People move on in life with specific goals in their minds. The time horizon you take to fulfill your goals also makes way to a better understanding of your saving strategies. A good saving strategy includes a better comprehension of the right places for the investment.

Investing your money in a safer place is also crucial for achieving your financial goals. A savings account can be the stepping stone to an individual’s financial journey.

Furthermore, it is one of the safest choices for initial investments. Sometimes, choosing the right bank account for your financial goals can be a daunting task. But, having a good knowledge of these accounts can always do good.

Regular Savings Account – Regular savings account is a simple bank account, which allows you to deposit and withdraw money, all while earning a little interest. Additionally, savings accounts offer most of their facility free without many ample charges.

The interest rate that most banks bestow on the savings account could range anywhere up to 6~7%. You will also get access to the debit card, online banking, passbook, e-statements, etc., which can be helpful for you in managing your funds. However, there might be limits on cash withdrawals or fund transaction per day. This may vary from lender to lender.

High Yield Accounts – As the name indicates, high yield accounts offer higher interest rates on your savings than other types of savings account. Typically, the banks require you to deposit more to earn more interest in these types of accounts.

In most cases, the savings account which provides higher interest rates is used by the people with long term financial planning. Most of the banks allow this type of account for their existing customers with a good credit history.

Linked Savings Account – If you are among those people who wants to connect all your bank accounts, linking account make for a good option. Linking account is a variation of regular savings account. However, you can connect this account to other bank accounts you hold such as your checking account. By opting for this, it will be easier for you to transfer funds between various accounts.

Women’s Savings Account – Majority of financial institutions offer special privileges for their women customers. One such privilege is women’s savings account, which is specially designed for women to enhance their financial freedom.

This type of savings bank account can only be opened by the women residing in the country. This type of accounts can also offer all other perks of a savings account along with some additional benefits like locker rentals.

With the advent of digital banking, online savings account opening has become more accessible for everyone. Choosing the best savings account for you is entirely a personal decision, which depends on your saving goals. However, knowing the features of various savings bank accounts can help you make a wise decision.

The advancements in technologies have made it easier for borrowers to avail a personal loan online. Several lending institutions have their own personalized personal loan apps that have made it convenient for anyone to apply for a loan through their phone.

With the introduction of mobile apps, getting a personal loan has become quite an easy process. Paperless and minimal documentation have made the loan process even simpler. So, let’s have a look at some of the best instant personal loan apps in India.

MoneyView

Money View is an application that helps in tracking and organizing expenses, bills, and account balances. It is able to derive finance information through SMSs to understand a customer’s creditworthiness. MoneyView offers personal loans up to Rs. 50 lacs approved within hours for a tenure up to 60 months.

The Money View app enables its users to set and follow budgets, view their bank account balance, obtain reminders about bills, and split bills with the other users.

Features & Benefits

• Apply for a personal loan ranging from Rs. 10,000 to Rs. 5,00,000 directly with the Money View app.
• You can choose a loan tenure from 3 months – 60 months.
• Offering flexible personal loan interest rates from 16 36 percent p.a*
• The loan processing fee varies from 2.5- 4 percent.

NIRA

NIRA is a consumer finance business that offers small-ticket loans to working Indian citizens on low incomes. The Nira app offers a loan amount of up to rupees 1 lakh which you can use at any time and pay only for the amount used. Anyone with a monthly salary of rupees 12,000 or above can apply for a credit line on Nira.

You can choose from the flexible loan interest rate of 1.5 to 2.5 percent per month. The interest rate would be charged only on the withdrawn loan amount from your approved credit line.

Features & Benefits

• Get a loan ranging from rupees 5000 to Rupees 1 lakh instantly
• Once your Credit Line is approved you have the flexibility to withdraw any sum within the approved credit limit without any further approval required.
• Flexible loan repayment tenure of 3 to 12 months.
• An individual working from the last 6 months with a monthly income of Rs. 12,000 per month is eligible to avail a personal loan on the app.

PaySense

With the PaySense app, you can apply for a loan up to Rs 5 lacs and get it approved within 2 hours directly using the personal loan app. You can choose from the flexible loan tenure for repayment of your loan at affordable interest rates. A self-employed individual can apply for personal loans on PaySense.

Features & Benefits

• You need to be an Indian citizen to apply for a personal loan from PaySense.
• The applicant needs to be above 21 years old and not above 60 years to get a loan from PaySense.
• A self-employed person with monthly earnings of 15000 rupees and above can easily apply for a personal loan up to 5 lacs directly using the personal loan app.
• Offering flexible personal loan interest rates starting from 13 percent per annum.
• The PaySense app is currently operational in 50 plus cities in India.

