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

Raj Khosla

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

Reshma Rawat

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

Priyanka Jain

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

Aparna Sharma

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

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

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

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

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

5 Tips to Find an Ideal Credit Card

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

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

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

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

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

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

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

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Icici-Bank-Home-loan.jpg

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

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

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

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

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Soothe Your Wanderlust with Holiday Loans -

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

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

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

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

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

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

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

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

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

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

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

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

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

Credit Card Application: Everything You Need to Know

<h2><strong>HDFC Credit Card Address Change - Step by Step Guide</strong></h2><p>There are times when banks opt for sending any correspondence related to additional benefits, fees, penalties or charges by postal mode instead of sending it via email. In that case, one should not forget to get bank records updated, i.e. one should get their correspondence address updated if there's any change in their registered address in order to avoid any inconvenience.&nbsp;</p><p>Table of Content:-</p><ol><li>Intro</li><li>How to do HDFC Credit Card Address Change Online?</li><li>How to do HDFC Credit Card Address Change Offline?</li><li>How to Download HDFC Credit Card Address Change Form?</li><li>Documents Required for HDFC Credit Card Address Change</li><li>Why Should You Change Address in HDFC Credit Card?</li><li>FAQs</li></ol><p>In case of any changes in the address registered with the bank, HDFC credit cardholders are given the option to get the same updated either online or offline.&nbsp;</p><h2><strong>How to do HDFC Credit Card Address Change Offline?</strong></h2><p>Let us first discuss the offline process of HDFC Credit card address change:-</p><p><strong>Step 1:-</strong> Visit the nearest HDFC Branch in person and fill the application form available with a bank representative for change in address.</p><p><strong>Step 2:-</strong> You need to carry your original ID Proof for verification.</p><p><strong>Step 3:-</strong> It can also be updated by calling on Toll-free number, i.e. 61606161/6160616, and speaking with the customer care executive for initiation of the process.</p><p><strong>How to do HDFC Credit Card Address Change Online?</strong></p><p>Let us now discuss the online process of HDFC Credit card address change:-</p><p><strong>How to&nbsp;</strong><a href="https://timesofindia.indiatimes.com/topic/(change/update-address)"><strong>change/update address</strong></a><strong>&nbsp;through NetBanking?</strong></p><p><strong>Step 1:-</strong> Login to HDFC's official website or HDFC's Banking App.</p><p><strong>Step 2:-</strong> Enter your customer ID &amp; the password so as to log in.</p><p><strong>Step 3:-</strong> After that, go to “Update Contact Details” from the top menu and then click “Update Address”.</p><p><strong>Step 4:-</strong> Next, select one address proof from the list of address proof's that are acceptable by the bank.</p><p><strong>Step 5:-</strong> Then, you need to scan the self-attested copy of the address proof that you have selected so as to upload it online.</p><p><strong>Step 6:-</strong> After clicking on “Continue”, you will be redirected to a page where an option to Add &amp; Upload Document would be given.</p><p><strong>Step 7:-</strong> After checking, uploading and submitting the same, the address would get updated within 7 working days once the verification is completed from the bank's side.</p><p><strong>Let's now understand how to change the address of HDFC Credit card in online mode through online application:-</strong></p><p><strong>Step 1:-</strong> Download the “Address Change Form” from HDFC’s official website.</p><p><strong>Step 2:-</strong> Duly fill the form, and get the printed copy of the same.</p><p><strong>Step 3:-</strong> After that, the cardholder is required to sign the printed copy of the form &amp; attach self-attested copies of address proof along with it.</p><p><strong>Step 4:-</strong> Finally, the cardholder should send the Address Change Form along with the self-attested copies of address proof to the HDFC's nearest Branch via post or courier.</p><h2><strong>How to Download HDFC Credit Card Address Change Form?</strong></h2><p>HDFC Credit card address change form can be downloaded after logging on to the official website of HDFC. After filling up the form, the printed copy of the same should be submitted to the nearest HDFC branch. It can be downloaded from this <a href="https://v1.hdfcbank.com/assets/pdf/change_address_contact_details_email_id.pdf">link.</a></p><p><strong>Documents Required for HDFC Credit Card Address Change</strong></p><p>List of documents for Resident Individuals that are acceptable by the bank:-</p><p>Following documents can be considered officially valid for Identity and address proof:</p><ol><li>Valid Passport&nbsp;</li><li>Voter's Identity Card issued by the (ECI) Election Commission of India</li><li>Permanent Driving license, which should be valid&nbsp;</li><li>Aadhaar Card</li><li>Job card issued by NREGA ( National Rural Employment Guarantee Act), which is duly signed by the State Government officials.</li><li>Letter issued by the NPR or National Population Register, which should be containing details of name &amp; address.</li></ol><p>If the Officially Valid Documents furnished by the customer are not updated or are incorrect, the following documents shall be submitted and shall be deemed to be Officially Valid Documents for the limited purpose of address proof:&nbsp;</p><ol><li>Any utility bill of service provider that should not be more than two months old like electricity bill, telephone bill, post-paid mobile phone bill, piped gas bill/gas passbook, water bill);&nbsp;</li><li>Property or Municipal tax receipt;&nbsp;</li><li>Pension Orders or family pension payment orders (PPOs) issued to retired employees by Government Departments or PSUs (Public Sector Undertakings), if they contain the address.&nbsp;</li><li>A Letter of Allotment (LOA) of accommodation from employer issued by Central Government or State Government or Departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies and leave and licence agreements with such employers allotting official accommodation</li></ol><p><strong>Note:</strong> Customer shall submit Officially Valid Documents with a current address within a period of three months of submitting the documents mentioned above in Pt ‘B’.</p><h2><strong>Why Should You Change Address in HDFC Credit Card?</strong></h2><p>In case of change in any personal information like a change of residential address or change in contact number, it is very important to get the same updated in the bank records as well. Updating your information on the bank's portal enables hassle-free and seamless contact of the bank with their customers.</p><p>Benefits of change in address of correspondence:-</p><ol><li>Updation of personal information like change in address or change in contact number of correspondence with bank helps the bank to get in touch with us easily.</li><li>Change of address of correspondence ensures smooth delivery of all important documents like Account Statements, TDS certificates, Form 26AS etc., with the cardholder on time in case it's sent via post.</li><li>Also, if there is any change in terms and conditions of the bank, in that case, it would become much easier for the bank to reach customers only if bank records are updated.</li></ol><h3><strong>Frequently Asked Questions (FAQs)</strong></h3><h4><strong>✅ How can I change my address without a bank account address?</strong></h4><p>For address updation without any proof of address available, one would require the Adhaar Card Number of the person who will be acting as a verifier on your behalf. Also, to verify the same, Aadhaar Card should be linked to a registered mobile number.</p><h4><strong>✅Can Rent Agreement be used as valid ID Proof in case of Credit Card Address Change?</strong></h4><p>The answer to the same is Yes. RBI allows the same to be done. As the bank asks for ID Proof, Address Proof etc., so if you are living on a rented property, in that case, your Rent Agreement would be considered as valid Address Proof.</p><h4><strong>✅Can Payslips be considered for address proof?</strong></h4><p>If payslips are updated with present address, in that case, some banks do accept the same as Address Proof. But sometimes, you may require a passport or some other identity verification along with that.</p><h4><strong>✅How do I change my address for my savings account?</strong></h4><p>For any updation in address registered of Savings Account, a form is required to be filled out by customer intimating the same which should be submitted to the nearest Branch. But, in case of change in Branch, the Account Transfer Form must be filled. Also, one is required to provide proof of new address.</p><h4><strong>✅ Does the bank notifies to inform the change in address of correspondence?</strong></h4><p>The answer to this is no. The bank does not notify the cardholder via SMS. But, Yes, one can go to the nearest Branch to know the status of the request raised.</p><h4><strong>✅ How can I change my Email ID in HDFC Bank?</strong></h4><p>Below mentioned are the steps to update the Email ID in your HDFC Bank:-</p><p><strong>Step 1:-</strong> Login into HDFC’s official website or HDFC App.</p><p><strong>Step 2:-</strong> Enter your customer ID along with your password.</p><p><strong>Step 3:-</strong> Go to the Main Menu, then go to section "Update Contact Details". You can find this on the right side corner of the page.</p><p><strong>Step 4:-</strong> Next, select "Download Email Update Form".</p><p><strong>Step 5:-</strong> The form will appear in a new window. Take the printout of the same and fill it.</p><p><strong>Step 6:-</strong> Enter the new Email ID, also other details that you wish to change.</p><p><strong>Step 7:-</strong> Submit the form to your nearest HDFC branch after that bank would take almost 7 working days to update the same.</p><h4><strong>✅How can I change my address in HDFC Bank if I do not have any address proof?</strong></h4><p><strong>Step 1:</strong> Visit the nearest HDFC Branch.</p><p><strong>Step 2:</strong> Ask for the Address Change Form, duly fill the application form.</p><p><strong>Step 3:</strong> Attach a self-attested copy of address proof. Also, don't forget to carry the original ID Proof's.</p><h4><strong>✅How can one change address in my Bank Statement?</strong></h4><p>In case you have got your online banking activated, then you can update your address through your account online only. Else, you would have to visit the bank or call the customer care centre for that.</p><h4><strong>✅How can one prove the address?</strong></h4><ol><li>Valid Driver's License</li><li>Property Tax Receipt</li><li>Posted Mail with the applicant's name</li><li>Utility Bill</li><li>Lease Agreement</li><li>Insurance Card</li><li>Voter Registration Card</li><li>College Enrollment Papers</li></ol>

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HDFC Credit Card Address Change Online - Check Procedure to Change Address in HDFC Credit Cards Online/Offline. Know Required Documents.

HDFC Credit Card Address Change - Step by Step Guide

<p>HDFC Credit Card Address Change Online - Check Procedure to Change Address in HDFC Credit Cards Online/Offline. Know Required Documents.</p>

