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

Raj Khosla

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

Reshma Rawat

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Finance Writer: Expert in Loans &amp; Credit Cards

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Director - MyMoneyMantra Fintech&nbsp;

Aparna Sharma

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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.However, unlike Debit Cards, <a href="https://www.mymoneymantra.com/credit-card.html">Credit Cards</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.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.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.Today, Credit Cards 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.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.<h3>So, what is the reason behind this sudden jump? Here are a few reasons:</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>Credit Cards 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.<figure class="image"><img src="https://d1lt2ralzv8247.cloudfront.net/Credit_Card_61a1913728.png" alt="Credit Card"></figure>&nbsp;

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. <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 -

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.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 Credit Card such as – for saving on interest repayments, enjoying the benefit of repaying in instalments, earning attractive cashback, or utilizing other benefits.<h2>When you are sure about your needs, follow the tips mentioned below for deciding which Credit Card is best:</h2><h3>1. Analyze Your Pattern of Usage</h3>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.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.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.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.<h3>2. Pay Heed to the Credit Limit</h3>With daily expenses reaching sky high, everyone is looking for <a href="https://www.mymoneymantra.com/credit-card.html">Credit Cards with Higher Limit </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.<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>3. Consider Interest Rate</h3>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.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.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.<h3>4. Be Aware of Penalties</h3>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.Also Read:&nbsp; <a href="https://mymoneymantraloans.weebly.com/post/do-credit-cards-enjoy-an-edge-over-popular-e-wallets">Do Credit Cards Enjoy an Edge Over Popular E-wallets?</a><h3>5. Look for Attractive Offers</h3>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.With these considerations in mind, we hope you will find the best-suited Credit Card for your needs to make your life simpler.<figure class="image"><img src="https://d1lt2ralzv8247.cloudfront.net/Credit_Card_61a1913728.png" alt="Credit Card"></figure>&nbsp;

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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

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. <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>

.myTable { width:100%; overflow:auto; }&nbsp;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.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.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.<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>IDFC First Bank &nbsp;</h2>About:&nbsp;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">Fixed Deposits</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.Rating: CRISIL has rated IDFC First as FAAA, i.e safe for banking and fixed deposits.Rate of Interest: 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.The Interest is capitalised to your account on quarterly basis.Minimum Balance Required: Average Monthly Balance should be Rs. 25000. If the account holder fails to maintain minimum balance, a charge will be applied.Features &amp; Benefits:<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>Indian Residents &amp; NRI can open the account, subject to GOI’s specific norms.<h2>Fincare Small Finance Bank</h2>About: 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.Rating:&nbsp; Short Term Ratings by CRISIL is A1+Rate of Interest: 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:<figure class="table"><table><tbody><tr><td colspan="1">Balance</td><td colspan="1">Rate of Interest</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>Types of Savings Accounts:Let’s run through the types of savings account you can open with Fincare Small Finance and yield 7% or more interest rate annually.<figure class="table"><table><tbody><tr><td colspan="1">S.No.</td><td colspan="1">Product Name</td><td colspan="1">Rate of Interest</td><td colspan="1">Minimum Balance Required (Rs.)</td><td colspan="1">Debit Card</td><td colspan="1">Other Benefits&nbsp;</td></tr><tr><td>&nbsp;1</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>&nbsp;2</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>&nbsp;3</td><td>Priority Plus Account</td><td>&nbsp;6 % on Balance Up to 1 Lakh7% on balance above 1Lakh</td><td>1 lakh</td><td>Premium (RuPay Platinum) Debit card</td><td>Same as above+ Doorstep service+ Optional benefit: By opting for a Rs 4 Lakhs FD, get waiver on monthly balance requirement</td></tr><tr><td>&nbsp;4</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>Account for Doctors &amp; chartered accountants&nbsp;All benefits included</td></tr><tr><td>&nbsp;5</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>&nbsp;6</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>&nbsp;7</td><td>BSBDA 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>&nbsp;All benefits+ No annual maintenance charge for card</td></tr><tr><td>&nbsp;8</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>All benefits+ 5 Min Insta Account opening</td></tr></tbody></table></figure><h2>ESAF Small Finance Bank &nbsp;</h2>About:&nbsp;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.Rating:&nbsp;NAIntereset Rates: 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.Saving Account Rate of Interest by ESAF Small Finance Bank<figure class="table"><table><tbody><tr><td>Up to Rs.1 Lakh</td><td>4.00%</td></tr><tr><td>Above Rs. 1 Lakh to&nbsp;Rs.10 Lakhs</td><td>6.50%</td></tr><tr><td>Above Rs. 10 Lakhs</td><td>7.00%</td></tr></tbody></table></figure>Types of Accounts: &nbsp;1.Regular Savings Account<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>2. Premium Savings Account<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>3. Pradhan Mantri Jan Dhan Yojana (PMJDY)<ul><li>Offers basic banking facilities</li><li><a href="https://www.mymoneymantra.com/zero-balance-saving-accounts.html">Zero-Balance Account</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>4. Senior Citizen Savings Account<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>5. Mahila Savings Account<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>6. Student Saving Account<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>Utkarsh Small Finance Bank</h2>About: 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.Rating: CARE A (by ICRA) &nbsp;Interest Rate:&nbsp;Utkarsh Small Finance Bank offers 7% annual return on balance up to Rs 25 Lakh. This is the maximum return on Saving Accounts.Types of Saving Accounts: Let’s take a quick overview on different Saving Account Options and features below:<figure class="table"><table><tbody><tr><td colspan="1">Savings Account</td><td colspan="1">Features &amp; benefits</td><td colspan="1">Rate of Interest</td></tr><tr><td>Standard Savings Account</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>7.00% p.a ROI on Balance Up to Rs. 25 Lakh7.25% p.a onIncremental balance above Rs. 25 Lakhs to Rs. 10 Crores7.75% p.a. on incremental balance above&nbsp; Rs. 10 Crores</td></tr><tr><td>Premium Savings Account</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>Gen-Nex Savings Account</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>Salary Accounts:Two variants:<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>BSBDA</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>BSBDA Small</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></figure><h2>DBS Bank</h2>About: 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">Savings Account Interest Rates</a>. The DBS is headquartered in Singapore. It is one of the popular choices among millennials.Rating: DBS Bank India Limited is rate as A1+ by CrisilBenefits: DBS bank offers seamless banking services at attractive interest rates. Benefits of DBS Savings Account are:<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>Rate of Interest: The rate of interest is calculated as below:<figure class="table"><table><tbody><tr><td colspan="1">Daily Balance</td><td colspan="1">Rate of Interest</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>Bandhan Bank</h2>About: 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.Interest Rate: 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:<figure class="table"><table><tbody><tr><td colspan="1">Daily Balance</td><td colspan="1">Interest Rate</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>Types of Account:&nbsp; Bandhan Bank caters to a diversified base of customers. Thus, the bank offer a host of choice for its customers.The different types of Saving Account options are:<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>Benefits: A customer enjoys seamless banking service with Bandhan Bank. The benefits can be briefly listed as:<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>Also Read:&nbsp;<a href="https://www.mymoneymantra.com/blog/step-by-step-process-to-open-saving-account-online-in-different-banks/">Step by Step Process to Open Saving Account Online in Different Banks</a>To apply online for <a href="https://www.mymoneymantra.com/blog/best-personal-loans-provider-for-pensioners/">Best Personal Loan for Pensioners</a>, Credit Cards, Secured Loans and Unsecured Loans, visit&nbsp;www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served&nbsp;7 million+ happy customers since 1989.<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>&nbsp;

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. <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

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 ICICI Bank Home Loan 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. 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'>ICICI Bank Home Loan</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. <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> 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. 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! Enumerated below are the advantages of ICICI Bank Home Loan: 1.  A wide range of home loan options to choose from 2.  Hassle-free and fast processing 3.  Guidance from the bank from start to finish of the home buying process 4.  Doorstep services at the comfort of the loan applicant 5.  No complexities involved in the documentation process; simple and easy-to-understand documentation 6.  Approval of sanction even if you have not yet selected a property before applying 7.  Repayment options are flexible 8.  A vast network of 2500 branches across India; there can be an ICICI Bank branch near your home! 9.  Loan service available in 900 bank branches pan India 10.  With an ICICI Bank Home Loan, you may avail a personal accident insurance for free depending on the type of product you choose. 11.  There are other insurance options that you may avail at attractive premium with your home loan. Also Read: <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> To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit <a href='https://www.mymoneymantra.com' target='_blank'>www.mymoneymantra.com</a>, the leading online lending marketplace that offers financial products from 70+ Banks and NBFCs. We have served 2 million+ happy customers since 1989. <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> <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>

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. <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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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?

