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Know Which Home Loan Is Better: Fixed or Floating

The housing loan market rose 16% in Financial Year 2018-19, taking the mortgage penetration to double-digit mark from 9.5% in FY 2017-18. Overall, the housing credit increased exponentially in the last 5 years with affordable housing segment and Government incentives coming into the scenario.

Now, when it comes to availing home loans, the interest rate is a determining factor when it comes to loan affordability. This proves crucial when the borrowers face dilemma considering the type of home loan they should opt for. Now, although you can choose between a fixed or floating rate of interest, deciding which one is best for you can be difficult. So, you must understand these two options and make an informed decision.

What is a fixed interest rate?

While searching for the best home loan offers, one might come across a fixed home loan interest rate. This interest rate is immune to the fluctuations in the market and remains steady throughout the loan tenor.

When a borrower opts for a fixed rate home loan, he can easily forecast his EMIs. Apart from that, as fixed interest rates remain steady, you can plan your home loan repayment conveniently. Concerning this, you can use a home loan calculator to determine your monthly outgo and then decide if the credit amount is affordable for you.

However, as the rate remains constant, lenders usually charge a slightly higher amount as compared to a home loan on floating interest rate.

When should a borrower opt for a fixed interest rate?

A floating rate of interest is ideal for you if the prices at the time of home loan online apply is low, and you can make the most out of it. For instance, if the rate was 10% a few years ago and now, it has fallen to 8% – it is best to avail an advance with a fixed rate.

Besides, you can use your lender’s home loan calculator to calculate the EMIs by putting in the fixed interest rate, loan amount and tenor.

What is a floating interest rate?

As the name implies, the floating interest rate varies throughout a loan tenor. This type of rate is directly related to the fluctuations in the market. So, when the rates drop, your housing loan can instantly benefit from it.

However, it is impossible to predict the EMIs with certainty. Therefore, in the event of a spike in home loan interest rate, the borrowers will have to pay more towards your housing advance.

Nevertheless, you can always negotiate with your lender to extend your loan tenor. With the loan tenure extended, the rise and fall in the rate of interest even out.

When should a borrower opt for floating interest rate?

If a borrower is well-versed with India’s real estate market, choosing a floating rate is more beneficial. Also, if the borrower is expecting that housing loan rates might fall in the near future, choosing a floating rate is ideal.

When it comes to choosing a lower home loan interest rate, the vast majority of borrowers opt for floating rates. By now it is clear that there is no concrete way to choose between floating or fixed interest rate. So, it is up to borrowers to compare the various options in details set forth by financial agencies and then settle on one that best suits their requirements.

 

5 Things To Be Considered While Applying For Education Loan On Property

As much as 95% of students in India want to pursue their graduate or master’s programme from some of the top institutes abroad.

While there’s no doubt that they aspire to achieve their dreams, they also need necessary finance to fund a course overseas. Financial institutions today bring credit options like education loan that bridges the gap between a student and his/her dream career. You can use the loan amount to meet all your education-related expenses, be it travel tickets, cost of living, transportation, or any other cost.

However, although availing finances to fund education in India and abroad has become easier, you must consider a few things before applying for a loan against property for education.

5 Things You Must Consider Before Education Loan On Property Application

  • The Applicable Interest Rates And Charges

Before applying, it is essential to know the education loan details like the applicable rate of interest and other charges as well as how a loan against property is processed. It is always wise to search the market and find a lender that offers this loan at the lowest interest rates.

Since the cost of loan also involves other fees and charges like processing fees, prepayment charges, etc., it is essential to look at these charges as well which may increase the total sum of expenses manifold.

  • The Value Of Property To Be Mortgaged

Since education loan against property is a secured loan, you need to mortgage property against it to avail the loan. The amount you will be eligible for largely depends on the market value of the property to be mortgaged, which is decided by several factors like the property’s age, location, condition, type, etc.

Another factor that affects the amount that will be sanctioned to you is the loan to value (LTV) ratio determined by the lender. A high LTV means you will be eligible to avail a high-value loan amount. Some of the well-known financial institutions offer education loan against property with a high LTV of up to 75% of the property’s current market value. So, make sure to choose a lender whose policy regarding LTV maximises the loan amount.

