Low Rate Personal Loan Leads to High Rate Happiness

At the time of searching for a loan to buy home / car or financing for your new business, you will find loans now in an easier manner. After the liberalization of Indian economy, there a number of providers for Personal Loans, Home loan or any other types of finances. That makes the whole process more confusing. Deciding the lender and availing loans at lower rate are the two most important steps before taking a loan. As Indian loan market is in its transition state, lenders vary in the nature of their business up to a significant extent. This difference necessitate the need do a thorough research about different loan options and different lenders, repayment period, rate of interest etc.

Generally interest rates associated with personal loans can be fixed or floating in type. A fixed interest rate by the name it suggests does not vary according to the fluctuations of the money market during the loan tenure. A floating interest rate on the other hand is the rate updated by the lender depending upon the ongoing market trends. A floating interest rate can go up or down depending on the demand and supply of money in the money market. In Indian loans market, there are lenders who offer the option to take the loan which is split between fixed and floating interest rates. This combination paves the way for low interest personal loan.

Low interest personal loans offers instant cash at an affordable rate and is a useful finance option for travel, wedding expenses, home renovation, down payments, medical expenses, education and investments. You can also use the loan amount to transfer your outstanding credit card balance or pay off an existing loan and benefit from lower interest rates. These loans can be secured or unsecured. As a thumb rule, the secured category is the low rate personal loan as the security pledged by the borrower acts as a negative catalyst for the payable rate of interest.

The second thumb rule to avail the low rate personal loan is comparison. It is evident that more choice leads to better rates. The loan applicant should talk to multiple banks for his loan requirement to make sure his pay affordable EMIs with the lowest interest rate. Once the loan applicant identifies the need for taking a loan, he will have a rough idea regarding the loan amount. The next step what the loan applicant needs to do is checking his eligibility for taking loans. Lenders have their own criteria for determining the loan eligibility of an individual and this is highly variable concept. For salaried persons, the amount of loan is generally a multiple of their gross monthly income. For businessmen, it is a multiple of total annual income.

Having the loan amount and the possible interest rate in your mind, the next thing is to plan the repayment period of the low interest personal loan. The EMI ( Equated Monthly installments ) will be low for a loan borrowed for a longer tenure. Usually the procedure of approval of personal loans are fast and a loan is approved with simple documentation. The major advantages of personal loans are Speedy Approval, flexibility to choose your loan amount ranging from 10000 to 10,00,000, longer repayment period from 12 to 48 as per your interest.

The documentation process of these loans vary from borrower to borrower. In case of salaried persons there is relatively lesser documentation. For Self Employed Persons and Professional ( Doctors / Lawyers / Engineers / Architects ), except for the salary statements documents like tax return documents, Balance Sheet / Profit Loss Statement of the firm he owns may be required at the time of loan application. Other than the normal interest on the loan, you may be charged a one time processing fee by the lender for your low interest Personal loan.

Personal Finance - An Important Financial Figure

Among the chaotic people personal finance keeps an important figure. It is the need to meet ends that leads you to loan provisioning. An entity whose income is less than its expenditure raises capital by borrowing or financing. If you are such a potential borrower, a financial intermediary such as traditional bank, credit union, building society, and even high street lenders can work for you.

You apply for personal finance in a tough spot when caught between sharply slowing growth in a rising inflation. To soothe your grueling situation, personal finance comes in secured as well as unsecured forms. Secured loans are collateral-backed money provisions. With that you are able to get fund depends on the equity value of your asset. For that reason only, amount of the finance varies dramatically. However, there will be no problem at all receiving funds in between £3,000 to £75,000 over a period of 25 years. Whereas, if you are a tenant and unable to manage collateral, unsecured loans can do a great work for you. Fund is released simply after checking your repayment capacity. In due course, lenders do not bother taking much headache evaluating your property. As a result of that you will able to secure fund in no time. You obtain funds up to £25,000 instant for 10 years without much hassle.

Even, rate of interest for personal finance depends upon various factors. These factors are mode of loan option, your employment status, bank statement, etc. so, you do not worry much about costly funding.

Above all, for personal finance, lending tempers flared with the surging numbers of numerous lenders for the same personal finance. You can find these lending options even online. Online is a simple and convenient way of loan obtaining. It saves your time and energy. By comparing different options, you can cull out the best possible one easily.