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.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.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.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.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.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 Holiday Loan to feed your hunger for travel.A Holiday Loan or Vacation Loan or Travel Loan is a <a href="https://www.mymoneymantra.com/personal-loan.html">Type of Personal Loan </a>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.<h3>Why Avail a Holiday Loan to Fund Your Dream Vacation?</h3>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 mortgage your property 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.So, why let your dream to travel die when you can easily soothe your wanderlust with an affordable Holiday Loan?<figure class="image"><img src="https://d1lt2ralzv8247.cloudfront.net/Personal_Loan_a5b207947a.png" alt="Apply for a Personal Loan"></figure>&nbsp;

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. <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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Soothe Your Wanderlust with Holiday Loans -

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.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.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.Here are top five <a href="https://www.mymoneymantra.com/business-loan.html">Types of Business Loans </a>based on the purpose for which they are obtained that can help you run your business successfully. &nbsp;<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> &nbsp;5 Business Loan Types for All Your Business Finance Worries</h3><h3>1.&nbsp; Demand Loan</h3>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.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.<h3>2.&nbsp; Term Loan</h3>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.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.<h3>3.&nbsp; Loan Against Securities</h3>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.However, only those shares, insurance policies, and mutual funds can be pledged to raise funds which are approved by the bank.<h3>4.&nbsp; Cash Credit Facility and Overdraft Facility</h3>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.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.<h3>5.&nbsp; Letter of Credit (LC) Facility and Bank Guarantee</h3>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.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.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.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.<h3>Documents Required to Apply for a Business Loan:</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>Who Can Apply for a Business Loan?&nbsp;&nbsp;</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>How to Apply for a Business Loan?</h3>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.<h3>Best Business Loan Providers in India</h3><ul><li><a href="https://www.mymoneymantra.com/business-loan/hdfc-bank.html">HDFC Bank Business Loan</a></li><li><a href="https://www.mymoneymantra.com/business-loan/bajaj-finserv.html">Bajaj&nbsp;Finserv Business Loan</a></li><li><a href="https://www.mymoneymantra.com/business-loan/tata-capital.html">Tata Capital Business Loan</a></li><li><a href="https://www.mymoneymantra.com/business-loan/capital-first.html">Capital First Business Loan</a></li></ul>Also Read:&nbsp;<a href="https://www.mymoneymantra.com/blog/5-business-expansion-ideas-and-ways-to-fund-them/">5 Business Expansion Ideas and Ways to Fund Them</a>To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit <a href="https://www.mymoneymantra.com/business-loan.html">www.mymoneymantra.com</a>, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 4 million+ happy customers since 1989. &nbsp;<figure class="image"><img src="https://d1lt2ralzv8247.cloudfront.net/Business_Loan_40543a643f.png" alt="Apply for a Business Loan"></figure>&nbsp;

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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

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).There are multiple Life Insurance products available in India and one of the best among them is a Term Policy or Term Insurance. It is cheaper than other <a href="https://www.mymoneymantra.com/life-insurance.html">Life Insurance</a> products and provides maximum coverage at manageable premiums.<h3>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:</h3><h3>1. Buying Insurance Early Means Lower Premiums</h3>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.<h3>2. Assess the Optimum Cover Size</h3>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.<h3>3. Select the Right Insurance Tenure</h3>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.<h3>4. Pay Attention to Claim Settlement Ratio</h3>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 Term Insurance plan, pay attention to the insurer’s CSR.<h3>5. Do a Thorough Comparison Before Making the Purchase Decision</h3>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.For best Term Plans and other Life Insurance Policies, visit <a href="https://www.mymoneymantra.com">mymoneymantra.com,</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.&nbsp;

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

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? <h2>These could be the 8 possible reasons why your Home Loan application gets rejected by the lender:</h2> <h3>1. Unapproved Builder and Property</h3> 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 Home Loan Rejection. Before applying, ask your builder which banks have approved them and which have not. <h3>2. Low Repayment Capacity</h3> 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. <h3>3. Unhealthy Financial Record</h3> 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. <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> <h3>4. Financial Liabilities</h3> 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. <h3>5. Poor Repayment</h3> 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. <h3>6. No Credit Records</h3> 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'>Apply for a Home Loan</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. <h3>7. Income Instability</h3> 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. <h3>8. Not Submitting the Right Documents</h3> 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. Also Read: <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> 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. For most affordable Home Loan offers, visit <a href='https://www.mymoneymantra.com' target='_blank'>mymoneymantra</a>, a one-stop solution for all your financial needs. Call our Mortgage Specialists toll-free at <a class='tel' href='tel:18001034004'>18001034004</a> for more information. <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> <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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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. <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

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 Credit Card offers online which entail exciting cash backs and great discounts. It is, therefore, a great decision to <a href='https://www.mymoneymantra.com/credit-card.html'>Apply for a Credit Card</a> at the earliest possible. However, before you do, here is all that you need to know before filing your Credit Card application. <h3>Financial Requirement</h3> 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.  <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> <h1>Online Application</h1> Thanks to the technological advancement, you can now easily apply for a Credit Card online. This is usually a simple, step-by-step process, offered by online marketplaces like www.mymoneymantra.com, 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; <ul> <li>Your Date of Birth</li> <li>An Address Proof ( government issued identity proof )</li> <li>PAN Card</li> </ul> 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; <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> 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. <h3>Please Note</h3> The process of online application for Credit Card, and for checking the status, may slightly differ from one financial institution to another. <h3>Low Credit Limit</h3> Credit Limit is the maximum amount a Credit Card company allows a borrower to spend using a single card. 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; <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> 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. <h3>Credit History</h3> 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. Moreover, it will help your other applications for Credit Cards get approved easily. &nbsp; <h4>Credit Utilisation Ratio (CUR)</h4> CUR refers to Credit Card usage with respect to the maximum spending limit. For instance, if the credit limit is 1,00,000 and you spend 70,000 in a month, your CUR will be 70%. The CUR will reflect your spending habits as well as your credit managing ability. 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%. Moreover, you must ensure that you don’t exceed your credit limit, under any circumstances. Now that you know, all that there is to about Credit Card application, you should apply for the same right away! 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 <a class='tel' href='tel:18001034004'>18001034004</a> for further information. Also Read :  <a style='color: #99cc00;' href='https://medium.com/@mymoneymantra17/dear-travellers-stop-making-these-travel-mistakes-416993f24b29' target='_blank'>Dear Travellers, Stop Making These Travel Mistakes!</a> To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit <a href='https://www.mymoneymantra.com/credit-card.html' target='_blank'>www.mymoneymantra.com</a>, the leading online lending marketplace that offers financial products from 60+ Banks and NBFCs. We have served 2 million+ happy customers since 1989. <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> <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>

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. <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