  • Required Eligibility Criteria You Need To Meet

Meeting the required eligibility criteria for education loan against property is the core requirement for application approval. Usually, a salaried employee needs to be an Indian resident between 25 and 70 years of age with a regular source of income.

For self-employed individuals, they need to be between 33 and 58 years employed with an MNC, a public sector or a private company.

Apart from these, your stability of income, credit history, current obligations, etc. will also be examined by your lender to decide the loan amount you are eligible for. Therefore, also make sure to check your credit score and income and take necessary steps to increase them for an improved chance of loan approval.

  • Educational Needs And Available Loan Amount

Cost of living, lifestyle, expenses, etc. all add up to the tuition fees towards studying a course abroad or even anywhere else within India but away from the student’s place of residence. It is vital to plan out and keep to a specific budget. Doing so will help gauge the required loan amount. It will also help against availing beyond what is needed thus helping repay the total sum easily.

Since it is difficult to estimate the total cost of education, you may opt for a Flexi Loan facility from lenders like Bajaj Finserv. This facility allows you to withdraw the required amount when needed from the pre-sanctioned loan amount and pay interest only for that amount. With this, you will need to pay interest only on the withdrawn amount.

They also bring pre-approved offers that make the process of availing finance quick and easy. These offers are available on several financial products including secured credits like home loans, as well as unsecured credits like business loans and personal loans. 

  • The choice of tenure for loan repayment

The tenure you choose when availing an education loan on property has a considerable impact on loan repayment. A longer tenure means reduced EMIs that make repayment affordable. A shorter tenure will increase the EMIs but it will also help you repay the loan early and save on the total interest paid.

Select the right education loan in India and fund the entire expenses of your child’s overseas education. Calculate your monthly outflow with an education loan calculator and repay in easy EMIs while managing finances affordably.

Lenders like Bajaj Finserv bring an Education Loan on Property with flexible repayment tenure between 2 and 20 years. So, assess your sources of income and determine the ideal tenure of your loan against property accordingly.

Here’s How CIBIL Impacts The Education Loan Eligibility

When you apply for any loan in India, your CIBIL Score is taken into consideration to determine if you are the right candidate or not. Just like any other loan that you apply, CIBIL Score is also considered for the personal loan for higher education. 

Your CIBIL Score is the first parameter that a lender checks while reviewing your education loan application. CIBIL Score becomes even more important because the personal loan for higher education is unsecured. It means that you won’t need to submit any security for availing of the loan. 

If you have a robust Credit Score along with a clean repayment and employment history, then you can get it easily. Hence, the significance of the Credit Score in the approval of the education loan becomes vital. 

You can go through this post to unveil a quick guide to CIBIL Score for education loan. Continue reading!

Let’s begin with the understanding of what CIBIL is. 

CIBIL or Credit Information Bureau (India) Limited is the authorized agency that provides CIBIL Scores and credit records to banks and other lenders. 

It is done to help them analyze if a prospective borrower can repay the loan or not. The credit information of customers is provided to CIBIL on a monthly basis. 

It has the information related to credit card payment and EMIs, which also includes missed and late payments, outstanding balance, credit limit change and other credit details.  

CIBIL then summarizes all the mentioned details and releases a 3 digit number ranging between 300 and 900. 

If you have a higher CIBIL Score, it is an indication that you are not a risky borrower, and lenders can rely on you to award loans. 

On the other hand, if you have a poor Credit Score, then it lessens the probability of getting a personal loan for higher education approval. 

Let’s have a look at the summary of creditworthiness for personal education loan and others based on your CIBIL Score: 

  • A Score Between 300-599 – If you have a Credit Score of 600 or below, then it is considered very low. You don’t have much of a chance in getting the education loan and any other loan approval with such a score. You will need to boost your CIBIL Score before applying to any lender as a rejection would further plunge it. You can do that by paying off your loan EMIs and credit card outstanding on time. 
  • A 600-749 Score – If you have a score lower than 750, then it is not considered good. But, some lenders who may indulge in taking risks may grant the loan approval. But, the personal loan interest rate charged by lenders may be on the higher side to cover the risks. You should ensure to approach the right bank and NBFC to avoid rejections. 
  • 750 and Above Score – It is the score that lenders consider fit to sanction the personal loan for higher education and any other at a lower rate. A CIBIL Score of 750 and more won’t be an issue in availing of an education loan easily. The approval process will be faster; you would be able to negotiate the personal loan interest rate because a bank won’t like to lose a customer like you. 

