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Top Student credit cards in India 2025-26

Credit Cards

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July 15, 2019

Student Credit Cards offer financial freedom to students. If you are a student studying at the college level you can opt for a student credit card. The age limit set for the student credit card is 18 years. Student credit cards are available at a low-interest rate with a validity of 3-5 years. Income eligibility proof is not required in order to avail the student credit card. However, few banks demand a security deposit. The credit limit offered under these cards is low. The process of applying for a student credit card and details about Top Student Credit Cards in India are given below.

How to Apply for a Student Credit Card?

There are multiple types of student credit cards available in the market. The process of applying is different for every card. Few most popular credit card types offered to the student are given below.

Student Add on Card
Student Credit Card Against Security Deposit
Credit card against education loan – Travel credit card
Credit Card as study loan – Bihar Student Credit Card by the Government

If you are a student above 18 years age and keen to apply for the credit card, you need to first find out which banks are offering these types of cards and process of applying. In most of the cases, you need to submit a form for applying for credit card along with required documents. You need to visit the bank personally. However, few banks provide an online facility for application.

Also Read – 10 Methods to Pay Credit Card Bill Online & Offline

Documents required for Student Credit Card

Age Proof – Birth Certificate
College Student Proof – ID Card
Resident Address Proof
Passport Size Photograph
Aadhaar or PAN Card

Features of Student Credit Card

Credit Limit

Credit Limit applicable to the student credit card is very low compared to all other credit cards. The credit limit is in the range of Rs.20000-Rs.25000. This limit varies from bank to bank and card type. If you are opting for Bihar Student Credit Card (BSCCS) it acts as a loan and provides limit up to 4 Lakh for study expense. The main idea behind a lower credit limit is to control expenses.

Card Validity

Credit cards offered to the student remain valid for the study period. The validity of this card varies from 3 years to 5 years.

Waiver of Fees

No joining fee applicable for the student credit card. The annual charges applicable for this card is also very low. The main idea is to make this card affordable. Duplicate card issue fee in case of the stolen card is very less.

Documentation

These types of card can be obtained with minimum or less documentation. Student needs to submit bare minimum documentation for this card.

Usage

The usage of this card is restricted for domestic purchase in local currency. However, few cards are available for international usage for study abroad.

Special Rewards

The applicable rewards and benefits programs are different for every card. Most of the credit card offers cashback and discount for spending money using a card.

Top Student Credit Card in India

#1 ICICI Bank Student Forex Prepaid Credit Card

ICICI Bank Student Travel Card is a Forex card for the students visiting abroad for higher studies. This card is available in five different currencies and valid for 3 years. Key Features and applicable cost for ICICI Bank Student Travel Card is given below.

A card can be loaded in five currencies – USD,EURO,GBP,AUD and CAD.
FEMA limit is applicable on the card.
Remote loading of the card via parents/guardians residing in India.
A card can be used internationally anywhere for online purchase as well as a physical swipe.
Free International Student Identity Card Membership
This card can only be used outside India. Domestic usage is not allowed.
Joining Fees Rs.150, Reload Fee Rs.100, Cross currency fee – 3.5%+GST

#2 HDFC Student Add-on Card

HDFC customers can avail the benefit of HDFC Student Add-on card. If you are a part-time or full-time student with a steady monthly income or saving bank account you can opt for any HDFC credit card. If you don’t have any income you need to go for Add-on Card. An add-on card is an additional card given to an existing credit card holder. Key features of the HDFC Student Add-on card are given below.

No Documentation is required. The process of issuing is very simple.
The expense of the add-on card is included in the monthly statement of parent’s credit card.
Sublimit for the Add-on card can be defined.
Add-on card can be used for online as well as offline purchases.
Charges applicable on an Add-on card are same as that of parent card.

#3 HDFC Multicurrency ForexPlus Card

HDFC ForexPlus Credit card is for the students traveling abroad for the study. As the name suggests, this card is capable of loading multiple currencies. You can load up to 22 currencies in this card. It is contactless card. Key Features of this card is given below.

