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SBI Card Flexipay Facility – How to use?

Shitanshu Kapadia
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0
SBI Card Flexipay Facility – How to use?

Flexipay SBI Card

SBI Card Flexipay Facility- Flexipay is a facility offered to SBI cardholders for converting their purchase to EMI. If you are SBI cardholder and buying item above Rs.500 using the SBI card, you can convert your purchase to Flexipay within 30 days of the transaction.

You can use flexipay EMI facility to buy big ticket items. You need to repay the money in 6, 9, 12 or 24 months. The tagline of this facility is “Payback your big purchases in flexible installments”. Let’s take a look at SBI Card Flexipay facility in detail.

Eligibility criteria for using Flexipay

  • Flexipay facility is offered to all residents of India holding a valid SBI card where the minimum amount due is paid in full.
  • This facility is offered for the transaction amount above Rs.2500. You need to use SBI card to avail this facility.
  • You can opt for this facility only on retail purchase made either using a primary credit card.
  • You can avail this facility multiple times subject to the available credit limit on your credit card account.
  • The request of flexipay should be raised within 30 days of the purchase/before payment due date.

You cannot convert interest, fees, fuel or any other charges levied on your card to this facility.

Also Read – CRED App Review – Get Rewards for Credit Card Bill Payment

How to go for Flexipay SBI Card facility?

There are three simple ways to convert your transaction to SBI Card Flexipay facility. The details are given below.

  • Log on to your SBI Card online account
  • From left navigation menu click on My Account and go to Flexipay option.
  • You will be able to see transactions on the left hand navigation screen.
  • Select the transaction you wish to convert into flexipay.

Click on show offer and select the most appropriate offer based on the interest rate and processing fees. Select a suitable tenure. Verify booking details. Click on the confirm button.

You will be able to see a screen with detail of flexipay booked by you.

Another way to go for SBI Card Flexipay facility is via calling SBI Card Helpline. You can dial 39020202 (prefix local STD code) or 18601801290 to avail this facility.

You can also make use of ILA Chatbot facility given on SBI website to book this facility.

It usually takes 5 working days to process your request. You will get confirmation on your mobile via SMS.

Key Features and Interest rate of SBI Card Flexipay

  • Convert your purchase to flexipay within 30 days of purchase.
  • Any transaction of Rs.500 or above can be converted to this facility.
  • Minimum booking amount for this facility is Rs.2500.
  • The installment would be billed as a part of credit card monthly statement.
  • You can cancel this facility anytime. However, if it is cancelled after 45 days of booking you need to pay 3% of outstanding principal amount.
  • Tenure/Repayment period of this facility is 6,9,12 and 24 months.

Fees

The interest of 22% per annum, one-time processing fee of 2% up to a minimum of Rs.199 and maximum Rs.1000. The cancellation fee is 3% on the outstanding principal amount.

Things to consider while converting SBI Credit card Bill to Flexipay EMI

You need to pay an interest rate of 22% per annum. The interest rate is higher compared to a personal loan. This option is available for the retail purchase done via SBI credit card. You will not able to convert interest, fee and any other charges on the card to this facility. The maximum tenure of repayment is 24 months. You need to pay 3% of the outstanding amount on fore-closing this facility.

7 Best Mobile Wallets in India

Shitanshu Kapadia
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1
7 Best Mobile Wallets in India

Best Mobile Wallets India

Mobile wallets are growing popularity in India. A mobile wallet is a mobile application where one can store money virtually for making online and offline payments. Mobile wallets are classified in multiple types such as open, semi-open, semi-closed and closed. This classification is based on the type of usage permitted by the wallet. You should always prefer an open system wallet. An open wallet can be used for buying goods and services, withdrawal of cash or transfer of payments.

Here is a list of 7 most popular Mobile Wallets in India and their key features.

Also Read – 5 Best Mobile Banking App in India 2019

7 Best Mobile Wallets in India

Paytm

Paytm is the best mobile wallet in India. It is my favorite mobile wallet. Paytm mobile wallet is a semi-closed wallet. Initially, this wallet was launched with basic wallet services at a later stage it was converted to an e-commerce store where shopping can be done for clothes, electronics, furniture, home-appliance etc. Key features and benefits offered by Paytm wallet are given below.

  • You can link your bank account to create BHIM UPI ID & UPI PIN. You can use your bank account or create saving account with Paytm Payment bank.
  • A security feature of locking app via screen lock/passcode/pattern/voice lock etc.
  • The Paytm charges 1% on payment via credit card, 0.9% for debit cards and Rs.12-15 via net banking.
  • One can generate QR code for the acceptance of payment.
  • Monthly transaction up to 1 Lakh is allowed via this mobile wallet.
  • You can use this wallet for money transfer from wallet to wallet and bank account to bank account.
  • Utility bill payment and mobile recharge bill payment are additional features of this app.
  • You can also do online shopping at e-commerce store available at Paytm.
  • Buying gold to paying toll, Loan payment, investment and forex everything is available in Paytm.