MoneyTap

MoneyTap app [Earlier coverage – review and founder interview] offers a personal credit line in partnership with banks. With the tap of a button, this app offers you a loan of up to Rs.5 lakhs depending on the approved credit limit. The app offers a flexible loan repayment tenure with variable interest rates. More importantly, you pay interest only on the loan amount that is used.

Features & Benefits

• To be eligible you need to be above 23 years old
• Avail personal loan amount from Rs. 3,000 to 5 lacs
• They offer flexible loan repayment tenure ranging from 2 to 36 months.
• The rate of interest charged on the loan is variable from 13 to 24.3 percent per annum.
• An individual with a salary of Rs 20,000 or above per month is eligible for a personal loan from MoneyTap.

Finserv MARKETS App

The Finserv MARKETS app is a mobile app that is designed to cater to all kinds of financial needs. The online application process for instant personal loans on the Finserv MARKETS app is quite convenient and their personal loans require minimal documentation which makes it an ideal choice for getting a loan at attractive interest rates. You can access your loan application, track your purchase history, or simply make payments through the app.

Features & Benefits

• An individual with Indian citizenship is eligible for a loan
• No collateral is required on a loan
• Avail loan of any amount up to Rs. 25lakhs
• The applicant needs to be between the ages of 23 and 55 years
• Borrowers income should be based on their location, a minimum net monthly salary must be between Rs. 25,000 and Rs. 35,000
• Affordable rate of interest starts at 12.99 percent p.a.*
• Avail flexible tenure for repayment of 12 to 60 month on a personal loan.
• Quick processing and disbursal of the loan amount

Do let us know your preferred finance app in the comments section…

Most individuals invest in mutual funds as it generates higher returns, vis-à-vis other investment products such as bank fixed deposits. Plus, it is more secure than directly investing in equities through stock markets.

However, at times mutual funds may often fail to achieve this fundamental objective. This might make you wonder whether you should continue to remain invested or pull out of your mutual fund investments. So, what do we do when an equity fund underperforms?

Find the reason for such underperformance

It is important to find the reason for the underperformance of your fund. Some of the major reasons include:

1. Change in fund manager
2. Wrong fund management style
3. High expense ratio
4. Merger and acquisition of the fund

What should you do if your equity mutual funds underperform?

Here’s what you can do under the circumstances your equity fund underperforms:

Stop panicking and stay invested

This advice is for those investors who are planning on investing for a long-term. The market witness volatility and might go up and down. However, in the long run, it is likely to perform better and offer good returns. In the short term, your portfolio might lose shine and even drop in value due to volatility.

If you have a longer time investment horizon of, say, 7~10 years, don’t get disheartened by lousy news and continue to stay invested. You are bound to recover your notional losses and make better returns on your mutual fund investments.

Avoid redeeming your mutual funds

Several investors make the mistake of redeeming their funds when the markets are dropping. They think it is better to exit the markets at this stage and re-enter when the market shows sign of recovery.

But, they tend to forget that it is almost impossible to time the markets. Also, remember the losses you incurred are notional losses unless the investments are redeemed, which then becomes actual losses.

Remember that even highly victorious fund managers can underperform over the short duration or medium-term. Yet, if their fund management approach is sound, they are bound to deliver significant returns in the long-run. However, the ‘buy and hold’ approach does not work each time in case of mutual funds.

Conclusion

Sometimes, it is essential to ditch a mutual fund after a period of consistently poor performance and returns. However, you should take this call only after convincing yourself that there is more to blame for the underperformance of the equity fund than just a temporary bad phase. Happy investing!

Managing finances is never easy. Hence, it is always safer to scrutinize how your finances flow. Opening a checking account is the steppingstone of your finance management future. It is one of the simplest components of your personal finances.

No matter what kind of account you have, managing it proactively can help you avoid the possible mistakes. While financial stability is one of the predominant parts of your life, getting financial advice can help you to manage your accounts and stabilize the savings.

Consider these tips to manage your checking account effectively:

Sign Up for email-alerts – The banks will send you notifications of the account activities via mail if you sign up for this choice. This feature enables you to check if your account exceeds or falls below the threshold limit that you have set. Make sure that the banks have your email address and phone number.