<h1>SBI’s ‘Kavach Personal Loan’ Scheme Launched For Covid Patients</h1>Amid second wave of Corona virus pandemic, State Bank of India (SBI) has launched a collateral-free Personal Loan Scheme up to Rs 5 Lakh for Covid affected customers. The COVID Personal Loan scheme by SBI is termed as Kavach Personal Loan. It can be used to cover medical expenses owing to treatment of COVID-19 of self or family member, found to be Covid Positive on or after April 1, 2021.The state owned bank released the details of the scheme through a press statement. Just a few days back, SBI chairman Mr Dinesh Khara had announced the launch of COVID Personal Loan and other COVID business loan schemes in joint press conference with Indian Banks’ Association (IBA)<h2>SBI Kavach Person Loan Details</h2><figure class="table"><table><tbody><tr><td>Product</td><td>SBI COVID Kavach Personal Loan</td></tr><tr><td>Type of loan</td><td>Term Loan</td></tr><tr><td>Eligibility</td><td>SBI Customers, including Salaried, Non-Salaried &amp; Pensioners</td></tr><tr><td>Tenure</td><td>60 months, including 3 month’ moratorium i.e. 57 EMIs</td></tr><tr><td>Rate of Interest</td><td>Fixed; 8.50% (at least 100 bps lower than regular SBI Personal Loan)</td></tr><tr><td>Processing fee</td><td>NIL</td></tr><tr><td>Pre-payment Penalty</td><td>NIL</td></tr><tr><td>Security</td><td>NIL</td></tr><tr><td>Foreclosure Charges</td><td>NIL</td></tr></tbody></table></figure> The COVID Personal Loans up to Rs 5 Lakhs will be available at fixed rate of interest i.e. 8.5% per annum for 5 years or 60 months. This is at least 100 bps lower than regular <a href="https://www.mymoneymantra.com/personal-loans/sbi">SBI Personal Loans</a>. Furthermore, the bank has also offered a three months moratorium on EMI repayment for this loan so total EMIs will be 57 + interest accrued during moratorium. This way the families undergoing financial crisis due to COVID related hospitalisation etc will get access to collateral free affordable loan along with immediate relief from EMI repayment.Those who have already paid for COVID treatment can also avail of this facility to reimbursement the expenses.The bank said in the press statement:&nbsp; “We believe this new scheme will offer much-needed financial assistance to the people to manage the COVID treatment-related expenses... Our aim is to provide access to monetary assistance - especially in this difficult situation for all those who unfortunately got affected by COVID."Also check: <a href="https://www.mymoneymantra.com/blog/sbi-launches-special-covid-personal-loan-upto-5-lakh-business-loan-upto-2-crore">SBI Launches Special COVID Personal Loan up to 5 lakh, Business Loan up to 2 crore &amp; more</a>

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SBI Bank has released details of Kavach Personal Loan for COVID medical expenses for its customers. It is unsecured loan at 8.5% p.a. with zero processing fees.

SBI Kavach Personal Loan for COVID patients at 8.5%, Check Details

SBI Bank has released details of Kavach Personal Loan for COVID medical expenses for its customers. It is unsecured loan at 8.5% p.a. with zero processing fees.

<h2>SBI Launches Special COVID Schemes</h2>The PSU banks have jointly announced priority lending scheme involving COVID treatment personal loan up to Rs 5 Lakh &amp; multiple health care business loans across India.&nbsp;In the wake of ongoing second wave of pandemic, Indian Banks’ Association (IBA) and State Bank of India (SBI) on Sunday announced three special loan schemes for financing cost of Covid treatment and supporting medical infrastructure. In the joint press conference, IBA &amp; SBI shared special Personal Loan up to Rs 5 Lakh for COVID 19 treatment and Health Care Business Loan up to 2 Crore for businesses, and widened the scope of ECGLS scheme. &nbsp;<h3>SBI Personal Loan for Covid Treatment</h3>The SBI has announced special Personal Loan Scheme in the range of Rs 25,000 to Rs 5 lakh for treatment expense of COVID-19. The <a href="https://www.mymoneymantra.com/personal-loans">personal loan</a> for COVID treatment will be available to salaried, non-salaried and pensioners for up to 5 years. The COVID Personal Loan Scheme will be available at 8.5% p.a.<h3>SBI Business Loans for Health Care Units&nbsp;</h3>Besides offering relief to individuals suffering from COVID-19, this lending package also offers easy lending scheme for businesses dealing in COVID related medical supplies &amp; equipment including such as vaccine manufacturers, hospitals/dispensaries, pathology labs, manufacturers and suppliers of oxygen, ventilators, importers of vaccines &amp; COVID related drugs logistics firms.Furthermore, Healthcare <a href="https://www.mymoneymantra.com/mmm/business-loan.html">Business Loan</a> up to Rs 2 crore for 5 years will be available for existing hospitals and nursing homes to facilitate financing of cost of setting up oxygen plants and power back up system. This funding will be part of government’ ECGLS Scheme.&nbsp; What is ECLGS? The Indian government recently announced Rs 3-trillion ECLGS i.e. Emergency Credit Line Guarantee Scheme for businesses hit by Covid-19 second wave. The rate of interest is capped nominally at 7.5% p.a and these ECLGS loans are backed by NCGTC’s 100% guarantee cover.<h3>Special COVID Business Loan for Hospitals</h3>Additionally the IBA &amp; SBI bank have also announced Special Business Loans for healthcare facilities. Here, loans up to Rs 100 crore can be availed for setting up or expanding healthcare infrastructure aiding vaccine and ventilators in metro cities. Also, firms in Tier 1 and urban centres can apply for business loans up to Rs 20 crore and firms in Tier II to Tier IV cities can apply for loans up to Rs 10 crore. The tenure will be 10 years.All these schemes will be marked under COVID loan book of the banks and will be treated as priority sector lending. SBI Chairman Dinesh Khara said the schemes are purported “to mitigate potential hardship that the MSMEs could face during the second wave.”<h4>Other COVID relief credit initiatives by RBI</h4>Earlier this month, RBI had announced term liquidity facility of Rs 50,000 crore for healthcare infrastructure, Resolution Framework 2.0 for individuals, small businesses and MSMEs, and re-assessment facility for working capital limits. The government further widened the scope of ECLGS and extended the scheme till September 30, 2021. The disbursement is permitted up to December 31, 2021.Further the IBA and SBI informed that there is enough headroom under previous COVID related schemes such as collateral free automatic loans worth for MSMEs. They added that Aviation companies can avail of business loans of up to Rs 200 crore to deal with the COVID induced financial crisis. The ease of credit availability will certainly help individuals and businesses to efficiently deal with financial crisis imposed by the pandemic.

SBI Launches Special COVID Personal Loan up to 5 lakh

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SBI Launches Special COVID Personal Loan up to 5 lakh, Business Loan up to 2 crore & more

SBI Launches COVID Personal Loan up to 5 lakh, Business Loan up to 2 crore 

The PSU banks have jointly announced priority lending scheme involving COVID treatment personal loan up to Rs 5 Lakh &amp; multiple health care business loans across India.&nbsp;

