li>Premium Salary Account</li></ul></td><td><ul><li>Zero Balance Savings Account</li><li>Free and Unlimited ATM Access</li><li>Discounts on Banking Facilities</li></ul></td><td>&nbsp;</td></tr><tr><td><strong>BSBDA</strong></td><td><ul><li>Zero Balance Savings Account</li><li>Free Debit Card</li><li>Unlimited ATM access</li><li>Internet Banking</li><li>Passbook Facilities</li></ul></td><td>&nbsp;</td></tr><tr><td><strong>BSBDA Small</strong></td><td><ul><li>Zero Balance Account</li><li>Free Debit Card</li><li>Unlimited ATM access</li><li>Internet Banking</li><li>Passbook Facilities</li></ul></td><td>&nbsp;</td></tr></tbody></table></div><h2><strong>DBS Bank</strong></h2><p><strong>About:</strong> DBS Bank India Limited is a subsidiary of DBS Bank, which is a well-known multi-national bank that offers high <a href="https://www.mymoneymantra.com/fixed-deposits.html"><strong>Savings Account Interest Rates</strong></a>. The DBS is headquartered in Singapore. It is one of the popular choices among millennials.</p><p><strong>Rating: </strong>DBS Bank India Limited is rate as A1+ by Crisil</p><p><strong>Benefits:</strong> DBS bank offers seamless banking services at attractive interest rates. Benefits of DBS Savings Account are:</p><ul><li>Access your account as per convenience, online, mobile or via ATM</li><li>Attractive interest rates ranging from 3.5% to 6% p.a.</li><li>NRE and NRO accounts are also available</li></ul><p><strong>Rate of Interest:</strong> The rate of interest is calculated as below:</p><figure class="table"><table><tbody><tr><td colspan="1"><strong>Daily Balance</strong></td><td colspan="1"><strong>Rate of Interest</strong></td></tr><tr><td>Up to Rs. 1 Lakh</td><td>3.5%</td></tr><tr><td>Above Rs. 1 Lakh to Rs 2 Lakh</td><td>6%</td></tr><tr><td>Above Rs. 2 Lakh to Rs 5 Lakh</td><td>4%</td></tr><tr><td>Above Rs. 5 Lakh</td><td>4%</td></tr></tbody></table></figure><h2><strong>Bandhan Bank</strong></h2><p><strong>About:</strong> Bandhan Bank is one of the mainstream banks to offer high interest rate to its Savings Account holders. Bandhan bank was incorporated in 2014 and is popular for customer-friendly services.</p><p><strong>Interest Rate: </strong>Bandhan Bank is one of the few banks that offer 6% interest rate on Savings Account. The details of savings account interest rates are shared below:</p><figure class="table"><table><tbody><tr><td colspan="1"><strong>Daily Balance</strong></td><td colspan="1"><strong>Interest Rate</strong></td></tr><tr><td>Up to Rs. 1 Lakh</td><td>4.00%</td></tr><tr><td>Above Rs. 1 Lakh to 10 Crore</td><td>6.00%</td></tr><tr><td>Above 10 Crore to 50 Crore</td><td>6.55%</td></tr><tr><td>Above 50 Crore</td><td>7.15%</td></tr></tbody></table></figure><p><strong>Types of Account:&nbsp; </strong>Bandhan Bank caters to a diversified base of customers. Thus, the bank offer a host of choice for its customers.</p><p><strong>The different types of Saving Account options are:</strong></p><ul><li>Elite Savings Account</li><li>Advantage Savings Account</li><li>Sanchay</li><li>Premium Savings Account</li><li>Standard</li><li>Special Savings Bank Account</li><li>GOS</li><li>TASC</li><li>BSBDA</li><li>BSBDA-small</li></ul><p><strong>Benefits:</strong> A customer enjoys seamless banking service with Bandhan Bank. The benefits can be briefly listed as:</p><ul><li>One bandhan- one bank- access account from any branch across the country</li><li>High rate of interest</li><li>Net banking</li><li>Debit Card</li><li>Mobile App</li><li>Unlimited transactions</li><li>All state-of-the-art banking facilities</li></ul><p><strong>Also Read:&nbsp;</strong><a href="https://www.mymoneymantra.com/blog/step-by-step-process-to-open-saving-account-online-in-different-banks/"><strong>Step by Step Process to Open Saving Account Online in Different Banks</strong></a></p><p>To apply online for <a href="https://www.mymoneymantra.com/blog/best-personal-loans-provider-for-pensioners/"><strong>Best Personal Loan for Pensioners</strong></a>, Credit Cards, Secured Loans and Unsecured Loans, visit&nbsp;<i>www.mymoneymantra.com</i>, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served&nbsp;7 million+ happy customers since 1989.</p><figure class="image"><img src="https://d1lt2ralzv8247.cloudfront.net/HDFC_Personal_Loan_6f3f1d74cf.jpg" alt="HDFC Personal Loan Offer" srcset="https://d1lt2ralzv8247.cloudfront.net/HDFC_Personal_Loan_6f3f1d74cf.jpg 906w, https://www.mymoneymantra.com/blog/wp-content/uploads/2020/12/HDFC-Personal-Loan-300x79.jpg 300w, https://www.mymoneymantra.com/blog/wp-content/uploads/2020/12/HDFC-Personal-Loan-768x202.jpg 768w" sizes="100vw"></figure><p>&nbsp;</p>

<p>Savings Bank Accounts are one of the most conventional as well as convenient ways of parking your idle money while earning a fixed rate of interest each month.</p> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/list-of-savings-bank-accounts-offering-6-percent-7-percent-and-more-interest-rate-in-2020/' data-a2a-title='List of Savings Bank Accounts Offering 6%, 7% and More Interest Rate in 2021'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Flist-of-savings-bank-accounts-offering-6-percent-7-percent-and-more-interest-rate-in-2020%2F&amp;linkname=List%20of%20Savings%20Bank%20Accounts%20Offering%206%25%2C%207%25%20and%20More%20Interest%20Rate%20in%202021' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Flist-of-savings-bank-accounts-offering-6-percent-7-percent-and-more-interest-rate-in-2020%2F&amp;linkname=List%20of%20Savings%20Bank%20Accounts%20Offering%206%25%2C%207%25%20and%20More%20Interest%20Rate%20in%202021' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Flist-of-savings-bank-accounts-offering-6-percent-7-percent-and-more-interest-rate-in-2020%2F&amp;linkname=List%20of%20Savings%20Bank%20Accounts%20Offering%206%25%2C%207%25%20and%20More%20Interest%20Rate%20in%202021' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Flist-of-savings-bank-accounts-offering-6-percent-7-percent-and-more-interest-rate-in-2020%2F&amp;linkname=List%20of%20Savings%20Bank%20Accounts%20Offering%206%25%2C%207%25%20and%20More%20Interest%20Rate%20in%202021' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Flist-of-savings-bank-accounts-offering-6-percent-7-percent-and-more-interest-rate-in-2020%2F&amp;linkname=List%20of%20Savings%20Bank%20Accounts%20Offering%206%25%2C%207%25%20and%20More%20Interest%20Rate%20in%202021' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Flist-of-savings-bank-accounts-offering-6-percent-7-percent-and-more-interest-rate-in-2020%2F&amp;linkname=List%20of%20Savings%20Bank%20Accounts%20Offering%206%25%2C%207%25%20and%20More%20Interest%20Rate%20in%202021' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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Amidst falling gleam of debt funds, bank FDs and other short term saving plans, by opting for a Savings Bank Account promising 6-7% return you can enjoy 100% liquidity. Here is a list of highest yielding Saving Accounts in India.

List of Savings Bank Accounts Offering 6%, 7% and More Interest Rate in 2021

 <p style='text-align: justify;'>The very idea about owning your dream home in your preferred location will give you mixed feelings of joy, excitement and ecstasy. Your long wait can be over! Let go your patience and have possession of your dwelling availing a bank loan. It is as easy as you think so. When the information is available with a click, all you need to do is sit in the comfort of your home and look for various options. Explore UBI, HDFC Ltd., Axis Bank, PNB HFL, SBI or <strong>ICICI Bank Home Loan</strong> options before you file an application. Though the recent reduction of repo rates by the RBI has directly influenced bank rates, yet you will find a difference in the lending rates they offer to new borrowers.</p> <p style='text-align: justify;'>MCLR-linked loans are lower in terms of interest rates compared to fixed rate types or one that is linked to the base rate regime. With <a href='https://www.mymoneymantra.com/home-loan/icici-bank.html' target='_blank'><strong>ICICI Bank Home Loan</strong></a>, you gain a competitive advantage as interest rate of this bank is linked to MCLR (marginal cost of funds based lending rate). The bank has lowered the MCLR by 0.10% to 8.2%. With changing rates of interest from time to time, borrowers benefit from MCLR, which has been effective from post April 2016. In case you have an existing loan, you may ask your bank to switch it to MCLR. Currently, ICICI Bank is also offering higher loan amount, balance transfer facility, higher eligibility, and lower EMIs at attractive interest rates.</p>  <p style='text-align: justify;'><a href='https://www.mymoneymantra.com/home-loan.html' target='_blank'><img class='aligncenter size-full wp-image-3775' src='https://d1lt2ralzv8247.cloudfront.net/Home_Loan_1_0e59c0bb76.jpg' alt='Best Home Loan Offer Online' srcset='https://d1lt2ralzv8247.cloudfront.net/Home_Loan_1_0e59c0bb76.jpg 868w, https://www.mymoneymantra.com/blog/wp-content/uploads/2018/07/Home-Loan-1-300x35.jpg 300w, https://www.mymoneymantra.com/blog/wp-content/uploads/2018/07/Home-Loan-1-768x88.jpg 768w' sizes='(max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px' /></a></p>  <p style='text-align: justify;'>Faster approval of <strong>ICICI Bank Home Loan</strong> is ensured through processing of applications through the bank’s tablet and smart phone apps or online marketplace like <strong>mymoneymantra.com</strong>. Why wait? Download the application on your tablet or smartphone and apply right away! Do calculate your EMI at the bank’s official website or a marketplace that hosts multiple banks. This will help you determine your EMI based on total loan amount, tenure in months, and interest rate. Not all homes are approved by this bank. Before you search for a property at your desired location, search the bank’s database of approved projects. This will help you give shape to own your dream home fast and without hassles. Do not forget to check your eligibility first!</p> <p>Enumerated below are the advantages of <strong>ICICI Bank Home Loan:</strong></p> <p style='padding-left: 30px;'><strong>1.  </strong>A wide range of home loan options to choose from</p> <p style='padding-left: 30px;'><strong>2.  </strong>Hassle-free and fast processing</p> <p style='padding-left: 30px;'><strong>3.  </strong>Guidance from the bank from start to finish of the home buying process</p> <p style='padding-left: 30px;'><strong>4.</strong>  Doorstep services at the comfort of the loan applicant</p> <p style='padding-left: 30px;'><strong>5.  </strong>No complexities involved in the documentation process; simple and easy-to-understand documentation</p> <p style='padding-left: 30px;'><strong>6.  </strong>Approval of sanction even if you have not yet selected a property before applying</p> <p style='padding-left: 30px;'><strong>7.  </strong>Repayment options are flexible</p> <p style='padding-left: 30px;'><strong>8.</strong>  A vast network of 2500 branches across India; there can be an ICICI Bank branch near your home!</p> <p style='padding-left: 30px;'><strong>9.</strong>  Loan service available in 900 bank branches pan India</p> <p style='padding-left: 30px;'><strong>10.</strong>  With an ICICI Bank Home Loan, you may avail a personal accident insurance for free depending on the type of product you choose.</p> <p style='padding-left: 30px;'><strong>11.  </strong>There are other insurance options that you may avail at attractive premium with your home loan.</p>  <p><strong>Also Read: <span style='text-decoration: underline;'><a href='https://www.mymoneymantra.com/blog/are-you-prepared-financially-to-build-your-home/' target='_blank'>Are You Prepared Financially to Build Your Home?</a></span></strong></p>  <p style='text-align: justify;'>To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit <a href='https://www.mymoneymantra.com' target='_blank'><strong>www.mymoneymantra.com</strong></a>, the leading online lending marketplace that offers financial products from 70+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.</p>   <p><a href='https://www.mymoneymantra.com/home-loan.html'><img class='aligncenter size-full wp-image-1713' src='https://d1lt2ralzv8247.cloudfront.net/Home_Loan_1d8bd7c995.png' alt='Home Loan' width='268' height='43' /></a></p> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/why-choose-icici-bank-home-loan-to-own-your-dream-home/' data-a2a-title='Why Choose ICICI Bank Home Loan to Own Your Dream Home?'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fwhy-choose-icici-bank-home-loan-to-own-your-dream-home%2F&amp;linkname=Why%20Choose%20ICICI%20Bank%20Home%20Loan%20to%20Own%20Your%20Dream%20Home%3F' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fwhy-choose-icici-bank-home-loan-to-own-your-dream-home%2F&amp;linkname=Why%20Choose%20ICICI%20Bank%20Home%20Loan%20to%20Own%20Your%20Dream%20Home%3F' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fwhy-choose-icici-bank-home-loan-to-own-your-dream-home%2F&amp;linkname=Why%20Choose%20ICICI%20Bank%20Home%20Loan%20to%20Own%20Your%20Dream%20Home%3F' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fwhy-choose-icici-bank-home-loan-to-own-your-dream-home%2F&amp;linkname=Why%20Choose%20ICICI%20Bank%20Home%20Loan%20to%20Own%20Your%20Dream%20Home%3F' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fwhy-choose-icici-bank-home-loan-to-own-your-dream-home%2F&amp;linkname=Why%20Choose%20ICICI%20Bank%20Home%20Loan%20to%20Own%20Your%20Dream%20Home%3F' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fwhy-choose-icici-bank-home-loan-to-own-your-dream-home%2F&amp;linkname=Why%20Choose%20ICICI%20Bank%20Home%20Loan%20to%20Own%20Your%20Dream%20Home%3F' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

<p>Faster approval of ICICI Bank Home Loan is ensured through processing of applications through the bank’s tablet and smart phone apps or online marketplace like mymoneymantra.com. </p> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/why-choose-icici-bank-home-loan-to-own-your-dream-home/' data-a2a-title='Why Choose ICICI Bank Home Loan to Own Your Dream Home?'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fwhy-choose-icici-bank-home-loan-to-own-your-dream-home%2F&amp;linkname=Why%20Choose%20ICICI%20Bank%20Home%20Loan%20to%20Own%20Your%20Dream%20Home%3F' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fwhy-choose-icici-bank-home-loan-to-own-your-dream-home%2F&amp;linkname=Why%20Choose%20ICICI%20Bank%20Home%20Loan%20to%20Own%20Your%20Dream%20Home%3F' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fwhy-choose-icici-bank-home-loan-to-own-your-dream-home%2F&amp;linkname=Why%20Choose%20ICICI%20Bank%20Home%20Loan%20to%20Own%20Your%20Dream%20Home%3F' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fwhy-choose-icici-bank-home-loan-to-own-your-dream-home%2F&amp;linkname=Why%20Choose%20ICICI%20Bank%20Home%20Loan%20to%20Own%20Your%20Dream%20Home%3F' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fwhy-choose-icici-bank-home-loan-to-own-your-dream-home%2F&amp;linkname=Why%20Choose%20ICICI%20Bank%20Home%20Loan%20to%20Own%20Your%20Dream%20Home%3F' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fwhy-choose-icici-bank-home-loan-to-own-your-dream-home%2F&amp;linkname=Why%20Choose%20ICICI%20Bank%20Home%20Loan%20to%20Own%20Your%20Dream%20Home%3F' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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Icici-Bank-Home-loan.jpg

The very idea about owning your dream home in your preferred location will give you mixed feelings of joy, excitement and ecstasy.

Why Choose ICICI Bank Home Loan to Own Your Dream Home?

<p>Travelling always works as a therapy when you’re stuck in your mundane life and seek some moments of peace. It rejuvenates your soul and mind. With increasing pollution, a lot of work pressure, and stress, everyone needs a break. And that is the reason the Indian travel industry is growing at an impressive pace over last few years.</p><p><i>According to a study, India was among the fastest-growing tourism destinations across the world in 2014. In 2015, the travel and tourism industry of India contributed $124.8 billion to country’s total GDP (which is approximately 6% of country’s total GDP), and it is expected to grow at 7.9% annually till 2023.</i></p><p>In recent years, the usage of internet has increased manifold, and travel industry is leaving no stone unturned to grab customers online with digitally advanced platforms and marketing. With a plenty of travel blogs, pictures, videos, discounts and offers, travel companies are luring their audience to travel more and more.</p><p>People have so many options to choose from – they can book a luxury travel package to Paris or a backpacking trip to Kasol, they can book a houseboat in Kerala or guesthouse in the hills of Uttarakhand, they can go to beaches or to the mountains, they can go for a girls-only trek to the hills or a spiritual solo trip to Varanasi, and so on. You just have to type the place on Google, and a plenty of travel agencies will open up on your laptop or mobile’s screen. Not just the weekend trips around the hills in India, but international tours are also witnessing the growth in this digital era in India.</p><p>We all have a wanderlust somewhere hidden in our hearts, however, not everybody gets enough time and money to travel the world. Even if you get some time out of your schedule, lack of finance is a major worry. Although, the hotel and transportation prices have gone down with the implementation of GST in India, still, a lot of cost is incurred on other travel items such as accommodation, tickets, food, and so on. And if your wanderlust is big, you need more finance.</p><p>What are your options to fund your dream of travelling to a foreign destination like a trip to Europe, Bali, Australia, or other corners of the world that require a bigger amount than a trip to Indian destinations? We suggest you avail a <strong>Holiday Loan</strong> to feed your hunger for travel.</p><p>A Holiday Loan or Vacation Loan or Travel Loan is a type of<strong> </strong><a href="https://www.mymoneymantra.com/personal-loans"><strong>Personal Loan</strong></a><strong> </strong>that you can avail to make your travel dream a reality. You can fund your vacation with friends, a honeymoon package with your life partner, or a trip with family members with Holiday Loans.</p><h3><strong>Why Avail a personal Loan to Fund Your Dream Vacation?</strong></h3><p>Why spend your savings to fulfil your passion when they are meant for emergency financial crunches? Avail a Personal Loan instead, and head to your dream destination for a mesmerizing honeymoon or an adventurous trip. Get a Holiday Loan at affordable interest rates, go on a vacation, and repay the amount in pocket-friendly EMIs. You don’t even have to <a href="https://www.mymoneymantra.com/loan-against-property"><strong>mortgage your property</strong></a> or any valuable asset to get this loan, your Credit Record, and stable income is enough. Even the documentation requirement is much lesser and processing time is quicker than other forms of financing.</p><p>So, why let your dream to travel die when you can easily soothe your wanderlust with an affordable Holiday Loan?</p><figure class="image"><img src="https://d1lt2ralzv8247.cloudfront.net/Personal_Loan_a5b207947a.png" alt="Apply for a Personal Loan"></figure><p>&nbsp;</p>

<p>Travelling always works as a therapy when you’re stuck in your mundane life and seek some moments of peace. It rejuvenates your soul and mind. With increasing pollution, a lot of work pressure, and stress, everyone needs a break. And that is the reason the Indian travel industry is growing at an impressive pace over last few years.</p> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/soothe-wanderlust-holiday-loans/' data-a2a-title='Soothe Your Wanderlust with Holiday Loans'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fsoothe-wanderlust-holiday-loans%2F&amp;linkname=Soothe%20Your%20Wanderlust%20with%20Holiday%20Loans' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fsoothe-wanderlust-holiday-loans%2F&amp;linkname=Soothe%20Your%20Wanderlust%20with%20Holiday%20Loans' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fsoothe-wanderlust-holiday-loans%2F&amp;linkname=Soothe%20Your%20Wanderlust%20with%20Holiday%20Loans' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fsoothe-wanderlust-holiday-loans%2F&amp;linkname=Soothe%20Your%20Wanderlust%20with%20Holiday%20Loans' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fsoothe-wanderlust-holiday-loans%2F&amp;linkname=Soothe%20Your%20Wanderlust%20with%20Holiday%20Loans' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fsoothe-wanderlust-holiday-loans%2F&amp;linkname=Soothe%20Your%20Wanderlust%20with%20Holiday%20Loans' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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Why Avail a Holiday Loan to Fund Your Dream Vacation? Apply for Personal Loan for Travel.