<h2><strong>Best Personal Loans for Bad Credit in India - Things You Should Be Aware Of</strong></h2><p>A bad credit score or no credit history are roadblocks when availing of a personal loan on favourable terms. Financial institutions do not advance loans for bad credit<strong> </strong>as a low credit score indicates a higher risk of default in payments. But thankfully, there are a few lenders who work with such borrowers. They tweak the terms and conditions and customize their lending, thus helping people get an urgent loan with bad credit in India. Let’s check out which bank gives personal loans with bad credit in India?</p><h2><strong>What are Loans for Bad Credit?</strong></h2><p>Loans for bad credit are advances that are approved for people who have a low credit score. A low credit score is either a reflection of poor or short credit history. But financial emergencies can strike anyone. Loans<strong> </strong>for bad credit<strong> </strong>act as a panacea and help applicants seek loans during times of need. These loans are approved at a higher rate of interest and customized terms and conditions. The loans for bad credit can be secured or unsecured, depending upon the lending company’s policies and the applicant’s profile.</p><h2><strong>Best Bad Credit Loans in India 2021</strong></h2><p>A borrower looking for an urgent loan with bad credit in India can choose between these best bad credit loans in India:</p><ul><li><strong>Secured Loans</strong> – Applying for a secured loan is the easiest way to get personal loans for bad credit. The loan is approved against collateral or security and therefore lowers the lender’s credit risk. This, in turn, helps the borrower avail of a loan at a lower rate of interest and favourable loan terms.</li><li><strong>Unsecured Loans</strong> – In case the borrower is unable to pledge any collateral, an unsecured loan can be applied for provided there is a stable income and low debt-income ratio. But the unsecured loan will be approved at a higher rate of interest.</li><li><strong>Loans From NBFC</strong> – The Non-Banking Financial Companies are lenient than scheduled banks when it comes to eligibility checks and credit scores. Therefore, the chances of getting loans for bad credit are more with NBFCs. But loans from NBFCs are approved at a higher rate of interest.</li><li><strong>Choose your Existing Banker </strong>– In case your credit score is low because of your no credit history, you can apply for an urgent loan for bad credit with your existing banker. Customers who are eligible for a personal loan, have a good relationship with the bank, and have a healthy financial track record will be approved for an urgent loan for bad credit by their existing bank.</li><li><strong>Apply for Current Account Overdraft </strong>– If you are a self-employed individual and have a current account in the bank, you can avail of an overdraft facility to meet the urgent financial shortfalls.</li><li><strong>Digital Lenders</strong> – Apart from banks and NBFCs, digital lenders also advance credit. These lenders operate through mobile apps. They do not have stringent eligibility checks. They advance short-term loans for bad credit without much hassle.</li></ul><h2><strong>Reasons for Low Credit Score in India</strong></h2><p>Low credit scores have great financial implications. But let’s understand what exactly causes a low or bad credit score:</p><ul><li><strong>Delayed credit card bill payments</strong> – Missing out or delaying credit card payments is the most important factor that causes a plunge in credit score. It is pertinent to mention here that the entire credit card outstanding is to be repaid either before or on the due date. Paying only the minimum amount due on the due date causes a drop in the credit score.</li><li><strong>Overspending and Reaching Credit Limit Regularly </strong>- Although you might be paying off your credit card bills regularly, reaching the credit limit quickly and regularly is not considered to be a good sign. It is interpreted as exorbitant spending. This behaviour is not appreciated and therefore causes a dip in the credit score.</li><li><strong>Too many ongoing loans</strong> - Having too many active loans is a warning signal for the lender. A very high debt-income ratio can push the borrower to default on payments. This impacts the credit score negatively.</li><li><strong>Unbalanced Credit Mix </strong>– There should be a right quantum of secured and unsecured loans in the kitty. As unsecured loans are without collateral, having too many of them in your loan portfolio lowers your credit rating.</li><li><strong>Not Adequate Credit History </strong>– If you haven’t availed of a loan before and do not have a credit card, you’ll not have a credit history. Thus, the lending company may not be able to gauge your creditworthiness. Therefore, it is recommended that you start your credit journey with a secured loan or a credit card.</li></ul><h2><strong>Things You Should Consider Before Availing Loans for Bad Credit</strong></h2><p><strong>Loans for bad credit</strong> can help you sail through the tough times. But before you apply for a bad credit loan, keep the following points in mind:</p><ul><li><strong>Explore Well </strong>– A bad credit loan will come at a higher rate of interest. The processing fee and other charges will add to the cost. It is therefore important that you do proper research, evaluate the benefits, and compare the offers of different lenders carefully.</li><li><strong>Check Eligibility</strong> – Loans for bad credit will be approved only if the eligibility conditions are fulfilled. Applying for a bad credit loan without fulfilling eligibility conditions can lead to rejection of the application, damaging the credit score further.</li><li><strong>Understand Terms and Conditions</strong> – It is important to understand the terms and conditions of the personal loans for bad credit before proceeding. These loans come at a higher rate of interest with several clauses. Go through each clause minutely to avoid hidden charges and financial implications later.</li><li><strong>Consider Your Repayment Capacity </strong>– <strong>Loans for bad credit</strong> levy a higher rate of interest. Going in for the same without evaluating your repayment capacity can push you into defaulting on payments. This can lead to a debt trap, further lowering your credit score. Consider taking a bad credit loan only if you can repay the EMIs comfortably.</li></ul><h2><strong>How to Avail Bad Credit Loans in India?</strong></h2><p>Getting loans for bad credit<strong> </strong>requires considerable effort and research and is not a straightforward deal. But thankfully, it’s not impossible to get one. If you wish to avail of a bad credit loan in India, here are a few steps that can help you get one:</p><ul><li><strong>Know Your Credit Score</strong> – A credit score above 750 is considered good. A score higher than 750 enables the borrower to avail of a personal loan at favourable terms and conditions. But before you apply for a personal loan, be aware of your credit score. The same can be checked for free online.</li><li><strong>Assess Your Financial Standing </strong>- Ensure that there will be no defaults in repayment of the loan. Consider a loan only if the current income can support additional monthly outflow in the form of loan EMIs.</li><li><strong>Compare Personal Loans for Bad Credit</strong> – A bad credit loan will cost more. So careful research and comparison of benefits offered along with terms and conditions applicable are important. Review different lenders and read through the fine print carefully before selecting the lender.</li><li><strong>Check Eligibility</strong> – An eligibility check or pre-qualification will help you know whether you’ll qualify for the loan without making a hard inquiry. Every hard inquiry leads to a further drop in the credit score.</li><li><strong>Opt for Secured Loans </strong>– A secured loan is easier to get even if you have a bad credit score. Opt for taking a loan against gold, PPF, or any other financial instrument. These will act as the financial backing and therefore let you avail of a personal loan with a low APR.</li><li><strong>Add Co-Applicants</strong> – A co-applicant with a good credit score can help you avail of a personal loan despite the primary applicant having a bad credit score.</li><li><strong>Provide Income Proof</strong> – If you have adequate proof to validate your total income, getting a personal loan with bad credit becomes easier. Therefore, ensure that your employment information, business details, ITR documents, etc., are in place before you apply for a bad credit loan</li></ul><h2><strong>Which Lenders Offer Bad Credit Loans?</strong></h2><p>You have a bad credit score and want to know which bank gives personal loans with bad credit in India, here’s help:</p><p>Loans for bad credit can be availed through any of the financial lenders mentioned below:</p><ul><li>Scheduled Banks</li><li>Non-Banking Financial Companies</li><li>Digital Lenders</li><li>Peer-to-Peer Lending (P2P)</li></ul><p><strong>Scheduled Banks</strong> - Scheduled banks have stringent eligibility conditions. But they approve loans with bad credit if all other eligibility conditions are met. Pledging collateral and providing adequate proof to validate your repayment capacity can help you negotiate for a low rate of interest despite a bad credit score. Scheduled banks sanction loans with stricter conditions and higher charges to applicants who have a credit score between 500 and 750. Prominent scheduled banks offering loans for bad credit are:</p><figure class="table"><table><tbody><tr><td><strong>Name of Bank</strong></td><td><strong>Rate of Interest</strong></td></tr><tr><td>IDFC First Bank</td><td>10.49% p.a. onwards</td></tr><tr><td>ICICI Bank</td><td>10.50% p.a. onwards</td></tr><tr><td>HDFC Bank</td><td>10.50% p.a. onwards</td></tr><tr><td>Axis Bank</td><td>12.00% p.a. onwards</td></tr><tr><td>Yes Bank</td><td>13.99% p.a. onwards</td></tr></tbody></table></figure><p><strong>Non-Banking Financial Companies </strong>– Compared to scheduled banks, Non-Banking Financial Companies are more flexible and lenient with their lending terms. Chances of getting a low value, shorter-duration loan are high despite having a low credit score. Some NBFCs also sanction loans to applicants who have a credit score as low as 360. Leading NBFCs offering loans with bad credit are:</p><figure class="table"><table><tbody><tr><td><strong>Name of NBFC</strong></td><td><strong>Rate of Interest</strong></td></tr><tr><td>Tata Capital</td><td>10.99% p.a. onwards</td></tr><tr><td>Fullerton India</td><td>11.99% p.a. onwards</td></tr><tr><td>India Bulls</td><td>13.99% p.a. onwards</td></tr><tr><td>Bajaj Finance</td><td>13.00% p.a. onwards</td></tr><tr><td>Muthoot Finance</td><td>14.50% p.a. onwards</td></tr></tbody></table></figure><p><strong>Digital Lenders</strong> – Digital lenders, operate through mobile apps. They offer short-term loans with a low principal value. After a prior eligibility check, they approve loans to applicants with a low credit score. Leading digital lenders offering loans with bad credit are:</p><figure class="table"><table><tbody><tr><td><strong>Name of Digital Lender</strong></td><td><strong>Rate of Interest</strong></td></tr><tr><td>Money Tap</td><td>1.08% per month onwards</td></tr><tr><td>Money View</td><td>1.33% per month onwards</td></tr><tr><td>Early Salary</td><td>2.50% per month onwards</td></tr><tr><td>PaySense</td><td>15.96% p.a. onwards</td></tr></tbody></table></figure><p><strong>Peer-to-Peer Lending (P2P)</strong> – This kind of lending enables borrowers to borrow loans from other individuals, thus eliminating middlemen. The lenders can be within the family or private players in the money lending business. The rate of interest charged is quite high.</p><h3><strong>Bad Credit Loans FAQs</strong></h3><h4><strong>✅ How can I ensure that my loan application is not rejected due to a bad credit score?</strong></h4><p>To increase your chances to avail of a bad credit loan:</p><ul><li>Pledge collateral</li><li>Add co-applicant</li><li>Apply for a shorter loan term</li><li>Apply for a low principal value</li><li>Prove your repayment capacity</li></ul><h4><strong>✅Which lenders offer personal loans for bad credit?</strong></h4><p>Personal loans for bad credit can be availed from:</p><ul><li>Scheduled Banks</li><li>Non-Banking Financial Companies</li><li>Digital Lenders</li><li>Peer-to-Peer Lending (P2P)</li></ul><h4><strong>✅ What is considered a bad credit score?</strong></h4><p>A credit score is recorded on a scale of 300-900.&nbsp;</p><ul><li>Between 800 and 900 – Excellent</li><li>Between 750 and 800 – Good</li><li>Between 625 and 750 - Average</li><li>Below 625 - Bad</li></ul><p>It is recommended to maintain a credit score of 750 and above to avail of loans on favourable terms.</p><h4><strong>✅How much loan can I avail myself of with a bad credit score?</strong></h4><p>The lower your credit score, the lower will be the principal loan amount sanctioned. Financial companies generally do not lend more than Rs. 5 lakh to people with a bad credit score. The loan eligibility will depend upon the applicant’s profile.</p><h4><strong>✅How can I apply for a bad credit loan?</strong></h4><p>To apply for a bad credit loan, the applicant needs to closely evaluate the terms and conditions offered by different lenders.&nbsp;</p><ul><li>Visit websites of different lenders.</li><li>Choose the relevant loan term and principal amount.</li><li>Check loan eligibility with your credit score.</li><li>In case the applicant is eligible for the loan, check the rate of interest and other charges that will be charged on loan.</li><li>Compare the APR of different lenders.</li><li>Apply for a bad credit loan with the relevant lender</li></ul><h4><strong>✅ Can I get a loan top-up on a bad credit loan?</strong></h4><p>After a bad credit loan is sanctioned and disbursed, an applicant can apply for a loan top-up if there have been no delays and defaults in EMI payment for a specified number of months.</p><h4><strong>✅ How long does it take to get a bad credit loan approved?</strong></h4><p>The loan application process and processing time for a bad credit loan are the same as in the case of a normal personal loan. The time taken to approve a loan varies from lender to lender.&nbsp;</p><p>Q8. What are the documents required to apply for a bad credit loan?</p><p>The documents required for a bad credit loan include:</p><ul><li>Income proof</li><li>Identity Proof</li><li>Address proof</li><li>Credit report</li><li>PAN Card</li><li>Documents for collateral security</li></ul><h4><strong>✅Who can apply for a bad credit loan?</strong></h4><p>In most cases, one can apply for a bad credit loan if:</p><ul><li>Age18 years and above as fixed by the lending institution</li><li>Indian citizen</li><li>Salaried or self-employed with required work experience</li></ul><h4><strong>✅What makes up a bad credit score?</strong></h4><p>The CIBIL score comprises of four factors, each having a specific weightage:</p><ul><li>Payment History carries 30% weight</li><li>Credit Exposure carries 25% weight</li><li>Credit Mix and Duration carries 25% weight</li><li>Other Factors make up the remaining 20%</li></ul>

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If you have hurt your credit score or CIBIL score then you might be wondering about how to get a personal loan with bad/low credit score? Look no more, we got it right here.