Google Pay

G Pay or Google Pay is the best mobile wallet in India. Google Pay was earlier known as Google Tez. This wallet allows you to use any bank for making a transaction. Google Pay make transaction fast and super easy. You can quickly pay and receive payments using a mobile number, email id or by QR code using this app. All transactions carried out via Google Pay is secure. You need not go for KYC for using Google pay. Features offered by Google Pay are given below.

  • Send and receive money from your bank account. G Pay works with all banks and supports BHIM UPI.
  • Protected wallet via phone PIN or pattern. Each transaction via G Pay is secured using UPI PIN.
  • Pay to anyone with or without G Pay.
  • Book IRCTC tickets with a click of a button. It supports Tatkal bookings and instant refunds.
  • You can pay bill and recharge your mobile, DTH using this wallet.
  • G Pay allows you to buy and sell gold online with a click of a button.
  • Google Pay also offers referral program where you can earn money for referring to your friend.

ICICI Pocket

ICICI Pocket is VISA powered wallet that can be used for recharge of mobile, send money, shopping etc. ICICI Pocket allows you to pay anyone on mobile number, Whatsapp contact, Google+ or Facebook ID. It is a secured app that requires a login username and password for login. You need to fund this wallet before using it. You can use a debit card, bank account or NEFT for doing a transaction. Benefits offered by ICICI Pocket are given below.

  • Dashboard for all relationship and favorite people in one place.
  • Transfer money to your contact easily using UPI.
  • Bill payment, utility bill payment and recharge of DTH and mobile.
  • Exclusive deals and cashback benefits from various brands.
  • Split bill with friends.
  • You can send gift to your loved ones.

PhonePe

PhonePe is a semi-closed mobile wallet. PhonePe allows you to transact up to 1 Lakh 24×7. PhonePe works on UPI. You just need to link your bank account for transactions. This app provides a seamless payment experience. In addition to UPI, you can use options like a debit card and credit card to make payment. It is a multilingual app. Features offered by the PhonePe app are given below.

  • Send and receive money to anyone anytime.
  • Pay Utility bills such as electricity bill, gas bill, water bill etc.
  • Check your bank balance and manage multiple bank accounts.
  • Split fund facility to divide payment among friends.
  • Get Instant refund or cashback from merchants.
  • You can’t transfer cashback rewards to bank account.

HDFC PayZapp

HDFC PayZapp is a mobile wallet by HDFC Bank. It is a complete payment solution in a single app. HDFC PayZapp allows you to perform all money-related transactions on the move. You can link your debit card, credit card, bank account to HDFC PayZapp for performing transactions. Features and benefits of HDFC PayZapp are given below.

  • Security of App using PayZapp PIN.
  • Send and receive payment to mobile number via HDFC PayZapp.
  • 5% cashback on recharge, bill payment, movies and grocery purchase.
  • No need to load money to wallet.
  • Secure transactions using proprietary technology.

MobiKwik

MobiKwik is next in the list of Best mobile wallets. It is an impendent mobile app. Initially, this app was launched as a mobile recharge app. However, at a later stage, multiple features such as bank account transfer, shopping, investment are added. Features supported by MobiKwik are given below.

  • Mobile recharge, bill payment, recharge facility.
  • Transfer money from credit card to bank account, bank to bank and wallet to wallet.
  • Small and instant personal loan facility.
  • Insurance and mutual fund investment facility.
  • Investment in digital gold.
  • Expense manager for tracking expenses.
  • Reward points and redeem facility.

BHIM Axis Pay

BHIM Axis Pay is one of the best mobile wallets. BHIM Axis pay allows you to do an instant money transfer, mobile recharge, utility bill payment etc. This app can be used by the axis bank customer as well as non-axis bank customers. Features and benefits of BHIM Axis Pay are given below.

  • Transfer money from your mobile app to any bank account using UPI ID without knowing bank account details.
  • Online recharge and utility bill payments.
  • Multiple account can be added in this app. You can check balance of linked account.
  • No transaction fee for sending and receiving money.
  • QR code generation and payment.

Over to you –

Which mobile wallet is used by you and why? Do share your experience in the comment section given below.

Festival Loan Offers for Festival Expenses

Shitanshu Kapadia
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0
Festival Loan Offers for Festival Expenses

festival loan

Festival season is started and if you need funds for purchasing big-ticket items in the festivals you can avail festival loan. Festival loan offers includes reduced EMI, zero down payment and fee waiver facility. Most of the lending institutions and banks offer festival loans with attractive benefits. In this post, I will share complete information of festival loans, features, and comparison.

What is Festival Loan?