Why Holiday Loan to Fund Your Dream Vacation? Check Benefits & Apply

<p>If you own a business, you must be aware that you need a constant inflow of cash to run your business. Lack of funds at the right moment can break your business. Every business goes through cash crunch cycles at some point in time, and if it’s a new venture, such situations are more frequent.</p><p>As a business owner, you can keep complaining about your losses or lack of funds. No matter what, you must keep moving ahead to ensure your business is growing.</p><p>Businesses will always have working capital gaps in cycles and need for periodic capital infusion. How will you manage these demands? Business Loans are one of the best alternatives to finance all such business needs.</p><p>Here are top five <a href="https://www.mymoneymantra.com/business-loan.html"><strong>Types of Business Loans </strong></a>based on the purpose for which they are obtained that can help you run your business successfully.<br><strong>&nbsp;</strong></p><figure class="image"><img src="https://d1lt2ralzv8247.cloudfront.net/Business_Loan_83494e4321.jpg" alt="Types of Business Loans in India" srcset="https://d1lt2ralzv8247.cloudfront.net/Business_Loan_83494e4321.jpg 868w, https://www.mymoneymantra.com/blog/wp-content/uploads/2018/04/Business-Loan-300x35.jpg 300w, https://www.mymoneymantra.com/blog/wp-content/uploads/2018/04/Business-Loan-768x88.jpg 768w" sizes="100vw"></figure><h3><br>&nbsp;<i><strong>5 Business Loan Types for All Your Business Finance Worries</strong></i></h3><h3><strong>1.&nbsp; Demand Loan</strong></h3><p>Demand loan can be recalled by the bank or other financial institution at anytime. The borrower will have to repay it when bank demands even if it is within a short period of time (1 to 7 days) depending on the bank’s policy on which the loan was given.</p><p>Demand loans can be unsecured as well as secured in nature and comes at very fine pricing. These loans are usually obtained to overcome short-term working capital gaps. The maximum term for these loans is 12 months, after which they can be renewed.</p><h3><strong>2.&nbsp; Term Loan</strong></h3><p>If you want to acquire long-term assets like building, land, machinery, etc., you should go for a term loan. You can finance building, land, infrastructure creation, purchase of a building, renovation, purchase of machinery, equipment, capital infusion, and vehicles with a term loan.</p><p>Term loan comes with a fixed repayment schedule (monthly or quarterly). The interest rate may either be fixed or floating. Usually, the maximum tenure for a term loan is 3 years (in case of unsecured loan) and 15 years (in case of secured loan). The quantum of the loan may vary according to the borrower’s need and eligibility.</p><h3><strong>3.&nbsp; Loan Against Securities</strong></h3><p>If you have invested in any financial security like mutual funds, demat shares, fixed maturity plans, insurance policies, exchange traded funds, and saving bonds, you can avail loan against them to meet your business financial needs. You can use the funds raised by pledging financial securities for any purposes. Tenure of such loans is renewed every 12 months.</p><p>However, only those shares, insurance policies, and mutual funds can be pledged to raise funds which are approved by the bank.</p><h3><strong>4.&nbsp; Cash Credit Facility and Overdraft Facility</strong></h3><p>Cash credit loans are granted as overdrafts on the security of borrower’s stock in trade/raw materials/process. You can secure cash credit facility by pledging your current business assets such as inventory or receivables.&nbsp; Limit on cash credit withdrawal (which is usually 70-80%) is based on your drawing power which is calculated after deducting margin fixed by banks over the stocks. Lenders always ensure that the balance outstanding is lesser than the drawing power of the borrower. The tenure for this loan is renewed every 12 months. This facility is suitable for financing your working capital needs like inventory and receivables.</p><p>On the other hand, bank overdraft is a facility wherein the bank allows you to debit your current account below zero, up to a specified limit. The overdraft limit is predefined by the bank based on the securities (such as property or other financial asset) pledged by the customer/ accout holder or his/ her repayment capacity. Interest is&nbsp;charged only on the amount utilised. The bank reserves the right to ask for repaying the money at short notice.</p><h3><strong>5.&nbsp; Letter of Credit (LC) Facility and Bank Guarantee</strong></h3><p>It is a type of credit facility wherein a bank provides a letter to the seller guaranteeing him/her that a buyer’s payment will be received by the seller on time for the correct amount. If the buyer is unable to make payment for the purchase, the bank will cover the entire outstanding payment on certain conditions.</p><p>Letter of credit facility is used in various domestic as well as international trade transactions to ensure sellers receive payment on time by the buyers even if they are operating in different nations and do not know each other.</p><p>Lenders require you to pledge inventory and capital assets for extending the letter of credit. The margin requirement varies between 60 – 80% of the assets based on the borrower’s profile. Letter of credit’s tenure is renewed every 12 months.</p><p>On the contrary, bank guarantee facility reduces the loss if transactions don’t go as planned. A bank guarantee also guarantees a certain sum to the beneficiary, and pays that sum only when the opposing party doesn’t fulfill the obligations stipulated under the contract. This facility is used to insure buyers or sellers&nbsp;from any loss or damage caused by nonperformance of the other party.</p><h3><strong>Documents Required to Apply for a Business Loan:</strong></h3><ul><li>Identity Proof: Passport, Driving License, PAN card, Voter’s ID and so on</li><li>Bank&nbsp;Statement</li><li>Latest Income Tax Certificate</li><li>Audited Financials for the past three years</li><li>Address Proof: Trade License, Electricity Bill, Ration Card and so on</li></ul><h3><strong>Who Can Apply for a Business Loan?&nbsp;&nbsp;</strong></h3><ul><li>Any self-employed individual or professional, sole proprietorship, limited or private limited company, and partnership firm.</li><li>The borrowing business should be working in a profitable state since at least last 6 months or 1 year (requirement varies from lender to lender) at the time of applying for a Business Loan.</li><li>The age of the borrower should be between 25-65 years.</li></ul><h3><strong>How to Apply for a Business Loan?</strong></h3><p>You can either choose to visit a bank or other financial institution in-person or apply online for instant approval and funding. Nowadays, there are a plenty of online lending marketplaces or fintech companies through which you can apply for Business Financing.</p><h3><strong>Best Business Loan Providers in India</strong></h3><ul><li><a href="https://www.mymoneymantra.com/business-loan/hdfc-bank.html"><strong>HDFC Bank Business Loan</strong></a></li><li><a href="https://www.mymoneymantra.com/business-loan/bajaj-finserv.html"><strong>Bajaj&nbsp;Finserv Business Loan</strong></a></li><li><a href="https://www.mymoneymantra.com/business-loan/tata-capital.html"><strong>Tata Capital Business Loan</strong></a></li><li><a href="https://www.mymoneymantra.com/business-loan/capital-first.html"><strong>Capital First Business Loan</strong></a></li></ul><p><strong>Also Read:&nbsp;</strong><a href="https://www.mymoneymantra.com/blog/5-business-expansion-ideas-and-ways-to-fund-them/"><strong>5 Business Expansion Ideas and Ways to Fund Them</strong></a></p><p>To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit <a href="https://www.mymoneymantra.com/business-loan.html"><strong>www.mymoneymantra.com</strong></a>, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 4 million+ happy customers since 1989.<br>&nbsp;</p><figure class="image"><img src="https://d1lt2ralzv8247.cloudfront.net/Business_Loan_40543a643f.png" alt="Apply for a Business Loan"></figure><p>&nbsp;</p>

<p>If you own a business, you must be aware that you need a constant inflow of cash to run your business. Lack of funds at the right moment can break your business. Every business goes through cash crunch cycles at some point in time, and if it’s a new venture, such situations are more frequent.</p> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/top-5-types-business-loans-india-apply/' data-a2a-title='Top 5 Types of Business Loans in India and How to Apply for Them'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Ftop-5-types-business-loans-india-apply%2F&amp;linkname=Top%205%20Types%20of%20Business%20Loans%20in%20India%20and%20How%20to%20Apply%20for%20Them' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Ftop-5-types-business-loans-india-apply%2F&amp;linkname=Top%205%20Types%20of%20Business%20Loans%20in%20India%20and%20How%20to%20Apply%20for%20Them' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Ftop-5-types-business-loans-india-apply%2F&amp;linkname=Top%205%20Types%20of%20Business%20Loans%20in%20India%20and%20How%20to%20Apply%20for%20Them' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Ftop-5-types-business-loans-india-apply%2F&amp;linkname=Top%205%20Types%20of%20Business%20Loans%20in%20India%20and%20How%20to%20Apply%20for%20Them' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Ftop-5-types-business-loans-india-apply%2F&amp;linkname=Top%205%20Types%20of%20Business%20Loans%20in%20India%20and%20How%20to%20Apply%20for%20Them' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Ftop-5-types-business-loans-india-apply%2F&amp;linkname=Top%205%20Types%20of%20Business%20Loans%20in%20India%20and%20How%20to%20Apply%20for%20Them' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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Looking for business loan? Here are the different types of business loans and procedure to apply for them. Read on to know more.

Top 5 Types of Business Loans in India and How to Apply for Them

<p>Life Insurance is a boon to the people who seek a secure future for their family. It helps insured’s family to manage their daily expenses smoothly in case of his/ her untimely demise by providing the sum assured (as per the policy).</p><p>There are multiple Life Insurance products available in India and one of the best among them is a Term Policy or <strong>Term Insurance</strong>. It is cheaper than other <a href="https://www.mymoneymantra.com/life-insurance.html"><strong>Life Insurance</strong></a> products and provides maximum coverage at manageable premiums.</p><h3><i><strong>However, before buying a Term Plan, considering following important things can help you grab the best deal and reap maximum benefits of a Term Insurance:</strong></i></h3><h3><strong>1. Buying Insurance Early Means Lower Premiums</strong></h3><p>It is advised to buy Term Insurance early in your career to pay lesser. Ideally, you should buy Insurance Policy when you start earning. The policy costs lesser when started earlier, so don’t plan it for a later stage in your life.</p><h3><strong>2. Assess the Optimum Cover Size</strong></h3><p>One of the most important factors to be considered when buying a Term Plan is assessing an appropriately-size for the policy. Opt for a cover which would provide an adequate financial support to the dependents to help them live a financially comfortable life even in your absence. Make sure that you are neither overinsured, paying heavy premium costs or underinsured, putting your dependents at risk. When assessing the cover size for the Term Policy, keep your financial objectives and obligations in mind such as all the existing loan EMIs, investments, education and marriage of your child, health of your family members, etc.</p><h3><strong>3. Select the Right Insurance Tenure</strong></h3><p>When choosing an appropriate tenure for a Term Plan, make sure it is neither too short nor too long. A shorter period may expose dependents to risk after the period is over. On the other hand, if the tenure is longer than you need, you will have to pay an extra premium, making the policy costlier. It is advised to consider the needs of your family members and figure out for how long they would require your financial assistance. This assessment will help you decide the right tenure.</p><h3><strong>4. Pay Attention to Claim Settlement Ratio</strong></h3><p>The Claim Settlement Ratio (CSR) refers to the ratio of claims approved by the insurance company against the total number of claims raised by the claimants in one financial year. Higher the CSR, better the chances for your family to settle their claim when required. So, when buying a <strong>Term Insurance</strong> plan, pay attention to the insurer’s CSR.</p><h3><strong>5. Do a Thorough Comparison Before Making the Purchase Decision</strong></h3><p>There are various insurance companies offering numerous Term Plans, hence, a deep research and comparison can help you in making the right decision. Don’t go for a policy promising lower premiums before analyzing all the features offered by multiple insurers. Sometimes, a slight hike in the premium prices can get you attractive benefits such as permanent disability benefit, accidental death benefit, etc. Check the features, benefits, CSR, and additional advantages offered by the insurance company under the Term Plan to finalize your choice.</p><p>For best Term Plans and other<strong> Life Insurance Policies</strong>, visit <a href="https://www.mymoneymantra.com"><strong>mymoneymantra.com</strong>,</a> a leading online marketplace for all your financial needs. If you need any assistance to help you decide which policy you should opt for, you can talk to our experience Insurance Specialists.</p><p>&nbsp;</p>

<p>Life Insurance is a boon to the people who seek a secure future for their family. It helps insured&#8217;s family to manage their daily expenses smoothly in case of his/ her untimely demise by providing the sum assured (as per the policy). </p> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/planning-to-buy-term-insurance-consider-these-things-first/' data-a2a-title='Planning to Buy a Term Insurance? Consider These Things First'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fplanning-to-buy-term-insurance-consider-these-things-first%2F&amp;linkname=Planning%20to%20Buy%20a%20Term%20Insurance%3F%20Consider%20These%20Things%20First' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fplanning-to-buy-term-insurance-consider-these-things-first%2F&amp;linkname=Planning%20to%20Buy%20a%20Term%20Insurance%3F%20Consider%20These%20Things%20First' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fplanning-to-buy-term-insurance-consider-these-things-first%2F&amp;linkname=Planning%20to%20Buy%20a%20Term%20Insurance%3F%20Consider%20These%20Things%20First' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fplanning-to-buy-term-insurance-consider-these-things-first%2F&amp;linkname=Planning%20to%20Buy%20a%20Term%20Insurance%3F%20Consider%20These%20Things%20First' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fplanning-to-buy-term-insurance-consider-these-things-first%2F&amp;linkname=Planning%20to%20Buy%20a%20Term%20Insurance%3F%20Consider%20These%20Things%20First' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fplanning-to-buy-term-insurance-consider-these-things-first%2F&amp;linkname=Planning%20to%20Buy%20a%20Term%20Insurance%3F%20Consider%20These%20Things%20First' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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Planning to Buy a Term Insurance? Consider These Things First -