You are now well-versed with the information on how can CIBIL Score impact your personal loan for higher education eligibility. You can check your Credit Score today and then apply for the personal education loan. 

Bajaj Finserv comes with pre-approved offers on personal loans, home loans, business loans, EMI finance and more. It is to make your loan formalities dead-easy and faster. 

You only need to share your basic details such as your name and mobile number to explore your pre-approved loan deals now.   

Which Nbfcs Provides The Lowest Interest Rates For A Loan Against Property In India?

The lending market in India offers several options to individuals looking for long-term financing. One can select purpose made credits, like home loans to purchase, construct, or expand residential properties; or, can opt for a loan against property if they do not want any end-usage restriction and want to utilise the sum for their unique financial requirements.

Loan against property is a secured loan, disbursed to the borrower against a mortgaged property. It has become one of the most preferred types of long-term, secured finance available in the market, with an almost 12% growth between FY 2017 and 2018. Studies show that an increasing number of borrowers are opting for these types of credits instead of other conventional loans; an affordable loan against property interest rate, flexible tenure, borrower-friendly terms and several other features make them better suited to fund a variety of financial requirements.

Several financial institutions offer loan against property to eligible borrowers. Both private and public sector lenders offer this type of credit, providing a prospective applicant with a wide selection of different plans to choose from. Moreover, a saturated market and strict monitoring policy of the Reserve Bank of India allows lending organisations to keep the interest rate within an affordable amount.

Property loan interest rates usually hover around 15% onwards, while some lenders offering as low as 10.10% to eligible applicants. Usually, public sector financial organisations offer lower EMIs to customers. However, certain Non-Banking Financial Institutions also offer such low rates for a loan against property in India.

Interest Rates For A Loan Against Property

The lowest available rate of interest offered by NBFCs can reach as low as 10.10%. Bajaj Finserv, one of the largest private lending institutions in India, offers a rate of interest ranging from 10.10% to 11.50% to salaried customers looking for a loan against property. For self-employed individuals, the mortgage loan interest rate can reach from 10.50% to 14.50% depending on their eligibility criteria and a few other factors that affect the interest rate of a loan against property.

Such an affordable interest rate allows a borrower to repay the credit without straining the finances. Also, Bajaj Finserv charges only the minimum associated fees and charges on a Loan Against Property. Let’s take a look.

  • Processing fee – Up to 1.5%.
  • Statement charges – Rs. 50.
  • One time mortgage origination fee – Up to Rs. 4999.
  • Foreclosure charges – 4% + applicable taxes in case of fixed rate of interest, and nil in case of floating rates of interest (provided a borrower wishes to foreclose the line of credit within less than one month’s period).

They do not levy some fees like interest and principal statement charges. They also provide pre-approved offers that make availing such credits hassle-free and time-saving. Such offers are available on several financial products, including a loan against property, home loan, personal loan, business loan, etc. 

Availing The Lowest Rate Of Interest

The risk associated with a loan against property is significantly smaller as these types of credits are disbursed against a mortgaged asset. A prospective applicant only has to fulfil some basic eligibility criteria to enjoy the lowest property loan interest rate. Usually, companies look for individuals who have a steady source of income and a good credit history.

An applicant’s creditworthiness is one of the most crucial things determining his or her loan’s interest rate. If they have a history of timely repayments and no record of defaulting, they will be considered as creditworthy. Lenders are likely to offer lower rates because they have a higher chance of timely repayment.

One can also improve their fixed obligation to income ratio to avail a lower interest. Financial experts suggest repaying all debts before availing a long-term loan. Borrowers can follow several methods to repay existing loans, including debt consolidation, prepayment, etc.

Another method to lower the rate of interest is by opting for a lower principal amount. A larger down payment can also help lower the property loan interest rate significantly and help you save a substantial amount during repayment. 