George Bell has been associated with Finance Personal. Having completed his Masters in Finance from Lancaster University Management School, To find Personal Finance, personal loan, personal cash loan, finance personal visit http://www.finance-personal.net/

Article Source: http://EzineArticles.com/?expert=George_Bell

Ten Basic Rules of Money Management

1. PLAN- Plan for the future, major purchases and periodic expenses.

2. SET FINANCIAL GOALS- Determine short, mid and long range financial goals.

3. SAVE- Save for periodic expenses, such as a car and home maintenance. Save 5%-10% of your net income. Accumulate 3 to 6 months salary in an emergency fund.

4. KNOW YOUR FINANCIAL SITUATION- Determine monthly living expenses, periodic expenses and monthly debt payments. Compare outgo to monthly net income. Be aware of your total indebtedness.

5. DEVELOP A REALISTIC BUDGET- Follow your budget as closely as possible. Evaluate your budget. Compare actual expenses to planned expenses.

6. KEEP A RECORD OF DAILY EXPENDITURES- Be aware of where your money is going. Use a spending diary to assist you in identifying where adjustments need to be made.

7. DISTINGUISHING THE DIFFERENCE BETWEEN WANTS AND NEEDS- Take care of your needs first. Money should be spent for wants only after needs have been met.

8. DON'T ALLOW EXPENSES TO EXCEED INCOME- Avoid paying only the minimum on your charge cards. Don't charge more every month than you are paying to your creditors.

9. USE CREDIT WISELY- Use credit for safety, convenience and planned purchases. Determine the amount that you can comfortably afford to purchase on credit. Don't allow your credit payments to exceed 20% of your net income. Avoid borrowing from one creditor to pay another.

10. PAY YOUR BILLS ON TIME- Maintain a good credit rating. If you are unable to pay your bills as agreed, contact your creditors and explain the situation. Contact Springboard Non-Profit Consumer Credit Management for professional credit debt advice, and inquire about our credit counseling service

Springboard is a non-profit credit counseling and financial education organization founded in 1974.

Jeff Michael
Author of "Repair Your Credit and Knock Out Your Debt"

Article Source: http://EzineArticles.com/?expert=Jeff_Michael

Now Withdraw and Deposit Money Without Worrying About the Balance

Banking services in India have undergone a remarkable change from the time when India became an Independent union of states. The credit of this change goes to the governments policies. It is because each government in India laid major impetus on the concept of banking in India. Due to these all consistent and serious efforts, Banking played an important role in the welfare of the entire economy. Also due to these ground breaking policies, the role of national banks also strengthened. Not only that various international banks and the private sector made their way into the market of India. It is only because of this that today both the nationalised and the private sector banks are playing a vital role in the Indian economy.

One of the most important functional aspect of banking field is the current bank account. Current bank accounts are specially meant for the likes of business men, top industrialists and the entrepreneurs. These are the special kinds of bank accounts where there is no limit on the number of transactions. Hence, any person who own this type of account can deposit as well as withdraw the money for any number of time. But in return of this extraordinary facility, the account holder will have to pay a certain amount to the banking authorities. This account works on the lines of the normal account. the only thing that is unique about these account is that since this account is meant for withdrawing money at a very short notice, therefore it also presents the feature of over drawing the amount. Yes, but on this overdrawn amount, the account holder will have to pay a certain rate of interest that is determined by the bank authorities, due to which it may vary from bank to bank.

However, till few years back the current account interest rate used to be on the higher side, but as the intensity of competition among the private as well as the nationalised banks attained new heights, it is the customer that was on the receiving end of all kinds of benefits. Also owing to the competition the current account interest rate have dipped to a very low level. There are various banks in India that are offering current accounts interest rate at a very reasonable level. Which is why more and more corporate people are now opting for it.

On the other hand saving accounts in banks, are the most trusted and the most reliable version that is being used by the Indian people for past many years. Saving accounts are the accounts in which people invest their hard earned money. It is the most effective means of investing the money. It is because the bank authorities charge a certain rate of interest on the deposited money. Thus it is quite a safe technique of increasing the bank balance. It is because this method does not involves any kind of risk of any form. The rate of interest on these saving account offered by various nationalised banks as well as private sector banks are very reasonable. These reasonable rate of interest ensure the account holders of considerable returns on the amount deposited.

Thus current account interest rate that are now being offered by various banks are not only reasonable but also at the same time are proving as a helping hand to most of the businessmen. On the other hand saving accounts are still the most trusted version of investing money that is being used by the most people in India.