 <p>Buying a home is the biggest financial transaction of one’s life. So, you have saved enough money over the years for the down payment and applied for a Home Loan. However, as you waited for the approval, you received the bad news that your application has been rejected. Why? Risk profiling and credit lending policies may slightly differ from one bank to another, but what is it that leads to the rejection of your loan application?</p>  <h2><span style='font-size: 12pt;'><strong><em>These could be the 8 possible reasons why your Home Loan application gets rejected by the lender:</em></strong></span></h2>  <h3><span style='color: #99cc00; font-size: 12pt;'><strong>1. Unapproved Builder and Property</strong></span></h3> <p>Banks often do not approve certain builders for their properties. If the builder or property you have chosen isn’t approved by your bank, it could lead to<strong> Home Loan Rejection</strong>. Before applying, ask your builder which banks have approved them and which have not.</p>  <h3><span style='color: #99cc00; font-size: 12pt;'><strong>2. Low Repayment Capacity</strong></span></h3> <p>If you have applied for a Home Loan for a property that is beyond what you can afford, there is a chance of rejection. Banks consider current income as well as financial commitment of the applicant during the approval process. Your income should be enough for not only paying your monthly EMI but also your living expenses. If your co-applicant has a good income, you gain a competitive advantage.</p>  <h3><span style='color: #99cc00; font-size: 12pt;'><strong>3. Unhealthy Financial Record</strong></span></h3> <p>If you had an unhealthy financial record in the past such as bankruptcy, litigation cases, etc., banks will trace all these records. Banks also consider your current financial health. Past loan rejections may also negatively impact your application.</p>  <p><a href='https://www.mymoneymantra.com/home-loan.html' target='_blank'><img class='aligncenter size-full wp-image-1277' src='https://d1lt2ralzv8247.cloudfront.net/Blog_Banner_1_ded4d0957c.jpg' alt='Home Loan' srcset='https://d1lt2ralzv8247.cloudfront.net/Blog_Banner_1_ded4d0957c.jpg 868w, https://www.mymoneymantra.com/blog/wp-content/uploads/2017/12/Blog-Banner-1-300x51.jpg 300w, https://www.mymoneymantra.com/blog/wp-content/uploads/2017/12/Blog-Banner-1-768x132.jpg 768w' sizes='(max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px' /></a></p>  <h3><span style='color: #99cc00; font-size: 12pt;'><strong>4. Financial Liabilities</strong></span></h3> <p>Have you already taken loans like Personal Loan, Car Loan, etc.? Are these loan(s) still running? Do you have huge Credit Card bills to be paid each month? If yes, banks may either lower the loan margin or reject your application, especially if the total amount you pay each month is high against your monthly income. Banks consider the debt service ratio (DSR) based on your total loan commitment against your total income. Higher the DSR, higher is the chance of your Home Loan rejection.</p>  <h3><span style='color: #99cc00; font-size: 12pt;'><strong>5. Poor Repayment</strong></span></h3> <p>The Central Credit Reference Information System (CCRIS) tracks your repayment of past loan credits and other monthly payment commitments like Credit Card bills, etc. If you have a track record of late or overdue repayments for even a small amount, your loan application may get rejected. Hence, maintain a good repayment record.</p>  <h3><span style='color: #99cc00; font-size: 12pt;'><strong>6. No Credit Records</strong></span></h3> <p>If you do not have any past repayment record, banks cannot determine your repayment behavior. Hence, if you are geared up to <a href='https://www.mymoneymantra.com/home-loan.html' target='_blank'><strong>Apply for a Home Loan</strong></a>, ensure that you use your Credit Card and pay bills on time every time. Alternatively, if you don’t use Credit Cards, ensure that you have a savings account or fixed deposit account with the bank you wish to approach for the Home Loan.</p>  <h3><span style='color: #99cc00; font-size: 12pt;'><strong>7. Income Instability</strong></span></h3> <p>Before applying for a loan, ensure that you have a stable job for the past several months. Lower the base salary with no fixed earnings every month, higher is the chance of a rejection. Furnish pay slips of several months of your stable job with your application to avoid a rejection. A consistent EPF (Employees Provident Fund) contribution by the employer is an added advantage.</p>  <h3><span style='color: #99cc00; font-size: 12pt;'><strong>8. Not Submitting the Right Documents</strong></span></h3> <p>Have you submitted all documents pertaining to your Home loan? Banks carefully observe your income-related documents during the approval process. Not submitting all documents or the right documents may lead to a rejection. Ensure that you make no errors while filling the application form.</p>  <p><strong>Also Read:<span style='color: #99cc00;'> <a style='color: #99cc00;' href='https://mymoneymantraloans.weebly.com/post/is-it-possible-to-claim-tax-deduction-on-home-renovation-cost' target='_blank'>Is it Possible to Claim Tax Deduction on Home Renovation Cost?</a></span></strong></p>  <p>Banks follow a well structured and stringent approval process while granting a loan. Hence it is advisable that you conduct a research beforehand and familiarize yourself with what banks consider when approving loans. Once you know the cause of rejection, you may not face it the next time you apply for it, as you will be well prepared to avoid a rejection.</p>  <p>For most affordable Home Loan offers, visit <a href='https://www.mymoneymantra.com' target='_blank'><strong>mymoneymantra</strong></a>, a one-stop solution for all your financial needs. Call our Mortgage Specialists toll-free at <strong><a class='tel' href='tel:18001034004'>18001034004</a></strong> for more information.</p>  <p><a href='https://www.mymoneymantra.com/home-loan.html'><img class='aligncenter size-full wp-image-1713' src='https://d1lt2ralzv8247.cloudfront.net/Home_Loan_1d8bd7c995.png' alt='Home Loan' width='268' height='43' /></a></p> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/is-your-home-loan-application-rejected-these-could-be-the-possible-reasons/' data-a2a-title='Is Your Home Loan Application Rejected? 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<p>Buying a home is the biggest financial transaction of one&#8217;s life. So, you have saved enough money over the years for the down payment and applied for a Home Loan. However, as you waited for the approval, you received the bad news that your application has been rejected. </p> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/is-your-home-loan-application-rejected-these-could-be-the-possible-reasons/' data-a2a-title='Is Your Home Loan Application Rejected? These Could be the Possible Reasons'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fis-your-home-loan-application-rejected-these-could-be-the-possible-reasons%2F&amp;linkname=Is%20Your%20Home%20Loan%20Application%20Rejected%3F%20These%20Could%20be%20the%20Possible%20Reasons' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fis-your-home-loan-application-rejected-these-could-be-the-possible-reasons%2F&amp;linkname=Is%20Your%20Home%20Loan%20Application%20Rejected%3F%20These%20Could%20be%20the%20Possible%20Reasons' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fis-your-home-loan-application-rejected-these-could-be-the-possible-reasons%2F&amp;linkname=Is%20Your%20Home%20Loan%20Application%20Rejected%3F%20These%20Could%20be%20the%20Possible%20Reasons' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fis-your-home-loan-application-rejected-these-could-be-the-possible-reasons%2F&amp;linkname=Is%20Your%20Home%20Loan%20Application%20Rejected%3F%20These%20Could%20be%20the%20Possible%20Reasons' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fis-your-home-loan-application-rejected-these-could-be-the-possible-reasons%2F&amp;linkname=Is%20Your%20Home%20Loan%20Application%20Rejected%3F%20These%20Could%20be%20the%20Possible%20Reasons' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fis-your-home-loan-application-rejected-these-could-be-the-possible-reasons%2F&amp;linkname=Is%20Your%20Home%20Loan%20Application%20Rejected%3F%20These%20Could%20be%20the%20Possible%20Reasons' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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Buying a home is the biggest financial transaction of one’s life. So, you have saved enough money over the years for the down payment and applied for

Is Your Home Loan Application Rejected? These Could be the Possible Reasons

 <p>A Credit Card is one of the most efficient tools for making purchases. However, it has numerous other benefits as well. It can help build a good credit history and favourable credit score for you, thus helping you procure loans with ease. It can offer unmatched convenience while you’re travelling, thanks to its worldwide acceptance. Moreover, it can also help you save money due to the numerous <strong>Credit Card offers online </strong>which entail exciting cash backs and great discounts.</p> <p>It is, therefore, a great decision to <a href='https://www.mymoneymantra.com/credit-card.html'><strong>Apply for a Credit Card</strong></a> at the earliest possible. However, before you do, here is all that you need to know before filing your Credit Card application.</p> <h3><span style='font-size: 12pt; color: #99cc00;'><strong>Financial Requirement</strong></span></h3> <p>In order to get a Credit Card, you will be required to meet certain financial requirements. To begin with, you need to be an adult with a steady job or a steady source of income. If you’re employed, you will be required to submit your pay-slip as a proof of income. Alternatively, if you run a business, or are a professional, you will need to submit your income tax returns and your bank statements as a proof of income.<strong> </strong></p>  <p><a href='https://www.mymoneymantra.com/credit-card.html?utm_source=internal-blog&amp;utm_medium=blog-post&amp;utm_campaign=credit-card'><img class='aligncenter size-full wp-image-1971' src='https://d1lt2ralzv8247.cloudfront.net/credit_cards_1_4c8035f53d.jpg' alt='Apply for a Credit Cards' srcset='https://d1lt2ralzv8247.cloudfront.net/credit_cards_1_4c8035f53d.jpg 868w, https://www.mymoneymantra.com/blog/wp-content/uploads/2018/04/credit-cards-1-300x35.jpg 300w, https://www.mymoneymantra.com/blog/wp-content/uploads/2018/04/credit-cards-1-768x88.jpg 768w' sizes='(max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px' /></a></p> <h1><span style='font-size: 12pt; color: #99cc00;'><strong>Online Application</strong></span></h1> <p>Thanks to the technological advancement, you can now easily <strong>apply for a Credit Card online</strong>. This is usually a simple, step-by-step process, offered by online marketplaces like <strong>www.mymoneymantra.com</strong>, the portal of the bank or the Credit Card company that you are applying. In order to apply, you will be required to scan/upload the documents mentioned above, in addition to &#8211;</p> <ul> <li>Your Date of Birth</li> <li>An Address Proof ( government issued identity proof )</li> <li>PAN Card</li> </ul> <p>Once your application is duly complete, you may need to wait for a few days before the application is approved, and your credit card is sent to your registered address. In the meanwhile, if you wish to check your application status, you can do so by following steps &#8211;</p> <ul> <li>Log in to the official portal/Credit Card company that you have applied to.</li> <li>Find the ‘Track Application’ or a similar tab, and click the same.</li> <li>Once there, you may be required to fill in one or more of the following &#8211; <ul> <li>Application Number</li> <li>PAN Card number</li> <li>Form number</li> <li>Date of birth</li> </ul> </li> <li>Next, click on ‘Submit’.</li> <li>Here, you’ll be able to see the status of your Credit Card application form.</li> </ul> <p>If need be, do feel free to call the issuing company or the bank to check the status. You can also visit the establishment in person.</p> <h3><span style='font-size: 12pt; color: #99cc00;'><strong><em>Please Note</em></strong></span></h3> <p><em>The process of online application for Credit Card, and for checking the status, may slightly differ from one financial institution to another. </em></p> <h3><span style='font-size: 12pt; color: #99cc00;'><strong>Low Credit Limit</strong></span></h3> <p>Credit Limit is the maximum amount a Credit Card company allows a borrower to spend using a single card.</p> <p>When you apply for your first Credit Card, you should expect the company to offer you a fairly small credit limit. This is done due to two reasons &#8211;</p> <ul> <li>For you to understand the use and management of a Credit Card, and remain well within your ability to repay.</li> <li>For the issuing company to minimize its risk since you do not have a credit history that can prove as a guarantee that you will repay the company.</li> </ul> <p>Your credit limit may also be low due to the fact that your income is on the lower end. For instance, if you have a part-time job or an entry-level job, or a new business, chances are your credit limit will be limited by your own income.</p> <h3><span style='font-size: 12pt; color: #99cc00;'><strong>Credit History</strong></span></h3> <p>Your first Credit Card will become a part of your credit report. The company/bank which issues you the Credit Card will report your monthly card usage to credit reporting agencies/credit bureaus. This report will constitute for your credit history, and in the long run, will contribute towards your credit score. If you use your Credit Card sensibly and repay your bills on time, you can enjoy a favourable credit history. This, in turn, will help you procure loans, at minimal rates of interest.</p> <p>Moreover, it will help your other applications for Credit Cards get approved easily.<br /> &nbsp;</p> <h4><span style='font-size: 12pt; color: #99cc00;'><strong>Credit Utilisation Ratio (CUR)</strong></span></h4> <p>CUR refers to Credit Card usage with respect to the maximum spending limit. For instance, if the credit limit is <i class='fa fa-inr'></i>1,00,000 and you spend <i class='fa fa-inr'></i>70,000 in a month, your CUR will be 70%. The CUR will reflect your spending habits as well as your credit managing ability.</p> <p>A high CUR indicates that you are consistently in a cash crunch or are a compulsive spender. None of these help your credit history. Hence, it is advisable that you maintain a relatively low CUR. As a matter of fact, it is advisable for you to maintain a CUR of 30%.</p> <p>Moreover, you must ensure that you don’t exceed your credit limit, under any circumstances.</p> <p>Now that you know, all that there is to about Credit Card application, you should apply for the same right away!</p> <p>Don’t know where to get started? Well, let our Loan Specialist help you fill the application, based on your needs and preferences. Simply visit us mymoneymantra or call our Loan Specialists toll-free at <strong><a class='tel' href='tel:18001034004'>18001034004</a></strong> for further information.</p>  <p><strong>Also Read : </strong> <span style='text-decoration: underline;'><span style='color: #99cc00;'><a style='color: #99cc00;' href='https://medium.com/@mymoneymantra17/dear-travellers-stop-making-these-travel-mistakes-416993f24b29' target='_blank'><strong>Dear Travellers, Stop Making These Travel Mistakes!</strong></a></span></span></p>  <p>To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit <a href='https://www.mymoneymantra.com/credit-card.html' target='_blank'><strong>www.mymoneymantra.com</strong></a>, the leading online lending marketplace that offers financial products from 60+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.</p>   <p><a href='https://www.mymoneymantra.com/credit-card.html'><img class='aligncenter size-full wp-image-1706' src='https://d1lt2ralzv8247.cloudfront.net/Credit_Card_61a1913728.png' alt='Credit Card' width='267' height='43' /></a></p> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/credit-card-application-everything-you-need-to-know/' data-a2a-title='Credit Card Application: Everything You Need to Know'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-card-application-everything-you-need-to-know%2F&amp;linkname=Credit%20Card%20Application%3A%20Everything%20You%20Need%20to%20Know' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-card-application-everything-you-need-to-know%2F&amp;linkname=Credit%20Card%20Application%3A%20Everything%20You%20Need%20to%20Know' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-card-application-everything-you-need-to-know%2F&amp;linkname=Credit%20Card%20Application%3A%20Everything%20You%20Need%20to%20Know' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-card-application-everything-you-need-to-know%2F&amp;linkname=Credit%20Card%20Application%3A%20Everything%20You%20Need%20to%20Know' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-card-application-everything-you-need-to-know%2F&amp;linkname=Credit%20Card%20Application%3A%20Everything%20You%20Need%20to%20Know' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-card-application-everything-you-need-to-know%2F&amp;linkname=Credit%20Card%20Application%3A%20Everything%20You%20Need%20to%20Know' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

<p>A Credit Card is one of the most efficient tools for making purchases. However, it has numerous other benefits as well. It can help build a good credit history and favourable credit score for you, thus helping you procure loans with ease. </p> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/credit-card-application-everything-you-need-to-know/' data-a2a-title='Credit Card Application: Everything You Need to Know'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-card-application-everything-you-need-to-know%2F&amp;linkname=Credit%20Card%20Application%3A%20Everything%20You%20Need%20to%20Know' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-card-application-everything-you-need-to-know%2F&amp;linkname=Credit%20Card%20Application%3A%20Everything%20You%20Need%20to%20Know' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-card-application-everything-you-need-to-know%2F&amp;linkname=Credit%20Card%20Application%3A%20Everything%20You%20Need%20to%20Know' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-card-application-everything-you-need-to-know%2F&amp;linkname=Credit%20Card%20Application%3A%20Everything%20You%20Need%20to%20Know' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-card-application-everything-you-need-to-know%2F&amp;linkname=Credit%20Card%20Application%3A%20Everything%20You%20Need%20to%20Know' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-card-application-everything-you-need-to-know%2F&amp;linkname=Credit%20Card%20Application%3A%20Everything%20You%20Need%20to%20Know' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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A Credit Card is one of the most efficient tools for making purchases. However, it has numerous other benefits as well.

Credit Card Application: Everything You Need to Know

<h2><strong>How to Activate SBI Credit Card? – All You Need to Know</strong></h2><p>The State bank of India is one of the most reputed banks globally that provides safe and efficient services to customers. They have an unparalleled system when it comes to providing smooth customer services, easy banking methods, and overall customer satisfaction across the country.</p><p>The State bank of India also offers a range of credit cards such as premium cards and basic cards. If you have already applied for one, after you receive it, you will need to activate it before you start to use it.</p><p>If you are looking forward to enjoying SBI credit card services and are wondering how to activate SBI credit card, we have got you covered.</p><p>Here is all that you must know regarding activating your SBI credit card, several ways to do it, and other queries that you might have.</p><h2>How to Activate your SBI Card Online?</h2><p>If you prefer easy and instant methods, online ways are the best options for you if you are thinking of how to activate an SBI credit card for<strong> </strong>online<strong> </strong>transactions.</p><ol><li>&nbsp;The first and the most convenient way for you to follow his net banking. If you want to go for a hassle-free and instant method to activate your SBI credit card through net banking, first, you need to make sure that you have registered with the SBI cards net banking facility. It is an easy method that you can follow and instantly activate your credit card without any complexities.</li><li>&nbsp;Another way that you can follow if you are looking for online methods is to choose mobile banking services to activate your SBI credit card. It is also an easy and hassle-free service that you can follow to activate your credit card instantly. You can follow the mobile banking method without the internet, which makes it one of the most feasible methods to follow. Most banks, including the SBI, have launched an app that you can install on your smartphone to activate your credit card instantly.</li><li>&nbsp;Another method that you can choose to activate your SBI credit card using online methods is using your email. Customers of the State bank of India get their credit card activated through email in a hassle-free manner. Just log in to your SBI card account and click on the email option under the contact us section. Put in your credit card details and request for card activation. They will verify your details and activate your SBI credit card as soon as possible.</li></ol><p>Take a look at the detailed steps that you need to follow to use the online methods.</p><h2>How to Activate SBI Credit Card through Netbanking?</h2><p>To activate your ICICI credit card via net banking, you need to follow the following steps:</p><ul><li>If you are a first-time user, you will need to register yourself before you move further with the activation of your SBI credit card.</li><li>After registering, she will be asked to generate a PIN for the first time.</li><li>Visit the SBI bank portal online and log in with your credentials. Select the credit card option that will appear on your screen.</li><li>Put your credit card number correctly, along with the one-time password that you received on your phone.</li><li>Again, you will be asked to put your password and your OTP before successfully activating your SBI credit card.</li><li>If you have already registered for some time, you will not need to re-register to activate your card. You will need to put your credentials to log in to your account. Put your credit card pin and your credit card number properly.</li><li>Make sure you put your registered mobile number that is linked to your bank account to avoid complexities. Check your details twice before hitting the submit button.</li></ul><p>If you are thinking about how to activate SBI credit card online, net banking would be the most feasible option to go for.</p><h2>How to Activate SBI Bank Credit Card through Mobile Banking?</h2><p>If you want to go for the mobile banking procedure to activate your SBI bank credit card, follow these easy steps to do the same.</p><ul><li>&nbsp;If you are wondering how to activate an SBI credit card using mobile banking, first, you need to install the SBI application on your phone.</li><li>If the app is already installed, log in to your account. If you are a first-time user, create a user ID and password to log in to your account.</li><li>After logging in, you will receive an OTP on your mobile number registered to your bank account.</li><li>Enter that OTP and click on the proceed button for further steps.</li><li>You have to set an M pin and enable touch ID to activate your credit card.</li><li>Go to the requests tab on the application and select the card activation option. You will be asked to put your card details once again. Crosscheck the details along with your mobile number and email address properly before hitting the activate button.</li></ul><h2>How to Activate SBI Credit Card Offline?</h2><p>If you do not want to explore the<strong> </strong>online methods, including mobile banking and net banking methods, there are several offline methods that you can use to activate your SBI credit card.</p><ol><li>&nbsp;The most feasible offline method for You would be to activate your credit card using the ATM. It is easy, convenient, and hassle-free, so it is one of the most preferred methods by many users.</li><li>&nbsp;If you want to avoid all the previously mentioned methods, you can take the help of the customer services of SBI bank to activate your SBI credit card safely.</li><li>&nbsp;A simple offline method that you can follow to change your SBI credit card pin is SMS. Once you register yourself for the first time, you are asked to change the pin for security purposes. To change your SBI credit card pin via SMS, send an SMS from your registered mobile number to 567676. Please type in your credit card number's last four digits and send it after cross checking everything.</li></ol><p>&nbsp;If you are a first-time user wondering how to activate an SBI credit card safely following offline methods, the methods are in a detailed version.</p><h2>How to Activate SBI Credit Card through ATM?</h2><p>Follow these steps to activate your credit cards through ATM:</p><ul><li>&nbsp;Visit your nearest SBI ATM.</li><li>Slide your card into the machine and choose your preferred language for further steps.</li><li>You will have to create a new ATM pin using a one-time password. Put your OTP that you received on your registered mobile number.</li><li>You must enter your mobile number for verification. After the verification, you will receive a four-digit pin of your choice that will be used in the future as your SBI credit card pin.</li><li>Confirm your pin by retyping it and click on the submit button when you are done.</li></ul><p>After following these steps properly, an SMS update will be sent to your registered mobile number by the bank.</p><h2>How to Activate SBI Credit Card via Customer Care?</h2><p>If you are wondering how to active SBI credit card<strong> </strong>and want to avoid mobile banking, net banking, and ATM methods, customer care is the best option that you should go for. It is a completely safe, secured, and feasible process for anyone who is a first-time user.</p><p>To get your SBI credit card activated through customer care services, you must call their toll-free number 1800 180 1290.</p><p>You need to follow the interactive voice response that will be provided to you by the bank. They will ask for your credit card details along with your mobile number and email address for verification purposes. After the verification, they will provide you with the further steps you will need to follow to activate your SBI credit card.</p><h3>FAQs</h3><h4>✅1. Can I change my SBI credit card details using an ATM?</h4><p>Ans: If you want to change your credit card details using an ATM, visit the ATM, put your existing credit card pin, and click on the change pin option.</p><h4>✅2. What is likely to happen if I lose my SBI credit card?</h4><p>Ans: If you happen to lose your SBI credit card for some reason, contact the bank's customer care as soon as possible at 1800112211/ 18004253800. You can also send an SMS with the word SBI to 567676.</p><h4>✅3. What happens if my SBI credit card is not activated even after following all steps correctly?</h4><p>Ans: Contact the bank or call their toll-free number/to send an SMS at the earliest.</p><h4>✅4. What is the easiest way to change my SBI credit card pin?</h4><p>Ans: To change your SBI credit card pin quickly, send an SMS to 567676 with the last four digits of your credit card number. You can also visit your nearest ATM to do the same.</p>