Best Personal Loans for Bad Credit in India 

<p>If you have hurt your credit score or CIBIL score then you might be wondering about how to get a personal loan with bad/low credit score? Look no more, we got it right here.</p>

<h2><strong>What is the Interest Rate on a Personal Loan in India? - All You Need to Know</strong></h2><p>A personal loan helps you meet urgent financial shortfalls. They do not carry an end-use clause and therefore can be put to any use. But they come at a higher rate of interest simply because they are unsecured loans and do not have collateral security backing. Thus, the rate of interest at which a personal loan is borrowed is the most crucial factor of the personal loan process.</p><h2><strong>What is the Interest Rate on a Personal Loan?</strong></h2><p>The rate of interest on a personal loan is the interest rate at which the lender approves the personal loan. It is linked to the lending rate set by the Reserve Bank of India. It is the factor that indicates the cost of the loan. The higher the rate of interest on a personal loan, the higher will be the cost of the loan resulting in a high monthly EMI. The average rate of interest on a personal loan in India is generally around 9.5% per annum.</p><h2><strong>Best Personal Loan Interest Rates in India</strong></h2><p>Personal loans are given by many banks and non-banking financial companies in India. Every lender promises unique benefits through its products, but what is the interest rate on a personal loan<strong> </strong>offered by far remains the most attractive feature that acts as the major pull factor for borrowers.</p><p>Listed below are some of the best personal loan interest rates in India:</p><figure class="table"><table><tbody><tr><td><strong>Name of Lender</strong></td><td><strong>Rate of Interest</strong></td></tr><tr><td colspan="2"><strong>Top Banks</strong></td></tr><tr><td>SBI Bank</td><td>08.50% p.a. onwards</td></tr><tr><td>UCO Bank</td><td>10.05% p.a. onwards</td></tr><tr><td>IDFC First Bank</td><td>10.49% p.a. onwards</td></tr><tr><td>ICICI Bank</td><td>10.50% p.a. onwards</td></tr><tr><td>HDFC Bank</td><td>10.50% p.a. onwards</td></tr><tr><td>Kotak Mahindra Bank</td><td>10.75% p.a. onwards</td></tr><tr><td>Axis Bank</td><td>12.00% p.a. onwards</td></tr><tr><td>Yes Bank</td><td>13.99% p.a. onwards</td></tr><tr><td colspan="2"><strong>Top Non-Banking Financial Companies</strong></td></tr><tr><td>Tata Capital</td><td>10.99% p.a. onwards</td></tr><tr><td>Fullerton India</td><td>11.99% p.a. onwards</td></tr><tr><td>India Bulls</td><td>13.99% p.a. onwards</td></tr><tr><td>Bajaj Finance</td><td>13.00% p.a. onwards</td></tr><tr><td>Muthoot Finance</td><td>14.50% p.a. onwards</td></tr><tr><td colspan="2"><strong>App-Based Personal Credit Line</strong></td></tr><tr><td>Money Tap</td><td>Starting 1.08% per month</td></tr><tr><td>Money View</td><td>Starting 1.33% per month</td></tr><tr><td>Early Salary</td><td>Starting 2.50% per month</td></tr><tr><td>PaySense</td><td>15.96% p.a. onwards</td></tr><tr><td>Home Credit</td><td>19.00% p.a. onwards</td></tr></tbody></table></figure><p>&nbsp;<strong>How to Compare the Personal Loan Interest Rate?</strong></p><p>The rate of interest mentioned above is the least that the lending company offers. But the rate of interest at which your application will be approved will depend upon a range of factors like age, work profile, credit score, loan term, etc. therefore, before submitting a personal loan application to any lender, it is important to do an eligibility check or prequalification.&nbsp;</p><p>Once you get your eligibility terms in a soft inquiry, you can compare these for different lenders before you pick the best personal loan deal. The personal loan interest rate is compared on the following basis:</p><ul><li><strong>Annual Percentage Rate (APR)</strong> - The APR is the cost of the loan, including processing fees, expressed in percentage. The higher the APR of the lending company, the higher the cost of the loan.</li><li><strong>Loan term</strong> - As the loan tenure increases, the overall interest outflow increases, making the personal loan expensive. Therefore, the shorter the loan term, the lower the APR will be.</li><li><strong>Schemes and Discounts</strong> - The lending company may offer schemes and discounts to their loyal customers. So, you may be able to lower your loan interest rate by availing of a personal loan from a lender where you have other accounts.</li><li><strong>Monthly EMI -</strong> The monthly EMI amount should fit into your current budget comfortably. A high EMI amount can lead to financial distress. On the other hand, a very low EMI as compared to your repayment capacity will be a result of an unnecessarily long loan term, resulting in a high APR.&nbsp;</li><li><strong>Fees and Charges </strong>- In addition to the processing fees, a range of other charges are also applicable on a personal loan from time to time. Understand how much is to be paid for late fees, prepayment, or foreclosure.&nbsp;</li></ul><h2><strong>&nbsp;Factors Affecting Personal Loan Interest Rates</strong></h2><p>Although the lowest interest rate on a personal loan is linked to market lending rates and therefore changes periodically, the rate of interest that is offered to a loan applicant is dependent upon their repayment capacity and credit score. The factors that affect your loan interest rate are:</p><ul><li><strong>Credit Score - </strong>This is the foremost checkpoint for any lending company before advancing a loan. Your credit score indicates your creditworthiness. So, responsible financial behaviour in the past will show a high credit score. On a scale of 300-900, the higher the credit score, the greater are the chances of getting a personal loan approved at the lowest rate of interest offered by the lender.&nbsp;</li><li><strong>Monthly Income</strong> - A personal loan is without collateral. Therefore, a high monthly income of the applicant would mean a stronger capacity to repay the loan. This lowers the credit risk for the lender.&nbsp;</li><li><strong>Employment Status</strong> - Salaried employees are usually preferred over self-employed applicants because of their stable job profile and consistent income.</li><li><strong>Debt-Income Ratio</strong> - The portion of the income that goes into repayment of existing loans is taken into consideration while processing a personal loan application. It is calculated through the Debt-Income Ratio and therefore should not be more than 50%.</li><li><strong>Credit Utilization Ratio</strong> - This is typically calculated for credit cards. It is the ratio of credit used to the total credit limit available. A higher credit utilization ratio indicates over-reliance on credit. Lending companies prefer a credit utilization ratio of less than 40%.&nbsp;&nbsp;</li><li><strong>Simultaneous Loan Applications</strong> - Applying for a loan with multiple lenders over a short period grossly affects your credit score. Each loan approval, rejection, and inquiry reflects in the credit report and lowers the credit score.</li><li><strong>Relationship with the Lender</strong> - Existing relationship with the lender impacts the personal loan interest rate. In case you are a loyal customer and have a good banking history, your existing banker can advance a personal loan at the lowest rate of interest.</li></ul><h2><strong>How to Get Low-Interest Rates on a Personal Loan?</strong></h2><p>Searching for the best personal loan deal? Follow these simple steps that can help you enjoy a personal loan at a low rate of interest:</p><ul><li><strong>Maintain High Credit Score -</strong> Lending companies approve personal loans at the lowest rate of interest for applicants who have a high credit score. A credit score of more than 750 will enable you to get a low interest rate on a personal loan.</li><li><strong>Do Not Miss Repayments</strong> - Avoid missing timely repayments of credit card bills or existing EMIs. This adversely affects your credit score and lowers your chances of getting a personal loan at a low rate of interest.</li><li><strong>Compare Lenders</strong> - Before submitting a personal loan application to a particular lender, compare the personal loan interest rates charged by different lenders. A careful comparison will enable you to avail of a personal loan at a low rate of interest.</li><li><strong>Negotiate With Existing Lender</strong> - Existing customers having a good credit history and a healthy relationship with the lending company can negotiate for the lowest interest rate. This will be a win-win situation for both parties.</li><li><strong>Look Out For Schemes and Special Offers</strong> - Lending companies roll out limited period offers to offer a low rate of interest, especially during festive occasions. Also, special schemes for women applicants or salaried individuals can help avail of a personal loan at a low rate of interest.&nbsp;</li></ul><h2><strong>&nbsp;Fixed Vs Floating Personal Loan Interest Rates</strong></h2><p>A personal loan can be availed at a fixed or floating rate of interest. In the case of a personal loan with a fixed rate of interest, the same rate of interest is charged for the entire loan term.&nbsp;</p><p>Therefore, the EMI value calculated at the start of the loan term remains the same throughout.&nbsp;</p><p>However, in the case of personal loans approved on floating interest rates, the rates change with the change in the MCLR (Marginal Cost of Lending Rate), causing the fluctuation in the corresponding EMI value.</p><p>While the personal loan taken on a fixed rate of interest makes you aware of the exact value of EMI, thereby helping in monthly budgeting, it does not allow you to take advantage of the drop in MCLR rates which can help in lowering the interest cost.</p><h2><strong>How Personal Loans May Affect Your Credit Scores?</strong></h2><p>A personal loan may have a positive and a negative impact on your credit score. Submitting a personal loan application to multiple lenders at the same time is considered a hard inquiry and will harm the credit score. To avoid this, go in for pre-approvals with several lenders. This will enable you to understand your loan eligibility and other terms and conditions of the personal loan. Submit the personal loan application only once the lender is fixed.</p><p>Akin to credit cards, personal loans also help in improving credit scores. Ensure timely repayment of personal loan EMIs with no delays and defaults. This will help boost your credit score and thereby enable you to get future credit at favourable terms and conditions.</p><h2><strong>How to Calculate Personal Loan Interest Rates and EMI?</strong></h2><p>Are you looking for how to calculate EMI for a personal loan? Well, you can use the EMI calculator available online. It is available on the official websites of banks and non-banking financial companies. One can also visit third-party aggregator websites to learn how to calculate EMI for a personal loan.</p><p>The personal loan EMI is calculated using the mathematical formula -</p><p>EMI = [PxRx(1+R)^N]/[(1+R)^N-1]</p><p>Here, P is the loan amount, R is the monthly interest rate charged by the lender, and N is the repayment tenure in months.</p><h2><strong>FAQs</strong></h2><h4><strong>✅How to calculate EMI for a personal loan?</strong></h4><p>To calculate EMI for a personal loan,&nbsp;</p><ul><li>Use an online EMI calculator either through a lender website or a third-party aggregator website.&nbsp;</li><li>Enter the values of P (principal amount), R (monthly rate of interest), and N (loan term in months)</li><li>Submit the details</li></ul><p>The personal loan EMI value corresponding to the input values will appear on the screen.</p><h4><strong>✅Can I compare personal loan interest rates using APR?</strong></h4><p>APR (Annual Percentage Rate) is the overall cost of the loan. It is a comprehensive total of the rate of interest, and other fees and other charges apply. Therefore, the lower the personal loan APR of the lending company, the lower will be the cost of the loan.</p><h4><strong>✅ Should I avail myself of personal loans from banks or NBFC?</strong></h4><p>The rate of interest charged on a personal loan by banks is generally lower than the rate of interest levied by NBFCs (non-banking financial companies). This is because banks impose stringent eligibility checks. This lowers their credit risk. Therefore, if you fulfil all eligibility conditions and have all supporting documents in place, it is prudent to opt for a personal loan from a bank at a lower rate of interest.</p><h4><strong>✅What is the total interest payout on my loan?</strong></h4><p>The total interest paid on a personal loan can be checked through the EMI calculator. Provide the values of the principal amount, rate of interest, and loan term. The corresponding EMI value, along with the overall interest component of the personal loan, will appear on the screen.</p><h4><strong>✅ Is the lowest interest rate the only thing to be considered when taking a personal loan?</strong></h4><p>The rate of interest charged on a personal loan is of significant importance. It is the direct cost. A higher rate of interest will result in higher loan costs. But in addition to the lowest rate of interest, other charges like processing fee, prepayment fee, foreclosure fee, default penalty, and other associated fees and charges must also be taken into consideration before choosing a personal loan lender.</p>

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Compare latest personal loan interest rates for all banks. Check processing fees, know about fixed vs floating interest rates.