Manage Overdraft Fees – Keep an eye on your account balance to avoid an overdraft fee. The banks are liable to charge an overdraft fee if you spend more money than you have in your account. But, most of the banks offer overdraft protection, a service which automatically transfers funds from one bank account to another to avoid overdraft fees.

Check for deposit lag – Sometimes, the submitted cheque can take several days to get cleared. This can also lag the time for the amount to be credited to your account. The lag can bounce the cheque. Inform the bank if you experience such issues and find about the fund rules.

Know the security features – If your debit card is lost or stolen, the banks offer you security features like id proof or checking for unusual purchasing. The banks also offer measures such as a virtual lock on your card to block the transactions if it is stolen. Connect with your bank to get an idea on the security measures they offer against the fraud.

Automate the Payments – Automating the finances can help you save time and pay bills with no hassles. You can set up automatic transfers from checking to savings and the bill pay so your monthly bills are paid automatically from your account.

Utilize the distinctive features – To make banking experience smoother and better, banks offer the customers several features. Options vary according to the banks. Check with your bank and use the features to the fullest.

Opt for paperless statements – As banks are going digital, you can even open a current account online. Opt for online statements, which is safer. Most of the banks have a choice to sign up for paperless statements to review your statements online.

Managing your bank account is as important as depositing money to your account. This needs a little effort which includes checking your balance and transactions at least once a week. With a proper planning, you can avail all the benefits of your account.

Our obsession for gold is ageless. Their time immemorial craze for gold is still shining bright. Indians will splurge half of their savings on the yellow metal, as they consider it precious. They reckon gold as a commodity of immense value which can reflect the status of wealth. At an investment level, gold is always considered a haven.

With economic activities slowing down due to COVID-19 lockdown, more people are likely to pledge their collection of precious metal to get a loan. Gold can be a friend in need during a financial crisis. Gold loans have always been word of mouth during such emergencies as it is easier to avail. As the majority of Indians own gold, they can easily approach lenders for getting a loan.

Here are some reasons why Indians prefer loan against gold to overcome a financial crisis.

Gold prices are rising – When you pledge gold as collateral, you’ll get the loan amount depending on the current market value of gold. A rise in the price of gold often makes you eligible for higher loan amounts.

The easiest way to get funds – Compared to other types of loan, loan against gold is easy to avail. Banks consider gold as a secured asset, hence there is no need of any collateral. Gold loans are known for their quick disbursal. If all the required documents are intact, you can even get the loans within a few hours.

No restrictions on usage –  Most of the banks have set guidelines for the usage of loans. The gold loan doesn’t have any restriction on the utilization of funds, which makes it popular among the people. It can be used for any purpose.

Higher loan value – As gold is considered a highly valued commodity, you will get a higher loan value based on the quantity and quality of gold. Most of the lenders give you up to 75% of the pledged gold’s value as the loan amount, with lower gold loan interest rates.

Flexible Repayment options – Gold loans repayments are flexible than other types of loans. Based on your convenience, you can repay the loan as fast as possible, or you can stick with the tenure. You may also get the options to pay the interest on a monthly, quarterly, half-yearly or yearly basis.

Gold security – Keeping gold at home is unsafe. When you avail a gold loan, the banks will keep your gold protected in the lockers. They won’t levy additional charges for this. Hence, gold loan is an excellent option to get money and keep your gold safe.

Often, loan against the gold is considered a reliable alternative during emergencies. The flexible features that gold loans offer have made it a preferable choice among the Indian people.

Hyderabad is a major economic hub of India. The city is the capital of Telangana, as well as the former capital of Andhra Pradesh. Hyderabad has achieved impressive growth in automobile parts manufacturing, textiles and apparel, poultry farming and pharmaceuticals industries. It is known as the fifth most productive city in India.

With a cosmopolitan culture, the city has a congenial and hospitable environment for growth and development of startups as well as established businesses. The city has emerged as a big information technology [IT] centre of the country and with this, the personal finance sector is also taking a more tech-driven route. The financial services market witnessed phenomenal growth because of the predominantly young population availing personal loans in Hyderabad.

Purpose of the loan

Personal loans in Hyderabad can be used for the following reasons:-

• Medical emergencies and Healthcare expenses
• Financing Home Renovation
• Debt Consolidation
• Purchase of gadgets
• Buying home appliances
• Funding Higher Education
• Wedding expenses
• Travel expenses and many more.

Personal loans are an unsecured form of credit, where you are not required to submit any asset or property to get the loan. The loan amount can be used for financing any expense. Let’s have a look at the commonly asked questions when applying for a loan to help you get a loan with ease.