How to Activate SBI Credit Card? – All You Need to Know

<h2><strong>Documents Required for Personal Loans for Salaried, Self Employed, NRIs &amp; Pensioners</strong></h2><p>A cash shortfall can strike anytime. Thankfully, a personal loan can meet any financial deficit easily. An individual who is above 18 years of age and has a regular income is eligible for a personal loan in India. All banks and non-banking financial companies operating in India advance such loans. But as personal loans are unsecured loans that are issued without collateral, the borrower must meet the eligibility conditions set by the lender to avail of a personal loan. Eligibility conditions are further validated through corresponding documents. Let’s understand what documents are required for a personal loan:</p><h2><strong>Documents Required for Personal Loan</strong></h2><p>The documents required for a personal loan can broadly be classified into four categories:</p><ul><li><strong>Age Proof</strong> – The loan tenure is dependent upon the age of the applicant. The document that validates the applicant’s age is considered age proof.</li><li><strong>Identity Proof </strong>– The list of documents that validate a person’s identity is considered identity proof. The lending company checks the applicant’s identity to reduce their risk of default.</li><li><strong>Address Proof </strong>– The lender has to be certain about the applicant’s residential address before approving a loan. Thus, a series of documents are accepted as address proof. The applicant can submit any one of the address proof as mentioned in the documents required for a personal loan.&nbsp;</li><li><strong>Income Proof</strong> – The amount of loan that will be approved will depend upon the applicant’s income status. Thus, submission of income proof becomes mandatory to avail of a personal loan. Also, the documents required for a personal loan vary with the job profile of the applicant. Thus, salaried, self-employed, and pensioners have to submit different income proof documents.&nbsp;</li></ul><p>A prospective personal loan borrower is required to submit documents under each category. Every lender has a series of documents that are accepted under each category. Thus, the personal loan borrower must go through the list of documents required for a personal loan of a particular lending company before filing up the loan application form.&nbsp;</p><h2><strong>&nbsp;List of Documents Required for Personal Loan for Salaried Employees</strong></h2><figure class="table"><table><tbody><tr><td colspan="2"><strong>Salaried Individuals</strong></td></tr><tr><td><p>Identity Proof (Any One)</p><p>&nbsp;</p></td><td><ul><li>Aadhar Card</li><li>Passport</li><li>Driving License</li><li>Voters ID Card</li><li>PAN Card</li></ul></td></tr><tr><td><p>Address Proof (Any One)</p><p>&nbsp;</p></td><td><ul><li>Aadhaar Card</li><li>Passport</li><li>Voter ID Card</li><li>Driving License</li><li>Lease Agreement</li><li>Rent Agreement</li><li>Post-paid mobile phone bill (do not submit a bill more than three months old)</li><li>Water bill (do not submit a bill more than three months old)</li><li>Electricity bill (do not submit a bill more than three months old)</li><li>Landline telephone bill (do not submit a bill more than three months old)</li><li>Piped gas bill (do not submit a bill more than three months old)</li></ul></td></tr><tr><td>Proof of Age (Any One)</td><td><ul><li>Aadhaar Card</li><li>Passport</li><li>PAN Card</li><li>Driving License</li></ul></td></tr><tr><td>Photograph</td><td>Two recent, coloured, passport size photographs</td></tr><tr><td>Income Proof (All)</td><td><ul><li>Latest Salary slip</li><li>Form No.16, duly authenticated by employer</li><li>6-month bank statement in which salary is credited</li><li>Income Tax Return</li><li>Appointment letter</li></ul></td></tr></tbody></table></figure><h2><strong>List of Documents Required for Personal Loan for Self Employed</strong></h2><figure class="table"><table><tbody><tr><td colspan="2"><strong>Self-Employed Individuals</strong></td></tr><tr><td><p>Identity Proof (Any One)</p><p>&nbsp;</p></td><td><ul><li>Aadhar Card</li><li>Passport</li><li>Driving License</li><li>&nbsp;Voters ID Card</li><li>PAN Card</li></ul></td></tr><tr><td><p>Address Proof (Any One)</p><p>&nbsp;</p></td><td><ul><li>Aadhaar Card</li><li>Passport</li><li>Voter ID Card</li><li>Driving License</li><li>Lease Agreement</li><li>Rent Agreement</li><li>Post-paid mobile phone bill (do not submit a bill more than three months old)</li><li>Water bill (do not submit a bill more than three months old)</li><li>Electricity bill (do not submit a bill more than three months old)</li><li>Landline telephone bill (do not submit a bill more than three months old)</li><li>Piped gas bill (do not submit a bill more than three months old)</li><li>&nbsp;</li></ul></td></tr><tr><td>Proof of Age (Any One)</td><td><ul><li>Aadhaar Card</li><li>Passport</li><li>PAN Card</li><li>Driving License&nbsp;</li></ul></td></tr><tr><td>Photograph</td><td>Two recent, colour passport size photographs</td></tr><tr><td>Income Proof (All)</td><td><ul><li>Last three years’ ITRs</li><li>6-month bank account statement of Current account</li><li>Audited financial records like Balance Sheet, Profit and Loss account</li></ul></td></tr><tr><td>Other Documents</td><td><ul><li>Certified copy of Academic Degree/License</li></ul></td></tr></tbody></table></figure><h2><strong>List of Documents Required for Personal Loan for Pensioners</strong></h2><figure class="table"><table><tbody><tr><td colspan="2"><strong>Pensioners</strong></td></tr><tr><td><p>Identity Proof (Any One)</p><p>&nbsp;</p></td><td><ul><li>Aadhar Card</li><li>Passport</li><li>Driving License</li><li>&nbsp;Voters ID Card</li><li>PAN Card</li></ul></td></tr><tr><td><p>Address Proof (Any One)</p><p>&nbsp;</p></td><td><ul><li>Passport</li><li>Voter ID Card</li><li>Driving License</li><li>Lease Agreement</li><li>Rent Agreement</li><li>Water bill (do not submit a bill more than three months old)</li><li>Electricity bill (do not submit a bill more than three months old)</li><li>Piped gas bill (do not submit a bill more than three months old)</li><li>Post-paid mobile phone bill (do not submit a bill more than three months old)</li><li>Landline telephone bill (do not submit a bill more than three months old)</li></ul></td></tr><tr><td>Proof of Age (Any One)</td><td><ul><li>Aadhaar Card</li><li>Passport</li><li>PAN Card</li><li>Driving License</li></ul><p>(The pensioner must not be more than 75 years of age)</p></td></tr><tr><td>Photograph</td><td>2 recent, colour passport size photographs</td></tr><tr><td>Income Proof (All)</td><td><ul><li>Last 6-month bank account statement in which pension is credited</li><li>Pensioner’s Portion of PPO in original</li><li>Authority letter in case of DPDO Pensioners</li></ul></td></tr></tbody></table></figure><h2><strong>List of Documents Required for Personal Loan for NRIs</strong></h2><figure class="table"><table><tbody><tr><td colspan="2"><strong>Pensioners</strong></td></tr><tr><td><p>Identity Proof (Any One)</p><p>&nbsp;</p></td><td><ul><li>Aadhar Card</li><li>Passport</li><li>Driving License</li><li>Voters ID Card</li><li>PAN Card</li></ul></td></tr><tr><td><p>Address Proof (Any One)</p><p>&nbsp;</p></td><td><ul><li>Aadhaar Card</li><li>Passport</li><li>Voter ID Card</li><li>Driving License</li><li>Lease Agreement</li><li>Rent Agreement</li><li>Post-paid mobile phone bill (do not submit a bill more than three months old)</li><li>Water bill (do not submit a bill more than three months old)</li><li>Electricity bill (do not submit a bill more than three months old)</li><li>Landline telephone bill (do not submit a bill more than three months old)</li><li>Piped gas bill (do not submit a bill more than three months old)</li></ul></td></tr><tr><td>Proof of Age (Any One)</td><td><ul><li>Aadhaar Card</li><li>Passport</li><li>PAN Card</li><li>Driving License</li></ul></td></tr><tr><td>Photograph</td><td>2 recent, colour passport size photographs</td></tr><tr><td>Other Documents</td><td><ul><li>Copy of Passport</li><li>&nbsp;Valid Visa</li><li>Email ID</li></ul></td></tr><tr><td>Income Proof (All)</td><td><ul><li>Bank account statement of all accounts</li><li>6-month bank statement&nbsp; of NRE/ NRO account</li></ul></td></tr></tbody></table></figure><ul><li>NRI applicants must have a close relative in India. The resident Indian must be personally present at the time of loan application.</li></ul><h4><strong>FAQs</strong></h4><h4><strong>✅What are the documents required for a personal loan for NRIs?</strong></h4><p>Documents required for a personal loan for NRIs are:&nbsp;</p><ul><li>&nbsp;Valid identity proof</li><li>Valid address proof</li><li>Age proof</li><li>Two recent, colour passport size photographs</li><li>&nbsp;Copy of Passport</li><li>Copy of Valid Visa</li><li>Email ID</li><li>6-month bank account statement of all accounts</li><li>6-month bank statement&nbsp; of NRE/ NRO account</li></ul><h4><strong>✅What are the documents required for a personal loan for pensioners?</strong></h4><p>Documents required for a personal loan for pensioners are:&nbsp;</p><ul><li>&nbsp;Valid identity proof</li><li>Valid address proof</li><li>Age proof. The pensioner must not be more than 75 years of age.</li><li>Two recent, colour passport size photographs</li><li>Last 6-month bank account statement in which pension is credited</li><li>Pensioner’s portion of PPO in original</li><li>Authority letter in case of DPDO pensioners</li></ul><h4><strong>✅What are the documents required for a personal loan for a self-employed?</strong></h4><p>Documents required for a personal loan for self-employed are:&nbsp;</p><ul><li>&nbsp;Valid identity proof</li><li>Valid address proof</li><li>Age proof</li><li>2 recent, colour passport size photographs</li><li>Last three years ITRs</li><li>6-month bank account statement of Current account</li><li>Audited financial records like Balance Sheet, Profit and Loss account</li><li>Certified copy of Academic Degree/License</li></ul><h4><strong>✅ What are the documents required for a personal loan for salaried employees?</strong></h4><p>Documents required for a personal loan for salaried employees are:&nbsp;</p><ul><li>Valid identity proof</li><li>Valid address proof</li><li>Age proof</li><li>TwoTwo recent, colour passport size photographs</li><li>Latest salary slip</li><li>Form No.16, duly authenticated by employer</li><li>6-month bank statement in which salary is credited</li><li>Income Tax Return</li><li>Appointment letter</li></ul><h4><strong>✅Which documents are accepted as identity proof for a personal loan?</strong></h4><p>The following documents are accepted as proof of identity. The personal loan borrower can submit to anyone.</p><ul><li>Aadhar Card</li><li>Passport</li><li>Driving License</li><li>Voters ID Card</li><li>PAN Card</li></ul><h4><strong>✅ Which documents are accepted as address proof for a personal loan?</strong></h4><p>The following documents are accepted as proof of address. The personal loan applicant must submit anyone.</p><ul><li>Aadhaar Card</li><li>Passport</li><li>Voter ID Card</li><li>Driving License</li><li>&nbsp;Lease Agreement</li><li>Rent Agreement</li><li>Post-paid mobile phone bill (do not submit a bill more than three months old)</li><li>Water bill (do not submit a bill more than three months old)</li><li>Electricity bill (do not submit a bill more than three months old)</li><li>Landline telephone bill (do not submit a bill more than three months old)</li><li>Piped gas bill (do not submit a bill more than three months old)</li></ul><h4><strong>✅Which documents are accepted as proof of age for a loan?</strong></h4><p>The following documents are accepted as proof of age:</p><ul><li>Aadhaar Card</li><li>Passport</li><li>PAN Card</li><li>Driving License</li></ul><h4><strong>✅ Can I get a personal loan without documents?</strong></h4><p>Yes, you can avail of a personal loan without documents from your existing banker, provided all KYC details have already been updated.</p><h4><strong>✅Is Aadhar Card mandatory for a personal loan?</strong></h4><p>Aadhar Card is not mandatory for a loan. However, it is accepted as proof of identity, address and age and therefore makes the loan application and processing process easier both for borrower and lender.</p><h4><strong>✅&nbsp; Which documents are accepted as valid photo identity proof?</strong></h4><p>Acceptable photo identity proof for a loan is:</p><ul><li>Aadhar Card</li><li>Passport</li><li>Driving License</li><li>Voters ID Card</li><li>PAN Card</li><li>Official ID card</li></ul><h4><strong>✅Who is eligible for a personal loan in India?</strong></h4><p>A personal loan in India can be applied by salaried, self-employed, pensioners and NRIs.</p><h4><strong>✅ Are NRIs eligible for a personal loan in India?</strong></h4><p>Yes, certain banks and non-banking consider personal loan applications submitted by NRIs.</p><h4><strong>✅ Can pensioners apply for a personal loan?</strong></h4><p>Yes, pensioners can apply for a personal loan. The pensioner must not be more than 75 years of age. The pension account must be with the same bank in which a personal loan application is submitted.</p><h4><strong>✅Can utility bills be used as address proof for a loan?</strong></h4><p>Utility bills, namely water bills, electricity bills, piped gas bills, postpaid mobile connection bills and landline telephone bills can be used as address proof for a loan. The utility bill must be in the name of the loan applicant. Also, the utility bill must not be more than three months old.</p><h4><strong>✅What are the pension documents required by a pensioner for a personal loan?</strong></h4><p>A pensioner must submit the following pension documents to avail of a personal loan:</p><ul><li>Last 6-month bank account statement in which pension is credited</li><li>Pensioner’s portion of PPO in original</li><li>Authority letter in case of DPDO pensioners</li></ul>

Documents Required for Personal Loans for Salaried, Self Employed & Pensioners

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Check List of Documents Required for a Personal Loan for Salaried, Self-employed, Pensioners and NRI Applicants. 