What is the Interest Rate on a Personal Loan in India? - All You Need to Know

<p>Compare latest personal loan interest rates for all banks. Check processing fees, know about fixed vs floating interest rates.</p>

<h2><strong>What is Loan Against Property? Everything You should Know About</strong></h2><p>Business expansion, buying a new house, funding your child’s education, planning a dream wedding, or unexpected medical expenses; how about unlocking the value of your property to meet expenses? Let’s understand what is a loan against property and the key requirements to seek one.</p><h2><strong>Loan Against Property Meaning</strong></h2><p>Loan against property meaning is all explained in its name! A loan against property is an advance taken from a bank or NBFC against a pre-owned property. It is a secured loan wherein a residential or commercial property can be mortgaged to avail the loan against the property. The loan comes without an end-use clause and the loan proceeds can be used to fund any business or personal requirement. The property in question remains mortgaged with the lender till the loan is fully repaid. Thereafter, the ownership rights are transferred back to the borrower.</p><h2><strong>Benefits of Loan Against Property (LAP)</strong></h2><p>LAP is the best way to unlock the value of a property. The many benefits that loan against property offers are:</p><p><strong>Continue to enjoy ownership rights</strong> - The owner of the property can avail of the loan without selling off the property. The property remains mortgaged with the lender till the loan is repaid.&nbsp;</p><p><strong>No end-use clause </strong>– The loan proceeds of a loan against property can be used to fund any kind of financial shortfall.&nbsp;</p><p><strong>Low rate of Interest </strong>– As a loan against property is a secured loan, the rate of interest at which it is available is lower than unsecured loans.&nbsp;</p><p><strong>High principal amount</strong> – The principal amount that is approved for a loan against a property is directly linked to the market value of the property.&nbsp;</p><p><strong>Long repayment term</strong> – The repayment term of the loan can go up to 20 years. This makes repayment of loan amount easy and comfortable.</p><p><strong>Flexible repayment options</strong> – The loan against property can be repaid through easy EMIs. The options to part pre-payment and foreclose the loan are also available.&nbsp;</p><p><strong>All properties accepted </strong>– In addition to fully built-up residential and commercial properties, a loan against property can also be sought against a piece of land.</p><h2><strong>How Does Loan Against Property Work?</strong></h2><p>The process to avail of a loan against a property is simple and hassle-free. The process involves:</p><ul><li>Choose the lender</li><li>The property in question must meet the property specifications set by the lender. Also, the property must be registered in the name of the borrower and should have a clear title.</li><li>Through the documentation process, the lending company will verify the property and ownership details.</li><li>The lending company will evaluate the market value of the property.</li><li>Up to 70% of the market value of the property can be sought as a loan.</li><li>A loan against property agreement will be signed between the lender and borrower. The loan agreement will mention details about the repayment term, rate of interest, EMI details, etc.</li><li>The property will remain mortgaged with the lender till the loan is repaid in full.</li><li>Once the loan is fully repaid, the mortgage agreement stands null and void and the ownership rights are transferred back.</li></ul><h2><strong>Best Loan Against Property Interest Rates 2021</strong></h2><figure class="table"><table><tbody><tr><td><strong>Name of Bank or Lending Institution</strong></td><td><strong>Rate&nbsp; of Interest</strong></td><td><strong>Loan Amount</strong></td><td><strong>Loan Term</strong></td><td><strong>Processing Fee</strong></td><td><strong>Age Eligibility</strong></td></tr><tr><td>ICICI Bank</td><td><p>Starting @ 9% p.a.</p><p>&nbsp;</p><p>&nbsp;</p></td><td>Up to 70% of the market value of the property</td><td>Up to 15 years</td><td>1% of the sanctioned loan amount + applicable charges</td><td><p>Minimum 25 years -</p><p>Maximum 65 years</p></td></tr><tr><td>HDFC Bank</td><td><p>Starting @ 8% p.a.</p><p>&nbsp;</p><p>&nbsp;</p></td><td>Up to 65% of the market value of the property</td><td>Up to 15 years</td><td>Minimum Rs. 7500, Maximum of 1% of the sanctioned loan amount</td><td><p>Minimum 24 years -</p><p>Maximum 60 years.</p></td></tr><tr><td>SBI Bank</td><td><p>Starting @ 8.45% p.a.</p><p>&nbsp;</p><p>&nbsp;</p></td><td>Up to Rs. 7.5 Crore</td><td>Up to 15 years</td><td>1% of the sanctioned loan amount + applicable charges subject to maximum of Rs. 50,000</td><td><p>Minimum 18 years</p><p>Maximum 70 years</p></td></tr><tr><td>Citibank</td><td><p>Starting @ 8.70% p.a.</p><p>&nbsp;</p></td><td><p>Maximum up to Rs. 5 crore</p><p>Loan up to 70% of the market value of the property</p></td><td>Flexible repayment term up to 15 years</td><td>0.75% of the sanctioned loan amount + applicable charges</td><td><p>Minimum 23 years</p><p>Maximum 60 years</p></td></tr><tr><td>Indian Bank</td><td><p>Starting @ 10.50% p.a.</p><p>&nbsp;</p><p>&nbsp;</p></td><td>Maximum up to 1 crore</td><td>Up to 7 years</td><td>1.17% of the amount of loan sanctioned + applicable charges</td><td>Minimum 18 years - Maximum 60 years</td></tr><tr><td>Union Bank of India</td><td><p>Starting @ 10.75% p.a.</p><p>&nbsp;</p><p>&nbsp;</p></td><td>Up to 50% of the market value of the property</td><td>Up to 10 years</td><td>1% of the amount of loan sanctioned + applicable charges</td><td><p>Minimum 21 years</p><p>Maximum 65 years</p></td></tr><tr><td>Tata Capital</td><td><p>Starting @ 10.10% p.a</p><p>&nbsp;</p><p>&nbsp;</p></td><td>Up to Rs. 3 crores</td><td>Up to 15 years</td><td><p>Up to Rs. 30 lakh – 2% of the amount of loan sanctioned + applicable charges</p><p>&nbsp;</p><p>Above Rs. 30 lakh – 1.5% of the amount of loan sanctioned + applicable charges</p><p>&nbsp;</p><p>Above Rs. 50 lakh – 1% of the amount of loan sanctioned + applicable charges</p></td><td><p>Minimum 25 years</p><p>Maximum 60 years</p></td></tr><tr><td>Aditya Birla Capital</td><td><p>Starting @ 14% p.a.</p><p>&nbsp;</p><p>&nbsp;</p></td><td><p>Up to Rs. 75 crores</p><p>&nbsp;</p></td><td>Up to 15 years</td><td>1.25%&nbsp; - 2% of the amount of loan sanctioned</td><td><p>Minimum 21 years</p><p>Maximum 60 years</p></td></tr></tbody></table></figure><p><br>&nbsp;</p><h2><strong>How to Get Loan Against Property in India?</strong></h2><p>The process to get a loan against a property starts with finding a suitable lender. The borrower must clearly understand what is loan against property, the terms and conditions offered by each lender, and the rate of interest at which the loan can be availed. The loan Against property calculator can help your borrower know the principal amount of the loan against the property they are eligible for. After careful comparison between the lenders, the process to get a loan against property includes:&nbsp;</p><ul><li>Fill out the loan application form</li><li>Customer verification process</li><li>Submission of necessary documents</li><li>Property evaluation and verification</li><li>Loan approval and sanction</li></ul><h2><strong>&nbsp;Eligibility Criteria For Loan Against Property</strong></h2><p>The eligibility criterion of a loan against a property varies from lender to lender. The broad guidelines for eligibility conditions include:</p><ul><li>The age of the applicant must be between 18 - 65 years of age.</li><li>The applicant can be a self-employed or salaried individual. Private limited companies, HUF, NRI, Partnership Firms, and Trusts can also apply for a loan against property.</li><li>The property against which the loan against property is to be applied must be registered in the name of the individual applying for the loan.</li><li>The property must be residential, commercial, industrial, built-up, or land site.</li><li>The title of the property must be clear.</li><li>HUF partners, directors of partnership firms and private limited companies, trustees of Trusts, and coparceners with regular and independent income can become co-applicants of the loan against property.</li><li>Loan against third party property and property owned by sister or associate concerns is not allowed.</li></ul><h2><strong>Documents Required For Loan Against Property</strong></h2><p>Borrowers need to submit the following documents to avail a loan against property:</p><p><strong>Salaried Employees</strong></p><p>&nbsp;</p><figure class="table"><table><tbody><tr><td colspan="2">Passport size photograph of the applicant</td></tr><tr><td>Proof Of Identity</td><td><ul><li>Passport</li><li>Driving License</li><li>Aadhar Card</li><li>PAN Card</li><li>Voter ID</li><li>Form 60/61</li></ul></td></tr><tr><td>Proof Of Residence</td><td><ul><li>Passport</li><li>Telephone Bill</li><li>Electricity Bill</li><li>Property Tax Receipt</li><li>Voter ID</li></ul><p>(Utility bill should not be more than 3 months old)</p></td></tr><tr><td>Proof Of Income</td><td><ul><li>Latest Income Tax Return</li><li>Last 3 salary slip</li><li>Form 16 for last 2 years</li></ul></td></tr><tr><td>Property Ownership Documents</td><td><ul><li>conveyance deed</li><li>allotment letter</li><li>copy of the approved plan of construction or extension</li><li>sale deed</li><li>latest property tax receipt</li><li>title deed documents for 30 year</li><li>proof of title in Revenue Records</li><li>approved building plan</li><li>possession letter</li><li>power of attorney</li><li>occupancy certificate</li></ul></td></tr><tr><td>For Existing and Ongoing Loans</td><td>6 month bank account statement</td></tr></tbody></table></figure><p><strong>For Self-Employed</strong></p><figure class="table"><table><tbody><tr><td colspan="2">Passport size photograph of the applicant</td></tr><tr><td>Proof Of Identity</td><td><ul><li>Passport</li><li>Driving License</li><li>Aadhar Card</li><li>PAN Card</li><li>Voter ID</li><li>Form 60/61</li></ul></td></tr><tr><td>Proof Of Residence</td><td><ul><li>Telephone Bill</li><li>Electricity Bill</li><li>Property Tax Receipt</li><li>Passport</li><li>Voter ID</li></ul><p>(Utility bill should not be more than 3 months old)</p></td></tr><tr><td>Proof Of Income</td><td><ul><li>Last 2 years IT return with computation of income</li><li>Audited balance sheet</li><li>Audited profit &amp; loss account (attach tax audit report if applicable)</li><li>Proof of turnover vide latest sales</li><li>Service tax returns</li></ul></td></tr><tr><td>Property Ownership Documents</td><td><ul><li>conveyance deed</li><li>allotment letter</li><li>sale deed</li><li>latest property tax receipt</li><li>approved building plan</li><li>title deed documents for 30 year</li><li>power of attorney</li><li>proof of title in Revenue Records</li><li>possession letter</li><li>copy of the approved plan of construction or extension</li><li>occupancy certificate</li></ul></td></tr><tr><td>Existing and ongoing loans</td><td>6 month bank account statement</td></tr></tbody></table></figure><h3><strong>FAQs</strong></h3><h4><strong>✅What is the maximum amount of loan that can be availed against property?</strong></h4><p>Loan Against property are restricted to a maximum of 75% of the market value of the property.</p><h4><strong>✅ Who can be a co-applicant in a loan against property?</strong></h4><p>· &nbsp; &nbsp; &nbsp; &nbsp; Spouse, parents and children can be co-applicants in case of individuals applying for a loan against property.</p><p>· &nbsp; &nbsp; &nbsp; &nbsp; HUF partners, directors of partnership firms and private limited companies, trustees of Trusts and coparceners with regular and independent income can become co- applicants of the loan against property</p><h4><strong>✅ What is a loan against property?</strong></h4><p>Loan against property is a secured loan. It is an advance taken against a property without selling it. The property remains mortgaged with the lending company till the time the loan is repaid.</p><h4><strong>✅What is the loan tenure of a loan against property?</strong></h4><p>Banks usually allow loans against property for a term of 15 years.</p><p><strong>✅Which property ownership documents are required for a loan against property?</strong></p><p>The property ownership documents required for loan against property:</p><ul><li>conveyance deed</li><li>allotment letter</li><li>sale deed</li><li>latest property tax receipt</li><li>approved building plan</li><li>title deed documents for 30 year</li><li>power of attorney</li><li>proof of title in Revenue Records</li><li>possession letter</li><li>copy of the approved plan of construction or extension</li><li>occupancy certificate</li></ul>

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Loan Against Property - Read Blog to know more about LAP and when to consider Loan Against Property over other options.