With extended lockdowns and spread of second wave of pandemic in India, it’s time to revisit your personal finance portfolio. Whether you are a salaried individual or a self employed business owner, managing your cash flows and protecting your credit score should be high on priority.<h3>A Must Personal Finance Checklist</h3>As lockdowns &amp; second wave of Covid19 continue to disrupt our lives, make sure you follow some golden personal finance rules:1. Emergency fund for next 6 months basic expenses 2. Adequate health insurance for family 3. Optimal term insurance plan: 10X annual income 4. Home Loan Insurance 5. Get rid of expensive loans &amp; credit card bills 6. Review &amp; rebalance investment portfolio: book profits, cut down risk &amp; continue SIPs as per asset allocationAs we can see, there are too many steps to complete to stay money wise during the financial crisis. However, disrupted inflows may not leave sufficient cash flows for each of your financial goals. Herein, it is time to reset your loan repayments.&nbsp;<h3>Leverage Home Loan to tread through financial crisis</h3>Currently home loans are available at lowest interest rates in past 15 years. Simply be realigning your home loan account you can ease up monthly burden amidst Covid 19.&nbsp;Current rate of interest for various loans &amp; credit lines:<figure class="table"><table><tbody><tr><td>Home Loans</td><td>6.65 – 7.5%</td></tr><tr><td>Personal Loans</td><td>9-11%</td></tr><tr><td>Credit Cards</td><td>18-36%</td></tr><tr><td>Business Loans</td><td>12-18%</td></tr></tbody></table></figure>Thus recasting your home loan you can take better care of your finances.&nbsp;Let’s explore available options to reduce home loan EMIs during second wave of COVID:<h3>RBI’s resolution framework 2.0</h3>RBI has announced resolution framework 2.0 for individuals as well as MSME borrowers with credit accounts up to Rs 25 Crore. The borrowers can apply for loan restructuring for maximum up to 2 years till September 30,2021. Herein borrowers in addition to resolution framework 1.0 (Moratorium 2020 &amp; restricting thereafter) can apply for any of the following for max of two years:1. EMI Moratorium 2. EMI reduction&nbsp; 3. Tenure extension 4. Loan restructuringThe applicant’s loan account should be standard as on March 31,2021 to apply for this restructuring facility. The lender will take max of 90 days to implement the restructuring. The request for restructuring of loan will be reported to CIBIL but will not impact the credit score. However, later on the score will depend on the continuity of loan repayments following restructuring &amp; thereafter.&nbsp;You can restructure single or multiple accounts under this scheme. The approval depends on the board of each lender. Alternatively it will wiser to opt for a debt consolidation or seek a top up loan to reduce your monthly EMIs.<h3>Switch to a repo linked home loan</h3>As discussed above, home loan interest rates are lowest in the past decade. Whether you have an MCLR based home loan or fixed interest rate home loan, you can switch to a repo linked home loan and avail of a good rate concession.Home Loans prior March 2019 were generally over 8% p.a. So switching the rate regime can save you enough cash in hand.&nbsp;Let’s use a <a href="https://www.mymoneymantra.com/mmm/home-loan-emi-calculator.html">Home Loan EMI Calculator</a> and understand how switching a home loan will reduce your home loan EMIs.Case A:&nbsp;Home Loan Amount: 75 Lakh Balance Tenure: 15 Years Rate of Interest: 8.5 % p.aEMI: 73,855Total interest payable: 57,93,984Case B (after reducing interest rate):Home Loan Amount: 75 Lakh Balance Tenure: 15 Years Rate of Interest: 7.25 % p.a EMI: 68,465 Total interest repayment: 48,23,650Thus switching interest rate regime &amp; reducing rate will save Rs 5390 per month &amp; Rs 970334 during the loan tenure.Extend TenureIn case you are finding it hard to repay your home loan EMIs, you can consider opting for tenure extension and reduce the EMIs. Let’s check the impact of tenure extension on your EMIs using Home Loan EMI calculator.Case C: After reducing rate &amp; extending tenure in the above example.Loan amount: Rs 75 Lakh Interest Rate: 7.25% Tenure: 20 years EMI: Rs 59,278Thus monthly saving will be Rs 14577.<h3>Contact your existing lender</h3>To avail of the benefits of reduced EMI on your home loan you should thus contact your lender. It is most suitable to contact the lender by email or using the customer portal ID. Present your case with research. Prove your eligibility by showing good repayment history and relationship with the bank. You can use your good credit score &amp; current market rate trends to negotiate for the lowest interest rate.Switching home loan internally with your existing lender is less cumbersome and only a nominal fee is involved. You do not need to submit documents to start this application. Further there is no foreclosure charge involved with a repo linked home loan.<h3>Apply for refinancing</h3>In case you want to switch your lender, make sure you do your maths correctly. In most cases it is possible to find a better rate of interest and loan terms with the other lender. However, you should make an informed decision before starting a home takeover request.&nbsp;Some of the concerns are: A. Choosing a deal. Before starting a home loan balance transfer request, compare home loan interest rates on an online loan marketplace website. You can conveniently compare rates using different LTV, tenure, top up or principal reduction parameters at leading banks and NBFCS. Do check leading lending offers such as HDFC, Bajaj Finserv and <a href="https://www.mymoneymantra.com/home-loans/sbi">SBI Home Loans</a>. Choose the one that best matches with your requirements.B. Expect slow processing due to Covid19 restrictions. The new lender will conduct a property valuation and legal verification before accepting a home loan balance transfer request. These are physical procedures and thus you should be ready to face delay in the process.C. Be sure of your intent. i.e. whether you need to reduce EMI, extend tenure or apply for a top up all along the balance transfer at lower rate. It is always helpful to assertively communicate your requirements with the lender.D. A home loan is less expensive than a Credit Card or Personal Loan. Thus it is always a good move to consolidate your debts and apply for a top up. You will thus convert your expensive loans to a lower rate and save handsome amount each month.&nbsp;The above checklist would help you apply for home loan restructuring judiciously and opt for peace of mind amidst current pandemic. Stay safe &amp; healthy.

How to reduce Home Loan EMIs during second wave of COVID19?

How to reduce Home Loan EMIs during second wave of COVID19

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If you are juggling to pay EMIs & bills due to second wave of pandemic, use these tips to reduce home loan instalment and take care of your financial goals.

How to reduce Home Loan EMIs during second wave of COVID19?