Facility to load up 22 different currencies.
Easy transfer of currency online.
Emergency cash delivery facility.
Contactless credit card.
Joining fee – Rs.500, Reload fee – Rs.75.
Cross currency markup charge 2%.

Personal Loan Balance Transfer – How it works?

Personal Loan

Shitanshu Kapadia

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July 8, 2019

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Personal Loan Balance Transfer – How it works?

Personal Loan Balance Transfer – You can use a personal loan balance transfer to save money on interest rates. Suppose you have taken a personal loan from one bank and you are getting better loan deal from other bank or financial institution. In this case, you can make use of a Personal Loan Balance Transfer. This option helps you to reduce the EMI burden or overall cost of the loan.

Under Personal Loan Balance Transfer bank transfer the outstanding loan amount to another bank providing loan at a lower rate of interest. The process of transfer is very simple. Customer needs to fill up a form and submit documents. You have to be careful in evaluating bank for a balance transfer. Complete information about Personal Loan Balance Transfer is given below.

What is a Personal Loan Balance Transfer?

Personal Loan Balance Transfer is a process of transferring an existing loan balance from one bank to another bank or NBFC. It is also known as personal loan switching.

This process of balance transfer does not require any security or collateral to be provided by the borrower. A borrower needs to pay foreclosure charges to the existing bank and processing fees to the new bank. Sometimes the borrower is required to pay stamp duty on a loan agreement.

Also Read – 5 Best Banks for Personal Loan in India

Why you should opt for Personal Loan Balance Transfer?

Personal Loan Balance Transfer offers multiple benefits. Few of them are given below.

#1 Lower Interest Rates

The main benefit of transferring loan is a lower interest rate. Although you have done a lot of research before availing a loan, you may end up making mistake in opting for higher interest rate loans. You can correct this mistake by transferring the outstanding loan amount to another bank or NBFC offering loan at lower interest rates. You will be able to reduce your total outgo of the loan.

#2 Larger Tenure of Loan

Personal loans are offered generally with the tenure of 5 years. However, few banks may offer personal loan with longer tenure. If you have difficulty in paying higher EMI you can opt for longer duration loan to reduce your EMI amount. In this case, your EMI will be less but as your loan tenure is high you will end up paying a higher amount.

#3 Additional Loan Features

Another benefit you can get by transferring your personal loan is additional features offered by the new bank. The benefit could be relaxation in prepayment of the loan, EMI waiver, zero foreclosure charges, additional top-up loan, personal accidental coverage, etc.

#4 Top Up Loan

Suppose you are in need of an additional loan you can make use of balance transfer option to avail a top-up loan. Few banks offer a top-up loan facility. Make sure to compare all top-up options before opting for a balance transfer.

Under top-up loan option old balance transfer will be done to a new bank and additional loan will be credited to your account by the new bank. The interest rate and conditions vary from bank to bank.

#5 Better Customer Support

If you are not satisfied with the customer support and services offered by the current loan provider, you can opt for a balance transfer to avail better customer support services.

How to do Personal Loan Balance Transfer?

Step by step process to follow in case of a personal loan balance transfer are given below.

#1 Find out best alternative option for the loan. Make a comparison table with features and cost-benefit analysis. Select the best option for loan transfer.

#2 Get NOC and foreclosure letter from current lender.

#3 Apply for a new loan at bank or NBFC and submit the required document along with the statement of the personal loan account.

#4 Get sanction letter from a new bank. On disbursal of loan deposit cheque or DD in your account and close existing personal loan.

#5 Don’t forget to take No due certificate from the bank.

Eligibility Conditions for Balance Transfer

As a borrower, you need to meet certain eligibility conditions for the balance transfer.

Bank will always check for your creditworthiness. Your credit score should be good in order to get approval for the loan.
Your EMI payment should be regular without delay or default.
You need to produce income records either salary certificate or profit and loss statement for getting loan approval.
Current loan outstanding should be greater than Rs.50000 to initiate loan transfer.
Your current lender should allow loan transfer.
If you are an existing customer of bank either credit card or loan it will help you to get faster loan approval.