What is Loan Against Property? Everything You should Know About

<p>Loan Against Property - Read Blog to know more about LAP and when to consider Loan Against Property over other options.</p>

<h2><strong>What are Finance Charges in Credit Cards? - Finance Charges 101</strong></h2><p>If you are wondering what is finance charges in credit card and how you can control your charges related to your credit cards, here is everything that you need to know.</p><p>Are you quizzed by the deduction of some charges due to your credit card? Are you wondering what these charges are and how they can be reduced? Well, before understanding how finance charges are calculated and how you can reduce them, it is important to understand what exactly they are and how they are related to your credit card. Read on to find out.</p><h2>What is Finance Charge?</h2><p>Finance charge refers to the fee that is usually charged for the use of your credit cards. It can either be a percentage or a flat fee. Finance Charge refers to the cost that is linked with the transaction fees, account maintenance fees, or other penalty charges that are imposed by the lender.</p><p>Finance charges can turn out to be 25% or more on a yearly basis. The amount depends on the usage of the card by the cardholder.</p><p>Finance charges can be referred to as compensation that is offered to the lender for providing the funds and extending credit to the borrowers. These charges can be one-time fees, penalty fees, or a loan, and organization fees which can be calculated either on a daily or a monthly basis.</p><p>An interest rate as a finance charge is assessed as per the use of the credit of the existing credit card. A very common finance charge is the interest rate.&nbsp;</p><p>It is not uncommon for many to wonder what is finance charges in credit cards<strong> </strong>and how they are calculated.<strong> </strong>Simply remember that as far as credit cards are concerned, finance charges are calculated in the currency that the card functions in. It also allows the borrowers to complete a transaction in foreign currency when the card is used internationally.</p><p>Any amount you pay that is beyond the amount you borrowed from a lender is considered to be a finance charge. One of the advantages that you can have if you have credit cards is that you can borrow money without having to pay your balance every month. However, you have to pay a penalty charge while repaying your debt.</p><h2>How is Credit Card Finance Charge Calculated?</h2><p>Credit cards are the most common ways that consumers obtain credit. One of the advantages that credit card owners enjoy is that they do not have to pay off the amount they borrowed every month in a full manner. However, If you take more time than the limited period considered to be a deadline and you fail to pay within the grace period, a penalty fee has to be paid as the finance charge.</p><p>The finance charges that affect your credit card depending on a lot of factors. The major factor that it depends on is your Annual Percentage Rate, also known as the APR. It is related to your debt and the amount of time taken to pay back your dues during the billing cycle.</p><p>Most credit card users tend to figure out their finance charges by using the average daily balance method and save a lot of money eventually.</p><ul><li>The annual percentage rate is generally divided into 360 certain cases or 365 cases, depending on the cardholder. The APR focuses on determining your daily interest rate. For instance, if a credit card APR remains around 17%, it would translate to a 0.50% daily interest rate.</li><li>Your daily interest rate tends to be multiplied by the number of days taken in the billing cycle to determine your interest rate for the finance charge. For instance, if you have 30 days in the billing cycle, and the APR is 18%, then it will eventually turn into an interest rate of 2% for the final billing statement.</li><li>Another point to keep in mind if you are wondering what a finance charge is and how it affects your credit card is the final finance charge percentage multiplied by the amount of debt depending on your APR.</li><li>Different banks have different procedures to calculate their finance charges depending on the credit card holders' actions. For example, let us see what is finance charges in HDFC credit card and how they calculate them. HDFC levies finance charges on an MPR (Monthly Percentage Rate). Likewise, the State Bank of India allows its customers a period of 20 to 50 days to pay their finance charges. ICICI Bank, on the other hand, follows a process similar to that of the HDFC Bank.</li><li>Any billing error that takes place will not be assessed as a finance charge.&nbsp;</li></ul><p>It is also important to note that mini credit cards also have promotional interest rates. These rates tend to be charged along with the APR linked to cash advances.</p><h2>How can you Avoid or Reduce your Credit Card Finance Charges?</h2><p>Once you understand what is finance charges in credit card and how it is calculated on the basis of the different factors, it is important to understand what you can do to reduce finance charges.&nbsp;</p><h4>The easiest option for you would be to not charge anything on your credit cards and not use it for any purpose, which is not a convenient method when it comes to the real scenario.</h4><ul><li>The practical option to reduce your finance charges would be to pay your credit card bills on time, every month, and in full. This way, you will not have to pay any extra finance charges.</li><li>Make sure you pay before the grace period gets over. Most of the banks provide the customers with a grace period ranging between 20 days to 40 days. You should know your grace period from your bill statement and pay your credit card balance to avoid paying finance charges.</li><li>Another way to pay less to no finance charges would be to look for credit cards that come with 0% appearing for limited amounts of time. Most of these offers tend to expire after 12 months. Due to the high competition in the finance industry, more such offers are coming up in the market. If you already have a credit card that offers 0% intro APR, then you can easily avoid paying extra finance charges.</li><li>Keep track of the card's promotional period as that is a time when you will not be levied with any finance charges. Once the promotional period ends, finance charges need to be paid by the cardholders.Now that you know what are finance charges in credit cards and how they are calculated on the basis of the extension of existing credit, you will understand how beneficial it will be for you to avoid paying extra charges in this manner. The average percentage that is charged as a finance charge by most of the banks remains around 15% to 20%. It is a huge amount if you do not pay your credit balance strategically. Therefore, take your time to analyze and understand what is a finance charge, how it affects your balance and how you can avoid paying extra charges by paying your credit balance regularly.</li></ul><h3>FAQs</h3><h4><strong>✅1. What is a Payday Loan?</strong></h4><p>A payday loan is a short-term loan where the lender can extend high-interest credit based on their income.</p><h4><strong>✅2. What is the lowest percentage that is charged as a Finance Charge?</strong></h4><p>It varies from one bank to the other. Generally, the lowest charge remains around 1.2% per month.</p><h4><strong>✅3. What are various ways in which Finance Charges are calculated?</strong></h4><p>The major four ways in which Finance Charges are calculated are two-cycle billing methods, previous balance method, daily balance method, and average daily balance method.</p><h4><strong>✅4 Why are finance charges so high?</strong></h4><p>If you do not pay your credit balance every month within the grace period, the finance charges tend to go higher. Banks make money off of these charges, and they know smaller loans can be paid off quickly. Therefore, finance charges are generally higher when it comes to smaller loans.</p><h4><strong>✅5. What is the easiest way to avoid finance charges?</strong></h4><p>Make sure you pay your credit balance every month in full within the grace period to avoid paying finance charges.</p>

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Credit cards come with many rates and fees that cardholders should be aware of, and at the top of the list is the finance charge. It is one of the most common charges associated with every credit

What are Finance Charges in Credit Cards? - Finance Charges 101

<p>Credit cards come with many rates and fees that cardholders should be aware of, and at the top of the list is the finance charge. It is one of the most common charges associated with every credit</p>

<h2><strong>What are the Consequences or Punishment for Non-Payment of Personal Loan?</strong></h2><p>Personal loans are unsecured loans that are provided without any restrictions on the end-use. In recent years the demand for personal loans has increased drastically owing to the ease with which the personal loans are issued. Just because it is easily available and with a quick turnaround time, you should not get tempted and apply for one without thinking twice. You should consider your affordability and borrow only if the loan is necessary.&nbsp;</p><p>If you do not plan your finances and borrow erratically, there is a good chance that you will end up in a financial mess that will lead to defaults in repayment. Read on to understand the repercussions and punishment for non-payment of personal loans.</p><h2><strong>What Happens if Personal Loan EMI is not Paid?</strong></h2><p>When you avail of a&nbsp; personal loan after meeting eligibility criteria and submitting the loan documents, you commit to repay the loan within the tenure that you have opted for in equated monthly instalments (EMI). It means that you will have to pay a fixed amount on the set date every month. If you have not planned your finances meticulously or if you are unable to pay the personal EMI due to unavoidable circumstances, you will have to bear the brunt of the punishment for non-payment of personal loans.</p><ul><li>There will be reminders in the form of email, SMS, notification or a phone call from the lender if you miss out on even a single EMI. If the payment is still not made and the reasons for the non-payment are genuine, the lender may give you some extra time over and above the due date.&nbsp;</li><li>Despite the extension of the deadline, if the EMI is unpaid, then you are liable to penalties. In addition to that, it will have a negative impact on your credit score.<br>&nbsp;</li><li>The personal loan will be classified as a non-performing asset if the default continues and results in the non-payment of 3 EMIs in a row. The gravest punishment for non-payment of personal<strong> </strong>loans is the dip in the credit score. Every lender will keep the Transunion Cibil informed about the individual’s repayment behaviour. With every EMI you miss, your cibil score will lower by 50 to 70 points. A continuous delay in repaying your EMI will bring down your credit score drastically and may reduce your chances of getting further loans.&nbsp;</li></ul><h2><strong>Legal Action &amp; Punishment for Non Payment of Personal Loan</strong></h2><p>The personal loan will be classified as a non-performing asset if the borrower defaults beyond 90 days. If the loan is not repaid even after 180 days, the lender has the right to proceed legally against the borrower under Section 138 of the Negotiable Instruments Act 1881. Before proceeding legally, the lender will exercise all recovery measures like sending two reminders followed by a recall letter. The recall letter will be the final reminder wherein it will be specifically mentioned that the lender will proceed legally if the dues are not cleared within a specific date.</p><p>If the borrower appeals to the lender and gives valid reasons for the non-repayment, then the lender may provide options like restructuring of the loan. The restructure will make it convenient for the borrower to repay the dues.</p><p>On the other hand, if the borrower has diverted the funds and is wilfully avoiding the repayment of the loan or if the collateral is sold (in the case of secured personal loans) without the knowledge of the lender, then a criminal case will be lodged against the borrower as a punishment for non-payment of personal loan.</p><p>Though the lender has the right to take legal action against defaulting borrowers, there are certain rights that borrowers are eligible for.&nbsp;</p><ul><li><strong>Rights to Notice </strong>- Rights to know the facts of the case, i.e., the charges against the concerned party</li><li><strong>Rights to Fair&nbsp; Value </strong>- Rights to know the value at which the asset is being sold</li><li><strong>‘Rights to be Heard’</strong> - the right to express their opinion.</li><li><strong>Rights to be treated politely </strong>- Rights to be treated with dignity.</li><li><strong>Rights to Claim the Balance </strong>- Rights to the residual value after appropriating the outstanding liability with the sale proceeds of the asset</li></ul><p>It is recommended not to let the situation go to the extent of legal action. The penalty for delayed payment followed by legal fees could really pinch your pocket.</p><h2><strong>What happens if someone Defaults on Secured Loans?</strong></h2><p>Loans, where security like gold, property, LIC policies, NSCs etc. is offered, are called secured loans. The punishment for non-repayment of personal loans that are secured by way of mortgage of property or pledge of jewellery, LICP or&nbsp; NSCs is quite different.&nbsp; The initial recovery steps, like sending reminders, are similar to unsecured loans. When the borrower fails to respond to such reminders, the lender will send a notice to the borrower regarding the sale of the asset along with the date of auction.&nbsp;</p><p>In the case of a mortgage of a property, after the loan is classified as Non-Performing Asset, a notice under the SARFAESI Act will be sent with sufficient time to repay the dues within the legal framework. If unpaid within the time permitted, the next step would be sending a notice stating that the property will be auctioned on a certain date. The reserve value set for the auction will also be mentioned. The time gap between the date of the notice and the date of the auction will be one month. If the borrower clears the dues within this time, the auction will be called off.</p><p>In case the asset is sold, the borrower will have the right to claim the residual value out of the sale proceeds after the entire dues have been paid off.</p><h2><strong>Impact of Non Payment of Personal Loan on Credit Score</strong></h2><p>The lender will keep the credit bureau informed regarding the repayment behaviour of individual borrowers. Every EMI that is missed will be recorded in the credit history of the borrower. There will be a dip in the credit score by 50 to 70 points each time. If the default continues consecutively for three months, the personal loan will be classified as a Non-Performing Asset, and the same will be reported to the credit bureau. This will have a drastic effect on the credit score and to the extent that it may become difficult for you to procure further loans.&nbsp; It will negate your chances of availing of big-ticket loans like home loans.</p><p>It is therefore recommended to plan your finances prudently and borrow only if you need to and if you can afford it.</p><h2><strong>Consequences of Missing Personal Loan EMI Payments</strong></h2><p>Missing Personal Loan EMI payments have the following consequences. This is in addition to the punishment for non-payment of personal loan.</p><ul><li><strong>Accumulation of liability: EMI concept was introduced to ease the burden of loan repayment. Missing personal loan EMI payments will defeat the purpose as it will lead to the accumulation of liability. Further, the penalty charged for such delays and missed payments will add up the cost of the loan, making it even tougher to clear the liability.</strong></li><li><strong>Dip in the credit score: The minimum credit score required for easy approval of any loan or a credit card is 750. Your aim should be to maintain a credit score beyond 750 to fulfil bigger dreams like owning a home. Missing out on personal loan EMI payments will negatively impact the credit score, which will make it difficult for you to avail of big-ticket loans like home loans, and your dream of owning a home will remain a dream.</strong></li><li><strong>Legal Action:</strong> You will be liable for legal action if you continue to miss personal loan EMI repayments beyond 180 days. The lender will give you sufficient relaxation in the form of extension of the EMI due date, providing a moratorium for the loan etc., and the ultimate recovery measure will be legal action.&nbsp;</li></ul><h2><strong>How to Avoid Default or Non Payment of Personal Loan?</strong></h2><p>Non-payment of personal loans could be due to unforeseen circumstances like a temporary layoff, medical emergencies, loss in the business, etc.&nbsp; It can also be due to unplanned financial commitments. There are several tactful ways of avoiding the default of personal loans.</p><ul><li><strong>Well-planned budget: </strong>This is the most prudent way of avoiding personal loan default. Every lender provides a simple financial tool, i.e., the EMI calculator, to calculate the probable EMI for a certain amount, tenure, and interest rate. Plan the EMI vis-a-vis your monthly income, and you will be able to make seamless repayment of the loan till the end of the tenure.</li><li><strong>Discussion with the lender</strong>: Discuss your financial condition with your lender to get some relaxation in the form of an extension of the due date, or a moratorium, as the case may be.</li><li><strong>Make part payments: Make part payments whenever there are surplus funds to lower the EMI.</strong></li><li><strong>Cut down on expenses: Plan your finances and cut down on unnecessary expenditures to save funds for the personal loan EMI.</strong></li></ul><h2><strong>Conclusion</strong></h2><p>Availing a personal loan is a financial commitment that has to be honoured seamlessly.&nbsp; Planning the monthly budget to provide for the additional burden in the form of a personal loan EMI for tenure as long as 60 months is highly essential to avoid missing or delaying the EMI and save yourself from the punishment for non-repayment of personal loan.</p>