2020 has been a difficult year for the government as well as taxpayers. The loss of income, disrupted business activity, eroded consumption &amp; industry growth are just a few mentions in the long lists of evils caused by COVID19 pandemic &amp; subsequent lockdowns. We hope that Union Budget 2021 will be successful in gearing up growth wheel in the economy. At the same time, the common man seeks respite in direct taxes, and save slightly more in the pocket. A tax payer has a wish list for FM N Sitharaman as she prepares to present Union Budget 2021 on February. Let’s walk through. <h3 style='text-align: justify;'>1. De-clutter &amp; Enhance 80C </h3> Section 80C of the Income-tax Act, 1961 is a white swan tax blanket for all taxpayers. However, it is cluttered and needs to be extended to truly relieve households financially. It covers tax exemptions for investing in PPF, EPF, life insurance premiums, children&#8217;s tuition fees, repayment of housing loan, and other tax saving investment options, for total of up to Rs 1.5 lakh. The limit of 80 C was last updated in 2014-15. Owing to rising inflation, increased cost of education &amp; persistent need for life insurance &amp; tax saving investments, the overall relief u/s 80 C should be updated to Rs 2.5 Lakh in the budget 2021. <h3 style='text-align: justify;'>2. Dedicated deduction for pure insurance</h3> Adequate life and health insurance covers are necessary for everyone in the household. Particularly for working members it is important to buy pure life cover for at least 10X annual income. Till pandemic rocked us, we largely remained a nation of under insured. People preferred to buy life covers protecting principal amount and the ones that were offering assured returns, thereby missing on to the importance of financial security of family in case of death. The need for Term Plan in the Portfolio is a real one and thus government should encourage and incentivise people buying insurance. The separate provision for the same will certainly encourage people to update their portfolio and purchase financial security against vulnerability of human life Home Loan- There are series of tax benefits Home Loan borrowers seek. Read More: <a href='https://www.mymoneymantra.com/blog/budget-2021-and-home-loan-emi/'>Budget 2021: Expectations &amp; Impact on Your Home Loan EMIs</a> <h3 style='text-align: justify;'>3. Reset benefits u/s 24B </h3> Currently, all Home Loan borrowers are eligible to claim deduction up to Rs 2 lakh for interest repayment under Section 24B of Income Tax Act. The Home Loan is a high-ticket long term loan. The first few years of a Home Loan comprise larger interest than principal component. The Rs 2 Lakh deduction thus remains largely insufficient for bearing the interest cost of even Rs 50 Lakh Home Loan. Thus, government should reset the limit of tax benefits u/s 24 B and expand this limit by at least 1 Lakh. <h3>4. Separate tax benefits for Home Loans:</h3> Alternatively, government can consider increasing overall deduction of at least Rs 5 Lakh on repayment of principal &amp; <a href='https://www.mymoneymantra.com/home-loan-interest-rates.html' target='_blank'>interest on Home Loan</a>. This will encourage purchase of homes and cut down the humungous unsold real estate inventory at a greater pace, thereby derive the growth &amp; help revive the economy post COVID. <h3 style='text-align: justify;'>5. Extend benefits u/s 80EEA for a larger base</h3> In Budget 2019, FM has announced an additional deduction of up to Rs 1.5 Lakh u/s 80EEA for first time home buyers of affordable units. This was offered over and above the existing benefits under section 24B. Herein, two updates are required. First, the benefits should be offered to a larger base of customers and not only to first time affordable housing segment. Second, the capping of relief for loans up to Rs 45 lakh unit should be revised to at least Rs 75 lakh, parallel to current property prices in the metro cities. <h3 style='text-align: justify;'>6. Increase capping on health insurance premium u/s 80D </h3> 2020 has strongly reiterated significance of Health Insurance. It is important to purchase health insurance of Rs 10 Lakh for a family of 4&#8211; 2 adults &amp; 2 minors. The current capping of Rs 25000 for self and family is inhibiting and should be enhanced to Rs 75000 so that larger insurance policies could be incentivised for actual needs. <h3 style='text-align: justify;'>7. Uniform LTCG for investments</h3> There is a need to bring uniformity in the way different investments are taxed. For instance, gains from stocks and equity funds held for a year are termed as Long Term Capital Gains (LTCG). In the case of real estate, the holding period is 2 years, for gold funds &amp; debt funds, it is 3 years. Tax treatment is different in the same asset classes. LTCG from gold ornaments, bars, coins and gold funds are taxed at 20 % with indexation, while gold bonds are tax free if held till maturity. In case sold before maturity, the tax is only 10 % without indexation. Thus, it is important that FM looks at this aspect and removes these gaps. These complications should be rationalised for efficient compliance. <h3 style='text-align: justify;'>8. Tax deductions for those working from home</h3> Another small, yet far reaching step should be to ease the financial stress of people working from home. The government should offer some kind of tax deduction or benefit to people who have incurred additional expenses during lockdown and even now. In many cases, the travel allowance has been deducted without any reimbursement for additional internet, electricity and other miscellaneous expenses that people are bearing to WFH. <h3 style='text-align: justify;'>9. Hike gratuity exemption limit </h3> Until now, max companies had set basic salary as 35-45% of the total compensation paid, which will now be calculated as minimum of 50% of the wage. Gratuity is calculated on basic pay. Thus, owing to revision in recent amendments, gratuity payout to employees will increase substantially for most companies. Thus, companies expect the larger base for gratuity exemption from this FY, i.e from existing Rs 20 lakh to Rs 25 lakh. <h3 style='text-align: justify;'>10. COVID cess for only higher income bracket only</h3> The pandemic was a dual edged sword of financial &amp; medical crisis. It is vastly assumed that FM may introduce, a COVID cess just like Swachch Bharat Cess and education Cess for tax payers this year. Herein, we hope any such additional levy should only be applied on highest tax paying bracket. People earning below 10 Lakh should not be asked to pay COVID Cess further. 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2020 has been a difficult year for the government as well as taxpayers. The loss of income, disrupted business activity, eroded consumption &#038; industry growth are just a few mentions in the long lists of evils caused by COVID19 pandemic &#038; subsequent lockdowns. <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/expectations-of-tax-payers-from-budget-2021/' data-a2a-title='Expectations of Tax Payers from Budget 2021'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fexpectations-of-tax-payers-from-budget-2021%2F&amp;linkname=Expectations%20of%20Tax%20Payers%20from%20Budget%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%2Fexpectations-of-tax-payers-from-budget-2021%2F&amp;linkname=Expectations%20of%20Tax%20Payers%20from%20Budget%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%2Fexpectations-of-tax-payers-from-budget-2021%2F&amp;linkname=Expectations%20of%20Tax%20Payers%20from%20Budget%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%2Fexpectations-of-tax-payers-from-budget-2021%2F&amp;linkname=Expectations%20of%20Tax%20Payers%20from%20Budget%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%2Fexpectations-of-tax-payers-from-budget-2021%2F&amp;linkname=Expectations%20of%20Tax%20Payers%20from%20Budget%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%2Fexpectations-of-tax-payers-from-budget-2021%2F&amp;linkname=Expectations%20of%20Tax%20Payers%20from%20Budget%202021' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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Will the Budget 2021 by FM Nirmala Sitharama address the wishes of taxpayers? Let’s walk through a wish list of tax payers, home loan borrowers & salaried here.