Top 5 Locations Where NRIs can Invest to Get the Best Returns

Non-Resident Indians (NRIs) look forward to investing in Indian real estate as it is their country of origin. While some invest in it solely as an investment option, others think of it as a backup to come back to when they decide to relocate to India. Whatever the reason, owning properties in the Indian real estate has never looked this good before. Especially after demonetisation and implementation of Real Estate Regulatory Authority, there is greater transparency in the real estate sector.

If you are looking for a 2 BHK flat in Bangalore, you may want to explore excellent residential townships such as VBHC Palmhaven 2. VBHC Palmhaven Phase 2 offers meticulously designed apartments that are built keeping the comfort and high-quality lifestyle of its home seekers in mind.

This article lists down the top 5 cities in the nation where, as an NRI, you can invest to maximise your returns:

  • Mumbai

Mumbai, being the financial capital of India, continues to grow exponentially. The peripheral areas such as Thane and Navi Mumbai are the real estate hotspots that are driving the demand for residential realty in the city. Mumbai is counted among the high-priced property markets in Asia but that does not dissuade NRIs from investing here. This is because the city offers world-class infrastructure and amenities as compared to other metropolitan areas.

Must Read: NRI Investment Guide

  • Bangalore

Bangalore continues to attract a large number of working professionals because of its massive IT hubs. The IT capital of India is also the favourite destination of local as well as international businesses and start-ups. An increasing number of NRIs are parking their money in Bangalore’s real estate to earn handsome monthly rentals. You can even choose to earn income by converting your properties into a co-working space, which is the latest trend in Bangalore.

  • Pune

Pune emerges as a winner when you consider real estate investment destinations which offer excellent quality of life. Unlike Bangalore and Mumbai where life moves at a fast pace, Pune is preferred by homebuyers who wish for a blend of ease and buzz.

Most NRIs looking for second homes or retirement homes choose Pune as their ideal real estate destination because of its best-in-class facilities and proximity to Mumbai. Being the education hub, the demand for rentals in Pune is always on a higher side giving you ample opportunities to rent out your homes for earning monthly incomes.

  • Hyderabad

Hyderabad is a bustling cosmopolitan that gives a strong fight to more prominent real estate markets in cities such as Delhi, Mumbai and Bangalore. The rate of properties in the city grew 14 per cent year-on-year in the last quarter of FY 2018-2019. And this at a time when the major property markets across other cities remained more or less unchanged. Hyderabad offers multiple premium housing projects and space crunch is never a challenge here unlike other space-starved megacities.

  • Chennai

Chennai is one of the safest investment destinations to invest in because of its ideal industrial mix of healthcare, manufacturing sectors, technology and more. Good connectivity and growing infrastructure further boost the real estate sector in Chennai. There is always a steady demand for residential housing projects as the city offers immense job opportunities. The southern part of the city is touted to be fast growing and ideal for you to invest for fetching higher returns on your investment.

10 Reasons Why Motorbike Riding is Good For You – Health Benefits

The sense of freedom that you derive while riding a motorcycle, or simply sitting as a pillion, is beyond compare. Regarded as a low-impact exercise, and the coolest mode of transportation, motorbike riding can yield more benefits than one. According to scientists, it acts not just as a stress buster but also improves and enhances muscular and cerebral functions. Astonishingly though, motorbiking is also the most efficient form of transportation that impacts the environment most minimally. Along with these features, you can avail of Two-wheeler finance with the lowest EMI for safe and secure riding.

Benefits of Motorbike riding

Here are ten benefits that can be derived out of riding a motorbike

1. Extremely involving- The interaction that a motorcyclist has with the elements of nature is beyond imagination. When riding on a motorbike, the rider’s sense organs work emphatically, thereby giving him the sense, feel, touch, smell, and taste of his surroundings like no other form of transportation would ever impart.

2. Involves physical exercise- When riding a motorcycle, a whole bunch of your muscles gets on to work simultaneously. Where intense, rigorous riding on a racetrack can leave you exhausted at a much faster pace, even casual street riding leaves you tired but in a more satisfying manner. Whatever be the case, bike riding tones the muscles and keeps you fit without having to undertake an added effort to do so.

3. Hones your reflexes- Riding a motorcycle needs alertness of the body and sharpness of the mind at all times as the rider needs to balance himself on the vehicle perpetually. Your reflexes are enhanced to great degrees, especially when combating obstacles on the road, and hence it works to the advantage of brain development largely.