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Is there a punishment for non payment of personal loan? Loan default is a civil case, police cannot make arrest. What happens if personal loan is not paid?

What are the Consequences or Punishment for Non-Payment of Personal Loan?

<p>Is there a punishment for non payment of personal loan? Loan default is a civil case, police cannot make arrest. What happens if personal loan is not paid?</p>

<h2><strong>Know How Much CIBIL Score Is Required For Personal Loan in India</strong></h2><p>Several factors come into play when you apply for a personal loan. Lenders have pre-set eligibility conditions and closely assess the applicant’s profile for aspects like age, current income, employment status, nature of the job, etc. In addition to these, one of the crucial parameters to gauge the applicant’s creditworthiness and repayment capacity is the credit score.&nbsp;</p><p>The relevance of credit score for personal loan applications is extremely high. This is because a personal loan is an unsecured loan and therefore does not have collateral backing. Therefore, the lender grossly relies on the CIBIL score for a personal loan to gauge creditworthiness, thereby reducing their credit risk.</p><p>But what is the minimum CIBIL score for a personal loan? Let’s understand the intricacies of credit score and know how much CIBIL score is required for a personal loan in India:</p><h2><strong>What is the Minimum Credit Score for a Personal Loan?</strong></h2><p>How much CIBIL score is required for a personal loan<strong> </strong>in India? Before we answer this question, let us understand what a credit score is and how it is measured. The credit score is an indicator of the creditworthiness of the individual. It is measured on a scale of 300-900. The values of the credit score are interpreted as follows:</p><ul><li>A credit score between 800 and 900 is rated as Excellent</li><li>A credit score between 750 and 800 is rated as Good</li><li>A credit score between 625 - 750 is rated as Average</li><li>A credit score below 625 is rated as Bad</li></ul><p>Thus, a minimum credit score of 750 is considered ideal for availing of a personal loan in India. This helps the borrower get the loan on the most favorable terms and conditions. However, it is pertinent to mention here that applicants who have a credit score less than 750 can also apply for a personal loan, but the lender will charge a much higher rate of interest on personal loans approved to people who have an average credit score.</p><h2><strong>Eligibility Criteria for Availing Personal Loan in India</strong></h2><figure class="table"><table><tbody><tr><td><strong>General Requirements</strong></td><td><strong>Conditions and Limits</strong></td></tr><tr><td>Age</td><td><p>Borrowers must age between 21 and 65 years.</p><p>The maximum loan term is dependent upon the age of the borrower. Years remaining until retirement can be the maximum loan period for which the personal loan can be availed.</p></td></tr><tr><td>Credit Score</td><td><p>Recommended Credit Score - 750</p><p>Minimum Credit Score accepted - 625</p></td></tr><tr><td>Fixed Obligation To Income Ratio</td><td>Existing Fixed Obligation To Income Ratio must be less than 50%</td></tr><tr><td>Work Profile</td><td><ul><li>Salaried</li><li>Self-employed professional</li><li>Self-employed non-professionals</li></ul></td></tr><tr><td>Work Experience</td><td>Applicant’s work experience is mandatory. It can range between 2-5 years, with at least the previous 1-year must be with the existing employer or in the existing profession.</td></tr><tr><td>Income</td><td><p>Salaried Individuals - Minimum monthly income of Rs. 15,000</p><p>Self-employed individuals - Minimum monthly income of Rs 20,000&nbsp;</p></td></tr></tbody></table></figure><h2><strong>&nbsp;Why is CIBIL Score Important to Avail Personal Loan in India?</strong></h2><p>Evaluating the CIBIL score is an integral part of lending. It is extremely important for personal loans as these loans are issued without collateral. CIBIL scores are helpful to borrowers too. The reasons why CIBIL score is important to avail a personal loan in India are:</p><ul><li><strong>Gauge Creditworthiness</strong> - The CIBIL score helps the lender assess the creditworthiness and repayment capacity of the applicant. A high CIBIL score is a reflection of the applicant’s good financial behaviour. This reduces the credit risk of the lender.&nbsp;</li><li><strong>Expedited Loan Application Process</strong> – A high credit score helps build confidence and win the trust of the lender. The personal loan applications that meet the eligibility criteria completely are processed quickly. The loan approval and disbursal happens in a matter of a few hours!</li><li><strong>Competitive Rate of Interest </strong>– The lowest rate of interest advertised by the lending company is typically offered to borrowers who have a high credit score. With a higher credit score, the applicant stands a chance to seek a personal loan at the most favourable terms and conditions.</li><li><strong>Increases Loan Eligibility</strong> – One of the aspects on which the personal loan eligibility is judged is the credit score. Borrowers who have a high credit score are eligible for a higher loan amount at a longer loan term.</li></ul><h2><strong>How to Avail Personal Loan with Low Credit Score?</strong></h2><p>A high credit score for a personal loan ensures that you get the best-possible loan deal instantly. On the other hand, a personal loan with a low credit score will require a considerable amount of research and effort. But thankfully, it’s not impossible to get a personal loan with a low credit score. Here’s a quick help to enable you to avail of a personal loan with a low credit score:</p><ul><li><strong>Check Your Credit Score</strong> – Check your credit score when you plan to apply for a personal loan. Do not apply for a personal loan instantly if you have a low credit score. Try to build on your credit score for at least three months before applying.&nbsp;</li><li><strong>Compare Personal Loans Interest Rates For Low Credit Score</strong> – In case you require a personal loan immediately, compare the interest rates offered by different lenders. A personal loan with a low credit score will cost more. Therefore, it is important to carefully research and compares the benefits offered along with the terms and conditions applicable. Reviewing offers of different lenders and reading through the fine print is important.</li><li><strong>Know Your Repayment Capacity </strong>– Take a loan only if you can repay it comfortably. This is important because any default in repayment of the loan will lead to a further drop in the credit score.</li><li><strong>Check Eligibility</strong> – A pre-qualification or eligibility check will help you know the quantum of loan you’ll be eligible for on your current credit score. By doing this, you can save on a hard inquiry, which can lead to a drop in the credit score if the loan is rejected.</li><li><strong>Provide Collateral </strong>– A secured loan is approved even if you have a low credit score. Contemplate pledging collateral to avail a personal loan with a low APR.&nbsp;</li><li><strong>Add Co-Applicants</strong> – By adding a co-applicant with a good credit score to the personal loan application, the loan eligibility increases.&nbsp;</li><li><strong>Include Income From All Sources</strong> – Club your income from all sources. A higher income increases the chances of getting a personal loan with a low credit easier.&nbsp;</li></ul><h2><strong>Tips to Improve CIBIL Score in India 2021</strong></h2><p>A high credit score for a personal loan is crucial. How it can be improved include:</p><ul><li><strong>Pay Bills On Time</strong> – The best and the easiest way to boost credit score is by paying off credit card bills and EMIs timely. Timely repayments reflect responsible financial behaviour.&nbsp;</li><li><strong>Do Not Revolve Credit </strong>– The total outstanding on the credit card must be paid on the due date. Paying the Minimum Amount Due and revolving credit causes a dip in the credit score.&nbsp;</li><li><strong>Do Not Overspend - </strong>Getting near to or reaching the credit card limit frequently is a warning signal. It is considered exorbitant spending with heavy reliance on credit.</li><li><strong>Keep Credit Utilization Ratio Low -</strong>. In case you are a heavy credit card user, apply for a higher limit credit card to reduce your credit utilisation ratio. The credit utilisation should not be more than 30% of the credit limit.&nbsp;</li><li><strong>Do Not Apply For Many Loans Simultaneousl</strong>y – Too many active loans at a time or applying for a loan to several lenders simultaneously does not go well with the lending companies. Furthermore, every rejection of a loan application affects credit score negatively.</li><li><strong>Maintain a Balanced Credit Mix –</strong> Try to maintain a balance between secured and unsecured loans. Also, have loans for different tenures.</li><li><strong>Apply For A New Credit Card </strong>– Having no credit history or inadequate credit history both are a reason for low credit score. Hence, applying for a credit card and repaying an outstanding amount in time helps you build and maintain a good credit score. Having two credit cards from different credit card providers will further boost the credit score.</li><li><strong>Monitor Co-Signed Accounts</strong> – Applicant is equally liable for defaults occurring in jointly held accounts or accounts wherein the individual is a guarantor or a co-applicant. Therefore, it is important to monitor these accounts to improve credit scores.</li></ul><h2><strong>Things to Keep in Mind While Applying for a Personal Loan</strong></h2><p>Once you are aware of how much CIBIL score is required for a personal loan, there are certain things you need to keep in mind while applying for a personal loan. These include:</p><ul><li><strong>Check Personal Loan Eligibility</strong> – A personal loan will be approved only if the eligibility conditions are fulfilled. Applying for a personal loan without fulfilling eligibility conditions can lead to loan rejection which can damage the credit score.</li><li><strong>Check CIBIL Score</strong> – Know your CIBIL score. Also, check the minimum credit score for a<strong> </strong>personal loan required by the specific lending institution. This will enable you to get the personal loan at the most favourable terms and conditions.</li><li><strong>Research Well </strong>– To get a personal loan at the lowest rate of interest, it is important to explore products carefully. Evaluate the benefits and compare the features of personal loans offered by different lenders carefully.</li><li><strong>Reduce Your Credit Utilization Ratio</strong> – If you have a high credit utilisation ratio on your credit card, consider paying off the outstanding dues immediately.&nbsp;</li><li><strong>Work on Rejection Reasons</strong> – In case your previous loan application was rejected, do not apply for a fresh loan until you clear your cause of rejection. Furthermore, wait for at least three months before reapplying for a personal loan.</li></ul><h3><strong>&nbsp;FAQs</strong></h3><p><strong>✅How much is CIBIL score required for a personal loan?</strong></p><p>Lenders usually consider a CIBIL score of 750 and above for personal loans. In case the CIBIL score is less than 750, you can still avail of a personal loan at a higher rate of interest, provided all other eligibility conditions are met.</p><p><strong>✅ How can I improve my CIBIL score for a personal loan?</strong></p><p>Consider these points to increase your CIBIL score for a personal loan</p><ul><li>Pay bills on time&nbsp;</li><li>Do not revolve credit.&nbsp;</li><li>Do not overspend</li><li>Keep credit utilisation ratio low</li><li>Do not apply for too many loans simultaneously&nbsp;</li><li>Maintain a balanced credit mix&nbsp;</li><li>Apply for a new credit card&nbsp;</li><li>Monitor joint accounts</li></ul><p><strong>✅Why is CIBIL Score Important to Avail Personal Loan in India?</strong></p><p>CIBIL score is important to avail personal loan because:</p><ul><li>It helps gauge creditworthiness&nbsp;</li><li>A high credit score expedites the loan application process&nbsp;</li><li>Allows taking a loan at a competitive rate of interest&nbsp;</li><li>It increases loan eligibility&nbsp;</li></ul><p><strong>✅ How is the CIBIL score calculated?</strong></p><p>CIBIL score is measured on a scale of 300-900. It takes into account four factors: Payment history (40%), Credit exposure (25%), Credit type and duration (25%), and other factors (20%).</p><p><strong>✅ How are the values of credit score interpreted?</strong></p><ul><li>A credit score between 800 and 900 is termed Excellent</li><li>A credit score between 750 and 800 is rated as Good</li><li>A credit score between 625 - 750 is considered Average</li><li>A credit score below 625 is considered Bad</li></ul>