Expectations of Tax Payers from Union Budget 2021

Covid-19 pandemic is an economic tsunami that has turned even the largest of the world&#8217;s economies into a standby mode. Reeling under the pressure of pandemic outbreak, India is observing a complete lockdown since March 23, 2020, shutting its all non-essential activities, i.e., commercial activities of all sorts, except for food, medicine &amp; other identified essential services like police &amp; public health care, etc. The businesses, the schools, and the universities, everything is on a standstill. On March 27, 2020, RBI Governor ShashiKanta Das acknowledged the financial stress and economic disruptions caused due to COVID19 crisis. Primarily RBI made two historic statements: 1) Steep cut of 75 bps on benchmark lending rates (which will eventually make new borrowings affordable) 2), and three months’ EMI moratorium on Term Loans, Crop Loans,  working capital credit lines, and Credit Card bills repayment. The news hit the chord with the distressed customers, and people started to cheer a loan holiday of three months finally. However, by the end of the day, the clouds were clear, and it was evident that the RBI governor has only acknowledged the issues of &#8220;financial distress.” The right to ease out the financial crunch lies solely in the hands of the respective bank. He spoke about moratorium and deferment, and not the waiver. Whether you have a running EMI, a pending Credit Card bill, or both, MyMoneyMantra has put across some interesting points to help you decode the real impact of the moratorium on your pocket. We have reviewed the RBI statement and also compiled a list of FAQs for new and old borrowers. Excerpts from RBI Governor’s speech: “In respect of all term loans (including agricultural term loans, retail and crop loans), all commercial banks (including regional rural banks, small finance banks, and local area banks), co-operative banks, all-India Financial Institutions, and NBFCs (including housing finance companies) (&#8220;lending institutions&#8221;) are permitted to grant a moratorium of three months on payment of all instalments1 falling due between March 1, 2020, and May 31, 2020. Accordingly, the repayment schedule and all subsequent due dates, as also the tenor for such loans, maybe shifted across the board by three months. In respect of working capital facilities sanctioned in the form of cash credit/overdraft, lending institutions are being permitted to allow a deferment of three months on payment of interest in respect of all such facilities outstanding as on March 1, 2020. The accumulated interest for the period will be paid after the expiry of the deferment period.” Four takeaways from RBI for lending customers: 1.  RBI has granted its approval for a loan EMI moratorium up till May 31, 2020. The respective bank will set the final modalities. 2. RBI allows deferment &amp; not waiver of interest payment in this period. 3. The tenor of repayment will be extended accordingly. 4. The moratorium is not applied to the interest component. A customer is bound to repay interest component accrued during the EMI holiday period, later on. So, what is good, bad or ugly in the announcements made by RBI’ for COVID hit middle class, small businesses, and salaried individuals? Let’s figure out if it is apt to opt for a Loan EMI holiday or not? The good: <ul style='padding-left: 20px;'> <li style='text-align: justify;'>You can put the bank payments on hold for all of your term loans, including Home Loans, <a href='https://www.mymoneymantra.com/personal-loan.html' target='_blank'>Personal Loans</a>, Education Loan, Working Capital Credit Lines, and Credit Card bills till 31st May 2020.</li> <li style='text-align: justify;'>The RBI has clearly reiterated that the nonpayment of EMI or failed standing instruction on EMI or Credit Card payment will not hurt your credit score. Indeed the activity in this period will not make any footprint on your credit report.</li> <li style='text-align: justify;'>So, the customers can leave aside worries of paying back their Home Loan, Car Loan or Credit Card Bills and focus on meeting essential needs during this difficult time of COVID19 Lockdown.</li> </ul> The Bad: <ul style='padding-left: 20px;'> <li style='text-align: justify;'>The EMI &amp; Credit Card bill are deferred &amp; not waived off. The nonpayment of your outstanding loan and credit lines during this period will increase the loan tenure and the overall liability.</li> <li style='text-align: justify;'>RBI has not ordered lenders to pass on EMI break to all customers. It is only approval for granting the same in case the bank deems it fit for its customers hit by COVID 19. The banks are directed to set a board to define the guidelines for customers opting for EMI holiday, and thus the final conditions for serving three months moratorium can vary as per the institution.</li> <li style='text-align: justify;'>The EMI Moratorium relief is not offered to all customers. As per the RBI press meet, you are required to apply to your bank for EMI break and share the proof of the impact of COVID 19 on your earnings to avail of the repayment deferment.</li> </ul> The Ugly: If you opt for the moratorium of three months, the interest will begin to accumulate &amp; increase your overall financial bearing. This can indeed hurt your monthly budget if you do not have a backup income source. BOTTOM LINE The moratorium or EMI holiday is for the principal component and not on the interest charges. So, if you have Rs 50000 to repay each month and you apply for a moratorium till 31st May 2020 from your bank and Credit Card Company. In June, your EMI burden will be Rs 50000 + the interest accrued. Depending on your loan schedule, this interest burden may vary. Let&#8217;s say you build up the interest of Rs. 5000 in three months. Will you be ready to repay 55000 in place of 50000 after two months? MyMoneyMantra recommends customers to carry on with their repayment schedules and avoid mounting up their repayment burden. Conduct a cost-benefit analysis and carefully weigh in the liquidity of funds in your hand. Opt for EMI holiday only in case of an extreme cash crunch. Let your standing instructions flow as usual and avail of moratorium if and only if you are financially-stressed. <h2 class='p1'>FAQs </h2> April 1 is fast approaching, and it is important to get answers to your questions. RBI has left the power to frame modalities for three months EMI moratorium on Banks, and till date, there is no official statement from banks except SBI. However, many banks such as IDFC First, Union Bank of India, Kotak Mahindra Bank have started to acknowledge social media shout outs by customers on Twitter for EMI Moratorium. Let’s discuss find out answers to all of your questions on RBI&#8217;s decision to grant Term Loan, Working Capital Credit Line, and Credit Card moratorium and deferment: <h3>✅ Will my EMI due on 2nd March be delayed till June 2020?</h3> Ans: As per RBI guidelines, the banks are allowed to extend a moratorium to the interested customers. You would need to request your bank for the EMI break. It is likely that the EMI will be cleared automatically as per the standing instruction in the System. SBI has just updated that all customers are provided with the moratorium, and those who want to pay should inform the bank and make the payment. <h3>✅ How would I know about the bank’s board-approved policies for EMI relief to the borrowers?</h3> Ans: You should get in touch with your relationship manager or contact customer care via email or phone call. Many banks like SBI, Kotak Mahindra, Union Bank of India, IDFC First, and IDBI have already started to accept customer requests for payment deferment. <h3>✅ What does it mean when RBI and banks say all EMIs on term loans stand canceled?</h3> Ans: The statement implies that all term loan customers are eligible for requesting EMI Moratorium. The final communication depends on the customer&#8217;s willingness to opt for the EMI deferment. <h3>✅ Will the non-payment of my EMI and Card Bill hurt my credit score?</h3> Ans: As RBI Governor explained, if your request for EMI delay is accepted by the bank, the non-payment will neither be marked in your credit history nor will it impact your credit score. <h3>✅ Which banks &amp; NBFCs are offering EMI deferment?</h3> Ans: All lenders registered under RBI, such as commercial banks (including regional rural banks, small finance banks and local area banks), co-operative banks, all-India Financial Institutions, and NBFCs (including housing finance companies and micro-finance institutions) are eligible to extend the moratorium. <h3>✅ The April &amp; May EMIs will be paid as per a new repayment schedule, or I will be asked for bullet payment?</h3> Ans: Your bank will share the details for the same. <h3>✅ What is the difference between waiver and deferment?</h3> Ans:The waiver is removing the payment while the deferment is delay in payment. RBI has recommended a delay of repayment schedule and tenor across the board by 3 months. <h3>✅ What types of loans are eligible for moratorium cover?</h3> Ans: All term loans like Personal Loan, Car Loans, Home Loan, Education Loan, Credit Card outstanding, Retail Loans (like Consumer Durable Loans, EMIs on mobiles, fridge, TV), Agriculture Term Loans and Crop Loans are open for option of three months moratorium. <h3>✅ Did RBI announce moratorium for Credit Card payments?</h3> Ans: Yes, RBI later clarified that the moratorium is open for Credit Card payments as well. <h3>✅ Are Business Loans included? What was RBI’s announcement for businesses?</h3> Ans: RBI did not specifically mention Business Loans but retail loans. It is unlikely if your bank will extend the moratorium on your Business Loan. However, if you need one, you should contact your lender, and you may even get success. Banks have also introduced special Covid 19 Loan at Concessional flat rate for MSMEs to bridge the financial issues mushroomed because of pandemic spread. Also, RBI has granted permission to banks to allow deferment for interest payments for all Working Capital Loans. 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Covid-19 pandemic is an economic tsunami that has turned even the largest of the world&#8217;s economies into a standby mode. Reeling under the pressure of pandemic outbreak, India is observing a complete lockdown since March 23, 2020, shutting its all non-essential activities <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/rbis-covid-19-relief-policy-review-should-you-opt-for-moratorium-on-loans-emis-credit-card-bills/' data-a2a-title='RBI’s Covid 19 Relief Policy Review: Should You Opt for Moratorium on Loan(s) EMIs & Credit Card Bills?'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Frbis-covid-19-relief-policy-review-should-you-opt-for-moratorium-on-loans-emis-credit-card-bills%2F&amp;linkname=RBI%E2%80%99s%20Covid%2019%20Relief%20Policy%20Review%3A%20Should%20You%20Opt%20for%20Moratorium%20on%20Loan%28s%29%20EMIs%20%26%20Credit%20Card%20Bills%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%2Frbis-covid-19-relief-policy-review-should-you-opt-for-moratorium-on-loans-emis-credit-card-bills%2F&amp;linkname=RBI%E2%80%99s%20Covid%2019%20Relief%20Policy%20Review%3A%20Should%20You%20Opt%20for%20Moratorium%20on%20Loan%28s%29%20EMIs%20%26%20Credit%20Card%20Bills%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%2Frbis-covid-19-relief-policy-review-should-you-opt-for-moratorium-on-loans-emis-credit-card-bills%2F&amp;linkname=RBI%E2%80%99s%20Covid%2019%20Relief%20Policy%20Review%3A%20Should%20You%20Opt%20for%20Moratorium%20on%20Loan%28s%29%20EMIs%20%26%20Credit%20Card%20Bills%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%2Frbis-covid-19-relief-policy-review-should-you-opt-for-moratorium-on-loans-emis-credit-card-bills%2F&amp;linkname=RBI%E2%80%99s%20Covid%2019%20Relief%20Policy%20Review%3A%20Should%20You%20Opt%20for%20Moratorium%20on%20Loan%28s%29%20EMIs%20%26%20Credit%20Card%20Bills%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%2Frbis-covid-19-relief-policy-review-should-you-opt-for-moratorium-on-loans-emis-credit-card-bills%2F&amp;linkname=RBI%E2%80%99s%20Covid%2019%20Relief%20Policy%20Review%3A%20Should%20You%20Opt%20for%20Moratorium%20on%20Loan%28s%29%20EMIs%20%26%20Credit%20Card%20Bills%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%2Frbis-covid-19-relief-policy-review-should-you-opt-for-moratorium-on-loans-emis-credit-card-bills%2F&amp;linkname=RBI%E2%80%99s%20Covid%2019%20Relief%20Policy%20Review%3A%20Should%20You%20Opt%20for%20Moratorium%20on%20Loan%28s%29%20EMIs%20%26%20Credit%20Card%20Bills%3F' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

Have a running EMI, a pending Credit Card bill, or both? MyMoneyMantra has put across some points to help you decode the impact of the moratorium on your pocket. We have reviewed the RBI statement and compiled a list of FAQs for new and old borrowers.

RBI's Covid 19 Relief Policy Review: Should You Opt for Moratorium on Loan(s) EMIs & Credit Card Bills?