Documents Required for Personal Loans for Salaried, Self Employed, NRIs & Pensioners

<p>A cash shortfall can strike anytime. Thankfully, a personal loan can meet any financial deficit easily. An individual who is above 18 years of age and has a regular income is eligible for a personal loan in India. All banks and non-banking financial companies operating in India advance such loans.</p>

<h2><strong>How to Get a Personal Loan without Salary Slip in 2021?</strong></h2><p>If you have to qualify for a personal loan and, as a matter of fact, any loan, the prime requirement is repayment capacity. More so for a personal loan since the risk of recovery is very high in the absence of security. Your monthly income is the metric for repayment capacity. That is why the salary slip has been made a mandatory document to proceed with processing a loan application. How to get a loan without a salary slip<strong> </strong>and is it really possible to get a personal loan when you do not have your salary slip is the main concern of individuals/professionals who are self-employed. With alternate income documents, it is possible for both salaried and self-employed individuals/professionals to get a personal loan without a salary slip.</p><h2><strong>How to get a personal loan without a salary slip?</strong></h2><p>There are several individuals who work for a monthly salary, but there are no records like salary slips for the salary they are drawing as they are being paid by cash. In such cases, how to get a personal loan without a salary slip?&nbsp;</p><p>Lenders review the financial profile of an applicant to gauge the repayment capacity before conveying a credit decision. Scrutinising the salary slip is a part of reviewing your financial strength. What could you do to prove the repayment capacity in the absence of a salary slip? There are indeed other documents that vouch for your monetary strength. Even a person who draws salary by cash will have a bank account wherein they would be depositing the salary drawn. A consistent deposit of cash on the same dates every month is proof enough of the cash salary drawn. So a bank statement, account passbook, Form 16 or ITR can be submitted as income proof in the absence of a salary slip for a personal loan without a salary slip.</p><p>In the case of self-employed individuals/professionals, audited financial statements like balance sheet and profit and loss account along with ITRs with income computation serve as income proof for a personal loan without a salary slip.</p><h2><strong>How to avail of a personal loan without a bank statement?</strong></h2><p>In the absence of a salary slip, you can still avail of a personal loan by submitting an alternate income proof, i.e., a bank statement, especially for the self-employed. Self-employed individuals/professionals will have a bank account to carry out business transactions, and by consolidating the sales/service receipts routed through the bank, the lender can get an idea about the turnover of the business.&nbsp;</p><p>Similarly, in the case of salaried individuals, the salary will be routed through a bank account, and so with a bank statement, the lender can ascertain the monthly income of the applicant.</p><p>But how to avail of a personal loan without a salary slip and bank statement.&nbsp;</p><p>If you do not have a bank statement, you can still apply for a personal loan with Audited financial statements and ITRs with income computation if you are self-employed. Salaried individuals can produce Form 16 as income proof. These alternate documents suffice to validate your income. Establishing a good relationship with your lender and maintaining a high credit score will help in these circumstances.</p><p>Yet another way to get a personal loan without a salary slip and bank statement<strong> </strong>will be by including a co-applicant with a steady source of income and high credit score — the co-applicant shares equal responsibility for the repayment of the loan. The income of the co-applicant will instil confidence in the lender about your repayment capacity. The creditworthiness of the co-applicant will be the yardstick to decide your eligibility for the personal loan.&nbsp;</p><h2><strong>Other documents required to avail a personal loan without a salary slip</strong></h2><p>If you are a self-employed individual or a freelancer or hired on a contract basis, you will have to apply for a personal loan without a salary slip. How to get a personal loan without a salary slip?</p><p>It is possible to avail of a personal loan without a salary slip by producing alternate documents that validate your monthly/annual income. If your work is on a freelance basis and you get paid by cash or are hired contractually, you can submit the following alternate documents.</p><ul><li><strong>Bank Statement</strong>: Even if your salary is being paid by cash and there is no record for your monthly emoluments, it is certain that you will be depositing the cash salary into a bank account. The regular deposit of a similar amount of cash every month is good enough to prove a stable income source. Self-employed individuals/professionals will route their business transactions through bank accounts. Hence you can produce a bank statement as an alternate income proof.</li><li><strong>Certificate from Employe</strong>r: A certificate from your employer on a letterhead proves your association with the organisation. The certificate should contain the details like your name, employment details and itemised monthly emoluments. This will indicate the job as well as income stability.</li><li><strong>Income Tax Returns</strong>: If you are a taxpayer, then you can produce Income Tax Returns for the last 2 or 3 years to prove the stability of income.&nbsp;</li><li><strong>Form 16</strong>: Form 16 issued by the employer will have the information of the total income, deductions and the tax deducted for a particular financial year. This is valid income proof that can be submitted while availing of a personal loan without a salary slip.</li><li><strong>Audited Financial Statement: </strong>Audited financial statements like balance sheet and profit and loss account will reflect the financial health of an institution. The financial profile of a company can be reviewed with this document.</li></ul><p>Along with the above-mentioned income proof, you will have to submit the standard KYC documents like Aadhar Card, laAN Card, Passport or Driving Licence as proof of residence and proof of identity.</p><h2><strong>Tips to avail personal without a salary slip in India</strong></h2><p>Validating the income is a part of the loan processing ordeal, and salary slips are the most authentic mode of income validation. Having said this, not always can you produce a salary slip to prove your repayment capacity. There are some categories of borrowers who are unable to submit a salary slip for a personal loan. Then how do they establish their income source, or how can they get a personal loan without a salary slip?<strong>&nbsp;</strong> Here are some valuable tips that will enable you to go ahead with the loan process without a salary slip.</p><ul><li><strong>Credit Score</strong>: Aim at maintaining a credit score above 750. A score above 750 is very appealing to the lenders as it indicates your financial management acumen, your commitment towards loan repayments and establishes your creditworthiness. It gives assurance to the lenders about your responsibility towards EMI servicing.</li><li><strong>Provide other documents</strong>: If you have been out of a job for a while and do not have the latest salary slips and if you are self-employed or being paid a cash salary, it is not impossible to establish your income source without a salary slip. An income certificate from the employer, Audited Financial Statements, Bank Account Statement, Form 16 or ITRs can serve as alternate documents for review of income.</li><li><strong>Avail a secured loan</strong>: You can do without a salary slip for a personal loan if you offer adequate security by way of gold, immovable property, LIC policies or NSCs. These securities will serve as a recovery backup for the lenders in case you default on the repayment.</li><li><strong>Include a co-applicant</strong>: Including a co-applicant with a salary slip indicating a stable source of income can be a good option. A good credit score is mandatory for the co-applicant as well. You will be able to get a personal loan without a salary slip based on the creditworthiness of the co-applicant. The co-applicant is equally responsible for the repayment of the loan, and in case you fail to repay the loan on time, the lenders can fix the co-applicant for the repayment.</li><li><strong>Approach a lender with liberal eligibility criteria: </strong>Various NBFCs have simple eligibility criteria to qualify for a personal loan. They have independent algorithms to establish the creditworthiness of the applicant. Choosing one such lender will fulfil your requirement of a personal loan without a salary slip.</li></ul><h3><strong>Frequently Asked Questions</strong></h3><h4><strong>✅How can you establish your creditworthiness to avail a personal loan in the absence of a salary slip and bank statement?</strong></h4><p>Salary slips and bank statements are indeed authentic proofs to establish your income source and stability. But then how to get a personal loan without a salary slip and bank statement. As the old saying goes, ‘every problem has a solution, even this issue has a solution. You can produce alternate documents like ITRs, Audited Financial Statements, Form 16 or an Income Certificate from the employer as income proof and proceed with your personal loan application process.</p><h4><strong>✅ How can an income certificate from the employer substitute a salary slip?</strong></h4><p>An income certificate is issued on the letterhead of the employer and contains item-wise details of the monthly emoluments. The structure of the certificate will be almost similar to a salary slip and can substitute a salary slip to prove the income source.</p><h4><strong>✅What happens if you are drawing a cash salary and the employer does not issue a salary slip? Can you apply for a personal loan?</strong></h4><p>If you are depositing the salary amount in your bank account and carrying on all your transactions (both debit and credit) through the account, the bank statement will be accepted as income proof in place of a salary slip. An income certificate from the employer will also be accepted as income proof.</p><h4><strong>✅ What are the options to get a personal loan without a salary slip and bank statement?&nbsp;</strong></h4><p>The option to get a personal loan without a salary slip and bank statement would be to apply with a co-applicant with a steady income. The co-applicant with a good score having the required income documents will be the ideal option. The steady income source of the co-applicant will be an assurance of the repayment capacity. The co-applicant is as good as the primary borrower in terms of responsibility towards repayment of the loan.</p><h4><strong>✅What are the best ways to adapt to avail of a personal loan without a salary slip?</strong></h4><p>You can still avail of a personal loan sans a salary slip by adopting the following tips.</p><ul><li>Aim at a consistent credit score of 750 and above as it will assure the lender about your repayment capabilities and your acumen in managing finances. You will be considered a responsible borrower and will even be offered better interest rates.</li><li>Provide alternate income documents like a bank statement, Form 16, and ITR if you are a salaried individual. If you are self-employed, you can submit Audited Financial Statements and ITRs with income computation.</li><li>Approach NBFCs with less complicated eligibility criteria to qualify for the loan. NBFCs assess the creditworthiness of an applicant with independent algorithms with different assessment methods based on the digital footfall of the applicant.</li><li>By pledging securities like gold, LIC policies or NSCs or by mortgage of immovable property. It is easier to avail of a secured personal loan as the lender will have a backup source for recovery in case if you fail to repay the loan as agreed.</li></ul>

How to Get Personal Loan without Salary Slip in 2021?

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A self-employed person needs to figure out how to get a personal loan without salary slip. Here are simple ways to get a personal loan without salary slips.

How to Get a Personal Loan without Salary Slip in 2021? - MyMoneyMantra

<p>If you have to qualify for a personal loan and, as a matter of fact, any loan, the prime requirement is repayment capacity. More so for a personal loan since the risk of recovery is very high in the absence of security. Your monthly income is the metric for repayment capacity.&nbsp;</p>

<p>At times of unexpected financial emergencies or expenses, you may apply for debt to get by. Personal loans are one of the best forms of credit during these situations. These loans are best if you need a specific amount on a one-time basis. A personal loan is an instalment or EMI based loan that is to be repaid over a set term or tenure along with interest.&nbsp;</p><p>A personal loan is extremely versatile and can come in different forms. Following are different types of personal loans that are available in India:</p><h2><strong>Unsecured Personal Loan</strong></h2><p>An unsecured personal loan is not backed by any asset or collateral, and therefore it can be easier to acquire this type of personal loan. You must have a good credit score (typically 750 or above) and a regular source of sufficient monthly income (usually Rs. 25,000 per month) to get these<strong> </strong>types of unsecured loans.</p><h2><strong>Secured Personal Loan</strong></h2><p>As the name suggests, a secured personal loan is borrowed against collateral, such as a home, car, savings account, insurance, gold or another asset. In case you default on the loan, the lender can seize the mortgaged asset to cover all or a portion of the balance. The interest rates on various types of secured loans are usually lower than unsecured loans. You can avail of personal loans secured or unsecured depending on the availability of collateral.</p><h2><strong>Personal Line of Credit</strong></h2><p>A personal line of credit is a revolving form of credit, similar to a credit card. Unlike an instalment loan that involves a lump sum to be repaid in EMIs, borrowers get access to a line of credit up to a specific amount that can be borrowed whenever needed. Interest is levied only on the outstanding balance. You need an excellent credit score and good credit history to <a href="https://www.mymoneymantra.com/line-of-credit"><strong>apply for a line of credit</strong></a>.</p><h2><strong>Personal Loan Against Credit Card</strong></h2><p>Your credit card can offer a cash advance, which is a short-term personal loan that you can borrow against your credit card’s available balance. Even though you are using your credit card, you will not necessarily have the same rate of interest on a <a href="https://www.mymoneymantra.com/mmm/loan-against-credit-card.html"><strong>credit card loan</strong></a> as a normal purchase. The interest may begin accruing as soon as you withdraw the money, and you will likely face a processing fee.</p><h2><strong>Pension Loan</strong></h2><p>Pension loans are personal loans exclusively for retired personnel. The usual eligibility criteria do not apply for this loan scheme. Under a pension loan, some banks may provide 7 to 10 times the amount of pension pensioners drew the month previous to submitting their loan application. These loans come with longer tenure and shorter loan amounts.</p><p>Personal Loans can be categorized based on different interest rates types, such as follows:</p><h2><strong>Fixed Interest Rate Personal Loan</strong></h2><p>Personal loans usually come with fixed rates of interest, which means the interest rate remains unchanged for the entire tenure of the loan, and so does your monthly payment or EMI. For these types of loans offered by banks,<strong> </strong>you will know exactly how much your EMI will be each month. A <a href="https://www.mymoneymantra.com/mmm/personal-loan-emi-calculator.html"><strong>Personal Loan EMI Calculator</strong></a> can help you estimate your EMI even before you apply for the loan.</p><h2><strong>Adjustable Interest Rate Personal Loan</strong></h2><p>Some lenders may also offer adjustable/ variable/ floating interest rate personal loans. Under this loan, the interest rate is subject to change over time rather than having the same rate of interest forever. The interest rate for this loan typically starts off quite low, and after a certain time frame, it may increase depending on market conditions, so the EMI can go up or down.</p><p>Lenders may offer personal loans based on the requirement of the borrower. Personal loan types based on requirements can be categorized in the following variants:</p><h2><strong>Personal Loan for Debt Consolidation&nbsp;</strong></h2><p>A Debt Consolidation Loan is a type of personal finance that is obtained for paying off multiple existing loans and credit card debts with a single Personal Loan through single monthly instalments. It can help you reduce overall monthly costs into one affordable payment.</p><h2><strong>Wedding Loan</strong></h2><p>If you have a wedding wishlist, like a dream destination wedding, a gorgeous diamond ring, tempting cuisine, dreamy decor and designer wedding outfits, you can <a href="https://www.mymoneymantra.com/marriage-loan"><strong>apply for a marriage loan</strong></a> or wedding loan. This loan covers all your wedding-related expenses, including catering, makeup, venue booking, photography, hiring choreographers and event managers, shopping for a perfect wedding dress and jewellery, and so on.</p><h2><strong>Travel Loan</strong></h2><p>A travel loan, also known as a vacation loan, can be obtained to soothe your wanderlust. This loan covers all the travel-related expenses, including flight tickets booking, accommodation, local fares (taxis, ferries, etc.), travel insurance, visa fees, activities (scuba diving, snorkelling, paragliding, skydiving, etc.), meals, tour guide, and so on. You can <strong>apply for a holiday loan</strong> to go on a dream vacation with your family, friends and loved ones without having to worry about money.</p><h2><strong>Home Renovation Loan</strong></h2><p>If you want to give your old home a new makeover, you can <a href="https://www.mymoneymantra.com/blog/top-5-home-renovation-loans-for-2019-in-india"><strong>apply for a home renovation loan</strong></a>. This loan covers the home renovation and repair expenses, such as remodelling of the kitchen, buying new furniture, interior designing of your house, paint, changing electrical wiring, getting new fixtures and fittings, and so on.</p><h2><strong>Medical Emergency Loan</strong></h2><p>As clear from the name, a medical emergency loan can be availed of for catering to your urgent medical needs, such as paying off medical bills, urgent treatment or surgery, checkups, and so on. These loans come handy when you don’t have medical insurance or the limit of the insurance is not enough to cater to the expenses.</p><h2><strong>Higher Education Loan</strong></h2><p>A higher education loan can be obtained by a borrower to pay for the higher education of their family members or themselves. This loan helps you pay off the admission fee, tuition fee, books purchase and other expenses related to education.</p><h2><strong>Personal Loan for COVID</strong></h2><p>The impact of the COVID-19 virus and the pandemic has changed the lives of all directly or indirectly. It has impacted several people as many lost their jobs or went financially broken by paying off for the treatment of their own and/or their loved ones. To cater to this ongoing need of the Indian citizens, many lenders have launched a <a href="https://www.mymoneymantra.com/blog/sbi-kavach-personal-loan-scheme-for-covid-19-expenses"><strong>special personal loan for COVID</strong></a>. This personal loan is usually offered at concessional rates and with zero or nominal processing fee to reduce your burden during the stressful times of the pandemic. This loan helps you manage COVID-19 related medical expenses and tackle the challenges that lie ahead.</p><p>Some lenders may also offer different types of personal loans based on different categories of borrowers, such as follows:</p><h2><strong>Personal Loan for Salaried Employees</strong></h2><p><a href="https://www.mymoneymantra.com/blog/4-personal-loans-types-for-salaried-professionals"><strong>Personal loans for salaried employees</strong></a> are designed especially for the financial needs of salaried individuals to meet the cost of any vacation, medical emergency, education, wedding, home renovation, and so on. For this loan, the lender requires you to have a specific minimum net monthly income depending on the city of residence and employment status.</p><h2><strong>Personal Loan for Self-employed</strong></h2><p>These are <a href="https://www.mymoneymantra.com/personal-loan-for-self-employed"><strong>personal loans for self-employed professionals</strong></a> (such as doctors, chartered accountants, architects, engineers, etc.) and non-professionals. These loans can be obtained for the personal as well as professional needs of self-employed applicants. The interest rates on these loans are slightly higher than that of personal loans for salaried employees due to the unavailability of regular income sources.</p><h2><strong>Personal Loan for Teachers</strong></h2><p>Most teachers at private or government schools/ colleges have fixed monthly salaries. There can be situations when they need urgent financial aid. So to help them overcome any added overheads, a Personal Loan for teachers is offered by various lenders. If you are a teacher who needs extra funds for personal needs, a personal loan for teachers is the best choice.&nbsp;</p><h2><strong>Personal Loan for NRIs</strong></h2><p>Some lenders may also offer special <a href="https://www.mymoneymantra.com/blog/5-best-personal-loan-offers-for-nris-in-india"><strong>personal loans for NRIs</strong></a>. These loans help in funding the personal financial needs of Non-Indian Residents (NRIs). The eligibility criteria and charges for this loan can be different from other personal loan variants.</p><h2><strong>Personal Loan for Women</strong></h2><p>To help women meet their financial needs, many banks offer special <a href="https://www.mymoneymantra.com/blog/5-available-personal-loans-for-working-women-in-india"><strong>personal loans for women</strong></a>. These loans can be used for funding your higher education, travel plans, wedding, or any emergency expenses. These loans are usually available at competitive rates of interest, and some lenders may also offer a special concession on interest rates.</p><h2><strong>Personal Loan for Government Employees</strong></h2><p><a href="https://www.mymoneymantra.com/personal-loan-for-government-employees"><strong>Personal loan for government employees</strong></a> is tailored specifically for salaried government employees to help them cater to their personal needs. These loans are available to employees of public sector undertakings or PSUs, including central, state and local government bodies. It can be obtained for a medical emergency, a sudden travel plan, a wedding venue booking, home renovation, and so on. This loan is offered at discounted rates and longer tenure.</p><h2><strong>Personal Loan for Students</strong></h2><p>A student loan can be availed of by students for various education-related needs, such as getting admission to the best of universities or pursuing a professional course to hone their skills. Unlike an education loan, which is made only for education expenses, a <a href="https://www.mymoneymantra.com/blog/how-to-get-a-personal-loan-for-students-in-india"><strong>personal loan for students</strong></a> can be used for a wide range of purposes, including education as well as personal. It can be used to fund your own education or that of a child/ family member. You are not even required to pledge your assets to get this loan. Before apply for the loan make sure to check which student loans are the best.</p><p>Types of loans in bank come in various forms to cater to the financial needs of every customer segment. You can apply for a personal loan online and get a loan amount up to Rs. 50 Lakhs for tenure up to 6 years, at attractive interest rates and processing charges. This loan requires minimum documentation and comes with easy eligibility criteria, making it the best financial alternative in times of need.</p><p>To know which personal loan you should apply for, you must know what are the different types of loans offered by banks.</p><figure class="image"><a href="https://www.mymoneymantra.com/personal-loans/"><img src="https://d1lt2ralzv8247.cloudfront.net/images/origin/Instant_Loan_Online_2_560b73ef3a.jpg" alt="Instant Personal Loan Online"></a></figure>