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CIBIL Score for a personal loan is a 3-digit number ranging from 300 to 900. Know what is the minimum CIBIL score required for a personal loan.

Know How Much CIBIL Score Is Required For Personal Loan in India

<p>CIBIL Score for a personal loan is a 3-digit number ranging from 300 to 900. Know what is the minimum CIBIL score required for a personal loan.</p>

<h2><strong>How to Pay HDFC Personal Loan EMI through Net Banking?</strong></h2><p>A personal loan, as the name suggests, is a type of loan that helps you meet your personal financial needs. It may be your wedding expenses, travelling costs, education expenses, any medical emergency, any house renovation expense or any other needs in case of cash crunch. A personal loan basically allows us to borrow funds to meet our personal expenses and then repay them over time. Personal Loans does not require any collateral security.</p><p>Now, if we speak about HDFC personal loan, it can be availed with minimal documentation, and the process is also hassle-free, be it its application, documentation, payment terms or its method of repayment.&nbsp;</p><p>Looking forward, our article will help you to know the following:-</p><p><strong>Table of Content:-</strong></p><ol><li>How to Pay HDFC Personal Loan EMI Online?</li><li>How to Pay HDFC Personal Loan EMI through Netbanking?</li><li>How to Pay HDFC Personal Loan EMI using Billdesk?</li><li>How to Pay HDFC Personal Loan EMI using a Mobile application?</li><li>How to Pay HDFC Personal Loan EMI Offline?</li><li>How to Check HDFC Personal Loan Statement?</li><li>HDFC Customer Care for Personal Loan Repayment Related Issues</li><li>FAQs</li></ol><h2><strong>How to Pay HDFC Bank Personal Loan EMI Online?</strong></h2><p>In today's digital world, everyone looks for a convenient &amp; hassle-free way to make payments online so as to avoid visiting the branches, be it for any utility bill payment, credit card payments, mobile recharges or paying their EMI’s. So, if one chooses to pay Loan EMI Online, for that even there are many options so as to clear your dues conveniently. HDFC Website has been made very user friendly, and you can easily use it while making the payment of your personal loan EMI. Now let us know how to pay Loan EMI online and its different methods.</p><h2><strong>How to Pay HDFC Personal Loan EMI through Netbanking?</strong></h2><p>Payment of HDFC Personal Loan EMI through Netbanking is a very convenient method to clear dues, especially if you have authenticated auto-debit option, which means allowing the bank to debit the EMI Amount on a particular date of the month. Now let us know the steps for how to pay HDFC Personal Loan EMI through Netbanking:-</p><p><strong>Step 1:-</strong> Enter the Customer ID and IPIN that you have created after opening the HDFC Login page on your PC or Laptop.</p><p><strong>Step 2:-</strong> After clicking on "Continue" and enter the captcha, tick on the box "please confirm your secure access image", press Login.</p><p><strong>Step 3:-</strong> Once that you have logged in, go to the Loan Tab &amp; choose the personal loan for which you have to make payment.</p><p><strong>Step 4:-</strong> Enter the EMI amount and make the payment finally.</p><h2><strong>How to Pay HDFC Personal Loan EMI using Billdesk?</strong></h2><p>While making payment of HDFC Personal Loan EMI via Billdesk, there's no such requirement of having a Bank account with HDFC Bank. You can have an account with any bank to make payment of HDFC Personal Loan EMI.</p><p><strong>Step 1:-</strong> Enter your Loan Number</p><p><strong>Step 2:-</strong> Then enter your date of birth, which should be as per your Bank records.</p><p><strong>Step 3:-</strong> After entering these details, one can make an EMI payment easily.</p><h2><strong>How to Pay HDFC Personal Loan EMI using a Mobile application?</strong></h2><p>HDFC Bank App is easily available on all Android &amp; IOS Devices, i.e. on Google Play Store and Apple Play Store, respectively. Once you Log In by entering your Customer ID and password, go to the Payment Tab, and click on Personal Loan to pay Personal Loan EMI.</p><p><strong>Other HDFC Personal Loan Online Payment Options:&nbsp;</strong></p><p>HDFC Bank Personal Loan customers can also pay their EMI’s via:-</p><p><strong>Paytm</strong></p><p>Paytm offers a wide range of services, one of which is Loan EMI payment. Below mentioned are the steps to make payment of HDFC personal Loan EMI via Paytm:-</p><p><strong>Step 1:-</strong> Go to the Loan repayment Tab on Paytm.</p><p><strong>Step 2:-</strong> Choose HDFC Bank from the list of Banks available.</p><p><strong>Step 3:-</strong> Enter your Loan Number and click on “Get Payable Amount”.</p><p><strong>Step 4:-</strong> Then, finally make the payment by choosing the preferable mode of payment.</p><p><strong>NEFT/ RTGS</strong></p><p>For making HDFC Personal Loan EMI payment, NEFT / RTGS option can also be availed, but for that, one needs to have Bank Account in any other Bank apart from HDFC Bank.</p><h2><strong>Offline HDFC Bank Personal Loan Repayment</strong></h2><p><strong>Cash</strong></p><p>One can repay the entire loan in cash, provided each instalment is less than Rs 2 Lakh, which means that one can repay the Loan EMI amount in cash if it is less than 2 lakhs.&nbsp;</p><p><strong>Cheque/Draft</strong></p><p>For making payment of HDFC Bank personal loan EMI, the option of Cheques and drafts can also be used. They should be drawn in favour of HDFC Bank.&nbsp;</p><p><strong>Standing Instruction/NACH Mandate</strong></p><p>Nowadays, there’s a method that is in demand, i.e. making automatic EMI payment directly from your bank account by giving the Standing Instruction (SI) or National Automated Clearing House (NACH) mandate. One can do this by filling a form and then submitting it to the bank. It will enable the bank to auto to deduct EMI from the HDFC Bank or any other bank account on the due date. Also, one can register for the e-NACH mandate option of which is available on the HDFC Bank Website.</p><h2><strong>How to check HDFC Personal loan statement?</strong></h2><p>In order to check the HDFC Personal Loan statement, one needs to follow the below-mentioned steps:-</p><p><strong>Step 1:-</strong> Log in to HDFC NetBanking</p><p><strong>Step 2:- </strong>Go to the Loan Tabs and then select ‘Register New Loan’.</p><p><strong>Step 3:-</strong> Enter the details as asked and Click on ‘submit’.</p><p><strong>Step 4:-</strong> Once you receive an OTP on your registered mobile number, enter it to complete the registration process.</p><h3><strong>Contact Details for Payment Related issues</strong></h3><p>For any queries, issues or complaints with respect to personal loans and their repayments, one can contact the bank's <a href="https://www.paisabazaar.com/hdfc-bank/personal-loan-customer-care-number/">customer care</a>&nbsp;department between 8.00 am and 8.00 pm on all days (including Sundays).&nbsp;Below mentioned are the HDFC Bank Personal Loan&nbsp;customer care phone numbers for various cities:</p><figure class="table"><table><tbody><tr><td><strong>City</strong></td><td><strong>HDFC Personal Loan Customer Care Number</strong></td></tr><tr><td>Ahmedabad</td><td>(079)61606161</td></tr><tr><td>Bangalore</td><td>(080)61606161</td></tr><tr><td>Chandigarh</td><td>(0172)6160616</td></tr><tr><td>Chennai</td><td>(044)61606161</td></tr><tr><td>Cochin</td><td>(0484)6160616</td></tr><tr><td>Delhi and NCR</td><td>(011)61606161</td></tr><tr><td>Hyderabad</td><td>(040)61606161</td></tr><tr><td>Indore</td><td>(0731)6160616</td></tr><tr><td>Jaipur</td><td>(0141)6160616</td></tr><tr><td>Kolkata</td><td>(033)61606161</td></tr><tr><td>Lucknow</td><td>(0522)6160616</td></tr><tr><td>Mumbai</td><td>(022)61606161</td></tr><tr><td>Pune</td><td>(020)61606161</td></tr></tbody></table></figure><h3><strong>Frequently Asked Questions (FAQs)</strong></h3><h4><strong>✅&nbsp;When can I close my HDFC Personal Loan?</strong></h4><p><strong>A. </strong>HDFC Bank usually does not allow complete closure of a personal loan in advance. However, it allows us to make part payment of the loan, which can be done at least 12 months after the first EMI &amp; cannot exceed 25 per cent of the total principal outstanding.</p><h4><strong>✅ What if the personal loan EMI is not paid on the due date?</strong></h4><p><strong>A. </strong>Failing to pay EMI on the due date adversely&nbsp;<a href="https://www.paisabazaar.com/cibil-credit-report/">affects the credit score</a>. Also, the bank will charge penal interest at the rate of 2% per month on the outstanding principal amount till the time payment is made.</p><h4><strong>✅ What about the charges if payment is not made on time?</strong></h4><p><strong>A. </strong>Late payment of EMI on Personal Loan will attract Late Payment Charges which are as follows:</p><ul><li>Overdue EMI interest: 2% of the loan principal amount overdue per month</li><li>Cheque Bounce Charges: Rs. 550 per instance of cheque bounce</li></ul><h4><strong>✅ Is it possible to cancel the loan?</strong></h4><ol><li>After visiting a bank, one needs to fill a form or write a letter requesting pre-closure of the Personal Loan account in order to cancel the loan taken.</li><li>Pay the pre-closure amount after signing the required documents, if any.</li><li>Take acknowledgement of the payment being made.</li></ol>

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HDFC Bank Personal Loan EMI payment - Netbanking can be used to pay the overdue EMI amount of your HDFC Bank Personal Loan. 