1. How can I apply for an instant personal loan in Hyderabad?

To successfully apply for a loan in Hyderabad, you need to research and look at all the options available for a personal loan. Many banks and lending institutions offer attractive interest rates on loans, ensuring that you opt for a lender that meets your financial requirements.

The following are the steps to apply for a loan.

Step 1: Visit the website of one of the online loan marketplaces to check and compare loans offered in the market.

Step 2: Start by filling in your personal, financial, and employment details.

Step 3: Select the loan amount required and the loan tenure

Step 4: Submit the basic required documents to the representative of the bank, who will get in touch with you.

Step 5: The loan amount will get credited in your bank account within 24 hours.

2. What is the eligibility criteria for taking a personal loan in Hyderabad?

When applying for a Personal Loan in Hyderabad, it is absolutely necessary to make sure you fit in the eligibility criteria set by the lender.

Eligibility Criteria

• The applicant needs to be between the ages of 21 to 60 years
• Should have a monthly income of minimum Rs. 15,000
• The applicant needs to be an Indian Citizen to be eligible

Personal loan Eligibility is calculated based upon your monthly income, current EMIs, and the type of organization you are currently working for, and your working experience. You can take the help of a Loan Eligibility Calculator that calculates your loan EMIs, you are eligible for at various interest rates and the loan tenure best suited for you.

3. How to get a personal loan with a low-interest rate in Hyderabad?

The below-mentioned steps will help get you a low-interest rate on your loan:

• Ensure you have an excellent credit score.
• Keep a low credit utilization ratio.
• Maintain lower debt to income ratio
• Do not apply for loans with multiple lenders at the same time.
• Get a loan from a bank/NBFC with which you already have a relationship, such as a savings account or a fixed deposit.

4. What is the best option to take a collateral-free personal loan in Hyderabad?

With the help of a personal loan, you can take care of all your financial needs with ease. Apply for a collateral-free loan at Finserv MARKETS and get the convenience of a line of credit. You can enjoy additional benefits such as online account access, pre-approved offers, and a flexible loan tenor.

Bajaj Finserv’s Personal Loan has a quick and easy loan application process with minimal paperwork required. Your loan gets approved within minutes and the loan amount gets disbursed in your bank account within 24 hours. All you have to do is get the Finserv MARKETS app online and get access to instant personal loan and enjoy all the benefits it has to offer.

Fixed deposits [FDs] have always been lucrative investment instruments offering reasonable interest rates and good security. However, the Reserve Bank of India (RBI) had lowered the repo rate to 4.00% on May 22, 2020.

This will result in lower returns from your FD. You should also note that interest rates may reduce further. So, here are five strategies that you can implement to maximize your returns from FDs.

1. Limit risk exposure

When investing in an FD, you must opt for a trustworthy issuer. You can determine this by checking the provider’s safety rating, which indicates the chances of default. You should also check if their past performance has been good.

2. Divide the FD investment

Even if you secure safe fixed deposit interest rates from different FDs, it is always wise to diversify the investment in terms of tenure. You can make one long-term FD investment and then start a few short-term FDs. This way, you will not have to prematurely withdraw the entire fund in case of an emergency.

The long-term FD can be used to meet a significantly large financial goal, like making a down payment for a new home. Short-term FDs are perfect for meeting a smaller target, like a holiday with the family.

3. Choose a non-banking issuer

Choosing the right FD issuer is a very important aspect of investing your hard-earned money. A non-banking issuer can offer relatively higher returns than a bank, including value-added services like a higher return for employees, multiple FD types, nominations, and easy renewals.

4. Assign a nominee

The fixed deposit eligibility criteria allows any adult to invest in a Fixed Deposit. It is quite easy to get an FD account; however, you should assign a nominee to ensure that the investment serves its purpose. Make sure that your loved ones receive the returns from the FD in case of your absence. Opening a joint FD account with the ‘Either or Survivor’ option can be a smart idea; it can allow the joint holder to manage the deposit if the primary holder passes away.

5. Invest for older family members

FD interest rates depend on the age of the investor. You should note that senior citizens can avail of a higher rate. For example, Mahindra Finance offers 0.25% extra interest to people over the age of 60. So, you can enjoy this benefit if you invest in FDs for your parents or grandparents.

Before investing, you should compare FD interest rates from different issuers to find the most suitable option. Following these tips will certainly help you earn stable returns without facing huge risks.