The loan offered by a bank or lending institute during festival season at a cheaper or discounted rate is known as festival loan. These types of loans are offered to lure customers for increasing their spending. You can use this loan amount to meet any type of festival-related expenses.

Festival loan is one type of personal loan with a few additional benefits. Festival loans are more economical compared to a personal loan. The festival loan is offered only if you meet the eligibility criterion set by the bank or financial institute. These types of loans are also known as short term personal loans. Key features and factors to consider while opting for festival loans are given below.

Also Read – Best Business Loans in India for Small Businesses

Features and factors to consider while opting for festival loans

Amount

The first thing to consider is the amount of loan offered by a bank or financial institution. Festival loans are given with amount as low as Rs.5000. The maximum amount of loan offered under this scheme is Rs.50000 or 4 times of your Net Monthly Income.

Loan Tenure

Loan Tenure is the next factor to check while opting for the this loan. The tenure of the loan is generally restricted to 12 months. No Prepayment charges are applicable for this loan.

Additional Festival Benefits

Few banks offer additional festival benefits such as additional discount and cashback benefits. You will also get an additional benefit of a lucky draw, where you can win exciting prizes.

Processing Fees

The next factor to consider while opting for a festival loan is a processing fee. In general, the processing fee of these types of loan is as low as 1% of loan amount.

Interest Rates

Interest rate is the next important factor to consider before availing a loan. The interest rate of the festival loan is lower compared to a personal loan. In general, you can get this loan with an interest rate 13-15%.

Documents required

You will need the following documents for availing a loan.

  • Application Form
  • Passport size photograph
  • Residence Proof
  • Salary Certificate / Slip from employer
  • Form No.16 (Latest)
  • Form No.135 of the bank, duly filed in by borrower and guarantor

Popular Festival Loans in India

#1 SBI Festival Loan

SBI Festival Loan is a unique facility that helps you to meet all types of festival expenses. The minimum loan amount is Rs.5000 and the maximum loan amount is Rs.50000. No marginal money required to avail a loan. Eligibility conditions for SBI Festival Loan are given below.

  • Government or PSU employee with minimum of 2 years of service.
  • Self-employed with 3 years of experience.
  • Net monthly income should be Rs.3000 or above.
  • Your spouse income can also be considered in calculating loan amount.

The interest rate is lower and processing fee is 1% of loan amount + GST.

#2 HDFC Festive Treats

HDFC Festive Treats consist of multiple loan offers for various purposes. This includes personal and car loan, Two-wheeler loan, Gold Loan, Business growth loan, digital loan against mutual fund and loan against property.

  • Major discount is offered on the multiple products.
  • Cashback offer up to Rs.7000 is offered on selected products.
  • Instant discount up to 15% is offered on certain electronic products.
  • Up to 50% off on processing fee of business loans.
  • This offer is provided for the limited period of time festival season.

#3 Bank of Baroda Happy Life Festival

Bank of Baroda has come up with Happy Life Festival this season. Under this scheme, BOB will offer attractive loan offers and benefits on home loans, car loans and debit cards, credit cards. BOB is offering a loan on the discounted interest rate as a part of the Happy Life Festival. The loan offered by Bank of Baroda is for a specific product such as home, car etc.

Should you opt for festival loan?

There are multiple options to withstand credit crunch in the festival season such as credit card, zero-percent loan, personal loan, Easy EMI option etc.

Festival loan is a lucrative option compared to personal loan and other alternatives. The processing fee for this loan is low. The documentation required is minimum & no security required for this loan.  Even no prepayment penalty applicable to this loan.

Let’s compare festival loans with a personal loan and credit card EMI.

Features Festival Loans Personal Loan Credit Card EMI
Amount Up to Rs.50000 15 to 20 Lakh Up to Credit Card Limit
Tenure 12 Months Up to 5 Years Up to 3 years
Penalty Prepayment Penalty Prepayment Penalty No Prepayment Penalty
Processing Faster Processing Slow Processing Faster Processing
Margin Money No Marginal Amount Marginal Amount No Marginal Amount
Interest Rate 13-15% 15-18% 30-40%

From the above comparison, one can easily say that festival loan is the best option concerning interest rates and other features. However, the loan amount is limited to Rs.50000.

Festival loans are designed to attract you to go for impulsive purchases. You can get instant fulfillment at the initial stage, however, you need to pay an interest rate on the loan amount. This will cost you additional money. You should go for this option if it is absolutely necessary.

Term Insurance Plans for NRI in India

Shitanshu Kapadia
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0
Term Insurance Plans for NRI in India

Term Insurance Plans for NRI

Term Insurance Plans NRI – Term Insurance Plans offered in India can be purchased by NRI. These plans can be purchased by NRI while he or she is visiting India. NRI needs to fill up additional NRI questionnaires while buying a term insurance plan.