How to Pay HDFC Personal Loan EMI through Net Banking?

<p>HDFC Bank Personal Loan EMI payment - Netbanking can be used to pay the overdue EMI amount of your HDFC Bank Personal Loan.&nbsp;</p>

<h2>How to Foreclose HDFC Personal Loan in 2021? - A Step by Step Guide</h2><p>There will be a time in everyone’s life when too many issues crop up and no options left. For instance, you will be hounded by pending bills, EMI obligations, wedding expenses of a beloved one or education expenses, medical emergencies, etc. You would be confused as to which one to provide for first. Personal loans can be the best solution for all these issues as you can get a consolidated amount that could resolve your confusion, and you will be able to meet all your financial requirements. The flexible option in terms of the purpose of the loan is the trump card of personal loans.</p><p>HDFC Bank provides personal loans up to Rs. 40.00 lakhs at a competitive interest that starts at 10.50% p.a. An existing customer can get the loan disbursement within 4 seconds, and other customers can get the loan amount within 10 hours. In the future, when you are in need of a big-ticket loan, the issue that could perturb you would be how to foreclose HDFC personal loan without paying heavy penalties. The solution for your issue is as discussed below.</p><h2><strong>HDFC Personal Loan Foreclosure Charges and Fees 2021</strong></h2><p>The solution to your concern as to how to pre-close HDFC personal loan with the least penalty depends at which stage of the tenure you choose to close the loan. The prevailing HDFC Personal Loan Foreclosure charges<strong> </strong>along with terms and conditions are given below:</p><ul><li>Pre-closure or part prepayment can be done only after12 EMIs are paid.</li><li>Part prepayment of up to 25% of the principal outstanding will be allowed.</li><li>Part-payment can be done once in a financial year and twice during the whole tenure.</li></ul><p>The fees will be</p><ul><li>4% of the principal outstanding for preclosure and 4% of the prepaid amount for part prepayment if the payment is made between 13 to 24 months.</li><li>3% of the principal outstanding for preclosure and 4% of the prepaid amount for part prepayment if the payment is made between 25 to 36 months.</li><li>2% of the principal outstanding for preclosure and 2% of the prepaid amount for part prepayment if the payment is made after 36 months.</li></ul><h2><strong>How to Pre-close HDFC Personal Loan?</strong></h2><p>Availing of a personal loan is one option to meet your immediate cash requirements. But along the personal repayment tenure, there might be changes in your financial plans. You might want to make some lucrative investments involving a big-ticket loan. If you have to improve your debt to income ratio, you will need to rework your existing financial obligations. Closure of personal loans could be a part of the reworking.&nbsp;</p><p>But HDFC Personal loan pre-closure<strong> </strong>does not mean paying up the outstanding principal balance along with up-to-date interest to put an end to your monthly obligation. You might wonder if there is no option to pre-close HDFC personal loan online then how to pre-close HDFC Personal Loan<strong> </strong>otherwise<strong>. </strong>You will have to do the pre-closure offline, which involves a procedure that you need to follow.&nbsp;</p><h2><strong>What is necessary to apply for a pre-closure?</strong></h2><ul><li>Personal loan account number. You can get your account number from the loan account statement or through net banking.</li><li>Identity proof like Aadhar card, passport, PAN, or Driving Licence</li><li>Loan-related documents like loan sanction letters, loan account statements, or any other documents issued by the Bank</li><li>A pre-closure letter mentioning the outstanding loan amount, penalties, and other applicable charges.</li><li>Cheque/draft favouring HDFC Bank for the pre-closure amount</li><li>HDFC Bank does not accept cash beyond Rs. 49000/- for both pre-closure as well as part prepayment of the loan.&nbsp;</li></ul><h3><strong>Procedure for pre-closure</strong></h3><ul><li>Visit the HDFC bank branch along with all the documents and necessary information as detailed above.</li><li>Place a request for pre-closure either vide a request letter or by filling a relevant form.</li><li>Pay the pre-closure amount.</li><li>Execute documents if necessary.</li><li>Obtain an acknowledgement from the Bank for the pre-closure amount paid.</li><li>Pre-closure of a personal loan does not involve the release of securities as it is an unsecured loan.</li><li>The loan will get closed automatically on receipt of the outstanding amount.</li><li>The Bank will then dispatch a NOC to your mailing address.</li></ul><p>Now that you have found a way to solve your confusion about how to foreclose HDFC personal loan, you can easily close a personal loan and go ahead with your plans of availing of a big-ticket loan to make a lucrative investment.</p><h2><strong>Documents required for HDFC Personal Loan Pre-closure</strong></h2><p>After getting the awareness of how to pre-close HDFC personal loan, you should know about the documents that you will have to carry to make the loan closure process seamless.</p><p>You should carry the following documents when you approach the HDFC Bank branch for the pre-closure of your personal loan.</p><ul><li>Statement of the Personal Loan Account.</li><li>Any valid photo ID proof like Aadar Card, PAN, Passport or Driving Licence.</li><li>A cheque/draft favouring HDFC Bank for payment of the pre-closure amount.</li></ul><h2><strong>&nbsp;When can you foreclose HDFC Bank Personal Loan?</strong></h2><p>The HDFC Bank Personal Loan can be either foreclosed or part prepaid only after payment of 12 EMIs.</p><h2><strong>What are the benefits of HDFC Bank Foreclosure or Prepayment?</strong></h2><p>The benefit you can avail of by foreclosure of HDFC Bank Personal Loan are:</p><ul><li>Relief from the burden of monthly EMIs</li><li>The overall cost of the loan will reduce.</li><li>The eligibility for a big-ticket loan will increase, enabling you to make lucrative investments like investing in a property.</li><li>It Will help in improving the credit score.</li></ul><p>By making part prepayments for the HDFC Bank Personal Loan, you will be</p><ul><li>Saving on the interest cost if you retain the EMI and shorten the tenure.</li><li>Easing the EMI burden if you opt to retain the original tenure and lower the EMI.</li></ul><h3><strong>Frequently Asked Questions&nbsp;</strong></h3><h4><strong>✅ What are the terms and conditions for foreclosure and part prepayment of HDFC Bank Personal Loan?</strong></h4><p>Apart from understanding how to foreclose HDFC personal loan, you should also comply with the terms and conditions that are stipulated for permitting the foreclosure.</p><p>The following are the terms and conditions for foreclosure and part prepayment of HDFC Bank Personal Loan.</p><ul><li>Foreclosure or part prepayment are permitted only after payment of 12 EMIs.</li><li>Part prepayment of up to 25% of the outstanding principal is permitted.</li><li>Part prepayment can be done only once in the financial year and twice for the entire loan tenure.</li></ul><h4><strong>✅ What are the prerequisites for foreclosure of HDFC Bank Personal Loan?</strong></h4><p>The prerequisites for the foreclosure of HDFC Bank Personal Loan are:</p><ul><li>Personal Loan Account number that can be obtained from the loan account statement or through net banking.</li><li>Valid Id Proof like Aadhar Card, Passport, Driving Licence or PAN.</li><li>The preclosure amount including penalties and other charges.</li><li>Documents relating to the loan like loan approval letter, loan statement and any other documents issued by the Bank.</li><li>Draft/cheque favouring HDFC Bank to pay the preclosure amount.</li></ul><h4><strong>✅Can the foreclosure of HDFC Bank Personal Loan be done online?</strong></h4><p>If you are looking for an option for how to pre-close HDFC persona loan online, then there is none as HDFC bank has no provision for pre-closure of a personal loan online. You can do the preclosure only by visiting the branch personally and getting details of the outstanding loan amount along with penalties and other charges.</p><h4><strong>✅What is the procedure for foreclosure of HDFC Bank Personal Loan?</strong></h4><p>Have a look below to clear your doubt about how to foreclose HDFC Personal loan.</p><p>You will not be able to foreclose the HDFC Bank Personal Loan online. You will have to visit the branch and close the account after getting the information about the outstanding loan amount and penalties, and other charges collected by the Bank for such preclosure.</p><p>You should have the following with you when you approach the Bank for preclosure.</p><ul><li>Loan account number. The loan statement will have the personal loan account number. If you do not have the loan statement, you can log in to net banking and get the required details by clicking on ‘Loans.’</li><li>You can also download the loan statement as it will be required for preclosure.</li><li>You should also carry valid photo identity proof like Aadhar Card, Voter’s Id Card, Driving Licence or PAN.</li><li>Also, a loan approval letter and any other loan-related documents will also be required.</li></ul><p>For preclosure of the HDFC Bank Personal Loan, you will have to submit the above documents along with a written request or a duly filled application form.</p><p>The next step will be to pay the outstanding loan amount along with up-to-date interest and other charges either by a cheque or draft favouring HDFC Bank. The details of the preclosure amount should be obtained from the branch.</p><p>You should collect the acknowledgement for having paid the preclosure amount.</p><p>On the credit of the preclosure amount to the personal loan account, the account will be closed automatically.</p><p>A No Objection Letter will be dispatched by HDFC Bank to your mailing address available as per their records.</p><p>No security release will be involved as the personal loan is an unsecured loan.</p><p>On the closure of the personal loan account, you will be relieved of the burden of monthly repayments, and you can make other investment plans.</p><h4><strong>✅What are the benefits that I will get on foreclosure or prepayment of HDFC Personal Loan?</strong></h4><p>On foreclosure or prepayment, you will be benefited in the following ways.</p><ul><li>You will be relieved of further repayments, and your debt to income ratio will improve.</li><li>The credit score will improve.</li><li>You will save on the overall cost of the loan.</li></ul><p>If you make part prepayments to the loan account&nbsp;</p><ul><li>You will be saving on the interest cost.</li><li>You will have the option to retain the original tenure and reduce the EMI burden or retain the existing EMI and save on the overall cost by reducing the tenure.t&nbsp;</li></ul><h4><strong>✅What are the fees and charges for foreclosure of HDFC Bank Personal Loan?</strong></h4><p>Foreclosure of HDFC Bank Personal Loan attracts foreclosure charges between 2% to 4% of the outstanding loan amount. The charges will be 4% if the loan is closed between 13 months to 24 months, 3% if the loan is closed between 25 months to 36 months and 4% if closed after 36 months,</p><p>The foreclosure will be permitted only after the successful payment of 12 EMIs.</p><h4><strong>✅ How does obtaining a NOC after the closure of the HDFC Bank personal loan help?&nbsp;</strong></h4><p>A NOC clearly states that all the outstanding dues along with up to date interest and other charges are paid, and there are no dues outstanding for the particular loan on a certain date. The NOC should contain your name and loan account number.</p><p>NOC is a legal document that will help in case of any legal hassles or discrepancies that may arise in the future with regard to the repayment of the loan.</p>

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HDFC Personal Loan Pre-closure - Find out ✓ HDFC Personal Loan Prepayment Charges ✓ Step by Step Process for Personal Loan Pre-closure

How to Foreclose HDFC Personal Loan in 2021? 

<p>HDFC Personal Loan Pre-closure - Find out ✓ HDFC Personal Loan Prepayment Charges ✓ Step by Step Process for Personal Loan Pre-closure</p>

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