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Personal Loan – 10 Important Points to consider before availing

Personal Loan

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March 9, 2021

Personal Loan – 10 Important Points to consider before availing

A personal loan is one of the most popular loan option when it comes to an urgent requirement of cash. Personal loan is easy to avail and does not demand much documentation.

In financial crisis we generally approach our friends and relatives for money. But, if they are unable to help us we generally opt for personal loan. A personal loan can be availed for any purpose including a dream holiday, school or college fees, wedding expense, home improvement, business requirement etc.

As per me one should avoid taking personal loan. Personal loan should be last option for financing your need. Personal loan comes with lot of financial burden as interest rate applicable on personal loan is too high. If you have decided to take personal loan, the next challenging task for you is selection of best personal loan. Almost every bank and financial institution offers personal loan. In order to attract customer they offer lucrative discount and other bundle offers. Many time it is confusing to make right selection of personal loan. Any laps in evaluating personal loan lead to disaster. Here are 10 important points that will help you in evaluating a personal loan.

Personal Loan – 10 important Points to consider before availing

Credit Score

You should check your credit score before applying personal loan. You can check credit score on CIBIL site without any cost. The interest rate may vary based on your credit score. This means if you have poor credit score, bank may charge you higher interest rate.

Interest rate

You also need to check interest rate while selecting a personal loan. You should opt for a personal loan with lowest interest rate. You can save lot of money by opting for low interest loan. A Personal Loans are generally offered in the range of 12 -16% interest rate.

Fixed or Floating Interest rate

Another important points to consider is interest rate type. Bank offers fixed and floating interest rate options. If you are ready to repay a loan in short period of time you can avail floating rate loan. You should also check charges applicable for switching between fixed to floating and vice versa.

Loan Processing Charges

The next point to check is processing charges. This charge are one time non-refundable and it is charged for processing of loan application. This charge is in the range of 1-3% of the loan amount.

Prepayment Penalty

The next important point to check is prepayment penalty. Prepayment helps to reduce EMI burden. You can close loan faster by doing prepayment. However, many bank does not allow prepayment in personal loan or they charge prepayment penalty. So it is better to check prepayment penalty before opting for personal loan.

Hidden Charges

Hidden charges makes loan costly. You should check hidden charges applicable on personal loan. Some hidden charges are documentation charges, duplicate statement cost, ECS processing and account foreclosure charges.

EMI Bounce Charges

If you default on EMI you need to pay EMI bounce charges. You need to consider this charges before taking personal loan.

Tenure

Tenure is another important factor for the consideration. Personal loan tenure varies from 1 year to 5 years.

Approval Time

Approval time means time taken by bank for processing and approving your loan. If you are in urgent need of loan this factor play critical role.

Seasonal Offers

It is worth to consider if bank is offering any special discount or offer. Bank generally provide special offer in festival seasons.

Remember personal loan is like burden. Before taking a personal loan make sure that your need is unavoidable. Personal loan makes great financial pressure on your life. If possible ask relative and friends for loan.

If you still need personal loan make sure to compare all features before opting for personal loan.

7 Best No Experience Jobs Online

Career

Shitanshu Kapadia

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March 7, 2021

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Experience is an important credential in getting a job. No experience means no job. If you don’t have experience or limited skills and still you want to work you need to go for entry-level jobs. Entry-level jobs are for freshers. You can easily get an entry-level job without experience online.

Here are the 7 Best No experience jobs that can be done from home. You can earn $5-10 per hour from these jobs. Flexible working hours and work from home are benefits of these online jobs. You can do more than one job at a time. So, don’t wait to select job of your choice and start making money.

7 Best No Experience Jobs Online

Online Teaching

E-learning is becoming very common today. This is mainly due to the increasing usage of technology and the availability of the internet. The Internet is becoming an education hub. If you are good at teaching but don’t have any experience you can adopt the profession of online teaching for making money. You can make use of the following websites for online teaching.

Vedantu
Udmey
TutorMe
Youtube

Content Writing

Content writing is next on the list. In content writing, you need to create interesting articles. Many websites offer content writing jobs. You can work on an article (content) basis or contract basis. Many website owners and bloggers are looking for fresh and unique content. You can work online as a content writer. You require writing skills and creativity to make money from content writing. Websites that offer content writing jobs are given below.