Documents Required

You need to submit following documents to avail personal loan balance transfer.

For Salaried Individuals

Duly filled balance transfer form and passport sized photograph.
Aadhaaar Card
Valid ID Proof
Age Proof
PAN Card Copy
Address Proof
Bank Statement for the last 6 months
Salary Slip for the last 3 months
Statement of the current Personal Loan account

For Self-Employed Individuals

Duly filled Personal Loan transfer form with a passport sized photos
Aadhaar Card
Valid ID proof
Age Proof
Address Proof
GST Number
Balance Sheet for the last 3 years
Profit and Loss Statement for the business
Last 6 months bank statements of the individual as well as the business.
Statement of the existing Personal Loan account.

Conclusion

In conclusion, it can be said that personal loan balance transfer will surely help the borrower to reduce total outgo by reduction in interest rates. However, you need to be cautious in selecting a new offer. You can make use of web aggregators for getting information about a loan offer.

Section 80EEA – Income Tax Deduction on Home Loan Interest

Home Loan

Shitanshu Kapadia

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July 7, 2019

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Section 80EEA – Income Tax Deduction on Home Loan Interest

In budget 2019-20, new tax deduction benefits up to 1.5 Lakh is announced by the government. This new tax deduction benefit is applicable under new section 80EEA for the home loan interest rate payments. The main objective behind giving this relaxation is housing for all or affordable housing by 2022. The new tax deduction benefit will help a taxpayer in saving a lot of money at the longer run.

Key features, eligibility condition and benefit of this new income tax deduction are given below.

Section 80EEA – Income Tax Deduction on Home Loan Interest

Features of Section 80EEA deduction

Additional tax deduction up to 1.5 Lakh for interest paid on loans taken up to 31st March 2020.
This benefit is extended under new section 80EEA. It is an additional benefit on the top of 2 Lakh benefit extended by section 24.
The maximum tax deduction on interest amount paid for home loan will be 3.5 Lakhs. 2 Lakh under section 24 and 1.5 Lakh under section 80EEA.
The deduction will be available on loans taken up to 31st March 2020.
The benefit will be given only on the interest component of the home loan.
The tax deduction is applicable on entire home loan tenure.

Also Read – 10 Best Bank for Home Loan in India 2019

Eligibility conditions for claiming a deduction

This benefit will be extended only to the first time homeowners. You should not be owner of any other house at the time of sanction to avail this benefit.
The stamp duty value of a home should be 45 Lakhs or less.
The deduction under this scheme is available only to the individuals. HUF, company or any other kind of taxpayer cannot claim benefit under this section.
In order to claim this benefit the property should be self-occupied and affordable.
To claim this benefit, the individual must have taken the loan from the financial institution or bank. The loan sanction should be between 1st April,2019 to 31st March,2020.
This tax deduction can be claimed for by individual as well as joint home loan borrower. The joint home loan borrower can individually claim this benefit.
The above benefit is not applicable for the commercial properties.
You need to submit home loan interest certificate in order to claim this benefit.

Section 80EEA and Section 24

Section 24 of the income tax act allows homeowners to claim a deduction up to 2 Lakh on their home loan interest payment. The owner or his family should reside on this property to avail this benefit. The same treatment is applicable if the house is vacant. If it is let out you can claim entire home loan interest as a deduction.

Section 80EEA is a new section introduced for the first time home buyer. If you are able to meet eligibility conditions mentioned in the eligibility section above you can claim an additional 1.5 Lakh tax deduction benefit on home loan interest payment.

Maximum Tax Deduction benefit on Home Loan Interest = 2 Lakh (Section 24) + 1.5 Lakh (Section 80EEA)

Example

Rakesh works in pune in IT company. He lives in pune in a rented house. He purchased property in Surat. His father and family members live in a newly purchased house. He is buying a home for the first time, so he can take benefit of section 80EEA. The cost of a home is 45 Lakh and. He purchased this home by taking a home loan of 40 Lakh in May 2019.