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Different Types of Personal Loans

<h2>Credit Card Cash Withdrawal - Things You Need to Know</h2><p>Credit Card Cash Withdrawal simply means withdrawal of cash from an ATM via your Credit Card. It is the very costliest means of borrowing money which is also known as a Cash advance or Short term loan. It helps in getting instant liquid cash to the cardholders in case of a real emergency. In this facility, you do not require any bank approval nor any documentation.&nbsp;</p><h2>Table of Content:</h2><ol><li>Intro</li><li>What is Credit Card Cash Withdrawal?</li><li>Credit Card Cash Withdrawal Limit</li><li>Credit Card Cash Withdrawal Charges</li><li>Top 5 Bank Credit Card Cash Withdrawal Charges</li><li>How to Withdraw Cash Using a Credit Card?</li><li>Pros &amp; Cons of Credit Card Cash Withdrawal</li><li>Difference Between Credit Card Cash Advance Limit &amp; Credit Limit</li><li>What is the Credit Card Cash Withdrawal Interest Charges?</li><li>FAQs</li></ol><h2><strong>What is Credit Card Cash Withdrawal?</strong></h2><p>Credit card cash withdrawal allows credit card users to withdraw cash from ATMs with the help of their credit cards. It is an additional feature offered by a bank. The cardholders are able to withdraw cash but within the permissible limit. But, the cardholders are required to repay the same along with the interest &amp; other charges.&nbsp;</p><p>Credit cardholders must be aware of the fact that the feature of credit card cash withdrawal is not available on all credit cards, and the permissible limit to withdraw cash &amp; the finance charges may also differ in the case of different banks.</p><h2><strong>Credit Card Cash Withdrawal Limit</strong></h2><p>Credit Card cash withdrawal limit allows credit card users to withdraw cash within the permissible limit using their credit cards from their bank’s ATM.</p><p>Bank allows a particular credit card cash withdrawal limit which normally ranges between 20% to 40% of the total limit out of the total card limit.</p><p>The credit&nbsp;limit of the card&nbsp;is the maximum amount one can spend using the credit card, whereas cash advance limit is the maximum amount of cash one can withdraw using the credit card.</p><figure class="table"><table><tbody><tr><td><i>For example, if I have a credit card that has a credit limit of Rs.2 lakh, then, in that case, I am eligible for a cash withdrawal limit of Rs. 40,000 to Rs. 80,000. So, I would be able to use the remaining amount on the credit card for other card transactions.</i></td></tr></tbody></table></figure><h2><strong>Credit Card Cash Withdrawal Charges</strong></h2><p>On every cash withdrawal transaction which is being made using a credit card, Credit Card Cash Advance Fees is levied. Whenever you use a credit card to withdraw cash, a small percentage of the amount withdrawn will be charged, which is considered as Cash Advance Fees.</p><p>Generally, banks charge about&nbsp;2.5% to 3%<strong>&nbsp;</strong>of the amount withdrawn subject to a minimum fee of Rs.300 to Rs.500 as a credit card cash advance fee.&nbsp;</p><p>This advance fee will be reflected in next month's Credit Card statement. It should also be considered that interest charges are also being attracted at a rate similar to what is charged on the amount withdrawn.</p><p>Also, if you make multiple cash advance transactions, every transaction would attract cash advance fees depending upon the amount withdrawn.</p><h2><strong>Top 5 Bank Credit Card Cash Withdrawal Charges</strong></h2><p>Below mention are the fees charged on a cash advance by Top 5 banks on Top 5 cards:</p><figure class="table"><table><tbody><tr><td><strong>Credit Cards</strong></td><td><strong>Cash Advance Fee</strong></td></tr><tr><td><a href="https://www.paisabazaar.com/sbi-bank/sbi-elite-credit-card/"><strong>SBI Card Elite</strong></a></td><td><p>At Domestic ATMs- 2.5% of the transaction amount, subject to a minimum of Rs. 300</p><p>At International ATMs- 3% of the transaction amount, subject to a minimum of Rs. 300</p></td></tr><tr><td><a href="https://www.paisabazaar.com/hdfc-bank/hdfc-bank-regalia-credit-cards/"><strong>HDFC Regalia Credit Card</strong></a></td><td>2.5% of the transaction amount, subject to a minimum of Rs. 500</td></tr><tr><td><a href="https://www.paisabazaar.com/citibank/citibank-premiermiles-credit-cards/"><strong>Citi PremierMiles Credit Card</strong></a></td><td>2.5% on the billed amount withdrawn, subject to a minimum of Rs. 500</td></tr><tr><td><strong>American Express Platinum Reserve Credit Card</strong></td><td>3.5% of the Cash Advance amount, subject&nbsp;to&nbsp;a minimum of Rs. 250</td></tr><tr><td><a href="https://www.paisabazaar.com/hsbc-bank/hsbc-platinum-credit-cards/"><strong>HSBC Visa Platinum Credit Card</strong></a></td><td>2.5% on the billed amount withdrawn, subject to a minimum of Rs. 300</td></tr></tbody></table></figure><h2><strong>How to Withdraw Cash Using a Credit Card?</strong></h2><p>Withdrawal of cash using a Credit card is similar to that using a Debit card. One just needs to visit the nearest ATM Kiosk and then follow instructions as displayed on the screen to withdraw the money. Cash can be withdrawn any from any ATM irrespective of the credit card issuing bank.</p><p>But, some banks do charge cash advance fees for withdrawing cash from other bank's ATMs. Also, some banks keep capping on maximum &amp; minimum cash that can be withdrawn per transaction or per day.</p><p>So, before availing of the cash advance facility, one should be aware of the Terms &amp; Conditions, which are applicable on the card, along with the fees &amp; charges. In order to prevent using the card beyond its limit, it is important to know the cash limit available on the card in case the card limit is exceeded, and the bank will charge an over-limit fee along with the finance charges.</p><h2><strong>Pros &amp; Cons of Credit Card Cash Withdrawal</strong></h2><p>&nbsp;</p><figure class="table"><table><tbody><tr><td><strong>Pros</strong></td><td><strong>Cons</strong></td></tr><tr><td>No Documentation of Approval required</td><td>Interest will be charged from the date of transaction till the payment is made in full.</td></tr><tr><td>Provides Immediate Cash as ATMs are accessible 24X7</td><td>A cash advance fee will be levied on every transaction</td></tr><tr><td>Access to flexible limits</td><td>Transactions&nbsp;involving&nbsp;cash advances are not eligible for any&nbsp;<a href="https://www.paisabazaar.com/credit-card/credit-card-reward-points/">credit card reward points.</a></td></tr></tbody></table></figure><h2><strong>Difference Between a Credit Limit &amp; Credit Card Cash Advance Limit</strong></h2><p>By credit limit, we mean the maximum amount that can be spent on a particular credit card; like ways by cash limit, we mean maximum cash that can be withdrawn using a credit card. The credit limit of credit cards includes a cash limit as well. Normally, banks offer 20%-40% of the total credit limit as a cash limit.</p><p>For instance, if the total credit limit is Rs 2 lakh, a cash amount of Rs 40000-80000 can be withdrawn using a credit card. The remaining limit can be used for normal card transactions only.</p><p>The cardholder gets to know the cash limit of the credit card at the time of issuance of the card by the bank.</p><p>The cash limit can vary from card to card and cardholder to cardholder, which indicates that the cash limit may not be the same for all the credit card variants of a bank. The cash limit is not fixed and is subject to changes at any point in time. The revision of the cash limit is under the bank's discretion which will depend on the spending pattern of the cardholder, repayment of credit, any defaults made in making the payments.</p><p>In case of any revision, the same would be communicated to the cardholder via e-mail or through messages.</p><h2><strong>What are the Interest charges on Credit Card Cash Withdrawal?</strong></h2><p>Interest charges would be levied depending on the type of credit card in case of cash withdrawal via credit card. If the outstanding amount is paid on time, one would be charged a lesser amount of interest, but if it's long to pay the outstanding amount, more amount of interest would be levied.</p><p>Normally, banks charge interest ranging from 2.5% to 3.5% per month, which depends on the variant of the card and also varies from one bank to another.</p><h2><strong>Interest Charges on credit card cash advance by top banks:</strong></h2><p>Below mentioned are the rate on interest levied on credit card cash advance facilities by popular banks in India:</p><figure class="table"><table><tbody><tr><td rowspan="2"><strong>Bank</strong></td><td colspan="2"><strong>Interest Charges on Credit Card Cash Withdrawal</strong></td></tr><tr><td><strong>% per month</strong></td><td><strong>% per annum</strong></td></tr><tr><td><a href="https://www.paisabazaar.com/sbi-bank/credit-card/"><strong>SBI Credit Card</strong></a></td><td>Up to 3.350%</td><td>Up to 40.20%</td></tr><tr><td><a href="https://www.paisabazaar.com/hdfc-bank/credit-card/"><strong>HDFC Credit Card</strong></a></td><td>1.99% – 3.50%</td><td>23.88% – 42%</td></tr><tr><td><a href="https://www.paisabazaar.com/axis-bank/credit-card/"><strong>Axis Bank Credit Card</strong></a></td><td>2.95% – 3.50%</td><td>35.40% – 42%</td></tr><tr><td><a href="https://www.paisabazaar.com/icici-bank/credit-card/"><strong>ICICI Bank Credit Card</strong></a></td><td>2.49% – 3.50%</td><td>29.88% – 42%</td></tr><tr><td><a href="https://www.paisabazaar.com/citibank/credit-card/"><strong>Citibank Credit Card</strong></a></td><td>3.10% – 3.50%</td><td>37.20% – 42%</td></tr></tbody></table></figure><h3><strong>Frequently Asked Questions (FAQs):</strong></h3><h4><strong>✅</strong>&nbsp;When should the amount of cash withdrawn be repaid, and how?</h4><p>Whenever you make payment of your statement, you should repay the amount withdrawn. It can be made via UPI, DD or online etc., there is no such need to pay it in cash.</p><h4><strong>✅</strong>&nbsp;How can I know the cash withdrawal limit of my credit card?</h4><p>The cash withdrawal limit would be mentioned in the Welcome Kit we receive at the time of receipt of your credit card or in the terms &amp; conditions of your credit card.</p><p>Also, you can go through the credit card's net banking to know the total &amp; available cash limit. Otherwise, you can call the customer care service for the same as well.</p><h4><strong>✅</strong>&nbsp; Is it advisable to withdraw cash via credit card?</h4><p>To be very honest, withdrawing cash from a credit card is not considered to be as good as it sounds. Below mentioned are the steps if you're thinking about a cash advance.</p><p>Step 1: Think of all other options available, if any</p><p>Step 2: Check whether your credit card facilitates cash advance or not?</p><p>Step 3: Check the cash advance limit out of the credit card limit.</p><p>Step 4: Set the PIN</p><p>Step 5: Take time to understand the terms and fees for cash advances</p><p>Step 6: Think about the repayment</p><p>Step 7: Get the cash advance.</p><p>Step 8: Payback cash advance asap.</p><h4><strong>✅</strong>&nbsp;Can excess cash be withdrawn from a credit card?</h4><p>Generally, credit card companies do not allow the withdrawal of cash from credit cards in excess of to available credit limit. But, excess cash withdrawal would lead to a reduction in the available credit limit &amp; a higher credit card interest amount is required to be paid on the amount withdrawn.</p>

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Credit Card Cash Withdrawal simply means withdrawal of cash from an ATM via your Credit Card. It is the very costliest means of borrowing money which is also known as a Cash advance or Short term loan. 

Credit Card Cash Withdrawal - Things You Need to Know

<p>Credit Card Cash Withdrawal simply means withdrawal of cash from an ATM via your Credit Card. It is the very costliest means of borrowing money which is also known as a Cash advance or Short term loan.&nbsp;</p>

<h2><strong>How to Block HDFC Credit Card? All you need to know</strong></h2><p>When does the need arise for blocking the HDFC credit card? With increasing phishing incidents that result in fraudulent transactions, the need to block the card has become very necessary. With the rising popularity of online transactions, the opportunities for fraud are on the increase, especially if the payment gateway does not insist on second-level authentication of the transaction through OTP. So if you get a message for a transaction that you have not initiated, you should immediately block the card. How to block credit card HDFC? Read further to understand the various ways that can be implemented to block the card effectively.</p><h2><strong>How to block HDFC Credit Card?</strong></h2><p>With the increasing number of credit card frauds, knowing the various ways of blocking the HDFC credit card is essential. Under what circumstances should the HDFC Credit Card blocking be initiated?</p><p>The&nbsp; credit card should be blocked if:</p><ul><li>It is stolen or lost</li><li>You are unable to remove the Credit&nbsp; Card from the ATM slot.</li><li>The cash withdrawal transaction has been completed, but the money has not been dispensed.</li><li>You receive the message for a transaction that you have not initiated.</li></ul><p>The bank has provided various avenues to block the card immediately to avoid further monetary damage. The card can be blocked through.</p><ul><li>Internet banking</li><li>By calling the customer care</li><li>Through phone banking</li><li>By visiting the bank branch</li></ul><h2><strong>How to block HDFC Credit Card via Netbanking?</strong></h2><h3><strong>Through net banking</strong></h3><p>The most convenient way to block HDFC Credit Card is through net banking. To block the credit card, you should follow the&nbsp; steps shown below:</p><ul><li>Visit the official website of the bank.</li><li>Log in to the net banking account using the login credentials.</li><li>Go to the ‘Credit&nbsp; Cards’ option.</li><li>On the left-hand side, you will find the ‘credit card hotlisting’ option. Click on the option.</li><li>A list of credit cards will be displayed.</li><li>Click on the card to be hotlisted.</li><li>Enter the reason for hotlisting.</li><li>If you wish for a re-issue of the card, select the appropriate option.</li></ul><h2><strong>How to block HDFC Credit Card via PhoneBanking?</strong></h2><p>To block the HDFC Credit Card through phone banking, you should keep the card number, Customer ID or PIN, and the TIN (telephone identification number)<strong> </strong>to access your account. When every required detail is ready, you can call on the following numbers for phone banking services.</p><ul><li>Customers from Ahmedabad, Delhi and NCR, Hyderabad, Bangalore,&nbsp; Kolkata, Pune and Mumbai can call 61606161.&nbsp;</li><li>Customers from Chandigarh, Indore, Lucknow, Jaipur and Cochin can call 6160616.</li><li>Prefix the STD code of the respective city while dialling the number.</li></ul><p>After placing the call, you follow the steps given below:</p><ul><li>Validate your TIN number. This is a four-digit number given by HDFC while registering for the phone banking services.</li><li>Follow the IVRS instructions for blocking the card.</li></ul><h2><strong>How to block HDFC Credit Card by visiting the bank branch?</strong></h2><p>For customers who are not conversant with net banking and have not registered for phone banking, the best way to block the credit card is to visit the nearest HDFC branch and follow the procedure given below.</p><ul><li>Download the relevant application form online or obtain the form at the branch.</li><li>Complete the application form by filling in the required details.</li><li>Submit the duly completed form at the branch for doing the needful.</li></ul><h2><strong>How to block HDFC Credit Card in case of fraudulent activity?</strong></h2><p>It is imperative to report the fraudulent transaction immediately on detection to avoid further fraudulent activity. Reporting and temporarily blocking the card is the best way to avert further fraud using the credit card. Sometimes, you will notice the unauthorised transactions only on receiving the monthly bill. In such cases, you will have to make payment of the unauthorised transaction as well if you do not have a zero liability policy. A zero liability policy will save you from monetary loss as you will not be liable for unauthorised transactions.</p><p>You can block the HDFC Card in case of fraudulent activity through net banking or through phone banking. You can also call customer care as the services are available 24 X 7 and even on Sundays and Bank Holidays.</p><h2><strong>Things to Keep in Mind While Blocking HDFC Credit Card</strong></h2><p>Blocking the HDFC credit card will become inevitable once suspicious transactions are noticed. But you will have to keep in mind a few things before blocking the card. They are:</p><ul><li>EMIs on the card have to be taken care of.&nbsp; Alternate arrangements for the EMIs have to be made. If you opt for a re-issue of the card, the EMI will be linked to the re-issued card.&nbsp; In all probabilities, you might have to close the EMI if the card is going to be blocked permanently and not be re-issued.</li><li>If any ECS is linked to the card, you will have to contact the beneficiary and get the ECS delinked. Alternatively,&nbsp; you can shift the ECS payment to any other mode.</li><li>Clear all the outstanding liability on the credit card. In case of a re-issue of the card, the liability will be transferred to the new card.</li><li>Permanent blocking of the card amounts to the closure of the card. In such cases, scrutinise the billed as well as the unbilled transactions for any suspicious transaction.</li></ul><p>Locating the suspicious transaction after permanently blocking the card and paying off the entire card liability will negate the chances of a refund of the suspicious transaction amount.</p><h2><strong>How to reactivate a blocked HDFC Credit Card?</strong></h2><p>The preferred way to reactivate a blocked HDFC Credit Card is to call customer care and place a request for reactivation. If your credit card is stolen or lost and you have blocked it with a request for re-issuance, do not try to unblock it. Opt for unblocking the card only if the bank blocks the card for pending bills or for the usage of the card beyond the sanctioned limit.</p><h3><strong>Frequently Asked&nbsp; Questions</strong></h3><h4><strong>✅&nbsp;How to block credit card HDFC through customer care?</strong></h4><p>Just a call to the HDFC customer care and your credit card can be blocked. While raising a request for blocking the credit card, you should have the following details ready.</p><ul><li>Credit card number</li><li>Type of&nbsp; transaction-online or offline</li><li>Transaction date</li><li>Transaction Amount</li></ul><h4>With all the details ready, you will have to the customer care number and raise a request for real-time blocking of the card. Customers from Ahmedabad, Delhi and NCR, Hyderabad, Bangalore,&nbsp; Kolkata, Pune and Mumbai can call 61606161. Customers from Chandigarh, Indore, Lucknow, Jaipur and Cochin can call 6160616.</h4><p>You should prefix the STD code of the respective city while calling customer care. The helpline services are available round-the-clock, even on bank holidays and Sundays.</p><h4><strong>✅&nbsp;How to block HDFC credit card by SMS?</strong></h4><p>You can block HDFC credit card by SMS by sending an SMS through the registered mobile number in the format BLOCK followed by the 16 digit card number to&nbsp; 5676712. However, HDFC does not provide the facility of blocking the credit card through SMS at present.</p><h4><strong>✅&nbsp; What is a zero lost card liability?</strong></h4><p>HDFC offers a zero lost card liability facility for credit cards. Under this facility, if a fraudulent transaction occurs on a lost/stolen card, there will be zero liability on the fraudulent transaction if the fraud is reported immediately to the 24 x 7 customer care. It is essential to report the loss and block the card immediately using the phone banking services in the case of any fraudulent credit card transaction.</p><h4><strong>✅&nbsp;What are the different ways of blocking the HDFC Credit&nbsp; Card and how to block credit card HDFC vide these facilities?</strong></h4><p>The different ways of blocking HDFC credit cards are:</p><ul><li>Through net banking</li><li>Through phone banking</li><li>By visiting the bank branch</li></ul><h3><strong>Through net banking</strong></h3><ul><li>Access your net banking account through the website of the bank using the User ID and password.</li><li>Click on the ‘Credit Cards’ option.</li><li>Click on the ‘Credit&nbsp; Card Hotlisting’ option on the left-side&nbsp;&nbsp;</li><li>All&nbsp; the credit cards will be displayed</li><li>Choose the card that has to be hotlisted</li><li>Mention the reason for hotlisting</li><li>For re-issue of the credit card, choose the relevant option</li></ul><h3><strong>Through Phone Banking</strong></h3><ul><li>Call the phone banking numbers 61606161 or 6160616 depending on the city of residence. Pre-fix the STD code of the respective city while dialling the number.</li><li>Validate your TIN number, i.e., the four-digit number given by the bank while registering for phone banking services.</li><li>Follow the IVRS instructions for blocking the credit card.</li></ul><h3><strong>By visiting the bank branch</strong></h3><ul><li>Download the application form from the bank website or&nbsp; collect the form from the nearest bank branch</li><li>Fill in the application with the required details.</li><li>Submit the form at the nearest bank branch, and the needful will be done.</li></ul><h4><strong>✅&nbsp;How to unblock the HDFC credit card?</strong></h4><p>You can unblock the credit card by calling the HDFC Credit&nbsp; Card Customer Care helpline and requesting the reactivation of the card. Do not venture into reactivating the credit card if you have opted for a re-issue of the credit card.&nbsp; Go for the unblocking option only if the Bank has blocked your card for repeated late payments or for spending beyond the credit limit.</p>