Upwork
Peopleperhour
WorknHire

Virtual Assistant

Virtual Assistant is becoming popular nowadays. Freshers with no experience can easily find a job as a virtual assistant. As a virtual assistant, you need to work for top-level executives for performing secretarial tasks. Examples of tasks are e-mail typing, letter typing, follow-ups, maintaining schedule etc. You can get a job as a virtual assistant from the following websites.

oDesk
Fiverr
Indeed

Graphic Designer

A graphic designer’s job is to design logo, design, pattern, advertisement, and lot of other things. You can work as a graphic designer and make money. You require graphic designing tools such as a paint shop, photoshop for working as a graphic designer. You can get a graphic designing job from the following sites.

Designhill
99Designs

Online Transcriptions

Online transcription is the job of going through audio sources and creating a summary online. Online transcriptions are required for many businesses. Online transcriptions are required for hospitals, medical services, lawyers, business people, engineers, and other professions. You require excellent writing skills to start a job of online transcriptions. You can get a transcription job as a fresher from the following sites.

TranscribeMe
Quicktate
Rev

Survey Jobs

Online survey jobs can be done with beginners without any experience. The demand for online survey people is growing across the industry. In this job you just need to fill up the survey about products and brands. You will be paid per survey. It is easy to start an online job without any experience. The websites that offer survey jobs online are given below.

Swagbucks
Survey Junkie
Cashcrate

Data Entry Jobs

Data Entry jobs are the best jobs for fresher. In a data entry job, you need to enter data into a specific set of programs. You will be given a specific site or application on which you need to perform data entry work. You require good typing speed to get a job as a data entry operator. The websites on which you can find data entry-related jobs are given below.

Upwork
Mturk
Clickworker

Tips for getting No Experience Jobs Online

Few tips for getting job as fresh person without experience are given below.

Make use of multiple websites – You should not stick to one website. Make use of multiple websites to get online job without experience. You should select the website that are genuine and paying money on time.

Showcase your skillset – You need to make your resume. You can elaborate skill that you have while making a resume. Your resume matters a lot.

Learn specific skillset – You should learn specific skill set to get the job. This include typing skills, grip over English language, computer knowledge etc.

Zerodha vs Upstox – Which one is best?

Stock Market

Shitanshu Kapadia

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March 2, 2021

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Zerodha and Upstox are top online discount brokers in India. In this post, we will do side by side comparison of Zerodha and Upstox to find out which stock broker is best? The comparison would be based on features, brokerage, trading platform and other facilities.

Zerodha is best online discount broker. Zerodha is known for technology and fast trading platform. You can invest in equity, direct mutual funds and futures by using Zerodha platform. The intraday fees of Zerodha is Rs.20 per trade.

Upstox is fastest growing online discount broker. Upstox was previously known as RKSV securities. Upstox offers equity trading, derivatives trading, futures and options trading, and currency trading services. The intraday fee of Upstox is also Rs.20 per trade.

If you are planning to open a new trading account or planning to change from an existing stockbroker, here is comparison between Zerodha and Upstox.

Zerodha vs Upstox – Which one is best?

Zerodha

Zerodha is best online discount broker of India. Zerodha is famous for latest technology and lighting fast speed. Zerodha offers multiple trading platforms for trading such as Kite, Console, Coin etc. Key features of Zerodha are given below.

Zerodha Key Features

Delivery charges NIL and brokerage charge is very low.
Trading platform is very fast and equipped with latest technology.
Lot of historical data available with charting facility.
Multilingual platform support.
Multiple trading platform available on web as well as mobile.
Direct Mutual Funds Investment option available

Zerodha Charges

Category	Fees
Equity Delivery	Zero
Equity Intraday Trading	Rs. 20 or 0.03% (whichever is lower)
Equity Options	Flat Rs. 20 per executed order
Equity Futures	Rs. 20 or 0.03% (whichever is lower)
Currency Options	Rs. 20 or 0.03% (whichever is lower)
Commodity F&O	Rs. 20 or 0.03% (whichever is lower)

Zerodha Account opening and AMC Charges

Zerodha Account opening charges – Rs.200 Trading and Demat Account & Rs.100 for commodity Account
AMC Charge – Rs.300 paid quarterly

Zerodha Platforms

#1 Kite

Zerodha Kite is ultra-fast trading platform made with advance technologies. You can make use of this platform on Android as well as iOS devices. Buying, selling, analyzing, and managing portfolio using Kite is very easy.