If you are opting for a Home Loan, chances are that you already know about one of the most significant additional charges, over and above the interest, that you need to shell out while getting the loan. Yes, you guessed it right! We are speaking of the Processing Fee.  <h2>Processing Fee</h2> If you are new to the concept of Processing Fee, let us break it down for you. Home Loan Processing Fee is essentially a one-time fee that you ought to pay to the lender extending you the mortgage, at the time of collection of the documents. This fee is usually charged by the lender to cover for the expenses incurred with respect to the collection and verification of documents and credit appraisal. As can be easily understood, this fee is non-refundable, unless of course, it is explicitly stated by the bank, or negotiated by you. <a href='https://www.mymoneymantra.com/home-loan/hdfc-ltd.html?utm_source=google&amp;utm_medium=organic' target='_blank'><img class='alignnone size-full wp-image-12980' src='https://d1lt2ralzv8247.cloudfront.net/HDFC_limited_home_loan_2_5c36b3724a.jpg' alt='Lowest Home Loan Interest Rate on HDFC Bank' srcset='https://d1lt2ralzv8247.cloudfront.net/HDFC_limited_home_loan_2_5c36b3724a.jpg 906w, https://www.mymoneymantra.com/blog/wp-content/uploads/2021/03/HDFC-limited-home-loan_2-300x79.jpg 300w, https://www.mymoneymantra.com/blog/wp-content/uploads/2021/03/HDFC-limited-home-loan_2-768x202.jpg 768w' sizes='(max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px' /></a> More often than not, Home Loan processing fee may range anywhere between 0.15% and 6% of the loan amount. While the percentage might appear to be low to begin with, but, considering that a Home Loan often ranges in lakhs of rupees, the fee may prove to be quite expensive. For instance, if you are Applying for a Home Loan worth Rs. 30 Lakhs, and need to pay a processing fee of 5%, you will end up shelling out a whopping Rs. 1.5 Lakhs, which by no means is a small amount. It is for this reason that most financial advisors recommend you to look for <a href='https://www.mymoneymantra.com/blog/5-best-home-loans-in-india/'>Best Home Loan Providers in India</a> who either has a reasonably low fee or even better, levy no charge at all. In the wake of the recent hikes in the repo rate by the Reserve Bank of India (RBI) by up to 50 basis points (bps), most financial institutions are on the lookout for a way to encourage their customers to take loans regardless. It is in line with this objective that some lenders have forgone the processing fee on Home Loans. To help you with your search for such lenders, we have consolidated a List of Home Loan Providers in India who charge zero processing fees. <ol> <li>State Bank of India (SBI)</li> <li>Kotak Mahindra Bank</li> <li>IDBI Bank</li> <li>Bank of Maharashtra</li> <li>Oriental Bank of Commerce</li> </ol> In addition to these banks, you can also relay on the following financial services companies to offer you a Home Loan without charging any additional processing fee: <ol> <li>Tata Capital</li> <li>Reliance Home Finance Limited</li> <li>LIC Housing Finance Limited</li> </ol> While these banks and lenders have been known to waive the processing fee, it is best that you inquire about the same, at the time of <a href='https://www.mymoneymantra.com/home-loan.html'>Applying for the Home Loan</a>, since most lenders change their policies every three to six months. For what it’s worth, if you are an existing customer of the bank from which you are seeking a loan, you can negotiate the terms and ask for a waiver on the processing fee. <h2>Other Charges</h2> Approaching a lender who does not levy processing charges will undoubtedly prove to be in your benefit. However, you shouldn’t forget that in any case, you will have to bear some other expenses, such as the ones mentioned below: <ul style='padding-left: 20px;'> <li> Legal and Technical Charges: You ought to pay these charges, at the time of submission of property documents, and are meant to cover the expenses incurred by the bank to process and verify the same. They usually range from Rs. 5,000 to Rs. 10,000. </li> <li> Memorandum of Deposit of Title Deed: Also known as MODT, this charge may range between 0.1% and 0.5% of the loan amount. The fee is levied on the submission of the documents of ownership of the property to the bank. </li> <li> Loan Conversion Charges: Albeit not levied at the time of taking the loan, you may need to pay these when you convert your credit from fixed interest type to floating interest type and vice versa. They usually come up to 2% of the outstanding loan amount at the time of conversion. </li> <li> Prepayment Charges: Just in case, you wish to make a payment towards the principal amount of the loan before the end of your tenure, either in part or full, you may be charged a prepayment penalty costing up to 2% of the outstanding loan amount. Although, this is only the case with fixed-rate loans. Floating Rate Home Loans do not attract this penalty. </li> </ul> We hope that in addition to knowing about Home Loan providers in India with zero processing fees, you now also have the much-needed information about the various other charges that can have a significant impact on the cost of the Home Loan. Now that you are equipped with this knowledge to make sure you get the most inexpensive Home Loan available. To this end, you can always seek the assistance of an online loan aggregator! Also Read: <a href='https://www.mymoneymantra.com/blog/7-important-questions-to-ask-your-home-loan-provider/' target='_blank'>7 Important Questions to Ask Your Home Loan Provider</a> To apply online for <a href='https://www.mymoneymantra.com/blog/5-best-home-loans-for-pensioners/'>Best Home Loan for Pensioners</a>, Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 7 million+ happy customers since 1989. <a href='https://www.mymoneymantra.com/home-loan.html' target='_blank'><img class='alignnone size-full wp-image-11698' src='https://d1lt2ralzv8247.cloudfront.net/Home_Loan_Festival_offers_2_a2bc990388.jpg' alt='Best Home Loan Festival Offers' srcset='https://d1lt2ralzv8247.cloudfront.net/Home_Loan_Festival_offers_2_a2bc990388.jpg 906w, https://www.mymoneymantra.com/blog/wp-content/uploads/2020/10/Home-Loan-Festival-offers_2-300x79.jpg 300w, https://www.mymoneymantra.com/blog/wp-content/uploads/2020/10/Home-Loan-Festival-offers_2-768x202.jpg 768w' sizes='(max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px' /></a> <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-home-loan-providers-in-india-that-charge-zero-processing-fees/' data-a2a-title='5 Home Loan Providers in India That Charge Zero Processing Fees'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F5-home-loan-providers-in-india-that-charge-zero-processing-fees%2F&amp;linkname=5%20Home%20Loan%20Providers%20in%20India%20That%20Charge%20Zero%20Processing%20Fees' 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-home-loan-providers-in-india-that-charge-zero-processing-fees%2F&amp;linkname=5%20Home%20Loan%20Providers%20in%20India%20That%20Charge%20Zero%20Processing%20Fees' 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-home-loan-providers-in-india-that-charge-zero-processing-fees%2F&amp;linkname=5%20Home%20Loan%20Providers%20in%20India%20That%20Charge%20Zero%20Processing%20Fees' 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-home-loan-providers-in-india-that-charge-zero-processing-fees%2F&amp;linkname=5%20Home%20Loan%20Providers%20in%20India%20That%20Charge%20Zero%20Processing%20Fees' 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-home-loan-providers-in-india-that-charge-zero-processing-fees%2F&amp;linkname=5%20Home%20Loan%20Providers%20in%20India%20That%20Charge%20Zero%20Processing%20Fees' 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-home-loan-providers-in-india-that-charge-zero-processing-fees%2F&amp;linkname=5%20Home%20Loan%20Providers%20in%20India%20That%20Charge%20Zero%20Processing%20Fees' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

If you are opting for a Home Loan, chances are that you already know about one of the most significant additional charges, over and above the interest, that you need to shell out while getting the loan. <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-home-loan-providers-in-india-that-charge-zero-processing-fees/' data-a2a-title='5 Home Loan Providers in India That Charge Zero Processing Fees'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F5-home-loan-providers-in-india-that-charge-zero-processing-fees%2F&amp;linkname=5%20Home%20Loan%20Providers%20in%20India%20That%20Charge%20Zero%20Processing%20Fees' 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-home-loan-providers-in-india-that-charge-zero-processing-fees%2F&amp;linkname=5%20Home%20Loan%20Providers%20in%20India%20That%20Charge%20Zero%20Processing%20Fees' 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-home-loan-providers-in-india-that-charge-zero-processing-fees%2F&amp;linkname=5%20Home%20Loan%20Providers%20in%20India%20That%20Charge%20Zero%20Processing%20Fees' 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-home-loan-providers-in-india-that-charge-zero-processing-fees%2F&amp;linkname=5%20Home%20Loan%20Providers%20in%20India%20That%20Charge%20Zero%20Processing%20Fees' 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-home-loan-providers-in-india-that-charge-zero-processing-fees%2F&amp;linkname=5%20Home%20Loan%20Providers%20in%20India%20That%20Charge%20Zero%20Processing%20Fees' 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-home-loan-providers-in-india-that-charge-zero-processing-fees%2F&amp;linkname=5%20Home%20Loan%20Providers%20in%20India%20That%20Charge%20Zero%20Processing%20Fees' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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If you are looking for the best home loan providers, Here are 5 home loan providers that charge no processing fees in India. Read on to know more.