4. Euphoric experience while riding- The excitement and happiness that one derives while riding a motorbike is unimaginable. Especially for bike-lovers, nothing is mote satiating than commuting and exploring new places with something they enjoy the most. So what better way to build mental health or enrich your knowledge with exciting stories that would remain with you for a lifetime?

5. Enhances cerebral power- The brain of a motorcycle riser is extremely stimulated through this activity on a regular basis. This is not just hearsay; in fact, it has been proven scientifically by the Ryuta Kawashima Laboratory of the Department of Functional Brain Imaging, Institute of Development, Aging and Cancer at Tohoku University.  Through detailed research, the scientists at this reputed institution proved that motorbike riding drastically enhances the cognitive functions, especially those relating to the brain and spatial reasoning capacity and prefrontal cortex functions.

Also, read – Best offers available on Bajaj 100cc bikes

6. Scientifically authenticated as a stress buster- We all have bad days and feel the need to escape from our tensions to someplace that renders us some peace and sanity. Astonishingly, escaping to a long route on your bike can make you positive and reduce stress instantly. Again, this fact has been proven scientifically that two-wheeler riders are more poised, positive and fit mentally.

7. Riding is like spirituality for those having a passion for it- ‘Being one with oneself’ is what defines spirituality to most of us. Passionate riders feel connected to their inner self when riding in an environment of their choice on their terms and conditions. It is like breaking through the realms of the world and connecting with their own soul to a deep and heightened level,  thereby imparting a sense of satisfaction that no other thing can ever provide. The essence of spirituality is synonymous with inner peace, and this is what dedicated riders experience through motorcycle riding.

8. Initiates releasing of happy chemicals in the brain- Emotions occur due to the release or occurrence of chemical reactions in the brain, which ultimately make us feel happy, sad, excited or worried. An exciting adventure of our choice initiates the release of chemicals that make us feel elated, like Dopamine, Adrenalin, etc.,  and this is exactly what motorbike riding does to its lovers. It releases a cocktail of happy chemicals in the brain, which keeps you not just happy but also healthy at the same time.

9. The Achievement boost- Little achievements impart bigger boosts and satisfaction than the bigger feats in life. For riders, achieving small milestones like exploring a beautiful countryside on their bike, or completing a long-planned ride within the stipulated time, creates a sense of achievement towards something positive and constructive which in turn adds on to their overall well-being.

10. Aids weight loss- Although surprising but true, Bike riding can let you lose calories as you would at a gym. Where on-road riding tones your muscles, off-road riding pushes the entire body towards rigorous exercise, thereby enabling you to shed those extra calories without even realizing or working seriously for it. So, the mantra is if you are a serious rider, you are sure to lose weight over time through this much-liked adventure.

Closing Thoughts 

The thrill and confidence that you get while riding on a two-wheeler, like a Bajaj 100 cc bike, can never be gained by riding a four-wheeler. Having known the advantages of biking, if you are yet to hit on it as a serious proposition, start today and see how it brings about a positive change within you. You can even avail Two wheeler finance to start with a smooth ride on your road to satisfaction and self-enhancement.

What Are RERA Guidelines For Builders In Tamil Nadu?

With the state government of Tamil Nadu notifying the rules for RERA, the real estate developers are in high alert as they are not allowed to advertise or sell their projects without registering under the RERA Tamil Nadu. An official statement in June 2019 stated that the government had approved the state’s Real Estate Regulation and Development division to carry out the provisions of the RERA Act of 2016. 

No builders can advertise, book, market or offer homebuyers to purchase any of their projects under Section 3(1) of the RERA Act provided it has no valid authorisation from the Tamil Nadu housing board authority – TNRERA. Besides, realtors can only release advertisements and press releases (of their projects) in the media, provided they mention their registration under TNRERA. This is how RERA is going to alter the real estate market in India.

Why was TNRERA set up?

In the pre-RERA period, home purchasers often faced inconveniences regarding property acquisition, quality of construction, late possessions, and many more. This caused severe financial stress and harassment for homebuyers in the state of Tamil Nadu. In a bid to safeguard the property seekers from these eventualities, the state government put the RERA Tamil Nadu into action.