About The Author: For more information about high interest rate savings account and current account interest rates. Please visit our website: http://www.paisawaisa.com/

Article Source: http://EzineArticles.com/?expert=Addi_Vardhaman

How to Give to Charity Without Spending a Penny

Have you always wanted to make a donation to charity but worried that you really could not afford to due to your own outgoings and the credit crunch? This article aims to show you ways in which you can give back and be charitable without hurting your own bank balance.

Clicking on sites to make a donation

There are several websites that have been created where you can visit and click on a link. This link represents a donation to that particular charity. The charity receives the money from sponsorships that they have in place. They have agreements with their sponsors who have agreed to donate a certain amount of money for every click that is received from the site. Now you can simply do your part by clicking on the links in order to generate the donation. Companies choose to do this for several reasons. One is because they will get people who are surfing the internet to see their advert or logo for their company and it is also their way of giving back.

Getting a charity card credit card

There are many credit card companies that work with charitable organisations and have produced a charity credit card. An example would be Cancer Research. As the cardholder you will use your credit card in exactly the same way as a normal card. Every time you make a purchase you receive a cashback reward. The credit card company donates this reward to Cancer Research (or whichever charity they are affiliated with). So you are able to make a donation without hurting your bank balance. You could even see this as guilt free shopping for yourself.

Donate your old phone to charity

Most people own a mobile phone today and due to the advances in technology, we are constantly offered upgrades. This means that there are a lot of old phones in cupboards and on shelves gathering dust. But now you can donate these old phones to charity. The phones are refurbished by the charity and then sold to other countries and the generated revenue is used to carry out the good work of the charity. Again this is a way of giving without spending a cent.

Take part in a charity run

Another way of giving back is to take part in an organised charity run. Several charitable institutions hold these events throughout the year. These events can range from a gentle stroll involving the whole family to a full on competitive marathon. All you need to do is gather together a few sponsors. The amount you raise can be a little or as much as you are able to collect as charities are very grateful for everything that they receive.

To find out what charities run these events simply enter the phrase running for charity in your search engine.

So now you know that you can indeed make a charitable contribution and make a difference without hurting your own bank balance. Do some clicking on the internet, get a charity credit card, donate our old mobile phone or take part in a charity run. Whatever you choose, know that you are making a difference.

How to Beat the UK Cost of Living Crisis

Many people in the UK are experiencing the biggest hike in fuel and food prices for decades, and all signs indicate that it's going to get much worse.

As a global recession menacingly looms on the horizon, we in the UK can expect to pay higher prices for consumable goods right across the board, together with a further slump in property values. On a brighter note, luxury goods like digital TVs are actually falling in price due to a decrease in demand.

However, the real worries are the forever upward spiralling costs of food, domestic gas, electricity and petrol. All of which have dramatically increased in price over the last 12 months.

Despite obscene profits, the companies who supply the general public with power and petrol continue to lay blame on so-say production and sourcing costs, citing these as the real causes for the dilemma. Despite this, many people now feel that these are nothing more than excuses in a feeble effort to obscure their sheer greed.

In these circumstances the public are completely powerless, and much like the battered motorist, we as fuel consumers are easy prey.

Now, all this price hiking and public fleecing is bad enough but when you take into account the derisory pay rises, which many public sector workers have been offered recently, you have before you an unhealthy recipe for civil unrest. But, although many people will speak out openly about these blatant injustices, many will just grin and bear it. It's the British way.

Well it all sounds like doom and gloom, and for many it is. But it doesn't have to be that way. All anyone needs to overcome all this misery is an extra income. And there's never been a better time to look at all the opportunities, especially those on the Internet.

Anyone with a computer, an Internet connection and a few hours to spare can earn an additional income from doing simple data entry work or participating in online surveys. There are also much more profitable sidelines like auctions, affiliate programs and setting up an online business.

All these income boosters can be operated from home, so there is no financial outlay other than a small initial investment in the information needed to get started. They can be operated on a part-time basis or full-time basis depending on the individual and the time they have to spare.

We all know there's no such thing as a "quick fix" or "get-rich-quick" system. However, these little income opportunities offer a way to help keep on top of those regular bills and see off some of those debts. And for those reasons only, at a time like this, it's worth taking a closer look at what's on offer.