5 Home Loan Providers in India That Charge Zero Processing Fees

International Women’s Day is not a single day event. Rather it is a reminder for equal &amp; gender neutral world. This year, the theme for International Women’s Day 2021 is #ChoosetoChallenge Gender Stereotypes &amp; Inequality. MyMoneyMantra wows the campaign and promotes gender equality by not only ensuring gender parity in its hiring culture but also in bringing out its marketing content including blogs, media articles and social campaigns, all highlighting financial inclusion message for women across the globe. Whether you are a working woman or run a house, you are eligible for better Home Loan Interest Rate, and Stamp Duty &amp; Property Tax concession. Still, a majority of women do not know about the available benefits. Women are naturally good at saving money as they have been managing domestic budgets from centuries. Yet significant money decisions in a majority of Indian Households are carried by male counterparts for various social reasons. Low percentage of women workforce could be one of the factors for the same. Participation percentage of women workforce in India has been constantly shrinking since 2004. And the worse has just come. Year 2020 reinforced the stark gender inequality that rests across the globe as more women lost jobs and took over unpaid household work. Financial Literacy is the hallmark for Financial Inclusion &amp; Gender Equality. When you educate a Woman, you educate the whole family. A financially savvy women can best utilise the power of compounding and secure her future. She can inculcate money talks early in the life of kids. This is why banks and financial institutions continue to provide special privileges to women customers. What is good for gender equality is good for the economy &amp; for the nation. Let’s find out how a woman home owner enjoys special benefits on housing finance. You do not need to be a working woman to become a co-applicant for a Home Loan. <h2 style='text-align: justify;'>Benefits women in India enjoy on Home Loans:</h2> Lower Home Loan Rates: Women applicants are encouraged to apply for Home Loans. Most lenders, banks and NBFCs, offer a discount of around 5-20 bps on <a href='https://www.mymoneymantra.com/home-loan-interest-rates.html' target='_blank'>Home Loan Interest Rates</a> for primary women applicants. Thus a couple can save lakhs of rupees by locking a lower rate loan deal with a woman as a primary applicant. Relaxed norms, partial waiver of processing fee, reducing balance EMI &amp; repayment ease are some other areas which an applicant should explore before locking a Home Loan. More Tax benefit: Under Income Tax Act, 1961, a Home Loan borrower in India is entitled to enjoy tax deduction under section 80C and Section 24 for max up to Rs 1.5 Lakh and Rs 2 Lakh respectively on repayment of Home Loan Principal and Interest Amount. The benefit will be in proportion to the contribution of each applicant for repayment of Principal and Interest. When a couple applies together for a loan, both partners can claim Income Tax benefits while filing the IT return. Thus the benefits can practically be doubled up for the couple, thereby leaving more in their pockets. Stamp Duty &amp; Property Tax Concession: Furthermore, several states such as Bihar, Haryana, Punjab, Maharashtra, Orissa, Uttar Pradesh, Uttarakhand besides National Capital Delhi provide concession on stamp duty for women home owners. A woman home owner can save 0.5 to 3% on the stamp duty rate across the country. The slab rates vary state-wise, so do check the available benefit in your particular region. Some States even offer lower property tax slab on the basis of gender. However to enjoy these benefits, women should be the owner of the property. Credit subsidy on buying house: Under government&#8217;s &#8216;Housing for All&#8217; scheme, it is mandatory to book the property in the name of a woman for availing a credit linked PMAY subsidy. All these housing related benefits are designed to encourage women participation in the housing sector. Furthermore, Home Loan Interest Rates are at decadal low mark. It is thus the best time to get keys of your dream home in 2021. This week SBI, HDFC and Kotak Mahindra Bank have further slashed Home Loan Interest Rates. So, do not forget to check special Home Loan Offers on the occasion of International Women’s Day. Grab the best Home Loan deal <a href='https://www.mymoneymantra.com/home-loan/hdfc-ltd.html?utm_source=google&amp;utm_medium=organic' target='_blank'><img class='alignnone size-full wp-image-12980' src='https://d1lt2ralzv8247.cloudfront.net/HDFC_limited_home_loan_2_5c36b3724a.jpg' alt='Lowest Home Loan Interest Rate on HDFC Bank' srcset='https://d1lt2ralzv8247.cloudfront.net/HDFC_limited_home_loan_2_5c36b3724a.jpg 906w, https://www.mymoneymantra.com/blog/wp-content/uploads/2021/03/HDFC-limited-home-loan_2-300x79.jpg 300w, https://www.mymoneymantra.com/blog/wp-content/uploads/2021/03/HDFC-limited-home-loan_2-768x202.jpg 768w' sizes='(max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px' /></a> <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/special-benefits-women-enjoy-on-home-ownership-and-housing-finance/' data-a2a-title='Special Benefits Women Enjoy on Home Ownership & Housing Finance'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fspecial-benefits-women-enjoy-on-home-ownership-and-housing-finance%2F&amp;linkname=Special%20Benefits%20Women%20Enjoy%20on%20Home%20Ownership%20%26%20Housing%20Finance' 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%2Fspecial-benefits-women-enjoy-on-home-ownership-and-housing-finance%2F&amp;linkname=Special%20Benefits%20Women%20Enjoy%20on%20Home%20Ownership%20%26%20Housing%20Finance' 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%2Fspecial-benefits-women-enjoy-on-home-ownership-and-housing-finance%2F&amp;linkname=Special%20Benefits%20Women%20Enjoy%20on%20Home%20Ownership%20%26%20Housing%20Finance' 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%2Fspecial-benefits-women-enjoy-on-home-ownership-and-housing-finance%2F&amp;linkname=Special%20Benefits%20Women%20Enjoy%20on%20Home%20Ownership%20%26%20Housing%20Finance' 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%2Fspecial-benefits-women-enjoy-on-home-ownership-and-housing-finance%2F&amp;linkname=Special%20Benefits%20Women%20Enjoy%20on%20Home%20Ownership%20%26%20Housing%20Finance' 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%2Fspecial-benefits-women-enjoy-on-home-ownership-and-housing-finance%2F&amp;linkname=Special%20Benefits%20Women%20Enjoy%20on%20Home%20Ownership%20%26%20Housing%20Finance' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

International Women&#8217;s Day is not a single day event. Rather it is a reminder for equal &#038; gender neutral world. This year, the theme for International Women&#8217;s Day 2021 is #ChoosetoChallenge Gender Stereotypes &#038; Inequality. <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/special-benefits-women-enjoy-on-home-ownership-and-housing-finance/' data-a2a-title='Special Benefits Women Enjoy on Home Ownership & Housing Finance'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fspecial-benefits-women-enjoy-on-home-ownership-and-housing-finance%2F&amp;linkname=Special%20Benefits%20Women%20Enjoy%20on%20Home%20Ownership%20%26%20Housing%20Finance' 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%2Fspecial-benefits-women-enjoy-on-home-ownership-and-housing-finance%2F&amp;linkname=Special%20Benefits%20Women%20Enjoy%20on%20Home%20Ownership%20%26%20Housing%20Finance' 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%2Fspecial-benefits-women-enjoy-on-home-ownership-and-housing-finance%2F&amp;linkname=Special%20Benefits%20Women%20Enjoy%20on%20Home%20Ownership%20%26%20Housing%20Finance' 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%2Fspecial-benefits-women-enjoy-on-home-ownership-and-housing-finance%2F&amp;linkname=Special%20Benefits%20Women%20Enjoy%20on%20Home%20Ownership%20%26%20Housing%20Finance' 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%2Fspecial-benefits-women-enjoy-on-home-ownership-and-housing-finance%2F&amp;linkname=Special%20Benefits%20Women%20Enjoy%20on%20Home%20Ownership%20%26%20Housing%20Finance' 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%2Fspecial-benefits-women-enjoy-on-home-ownership-and-housing-finance%2F&amp;linkname=Special%20Benefits%20Women%20Enjoy%20on%20Home%20Ownership%20%26%20Housing%20Finance' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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On the occasion of International Women’s Day, MyMoneyMantra has compiled a list of additional benefits female borrowers enjoy on Home Loan Application.

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