This also implies that funding bodies will also have to comply with the objectives presented by the Act while providing Home Loan to prospective buyers. It will prove crucial for first-time property seekers as they can benefit from TNRERA features while investing in ready-to-move-in or under-construction properties.

Moreover, to further save the procurement of housing loans or any other advances, existing customers can also benefit from their pre-approved offers. These pre-approved offers are applicable on unsecured credits like personal loans, business loans and secured advances such as home loans among numerous other financial products. You can check out your pre-approved offer by sharing only a few necessary details like your name and contact number.

TNRERA guidelines for builders

The RERA Tamil Nadu has set forward a list of instructions for the promoters or builders which are as follows –

  1. They can file complaints and grievances online.
  2. Must register a real estate project under TNRERA before advertising it or putting it up for sale. 
  3. File for extension of a particular project.
  4. Must update the details of a RERA registered project every quarter.

On the other hand, the guidelines for real estate agents include:

  • File complaints against any promoter online.
  • Renew their registration from the official website of TNRERA. 

Fees and charges under TNRERA

As per the Tamil Nadu housing board authority, both the agents and builders must pay the following fees to register under TNRERA.

[A] Real estate projects registration

  • Rs. 5 per sq. mt. for site approvals, plotted area layouts, excluding the EWS plots.
  • For residential properties, Rs. 10 per sq. Mt. of Floor Space Index area if the size of the dwelling unit is lesser than 60 sq. Mt. If the area is more than that, then they have to pay Rs. 20 per sq. Mt. of FSI area. 
  • For commercial properties, realtors must pay Rs. 50 per sq. Mt. of Floor Space Index area. 
  • For any other miscellaneous projects, Rs. 25 per sq. Mt. of FSI area is charged. 

[B] Registration fees for real estate agents

  • For an individual agent, he/she must pay Rs. 25000 as registration fee. 
  • For an agency or more than an individual, Rs. 50000 is required as the registration fee.

That is all you need to know about Tamil Nadu RERA for builders. Keep in mind; home buyers also require to bear a fee to register grievances or complaints with the Appellate tribunal under the RERA Tamil Nadu rules.

Applying For A Credit Card? Consider These 4 Basic Things

As per reports from the Reserve Bank of India, the usage of credit cards witnessed a surge of about 54% over the last couple of years owing to the increased dependency on cashless modes of transaction. Subsequently, there has been a considerable acceleration of online sales following an increase in card spending.

In an attempt to facilitate a further boost in the usage of credit cards, reputed lenders offer apps that bring in the convenience quotient. Such financial apps streamline the management of a borrower’s credit card utilisation and hence, serve as a one-stop solution for all post-investment and loan services. Bajaj Finserv offer a simple and reliable app for the users. Thus, users of such financial tools have the convenience of paying their credit card bills, downloading and viewing transaction statements, etc. via this app.

While credit cards bring with it the ease of payment, ease to track transactions, map out the spending pattern and identify any cases of fraudulence, availing it involves financial responsibility. Therefore, potential cardholders must take into account the offers from various lenders before settling and applying for an online credit card.

Things To Consider Before Applying For A Credit Card

 

  1. Your Spending Habits-Prospective cardholders must take into account their spending habits before applying for credit cards. The intended end-use of credit cards helps determine the type of card that one should avail. Catering to the customised spending habit of individuals, reputed lenders offer a list of credit card variants. Opting for a card variant that best suits your spending habits ensures that you make the most of your availed card. 
  2. Rewards Available on the Credit Cards-
    Credit cards come with –

    ~ Reward points – that can be redeemed for travel miles, cash backs, store purchases, etc. Based on your spending habit, go for a card variant that offers you the most benefit. For example, in case you are a frequent flier, travel cards are the preferred go-to for you, considering that it provides you with air miles that can later be redeemed. On the other hand, if you frequent the roads often, going for cards that offer fuel surcharge freedom is most suited, since it helps one to limit their spending on fuel.