Term Insurance plans are a pure life insurance policy. This type of life insurance policy provides financial protection to the family member in case of unfortunate death of the policyholder. Term insurance plans are cost-effective, convenient and most popular methods to safeguard your loved ones.

If you are NRI and planning to purchase term insurance plan here is a complete guide mentioning documentation requirement and things to consider by NRI while buying a Term Insurance Plan.

Also Read – Health Insurance Plans for NRI in India

Things to consider by NRI while buying Term Insurance Plans

Premium and Sum Assured

A premium amount and sum assured are important factors to consider while buying a term insurance plan. Sum assured for NRI generally varies from 2 Lakh to 1 Cr. The premium amount depends on the term of the policy, the sum assured, payment, payment frequency etc. Few insurance companies also check for the nature of the job, country of residence while deciding premium.

Policy Term

Policy Term is the next important factor for consideration. Policy term varies from 1 year to 25 years. You need to select the appropriate term based on your requirements.

Premium Payment via Net banking

NRI prefers an option to make payment online via Net Banking or via credit card. Many policies restrict remittance only via foreign currency via NRE/FCNR account. Some policy allows payment in Indian as well as foreign currency. As NRI, you should go through terms and conditions before purchasing a term plan.

Tax Benefits

The term insurance plan purchased by NRI comes with tax benefits that are applicable only in India. NRI can not avail tax benefit in the countries where they are living.

Claim Settlement Ratio 

Before buying a term insurance policy it is important to look at the claim settlement ratio. It gives confidence that the insurance company is settling a claim on time or not delaying.

Medical Test

Few Term insurance policy requires a compulsory medical test at a certain age before buying. It is advisable to check the medical test requirement before buying it.

What are the documents required by NRI for buying Term Insurance Plan?

The documents required for an NRI to buy a term plan include:

  • Proposal form
  • Age proof
  • Income proof
  • Health condition report
  • Attested copy of Passport

An insurance company may ask for additional documents if your purchase policy from your home country. You may need to undergo medical tests on your own and bear the cost at the time of buying a policy.

Popular Term Insurance Plans for NRI

Few popular Term insurance plans for NRI are given below.

#1 Bajaj Allianz Term Insurance Plan – iSecure for NRI

Bajaj Allianz Term Insurance plan iSecure can be purchased by NRI. This term plan offers high sum assured at lower cost.

  • Eligibility: 18 years – 60 years
  • Minimum Sum Assured: Rs.2.5 lakhs
  • Maximum Sum Assured: No Limit
  • Policy Term: 10, 15, 20, 25 and 30 years
  • Maturity age: Minimum 28 years Maximum 70 years.

#2 ICICI Pru iProtect Smart

ICICI Pru iProtect Smart is next popular term plan for the NRI. This policy can be purchased online. This policy comes with additional accidental death benefits. ICICI Pru iProtect Smart is allowed to NRI only in the specific countries.

  • Eligibility: 20 years – 65 years
  • Minimum Sum Assured: Subject to minimum premium
  • Maximum Sum Assured: No Limit
  • Policy Term: 10, 15, 20, 25, 30 years
  • Maturity age: Maximum 75 years

#3 LIC Tech Term Plan

LIC Tech Term Plan is recently launched online term plan by LIC. LIC Tech Term plan can be purchased by NRI during their stay in India. This plan is allowed to be purchased only in specific countries. This plan comes with level sum assured and increasing sum assured benefits.

  • Eligibility: 18 years – 65 years
  • Minimum Sum Assured: 50 Lakh
  • Maximum Sum Assured: No Limit
  • Policy Term: 10 to 40 years
  • Maturity age: Maximum 80 years

FAQ about Term Insurance Plans for NRI

Term plans are allowed for NRI for specific countries only?

Yes, most of the insurance companies restrict availing term plans for the country of residence. This means NRI will be able to purchase a term plan only in the specific countries.  E.g ICICI iProtect Smart allows specific countries such as Hong Kong, Malaysia, UAE, New Zealand, Australia, Singapore, Canada, Norway, Philippines and Shri Lanka only.

How to pay life insurance premium from abroad?

NRI can make premium payments via internet banking or via credit card. The payment is allowed in local currency as well as foreign currency. NRI can use NRO account to make payment in Indian currency and NRE/FCNR account to pay in the foreign currency.

How sum assured will be paid to nominee?

In the event of the death of the policyholder, the sum assured is paid to the nominee in their NRE account. The amount received as claim settlement is repatriable to the home country. The amount that can be repatriable is restricted to the premium amount paid in the foreign currency. If a premium is paid in the Indian currency via NRO account, the death benefit is not fully repatriable.

What are additional documents required in case of death outside India?

In case of death of policyholder outside India, additional documents required to produce by the nominee are employer certificate, copy of death certificate verified by Indian Embassy, Embalming Certificate and translation of documents if the original is not in English.

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