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When does the need arise for blocking the HDFC credit card? With increasing phishing incidents that result in fraudulent transactions, the need to block the card has become very necessary

How to Block HDFC Credit Card? All you need to know

<p>When does the need arise for blocking the HDFC credit card? With increasing phishing incidents that result in fraudulent transactions, the need to block the card has become very necessary</p>

<h2><strong>How much Personal Loan Can I Get on 50000 Salary in India?</strong></h2><p>Personal loans are an easy solution for immediate cash requirements during uncertainties. Personal loans not only come in handy during emergencies but also enable you to plan a wedding, a holiday, consolidate debts, invest in property etc. Suppose you are earning a salary of Rs. 50000/- and would intend to avail of a personal loan for any of the above-mentioned purposes, you will wonder as to how much personal loan can I get on 50000 salary. The loan amount again depends on your existing financial obligations vis-a-vis your present monthly income and your credit score.</p><h2><strong>How much personal loan can I get on 50000 salary?</strong></h2><p>If you intend to avail of a personal loan to meet wedding expenses, planning a holiday or invest in a property, the first thing that you would do is draw the budget for these purposes. The next concern would be how much personal loan can I get on 50000 salary, and will it be commensurate with the budget drawn for the required purpose?&nbsp;</p><p>All financial institutions adopt the multiplier method to arrive at the maximum loan amount for a declared income. The maximum loan provided will be 10 to 20 times the monthly gross income. The FOIR ratio will be drawn before approving the loan and deciding on the loan amount. Your existing EMIs, credit card dues, mandatory bills, as well as the proposed EMI will be considered while drawing the FOIR. If the FOIR exceeds 40% to 50%, then either the loan will be rejected, or the EMI for the proposed loan will be managed by increasing the tenure so as to accommodate the FOIR within the benchmark level of 40% to 50%.</p><p>Considering that FOIR is within the desired level, you can apply for a personal loan on 50000 salary and get up to Rs. 5.00 lakhs or Rs. 10.00 lakhs depending on the internal credit policy of the lender you have chosen.</p><h2><strong>Eligibility criteria to avail a personal loan on 50000 salary</strong></h2><p>The general criteria to be fulfilled to qualify for a personal loan on 50000 salary are given below.</p><ul><li>Age: The applicant should be within 21 to 58 years on the date of submitting the application.</li><li>Income: The minimum income requirement varies from lender to lender. It could vary anywhere between Rs. 15000/- to Rs. 25000/-. Some financial institutions have the minimum income stipulation based on the city of residence.</li><li>Employment: Both salaried, as well as self-employed individuals/professionals, are eligible for the personal loan. Salaried individuals employed with State/Central Government Organisations, PSUs or any reputed private company are more likely to get a personal loan easily.</li><li>Job Stability: Salaried individuals/professionals should have a minimum work experience of 1 to 2 years and should have been with the current employer for a minimum of 6 months. For self-employed individuals/professionals, business existence of a minimum of 3 to 5 years is mandatory.</li><li>Credit Score: The desired level of credit score varies from 700 to 750 and above, depending on the lender.</li><li>Debt to income ratio: The debt to income ratio should not exceed 40% to 50%. Some of the lenders stipulate 40% of monthly income, while some of them permit up to 50% of monthly income.</li></ul><h2><strong>Documents required for a personal loan on 50000 salary</strong></h2><p>There are some mandatory documents that have to be submitted along with the application for a personal loan on 50000 salary. They are:</p><p><strong>KYC documents</strong>: Aadhar Card, PAN Card, Voter’s ID, Passport</p><p><strong>Income Proof</strong> <strong>for salaried individuals professionals: </strong>Latest Salary slips(last three months), Form 16, 6 months bank account statement of salary account.</p><p><strong>Income Proof for self-employed individuals/professionals</strong>: Audited financial statement and Income Tax Returns with Income computation for the last two years. 1-year bank account statement of operative account.</p><p><strong>Job Stability Proof</strong>: Appointment letter of the current employer or contract agreement from the current employer.</p><p><strong>Business existence proof:</strong> GST Certificate, MOA, AOA, Partnership Deed, Shops and Establishment Act certificate.</p><p><strong>Signature Proof: </strong>PAN Card, Passport, Certificate from Bank</p><p><strong>Age Proof</strong>: PAN Card, Aadhar Card, Voter’s ID, Passport</p><h2><strong>Best Personal Loan Interest Rates in India 2021</strong></h2><p>&nbsp;A list containing existing personal interest rates offered by top banks/NBFCs is given below to enable a comparison of the latest interest rates in the market.</p><figure class="table"><table><tbody><tr><td>Name of the Bank/NBFC</td><td>Interest Rate</td></tr><tr><td>Bandhan Bank</td><td>15.90% onwards</td></tr><tr><td>Tata Capital</td><td>10.50% onwards</td></tr><tr><td>Bajaj Finserv</td><td>12.99%&nbsp;</td></tr><tr><td>DBS Bank</td><td>10.99% onwards</td></tr><tr><td>Deutsche Bank</td><td>10.99% onwards</td></tr><tr><td>State Bank of India</td><td>9.60% onwards</td></tr><tr><td>Muthoot Finance</td><td>14.50% onwards</td></tr><tr><td>Indian Bank</td><td>9.05% onwards</td></tr><tr><td>Federal Bank</td><td>10/49% onwards</td></tr><tr><td>Axis Bank</td><td>12% onwards</td></tr></tbody></table></figure><h2><strong>Steps to Avail a Personal Loan on 50000 salary</strong></h2><p>After you have done the groundwork before applying for a personal loan on 50000 salary, the next step will be applying for the loan. Applying for a personal loan comprises a simple procedure, and it is furnished below. Follow the step-to-step guide to complete the application process.</p><ul><li>You will have to access the website of the bank/NBFC.</li><li>Go to ‘Loans’ or ‘Products’ and choose ‘Personal Loan.’</li><li>On the personal loan page, click on the ‘Apply Now’ tab.</li><li>An online application will crop up.</li><li>Fill in the required personal, contact, and income details. Agree to the terms and conditions and click on the submit button.</li><li>For the monthly income and the existing EMI details provided, the eligible offers will be displayed.</li><li>If you are convinced of the offer, click on the continue button.</li><li>You will be directed to upload mandatory documents, or a message will appear that the representative of the bank/NBFC will contact you for further details.</li><li>The documents and the details provided will be verified, and on proper appraisal of the application, the credit decision will be conveyed either through SMS to the registered mobile number or vide email to the registered email ID.</li><li>Execution of the prescribed documents is the final step.</li><li>The loan amount will then be credited to your bank account.</li></ul><p>You can also apply for the loan by visiting a branch and submitting the application after getting the entire details of the personal loan on 50000 salary like the interest rate, the maximum amount eligible, processing charges, etc. You should go equipped with mandatory documents if you intend to apply for a personal loan.</p><h2><strong>How can I improve my eligibility for a personal loan on 50000 salary?</strong></h2><p>The maximum personal loan amount permitted for a salary of 50000 will be Rs. 5.00 lakhs to Rs. 10.00 lakhs. If you desire to avail of the maximum amount, you should be eligible for the same. The eligibility depends on the debt to income ratio, credit score, income and repayment capacity. In case you are not eligible for the maximum limit, then you should deliberate on ways to improve your eligibility. Here are a few pointers that can help you enhance your eligibility.</p><ul><li>Declare other sources of income like rent, fixed deposit interest, dividends, etc., to enhance the income level. With an enhanced income level, the debt to income ratio will improve, which will accommodate for an increased EMI. Your ability to pay a higher EMI will, in turn, enhance your eligibility.</li><li>Work on improving the credit score. Pay off some of the existing loans if you have to improve your credit score. With a higher credit score, you will be offered a lower interest rate that will impact the eligibility.</li><li>Avoid any action that will deplete the credit score. One of the critical actions to avoid is multiple applications for a personal loan simultaneously with various lenders. Every time you submit an application, a credit report will be drawn, which will be recorded in your credit history. For every enquiry, your credit score will decrease by 50 to 70 points. If you intend to successfully avail of a personal loan, maintain a gap between enquiries. Do not jump to the next lender the moment one of them rejects your application.</li><li>Opt for a longer tenure to lower the EMI so that your existing income can fetch you a higher loan amount.&nbsp;</li><li>Improve your debt to income ratio by paying off existing loans, including credit card dues.</li><li>Include a co-applicant who has a regular income. The credit score of the co-applicant also should be 750 and above.</li></ul><h3><strong>Frequently Asked Questions</strong></h3><h4><strong>✅ What is FOIR, and how is it calculated?</strong></h4><p>FOIR is one of the prominent parameters that financial institutions consider to gauge repayment capacity. It is a yardstick to measure the residual amount that will be available out of the monthly income for your sustenance after meeting the fixed obligations like EMI of existing loans, utility bills, credit card dues and the EMI of the proposed personal loan. The formula to compute the FOIR is&nbsp;</p><p>FOIR= [Total of existing fixed obligations including the proposed EMI/Monthly Income] X 100</p><p>The FOIR should ideally be within 40% to 50% of the monthly income.&nbsp;</p><h4><strong>✅What is the maximum loan amount offered for a salary of Rs. 50000/-?</strong></h4><p>The maximum personal loan limit for a salary of 50000 depends on the lender of your choice. If the lender provides ten times the monthly salary, you will be able to get Rs. 5.00 lakhs, and if the lender provides 20 times the monthly salary, you will be able to get Rs. 10.00 lakhs provided you have a good credit score and the FOIR is within the desired level of 40% to 50% of the monthly income.</p><h4><strong>✅. What are the factors that affect the eligibility of a personal loan on 50000 salary?</strong></h4><p>The following are the factors that affect the eligibility of a personal loan are&nbsp;</p><p><strong>Rate of interest:</strong> Before deciding on availing of a personal loan, you should compare the interest rates of various banks/NBFCs and choose the lowest of all. With a lower rate of interest, the EMI also will be lower. This will enable you to get a higher loan amount.</p><p><strong>Credit Score</strong>: With a higher credit score, you will be offered a personal at the best rate, which will impact the EMI. The lower the EMI, the higher will be the eligible loan amount.</p><p><strong>Income:</strong> Your monthly income is the main parameter that will decide your repayment capacity. Increase the income by either declaring other income sources, if any or include a co-applicant with a stable income.</p><p><strong>Tenure</strong>: The tenure you choose has a direct impact on the loan amount. If you have a high income and you can afford a higher EMI, you can opt for a short tenure. But if your income is not adequate, then you can choose a longer tenure to reduce the EMI in order to enhance the eligibility.</p><h4><strong>✅Is debt consolidation by availing a personal loan a good option?</strong></h4><p>If your existing debts comprise loans and credit card dues with heavy interest rates, then it is advisable to pay off these debts by availing of a personal loan which will be available at a comparatively lower rate. You can reduce the cost of the loan by doing so.</p><h4><strong>✅ What is the maximum tenure that will be available for a personal loan?</strong></h4><p>The maximum tenure that will be available for a personal loan will be 36 months to 60 months, depending on the lender.</p>

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Suppose you are earning a salary of Rs. 50000/- and would intend to avail of a personal loan for any of the above-mentioned purposes, you will wonder as to how much personal loan can I get on 50000 salary. 

How much Personal Loan Can I Get on 50000 Salary in India?

<p>Suppose you are earning a salary of Rs. 50000/- and would intend to avail of a personal loan for any of the above-mentioned purposes, you will wonder as to how much personal loan can I get on 50000 salary.&nbsp;</p>