    ~ Welcome bonus – Approaching reputed lenders like Bajaj Finserv and availing their Credit Cards via their credit card app – Experia can help gain access to multiple add-on benefits, viz. –

    • Free movie tickets and EMI financing,
    • Annual savings of up to Rs.55,000, and
    • Milestone bonus of 20,000 reward points upon spending up to Rs. 3 Lakh, and an additional 20,000 points on spending Rs.5 lakh a year.

    Such NBFCs also provide pre-approved offers which make the application process easier and less time-consuming for borrowers. These offers are available on numerous financial products like home loans, personal advances, business loans, etc. You can take a look at your pre-approved offers by providing a couple of essential details like your name and contact number.

  3. Your Credit Score-
    CIBIL score of the potential cardholder is essential, considering that it reflects one’s creditworthiness and hence helps determine his/her credit limit. It is the maximum spending limit on the card, exceeding which the user would need to pay the pre-set fines and charges. Having a higher CIBIL score of 750 and above makes a prospective borrower liable to a higher credit limit.
  4. Required Eligibility Criteria-
    Keeping in mind the convenience of the applicants, the minimum eligibility criteria required to avail credit cards are kept to a bare minimum –

    ~ Age in between 25 to 65 years
    ~ A minimum credit score of 750
    ~ Should not be a defaulter in any of the financial aids
    Such easy-to-meet eligibility criteria make applying for cards via a credit card app convenient and hassle-free. Availing the right cards can also enable individuals to have convenient access to interest-free cash withdrawal for up to 50 days, which makes such cards the best option during emergencies.

Which are the Top 5 Places you Can Visit to See the Northern Lights?

Witnessing the Northern Lights (Aurora Borealis) has always been a dream for travellers worldwide. It was the ancient Chinese and Greek people who first observed these mesmerising Northern Lights, which are a major tourist attraction today. These lights are most visible from September to March, between 6 PM and 4 AM.

The ideal places to watch Aurora Borealis are from Northern Norway, Sweden, Finland, Alaska, and southern Iceland.

However, this international trip calls for huge expenditure, but it is easy to fulfil now with personal loans for travel. These loans offer substantial amounts of up to Rs. 25 Lakh which is enough to fulfil such overseas expenditures.
With the financial worries resolved, learn in detail about the places famous for Northern Lights here.

1. Fairbanks, Alaska – The best time to visit this place is from August 21st to April 21st. This time is known as ‘Aurora Season’ when Aurora Borealis is visible almost the entire day. You can also enjoy the beautiful mountain ranges with magnificent rivers and lakes there.

2. Tromso, Norway – This modern city in the Arctic is considered as an ideal place to see the Northern Lights. It is only 350 kilometres north of the Arctic Circle and is the largest city in Northern Norway.

Tromso also offers many activities like hiking, fishing, dog sledging, and whale safaris. You can enjoy the local delicacies from the range of restaurants in the city.

3. Kakslauttanen, Finland – Kakslauttanen beats all other destinations with their amazing accommodations to view the Northern Lights. You stay in a glass-roofed igloo in a snow-covered land and enjoy your surroundings.

This resort is 240 kilometres north of the Arctic Circles. You can also ride snowmobiles, go on a husky-driven sledge ride, or see reindeers in their natural habitat.

This luxury resort can be slightly expensive. However, you can ease up the burden with the help of hassle-free personal loans. Leading financial institutions also offer a flexible tenor to make your repayments convenient.

4. Abisko National Park, Sweden – Abisko National Park is situated in the middle of Abiskodalen valley surrounded by a majestic mountain range. It is one of the remotest destinations to view the Northern Lights.

You will be able to choose multiple tour packages in this National Park. The best time to visit here is from October to November. Abisko enjoys clear nights during these months.

5. Kirkjufell, Iceland – Kirkjufell is a beautiful trail surrounded by beaches. It has a lake and a waterfall in the foreground making it one of the best spots to watch the Northern Lights. This town also offers several places to spend the night, and you can experience the local way of life with a friendly population.

You can make your dream holiday come true with the help of an easy to avail a personal loan. Lending institutions including NBFCs offer fast credit disbursal with minimum documentation. For example, Bajaj Finserv provides pre-approved offers that save time and make the process less complicated. You can check out your pre-approved offers by providing only a few necessary details online. These offers are available on personal loans, business loans, home loans and a variety of financial products and services.