#2 Coin

Zerodha Coin is platform for buying direct mutual funds online. Zerodha coin provide unique investment experience. You can invest in mutual fund without commission. You can select any of the mutual funds from 40 fund houses. You can create, pause and modify your SIP anytime anywhere. It also accepts UPI based payment.

Zerodha Pros

Delivery Charges are NIL.
Multiple Trading platforms available.
The training facility is for the beginner is available.
Investment in direct mutual funds allowed.
Flat brokerage and easy to understand pricing.
Manage all investments on a single platform.
Good Customer Support and Quick Resolution.

Zerodha Cons

You will not get any advisory facility on this platform.
The response of the platform is slow during peak hours.

Upstox

Upstox is one of the top discount broker in India. Upstox offers equity trading, derivatives trading, futures and options trading, and currency trading services. You can open 3-in-1 account and get an instant account transfer facility at Upstox. Key Features of Upstox are given below.

Upstox Key Features

Open Demat Account in a single day paperless and online
The facility of trade on the move using mobile app
Trading platform on desktop as well as mobile
Online Trading report and earning facility
Advanced Charting and Analysis Facility for professional traders
Technical analysis and data-rich user interface

Upstox Charges

Category	Fees
Equity Delivery Trade	Zero
Equity Intraday Trade	Rs.20 per trade or 0.05% (whichever is lower)
F&O Trades	Rs.20
Options Trades	Rs.20 per lot
Currency Future	Rs.20
Currency Options	Rs.20 per lot

Account Opening and AMC Fees

Account Opening Charges – Rs.150

AMC Charges – Rs.300 per year

Upstox Platform

#1 Upstox Pro Web

The Upstox Pro Web is a very good trading platform. It allows you to trade on the web with flexibility and versatility. You require a desktop, laptop or mobile with a browser for using this platform.

Upstox Pro Web allows you to create five different workspaces on a single screen. In each workspace, you can add charts, quote panel, order book, watchlist, etc. You will get the facility of pinning stocks to the watchlist.

#2 Upstox Pro Mobile

Upstox Pro Mobile app is the best trading app that allows trading from anytime anywhere with ease and a lot of flexibility. You will require very good internet connectivity to use this app. Upstox Pro Mobile app is available for Andriod as well as iOS users.

Upstox Pros

Low Brokerage trading facility
Mobile trading platform free of cost
Basic as well as priority plan
Facility to invest in Mutual funds
After market order, cover order and bracket order available
Online IPO facility using UPI available

Upstox Cons

Call and trade fee is charged extra
Unlimited monthly trading plans not available
Stock tips and recommendation are not available
24×7 Customer service not available
Upstox NRI Trading and demat account facility not available

Final Take away

Zerodha and Upstox both are best online discount brokers. However, as per me Zerodha is far better when it comes to technology. You will get fast trading platform and low cost trading facility. You will also get facility to invest in direct mutual funds at Zerodha.

Gold Loan Options in India – Key Features and Documents required

Loan

Shitanshu Kapadia

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February 28, 2021

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Gold Loan Options in India – Key Features and Documents required

Gold Loan or loan against gold is one of the most popular option for borrowing money. Gold loans are offered with lower interest rate compared to personal loan. Gold loan disbursement is faster and payment terms is flexible. You can avail gold loan from the bank as well as NBFC (non-banking finance company).

Gold loan is any purpose loan you can opt for this loan for any purpose. However, it is advisable to opt for this loan in financial emergency only. Gold loan is secured loan and you need to pledge your gold article, gold ornaments as collateral to get the loan. If you are planning to take gold loan (or loan against gold) you should evaluate various gold loan options. Here is complete information about Gold Loan including key features and document requirement.

