Finance Care in India - Credit Card, Credit Score, Fixed Deposits

Life insurance policies are the insurance policies that protect life from unforeseen events such as death or illness. Along with providing protection cover, LIC policies can help you to meet your personal financial needs by taking a loan against LIC policy . Here are some essential features of a LIC Loan: The process of getting a LIC Loan is rapid and instant. Apart from taking LIC loans from Life Insurance Corporation of India, you can also consider banks such as Axis Bank, SBI or other major banks. LIC loan is available for 90% of the surrender value of the policy. Presently, you can get LIC Loan between 10%-12% rate of interest. LIC Loan Eligibility Criteria: You can check the eligibility of loan using LIC Loan eligibility calculator based on these factors: The basic requirement to take a LIC loan is that you should have paid annual LIC premiums for at least three years. Some of the insurance policies against which you can take a loan are Jeevan Pragat...

NEFT and RTGS NEFT and RTGS are inter-banking systems maintained by the Reserve Bank of India. NEFT or National Electronic Funds Transfer is the inter-banking facility to transfer fund from one institution to another institution within the country.NEFT is based on Deferred Net settlement which means the amount is credited in hourly batches along with the other payments.  RTGS or Real Time Gross Settlement is the transfer of money from one bank to another bank on a real-time or gross basis. The term 'Real-time' means that the payment is made instantly without any delay. The gross settlement means the money is transferred on one to one basis. It is the fastest mode of money transfer within different institutions. Difference b/w imps rtgs neft Point of difference NEFT RTGS Min transfer limit No limit 2 Lakhs( Retail) Max transfer limit Nil Nil Settlement In batches Real time Suitable for Small money transfer Large money transf...

Home Loan Pre Payment means early loan repayment in case of surplus cash lying idle with you. Prepayment means paying your loan’s EMI installment before its due date. A home loan prepayment is calculated making use of prepayment calculator which helps you to gauge the impact of a partial payment of your home loan. A partial prepayment lets you reduce the tenure of your existing home loan, EMI or both as per your financial requirements. It will also provide you with an amortization table to have a clear and better understanding of the savings you will have. Before you make a pre-payment, you should know that the pre-payment amount must be at least three times your existing home loan EMI. Everyone who has a home loan thinks of repayment because not only it helps you get relieved from the loan but it also saves a considerable amount of money. For prepayment of a home loan some of the major things need to be kept in mind especially the prepayment charges , when can we prepay loans and...

Getting a credit card is a seemingly uncomplicated process in India. However, at times, an applicant faced rejection. There are many reasons behind this, including a poor credit score. If you have faced difficulties in getting a credit card, take a look at this article to know how you can improve your chances of getting one when you apply again. Factors that affect your credit card approval Credit score - This is a very easy point to understand and it is quite obvious too - a person with a good credit score gets a credit card with ease. If you have a good credit score, every bank will offer you the credit card you want. However, if you have a poor credit score, you will find it more difficult to get the card of your choice. Income - The income of the applicant also plays an important role here. You need to have a certain income and only then can you apply for a credit card. Someone who earns just about Rs 5000 a month may not be eligible for a credit card. Speak to your b...

A fixed deposit is one of the instruments that have been used for very long. They are useful because they ensure capital protection. A fixed deposit is an instrument where a person puts a lump sum amount for a particular period and earns a fixed rate of interest. A term deposit is also used for a fixed deposit because the money is parked by the individual for a given tenure. Fixed deposits are safe because they give stable returns. Fixed deposits come with fixed rates of interest. Based on key lending rates, fixed deposits are revised from time to time. Bank of Baroda offers the highest deposit rates in India, given its pedigree and security. Financial instruments are often dependent on market movements, and because of this, they can sometimes be volatile. Fixed deposits, on the other hand, provide secure returns. The return on investment is based upon the tenure and rate of interest on fixed deposit . Short term fixed deposit gives the individual more liquidity. Bank of Baroda p...

Fixed deposits are one of the best avenues to invest if you have idle funds at your disposal. They let you earn higher returns on investment as compared to savings or current account. However, before you plan to invest in these schemes, you should be aware of how can you maximize your returns on fixed deposits, which is discussed above in the article. The points which you need to consider to maximize your returns are; first, you need to cross-check and compare the rate of interest across NBFCs and financial institutions to get the best deal on your deposits. Secondly, place a deposit in the name of your parents as it would let you earn higher returns of up to 0.50%, which is more than which is offered on the regular FDs to non-senior citizens. So, opening an FD with your parents would be a wiser decision to have additional benefits on your investment. Thirdly, opt for cumulative fixed deposits as compared to non-cumulative fixed deposits to get the benefits of compounding over time....