The monthly EMI of this property is Rs.37000. The total of EMI for FY2019-20 will be 4.07 Lakh. This includes principal payment of 0.3 Lakh and 3.77 Lakh of interest component.

As it is self occupied house and fulfilling condition of section 80EEA, Rakesh can claim 3.5 Lakh as tax deduction while filing Income tax return. He will need a home loan interest certificate from bank to avail these benefits.

How to make money on Instagram? – Complete Guide

Money & Wealth

Shitanshu Kapadia

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July 2, 2019

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How to make money on Instagram? It is one of the most popular questions asked by many people. So, today let’s try to get an answer to this question.

Instagram is one of the most popular social networking platforms. Millions of people all over the world use Instagram for socializing and sharing photos. In addition to socializing, Instagram is used by many people to make money online. If you are planning to make money on Instagram here is a complete guide including the best strategies and ideas to monetize your Instagram account.

Also Read – How to Make Money via YouTube? – Complete Guide

How to make money on Instagram?

Follow the steps given below to make money from Instagram.

Create Instagram Account

The first step towards making money via Instagram is creating your Instagram account. If you have already created your account, you can skip this step. Creating an account is not enough you need to set basic all rights for your account.

Please fill out the complete information including contact information and the topic on which you are likely to post content. Add relevant keywords and hashtags to your profile so that it will be easy to find your profile by your followers.

Grow your followers and become an influencer

The next step is to grow your followers and become an influencer. In order to grow your followers start posting regularly on your account. Make sure to post several unique images per day. Focus more on the quality of the post.

The images posted by you should be unique and high quality. If you can spend some money go for a high-quality DSLR camera. Include hashtags while posting images. It will help you to get your post viral.

Network with your followers by various methods. You can use commenting and liking images. Establish a friendly relationship with your followers. Your followers should become your friends.

Make at least 1000 followers. Once you are done with the above start making money on Instagram.

Make Money on Instagram

#1 Affiliate Marketing

Affiliate marketing means promoting products & services of other companies and getting a commission for every sale. Affiliate marketing is one of the most promising businesses online for making money. Thousands of bloggers are making money online using this method.

For affiliate marketing, first, you need to associate yourself with various companies or affiliate aggregators. You can register at ShareAsale or Ebates to become an affiliate.

Once you register you will able to see a product and applicable commission on the sale. Select the product as per your niche and post a unique photo along with affiliate URL. An affiliate URL is provided by the company for tracking a sale. If someone clicks on an affiliate URL and purchases the product or services you will get commission income.

#2 Promote your own products & services

As an influencer, you can use Instagram to sell your own products and services. A simple method is to post a photograph of your product and services along with a price tag.

To make it creative you can create an infographic along with the exclusive offer and post it on your timeline. Another good idea is to post the photographs and testimonials of your satisfied customers. It will help you a lot to make more money from Instagram.

#3 Sell photos and Videos

If you are a creative person and good at taking photographs or making a video you can use Insta to sell your creativity. It will be slightly difficult to sell photos and videos. You have to be creative and use high-quality camera.

It is a good idea to go through a basic course in photography. Later stage you can create your own website or blog to become a popular photographer.

#4 Create Sponsored Post

Creating a sponsored post is one of the very good ideas for making money using Instagram. Here you have to create an exclusive post for the brand as per their requirement. Your success here will depend on your creativity and hard work. You can make use of a website such as Influenz to receive various offers about a sponsored post.

#5 Sell your Instagram Account

If you have done enough with your account and if you want to move on you can sell your Instagram account for making one-time money. Websites such as viral accounts and Fame swap help you to sell your Insta Accounts.

Takeaway

Instagram is a very good tool for making money online, provided you show your creativity and spend enough time.

I hope I have given my best to explain Instagram marketing for making money online. If you still need more information about any of the methods given above feel free to contact me.