What is Gold Loan?

Gold loan is loan that is offered against gold as collateral. You need to deposit your gold ornaments and articles in order to get gold loan. It is a secured loan as gold is taken as collateral. The loan amount is certain percentage of gold. Usually it is up to 80% of current market value of the gold. You need to pay interest on the gold loan amount.

Key Features of Gold Loan

Flexibility of Use – The gold loan amount can be used for any purpose. You can use it for medical expense, travel, marriage or any other purpose.

Quick Disbursal – The processing time of gold loan is very fast. You can expect disbursal of this loan in two-three days.

Secured Loan – You are not required to submit any other collateral to the lender. The only thing you need to submit your gold ornaments or article.

Interest rate – The interest rate applicable on the gold loan is low compared to personal loan. You can get gold loan with interest rate of 7-24%.

Use of idle asset – Gold placed at your home is usually not used for generating money. You can make use of gold (idle asset) in order to raise capital via Gold Loan.

Gold Loan Options in India

Gold loan can be taken from bank and from the non-banking finance organization. Most popular banks to avail gold loan are SBI, ICICI Bank, HDFC bank etc. The non-banking finance organizations that offers gold loan are Muthoot Finance, Mannappuram Finance etc. The interest rate detail charged by various banks and NBFC are given below.


Bank	Gold Loan Interest Rate	Maximum Loan
SBI	7.30% to 7.50%	50 Lakh
Bank of India	7.40%	10 Lakh
Canara Bank	7.65%	20 Lakh
Bank of Maharashtra	7.50%	20 Lakh
Lakshmi Vilas Bank	8.80%	30 Lakh
Punjab National Bank	8.60% to 9.15%	10 Lakh
Central Bank of India	9.05%	20 Lakh
Punjab & Sind Bank	8.10% to 9.35%	30 Lakh
Federal Bank	8.50% onwards	1.50 Cr
United Bank	9.35%	10 Lakh
Dhanlaxmi Bank	9.65%
Karur Vysya Bank	10.10%
Indusind Bank	10.5% to 16%
Kotak Mahindra Bank	10.5% to 17%
HDFC Bank	9.90% to 17.90%
ICICI Bank	10% to 19.76%	1 Cr
South Indian Bank	11.90% to 12.40%	10 Cr
Axis Bank	13.00%	25 Lakh
Muthoot Finance	12% to 27%
Manappuram Finance	Max 29%
IIFL	9.24-24%
Bajaj	12%

Documents required for Gold Loan

The documents required for availing of the gold loan are –

Two passport size photographs
Identity proof such as PAN card, passport/, Aadhaar card, voter id card
Address proof (Electricity bill/ telephone bill/ bank statement

Things to consider to before applying for Gold Loan

You need to consider following things before applying for gold loan.

Loan Amount

The loan amount for gold loan is limited and it is up to 70-90% of current market value of gold. Remember no bank or organization offer loan of 100% against the worth of gold.

Interest Rate

You must consider the applicable interest rate on the loan amount. The rate of interest should be lower. Gold loan is offered as fixed interest rate and floating interest rate. In the fixed interest scheme the EMI remains same during repayment schedule. Under the floating interest rate option, the EMI of gold loan can increase or decrease.

Loan Tenure

The tenure of loan is short. The loan is offered for the duration of 1 year. The loan can be extended to 2 years. You should be sure that you will be able to repay the loan in the short period before taking this loan.

Repayment Structure

Repayment structure is next thing to consider when you avail gold loan. There are multiple loan repayment options which are given below.

Standard EMI – Standard EMI is option where you need to payback loan with interest amount on monthly basis.
Upfront Interest – Under upfront interest option you need to pay interest amount at the beginning of the loan the principal amount to paid at the end.
Bullet Payment – The bullet payment means borrower need not to pay principal amount over the life of the loan but payment needs to be made at the maturity.

Processing Fees

You also need to consider processing fees applicable on the gold loan. Processing fee is fee which you need to pay for processing the loan. The fee is different for every bank and NBFC.