So, plan your visit to an exotic destination with an unsecured personal loan and witness Northern Lights at their best.

3 Ways in Which You Can Fund a Splendid Destination Wedding

Destination weddings with their picture-perfect settings, sumptuous gala dinners, and personalised décor are gaining popularity in the Indian market. The wedding market is set to become a Rs.45,000 crore-industry by 2020 as per an HVS ANAROCK report. Whether you are planning a dream celebration in Rajasthan, Bali or Italy, destination weddings allow you to spend quality time with your guests. Destination weddings offer the delight of feasting and celebrating for days, clicking stunning photographs and visiting places you’ve always wanted to. However, with expenses ranging from tens of lakhs to a few crores, you may need to rely on a wedding loan or your savings in order to finance your marriage

Since getting adequate funding is vital for you to not compromise on the opulence of the celebrations, read on to know the 3 ways in which you can fund a splendid destination wedding.

Avail Personal Loan Quickly and Without Hassle

Specially designed personal loans for wedding make for great funding solutions as these provide generous financing without the need for collateral. For instance, Wedding Loan offers funding up to Rs.25 lakh for a tenor up to 60 months. A standout benefit here is that the personal loan eligibility criteria do not mandate the pledging of an asset, thus helping you sidestep any unwanted stress during your wedding planning. What’s more, if you have a good credit score, you can be sure of securing some of the lowest wedding loan interest rates.

The funding available via a personal loan will allow you to take care of many aspects for your destination wedding. For instance, reports claim that around 60% of wedding expenses comprise venue and food-related costs. This means with a hefty sanction, you can book the best caterer in town or even book domestic locations like the Jaibagh Palace in Jaipur or the Royal Orchid Fort Resort in Mussoorie, easily. Further, you can plan for a comfortable repayment in advance by using the loan EMI calculator. Here you can decide on affordable EMIs within seconds and apply for the loan, without having to visit your lender’s branch.

Leverage a Property To Get High-Value Funding

While unsecured loans help you avoid the hassle of identifying a security, the quantum of funding obtainable can be lacking, especially if you’re looking at hosting the wedding at an international destination. To fund an extravagant reception in Bali or at a villa next to the Como Lake, you will need a hefty sum. One of the best loans for wedding expenses  is a loan against property.

With ample funding at hand, you can throw a party at the location of your dreams be it at a lavish resort or a historic city, against the snow-capped mountains or the lush-green fields. You can cover wedding planner expenses, venue charges, and accommodation costs without scrimping on finances to enjoy the celebrations king-style. Additionally, with a long tenor, normally going up to 20 years, you can repay this loan conveniently, as per your capabilities.

The drawback of using a loan against property as a wedding loan though is that you need to pledge a valuable asset. In the event that you haven’t planned for repayment or even underestimated your budget, you may land up compromising the security of your asset.`

Bank On Your Investments and Savings to Pay For Expenses

A wedding loan in the form of a personal loan or a loan against property may be your best bet when in search of funds at the last minute. However, another valuable source of funding you can rely on is a specific wedding fund created over the years. Typically, you should save up a portion of your salary for this on a regular basis and then invest the extra sum in to a high interest option. While investments can give you generous returns upon reaching maturity, savings give you liquidity when you need it. However, with risks involved with investments, you must approach building a corpus for a wedding with prudence.

Financial experts recommend that if the wedding is around 4 to 5 years away, you can consider pushing around 40% to 50% of your savings into the equity sector. Similarly, if you have more time in your hands, you can be more aggressive with investing and opt for high risk options. A benefit of this tactic is that you aren’t borrowing anything and thus avoid all forms of interest. The downside though is that since investments involve risks, your returns may only be indicative, and you may hence fall short of the amount you desired. Nevertheless, the key to making your surplus finances work for you is to invest early with a clear goal in mind.

The idea of planning early works well for destination wedding in general too as you stand a chance to bag a huge discount at a lavish resort by booking well in advance. Similarly, you can cover your guest’s accommodation expenses and even finance a dream honeymoon at a fraction of the cost by simply starting wedding preparations early. If a personal loan for a wedding is what you seek, then check your pre-approved loan offer from Bajaj Finserv. Doing so gives you instant approval via a customised deal and hastens loan disbursal too!