<h2><strong>How much Personal Loan Can I Get on 25000 Salary in India?</strong></h2><p>Personal loans are very popular owing to the flexible usage options and the quick turnaround time. Now you can avail loan at one click if you satisfy the <a href="https://www.mymoneymantra.com/personal-loan-eligibility"><b>personal loan eligibility criteria</b></a> set out by individual financial institutions. The loan amount will land in your bank account within seconds if you are an existing customer of the lender and within hours if you are a new customer.&nbsp;</p><p>The main criteria to decide on the loan amount for the personal loan is your income and the repayment capacity. The repayment capacity is assessed based on the existing fixed financial obligations versus your net monthly income. Ideally, the ratio should be 50% and above.&nbsp;</p><h2><strong>How Much Personal Loan Can I Get on 25000 Salary?</strong></h2><p>You opt for a personal loan only when you are in dire need of finance and when your savings will not suffice your requirement. But you will wonder how much personal loan can I get on 25000 salary and will it be adequate to suit my requirements.</p><p>The calculation of the Personal Loan amount varies from lender to lender depending on their internal credit policies. However, the general criterion is that the minimum FOIR or Fixed obligation to Income ratio should not exceed 40% to 50% of the net income after considering the EMI for the proposed loan. The maximum loan amount that will be permitted will generally be 10 months of the gross salary, and so you will be able to get a personal loan up to Rs. 250000/- provided the FOIR criteria is complied with.</p><p>It is recommended to be aware of the proposed EMI before applying for the loan. You can calculate the EMI easily with the <b><a href="https://www.mymoneymantra.com/mmm/emi-calculator.html">EMI calculator</a></b> available on the official websites of the lenders.</p><h2><strong>Eligibility Criteria to Avail Personal Loan on 25000 Salary</strong></h2><p>Most of the financial institutions provide <b><a href="https://www.mymoneymantra.com/personal-loan-for-salaried">Personal Loans for both salaried</b></a> as well as <a href="https://www.mymoneymantra.com/personal-loan-for-self-employed"><b>self-employed individuals</b></a>/professionals. However, some of the banks restrict the loan to only salaried individuals.&nbsp;</p><p>The eligibility criteria to avail personal loan on 25000 salary are as follows:</p><figure class="table"><table><tbody><tr><td>Criteria</td><td>Salaried</td><td>Self-employed</td></tr><tr><td>Age</td><td>21 years to 60&nbsp; years</td><td>25 years to 65 years</td></tr><tr><td>Work Experience</td><td>Minimum 2 years with a minimum work experience of 6 months with the current employer</td><td>Minimum 3 to 5 years in the current business</td></tr><tr><td>Relationship with&nbsp; the lender</td><td>Minimum 6 months</td><td>Minimum 12 months</td></tr><tr><td>Residential status</td><td>Indian citizen</td><td>Resident Indian</td></tr><tr><td>Credit Score</td><td>750 and above</td><td>750 and above</td></tr><tr><td>Employer</td><td>Government Organisation/Public Sector Undertakings/PSBs, MNCs and any Reputed Companies.</td><td>Not Applicable</td></tr></tbody></table></figure><p>The above-mentioned eligibility criteria is a general one and could vary from lender to lender. The lenders, at their discretion, may vary the eligibility criteria based on the customer’s profile.</p><h2><strong>Documents Required</strong></h2><p>KYC and Income documents as detailed below have to be submitted while applying for a personal loan on 25000 salary</p><figure class="table"><table><tbody><tr><td>Type of document</td><td>Details</td></tr><tr><td>Application form</td><td>Relevant application form duly filled and signed</td></tr><tr><td>Photo Identity Proof</td><td>Passport, Aadhar Card, Voter’s ID, PAN Card, Driving Licence (anyone)</td></tr><tr><td>Address Proof</td><td>Aadhar Card, Utility bills, Voter’s ID Card, Driving Licence, Passport (anyone)</td></tr><tr><td>Signature Proof</td><td>PAN, Passport, Bank Certificate (anyone)</td></tr><tr><td>Age Proof</td><td>Passport, Birth Certificate, PAN Card, Voter’s ID, Aadhar Card (anyone)</td></tr><tr><td>Income Proof</td><td><p><strong>For salaried individuals</strong></p><p>Latest salary slips(3 months)</p><p>Form 16 and ITR</p><p>Bank statement for last 6 months of salary account.</p><p><br>&nbsp;</p><p><strong>For self-employed&nbsp; individuals/professionals</strong></p><p>Audited financials along with ITRs with income computation for the last two years</p><p>Bank account statement for the last one year of the main operative account</p></td></tr></tbody></table></figure><h2><strong>Best Personal Loan Interest Rates 2021 in India</strong></h2><p>A comparative list of the prevailing interest rates of Top financial institutions for 2021 in India is given below.</p><figure class="table"><table><tbody><tr><td>Name of the financial institution</td><td>Interest Rate</td></tr><tr><td><b><a href="https://www.mymoneymantra.com/personal-loans/canara-bank">Canara Bank</b></a></td><td>10.20% to 13.30%</td></tr><tr><td><b><a href="https://www.mymoneymantra.com/personal-loans/bank-of-baroda">Bank of Baroda</b></a></td><td>10.50% to 12.50%</td></tr><tr><td><a href="https://www.mymoneymantra.com/personal-loans/central-bank-of-india"><b>Central Bank of India</b></a></td><td>9.85% to 10.05%</td></tr><tr><td><a href="https://www.mymoneymantra.com/personal-loans/tata-capital"><b>Tata Capital</a></b></td><td>10.50% to 24%</td></tr><tr><td><a href="https://www.mymoneymantra.com/personal-loans/bajaj-finserv"><b>Bajaj Finserv</a></b></td><td>12.99% onwards</td></tr><tr><td><a href="https://www.mymoneymantra.com/personal-loans/indusind-bank"><b>Indusind Bank</a></b></td><td>11% onwards</td></tr><tr><td><a href="https://www.mymoneymantra.com/personal-loans/idfc-first-bank"><b>IDFC First Bank</b></a></td><td>10.49% onwards</td></tr><tr><td>Bandhan Bank</td><td>15.90% to 20.75%</td></tr><tr><td><a href="https://www.mymoneymantra.com/personal-loans/hdfc"><b>HDFC Bank</b></a></td><td>10.50% to 21%</td></tr></tbody></table></figure><h2><strong>Steps to Avail Personal Loans with Salary up to Rs. 25,000</strong></h2><p>Before applying for a personal loan on 25000 salary you will have to consider the following.</p><ul><li><strong>Eligibility</strong>: You should primarily check the eligible amount commensurate to your salary using the EMI calculator. You should keep in mind that the debt to income ratio should not exceed 40% to 50% of your net income after considering the proposed EMI. Consolidate all your existing commitments and arrive at the differential available income to service the EMI. Check eligibility keeping the affordable EMI in mind, and apply for the loan amount accordingly to hasten the approval process.</li><li><strong>Credit Score</strong>: Draw your credit report and check the credit score. If there are any discrepancies, then get is resolved through the customer support group of the credit bureau. The credit score should necessarily be between 700 to 750 to be eligible for the loan amount and also to get a good deal in terms of interest.</li><li><strong>Interest Rate</strong>: Compare the current <a href="https://www.mymoneymantra.com/personal-loan-interest-rates"><b>personal loan interest rate</b></a> in the market as well as the other charges and then approach the lender who is offering the best deal.</li></ul><p>Once all the above pointers are in place, apply for a personal loan on 25000 salary by filling an online application available on the official website of the vendor.</p><ul><li>Access the website of the lender.</li><li>Choose ‘Personal Loan’ under the ‘Loans’ option.</li><li>Click on the ‘Apply Now button.</li><li>You will be directed to the online personal loan application.</li><li>Input the required personal, contact and income details and submit the application.</li><li>You may have to scan and upload the required documents.</li><li>In the case of some lenders, the representatives will contact you will pick up the required documents from your doorstep.</li><li>The loan application will be processed, and if approved, the same will be communicated to you vide SMS or Email.</li><li>On execution of the documents, the loan proceeds will be credited to your account.</li></ul><p>If how much personal loan can I get for 25000 salary<strong> </strong>from the bank where my salary account is maintained is your concern then, you can check for a <b><a href="https://www.mymoneymantra.com/pre-approved-personal-loan">pre-approved personal loan</b></a> by logging in to net banking. If you are one of the select customers eligible for the loan, you can place a request by mentioning the loan amount and tenure, and the amount will be credited to your account within seconds.</p><p>In addition, you can also approach the nearest branch of the lender to apply for the loan via a loan application along with the required documents.</p><h2><strong>How can I improve the eligibility for a Personal Loan in India?</strong></h2><p>To improve the eligibility for a personal loan on 25000 salary in India, you will have to deliberate on the following points.</p><ul><li><strong>Credit Score</strong>: Maintain the credit score at 750 and above by paying the existing EMIs and credit card dues well before the due date. A good score is like a financial character certificate. It projects you as a responsible borrower who has a commitment towards repayment. If you have a good credit score, you will be categorised as a low-risk candidate, and the lender will offer a lower rate of interest as well.</li><li><strong>Avoid multiple enquiries</strong>: In a quest for urgent finance, you might land up making multiple enquiries simultaneously with various lenders. Every time an enquiry is made, the lenders will draw a credit report that will reflect your credit history. This will implicate you as a person desperate for credit and will not carry a good impression as far as the lenders are concerned. So you should avoid hopping from lender to lender seeking a loan.</li><li><strong>Pay off existing debts</strong>: Try to reduce your existing obligations by paying off some of the debts. This will help in improving the debt to income ratio, which will, in turn, improve your eligibility.</li><li><strong>Declare all income sources</strong>: In addition to your regular income, if you have any other source of income like rent, interest on deposits, dividends or any other income from investments, declare the sources to improve your eligibility.</li><li><strong>Add a co-applicant:</strong> You can add a co-applicant with a good credit score and regular income to improve the eligibility. The co-applicant can be a spouse, parent or child.</li></ul><h3><strong>Frequently Asked Questions</strong></h3><h4><strong>✅What are the criteria to calculate personal loan eligibility?</strong></h4><p>The personal loan eligibility will depend on various factors like credit score, income, repayment capacity, number of dependents, type of employment, and stability of income.</p><h4><strong>✅What is the eligible loan amount for a salary of Rs. 25000/-?</strong></h4><p>The loan amount is normally equivalent to 10 months gross salary. This may, however, vary from lender to lender depending on the internal credit guidelines. The maximum amount you can get for a personal loan on 25000 salary will be Rs. 250000/-This again depends on your income, repayment capacity and credit score. Credit Score because the interest rate depends on the credit score. The higher the credit score, the lower will be the interest. With a lower interest, the EMI will also be lower, and you will be able to get a higher loan amount.</p><h4><strong>✅ What are the different modes to repay a personal loan?</strong></h4><p>The different modes to repay a personal loan are:</p><ul><li>Registering standing instructions through NACH mandate</li><li>Setting up an AutoPay through net banking</li><li>Transfer through NEFT or RTGS</li><li>Post Dated Cheques</li></ul><p>The above-mentioned are common repayment modes. However, the repayment modes may differ from lender to lender.</p><h4><strong>✅ What is the credit score required for Rs. 25000 personal loan?</strong></h4><p>The credit score required for Rs. 25000/- personal loan will be 750 and above.</p><h4><strong>✅ How is the EMI for Rs. 25000 personal loans calculated?&nbsp;</strong></h4><p>The EMI is calculated using the formula [P x R x (1+R)^N]/[(1+R)^N-1] where P is the Principal, R is the rate of interest, and N is the tenure. You can try different variable combinations and arrive at the desired EMI that can fetch the maximum loan amount.</p><h4><strong>✅How does the credit score impact the Rs. 25000/- personal loan?&nbsp;</strong></h4><p>A good credit score speaks of your financial discipline and your commitment towards repayment of the loans and credit card dues promptly. You will be considered as a responsible borrower, and the lender will be convinced about your integrity and will offer you the loan at a lower rate. This will reduce the cost of the loan as the EMI will be low when the interest is low.</p><h4><strong>✅Is it always necessary to go for the lowest EMI while applying for a personal loan?</strong></h4><p>The EMI choice again depends on your repayment capacity. If your existing obligations are low and your debt to income is at a sufficiently lower level, then you can opt for a higher EMI and shorten the tenure. This will reduce the cost of the loan. It is not mandatory to choose the lowest EMI. Lowest EMI is only a convenient option to increase your eligibility.</p><h4><strong>✅ Is it a good option to pay off credit card dues with a personal loan?</strong></h4><p>If you have opted for a revolving credit for your credit cards and are habitual of paying only the minimum amount on the due date, the rate of interest charged on the outstanding balance is much higher than the interest on the personal loan. So it is highly recommended to avail of a personal loan and clear the credit card dues as you will have the option of consolidating all thee credit card dues and paying off with a personal loan to reduce the cost of the loan.</p>

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Personal loans are very popular owing to the flexible usage options and the quick turnaround time. Now you can avail of a personal loan at the click of a button if you satisfy the eligibility criteria set out by individual financial institutions. 

How much Personal Loan Can I Get on 25000 Salary in India?

<p>Personal loans are very popular owing to the flexible usage options and the quick turnaround time. Now you can avail of a personal loan at the click of a button if you satisfy the eligibility criteria set out by individual financial institutions.&nbsp;</p>

<h2><strong>What is OTP in Credit Card Transactions? - All you should know about Credit Card OTP</strong></h2><p>Credit Cards are payment mechanisms that have replaced cash payments. To be able to use a credit card correctly and with ease, it is vital to understand what are credit cards and what is OTP in credit card transactions.</p><p>Credit cards always have a predefined limit set according to the income and repayment capacity of the cardholder. Payments are made directly to the merchant by the bank for the purchases made for which the cardholder will be sent a monthly bill.&nbsp;</p><p>Initially, when credit cards were introduced, the only way to ensure the user's authenticity was to verify the signature on the reverse of the card. Upon receiving the card, every cardholder had to sign on the reverse of the card in the presence of a bank official. Credit cards became popular over a period of time, and the loopholes for misuse of the cards were identified, and the security feature was enhanced by introducing PIN (Personal Identification Number), a four-digit number to verify the authenticity of the user.&nbsp;</p><p>So then what is OTP in credit card transactions?<strong> </strong>Well, with the introduction of online transactions, it became necessary to enhance the security features to avert fraud. OTP or One-time Password is one such enhanced security feature. When online transactions are done using a credit card, the second level of authorisation with the OTP is required besides the CVV number, i.e., Card Verification Value Code). The safety aspect of OTP is that the number is sent to the registered mobile number and the email Id of the cardholder, and nobody else will have access to the number.</p><h2><strong>What is OTP or One Time Password?</strong></h2><p>With the growing popularity of Credit Cards, the instances of fraud also have been increasing. The banks are doing constant up-gradation of security features to avert such incidents. Initially, insertion of a PIN (Personal Identification Number) for both retail and online transactions was mandatory for authorising a transaction. PIN was an additional security feature for online transactions besides the CVV.&nbsp;&nbsp;</p><p>Currently, the most popular security feature is the OTP. OTP or One Time Password is a six-digit number that will be sent to the registered mobile or the email id of the cardholder on initiating an online transaction. The OTP will be generated after the CVV number is entered. You will be sharing the OTP on the payment gateway by entering the number received on the registered mobile. The introduction of OTP reduced the risk level of online transitions, as only the cardholder has access to the number.</p><h2><strong>What is OTP in Credit Card transactions?</strong></h2><p>Now a two-factor authentication has been introduced for carrying out online transactions with a credit card. The first level security device is the CVV that is available on the reverse of the credit card and the OTP that will be sent to the registered mobile through SMS or to the registered email id of the cardholder. OTP generated for any transaction will be valid for only a few minutes and will not be accepted if entered after the stipulated time. The attempts given for entering a valid OTP is three, and the banks tend to block the credit after the 3rd attempt if the OTP is not a valid one.</p><p>Now having understood what is OTP in credit card transactions, read further to get an insight into the various transactions where OTP is required.</p><p><strong>Online shopping: </strong>Online shopping is a regular feature in the present scenario; safeguarding the transactions is even more crucial to safeguard the transactions. CVV, however, is one such security measure that could reduce the risk of your transactions. However, if anyone has access to your card details, including the CVV, then the transaction could be risky as the chances of a fraudulent transaction are higher. OTP is an added security feature that can prevent such mishaps as the only person who can have access to the number will be the cardholder himself. The OTP is sent to the registered mobile number or the registered email ID, making it a private affair.</p><p><strong>Loan repayments:</strong> Servicing the loan EMIs with a credit card is the best way to keep track of your loan payments. Opting for an OTP authorisation for the repayment transaction will make it secure by confirming that the cardholder initiated the transaction only and not a third party.</p><p><strong>Automatic Utility bills payment: </strong>Regular payment of utility bills can be ensured by setting up automatic bill payment and making the payment through a credit card. You can keep track of the bills paid and ensure the safety of the payment by insisting on an OTP for dual authorisation of the transaction.</p><h2><strong>Benefits of credit card OTP</strong></h2><p>Credit cards' enormous benefits in terms of ease in payments clubbed with an additional level of security by way of OTPs. The credit card has become a popular tool for payments. Now, what is the benefit of OTPs in credit cards? Given below are the numerous benefits you can derive by conducting credit card transactions with OTP.</p><ul><li>There is additional security for the transactions made online by requesting an OTP. Some of the banks provide the option to request an OTP by sending an SMS in the format prescribed by the banks and consists of the last four digits of your credit card number. The SMS should be sent from a registered mobile number. On receiving the SMS, an OTP will be generated and sent to the registered mobile number that should be entered to validate the transaction.</li><li>Multiple passwords will not be required to validate a transaction.</li><li>When you are on the secure page, you will be given three options to authorise a transaction in some online transactions. If you opt for the 'I want to generate OTP' option, an OTP consisting of 6 digits will be sent to your registered mobile number and your personal email ID. You will have to enter this OTP to authenticate the transaction.</li><li>In case a credit card falls into the wrong hands, and the person has access to the card number and the CVV, they still cannot complete an online transaction. This, because only the cardholder will have access to the OTP as it is sent to the registered mobile and the personal email ID of the cardholder.</li><li>You can reduce the risk of online transactions by opting for OTP to validate the transaction.</li></ul><h2><strong>How to make credit card payments without OTP?</strong></h2><p>OTPs are restricted to online transactions. Frauds are common in online transactions wherein the fraudster need not be in possession of the card. All he/she needs to know will be the card numbers and the CVV number. To prevent such fraud, the concept of One Time Password was introduced. Only the cardholder will have access to the OTP as it is sent to the cardholder's registered mobile. But there are transactions that can still be made without an OTP. They are:</p><ul><li>Offline transactions where you will need to swipe the card and the PIN will be the only security for authorising the transactions.</li><li>Online transactions on payment gateways do not insist on second-level security through OTP for completing a transaction.</li></ul><h2><strong>Dos and Dont's of credit card OTPs</strong></h2><p>For an optimum level of security for online transactions using a credit card, opting for an OTP to authorise the transaction is highly essential. However, there are certain dos and don'ts while using OTPs for credit card transaction authorisation.</p><h3><strong>Dos</strong></h3><ul><li>You should ensure that you are doing the online transaction on a website where the details shared are encrypted.</li><li>You should ensure that the firewall and antivirus software are updated before putting through an online transaction using OTP for credit card transactions as the security measure for validating the transaction.</li></ul><h3><strong>Don'ts</strong></h3><ul><li>You should not respond to emails from unknown email Ids asking for your credit card details.</li><li>You should not share your credit card number, expiry date, CVV number, OTP and PIN with anyone.</li></ul><h4><strong>Frequently Asked Questions</strong></h4><h4><strong>✅What is OTP in credit card transactions?</strong></h4><p>OTP, i.e., One Time Password, which is the second level security, and CVV number for validating online transactions made with credit cards. OTP provides an optimum level of security as only the cardholder will have access to the OTP sent to the cardholder's registered mobile.</p><h4><strong>✅ What is OTP in credit card transactions?-Usage and benefits</strong></h4><p>While using a credit card for online transactions, you will have three options to validate the transaction on the secure page. If you opt for the option 'I want to generate OTP', a six-digit number will be sent to your registered mobile and personal email Id. The transaction can be completed only if you enter the valid OTP.</p><p>There are various benefits of OTP in credit card usage online. They are:</p><ul><li>It spares you from the burden of remembering multiple passwords to authenticate an online transaction using a credit card.</li><li>It amounts to two-factor authentication, i.e., an OTP in addition to the CVV number. A transaction with an OTP is less risky.</li><li>Even if anybody gets hold of your card number and CVV, they cannot complete an online transaction without the OTP for which only you as the cardholder will have access to it as it is sent to your registered mobile number.</li></ul><h4><strong>✅What is the time limit permitted to use the OTP for an online transaction with a credit card?</strong></h4><p>You will be given 10 minutes, within which you will have to enter the OTP to validate the transaction.</p><h4><strong>✅What is OTP in credit card transactions?- Security tips</strong></h4><p>The security tips that have to be followed while OTP is used for credit card transactions online are as given below:</p><ul><li>Make sure that the online transactions are done on the website, where the details shared are encrypted.</li><li>Before initiating an online transaction with a credit card, ensure that the antivirus and firewall software are updated.</li><li>Do not respond to emails that originate from suspicious email IDs asking for your credit card details.</li><li>Do not share your credit card details like card number, expiry date, CVV number, PIN or OTP with anyone.</li></ul><h4><strong>✅Can the credit card OTP be misused?</strong></h4><p>The chances of online fraud are very remote where OTP is used as the second level security measure as only the cardholder will have access to it. If you share the OTP with one who already has your card details like card number, expiry date, and CVV number, the OTP can be misused.</p><p>Update the mobile number without fail with your bank whenever you change the number to avoid the OTP being sent to the mobile number that is originally registered with the bank.&nbsp;</p>

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Credit Cards are payment mechanisms that have replaced cash payments. To be able to use a credit card correctly and with ease, it is vital to understand what are credit cards and what is OTP in credit card transactions.

What is OTP in Credit Card Transactions? - All you should know about Credit Card OTP

<p>Credit Cards are payment mechanisms that have replaced cash payments. To be able to use a credit card correctly and with ease, it is vital to understand what are credit cards and what is OTP in credit card transactions.</p>

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Finance Writer: Expert in Loans & Credit Cards

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Omni Channel Content Specialist| enthusiastic personal finance writer | Top50 CM professional by WMC, CMO

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