5 Tips For a College Student's Budget

When you're in college, it's easy to get caught up in a busy lifestyle. With all of the studying, part-time jobs, hanging out with friends, and extra activities, it's easy to forget about a very important aspect of your life - your finances. Read on and discover some proven tips for a college student's budget.

1. Plan ahead. Figure out where your cash flow is coming from. Make a list of your income from parents, your student loan, or your part-time job. Then figure out what your monthly expenses will be. Include expenses for food, books, and other activities. Make sure that you have enough income to meet your expected expenses. Also, allow a little extra for emergencies. Once you have a budget, be disciplined and stick to it.

2. Save on food. When you were living with your parents, this is one expense that you didn't have to worry about. But in college, it will be one area that you'll need to watch. Be sure to use your food allowance and avoid eating out at fast food places, as this will most likely to ruin your budget. Pack your lunch and plan meals as much as possible.

3. Take full advantage of student discounts. Use your student ID's and memberships in organizations to get discounts in several establishments. Discounts can really add up over time.

4. Use cash as much as possible. If you already have money on your Student ID card, use it first. Avoid using your debit card when you have cash with you. Use your credit cards only in emergencies. More colleges students are leaving school with high credit card debt that will take years to pay off due to careless spending habits.

5. Keep yourself busy. Be sure to join clubs in your field of interest. Keeping busy will help you stay away from things that you spend money on when you get bored. You will be surprised at the amount of money you will save by spending less on items you don't need and following your student budget.

Remittances to Nepal

Remittances in developing countries have become an important part of economic development. In some countries, they are considered a lifeline for the economy. This source of foreign income has been rapidly growing each year. Migrants have been transferring money for years in Nepal often times through unofficial channels. Today with the many different options available, the flow of remittances has seen a steady upward incline. It is believed that in 2005, unrecorded remittances accounted for 50 percent of transfers to Nepal.

Formal remittances between the agents are monitored periodically in Nepal. Informal remittances are often settled through goods trading. This barter method of transferring money makes it convenient and eliminates the fees charged by the sending and receiving agents. It is difficult to determine the actual number of remittance transactions done in this barter method since most do not keep accurate or any records of the transactions.

How do remittances help?

Remittances provide direct aid to families from the migrants who send them. Families are able to increase their standard of living and, for some families, this may be their only means of support. Remittances may also be used to provide loans to individuals or fund businesses.

Minimizing the transaction costs would put more money in the households of the recipients, and into the economy. The cost of remittance service does not depend on the amount being sent. Often times it includes labor charges, house rent, technology network charges, etc. The underground or unofficial agents can charge whatever they like.

There has been greater competition among the banks and money transfer operators (MTOs), which is bringing down the cost of a transaction. Because of the increased competition, the unofficial agents have been forced to lower their rates in order to stay competitive.

Diminishing export markets and difficult economic situations have labeled Nepal one of the poorest countries in South Asia, but between 1995 and 2004, poverty declined from 42 to 31 percent. This is mainly because of increased work migration resulting in increased remittances. In fact, the proportion of households receiving remittances has increased from 24 percent in 1995 to 32 percent in 2004. Remittances have grown at 30% per year from 3 percent in 1995 to 15% in 2004. Official statistics show that $1 billion dollars comes into Nepal from remittances each year and this does not include remittances sent using unofficial agents.

Be a Smart Shopper Using the Latest Financial Offerings - The Credit Cards

Credit cards are given once an account has been approved by the credit provider, after which cardholders can use it to make purchases at shops accepting that card. When a purchase is made, the credit card user agrees to pay back the issuer. The person having credit card shows his will to pay by signing a receipt with a record of the card details and indicating the sum to be paid or by entering a personal identification number (PIN). Also, many merchants now accept verbal authorizations via telephone and electronic authorization using the internet, known as a 'Card/Card holder Not Present' (CNP) transaction. Electronic checking mechanism permits the vendors to check if the card is valid and the credit card customer has enough credit to cover the purchase in a few seconds, permitting the check to happen at time of purchase. Data from the card is obtained from a magnetic stripe which is called PIN, and more technically is an EMV card. Other types of verification systems are used by e-Commerce merchants to determine if the user's account is valid and able to accept the charge.

It involves the cardholders providing additional information, such as the security code printed at the back of the card, or the address of the cardholders. Credit card issuers usually exempt interest charges if the balance is paid in full every month, but normally it charges full interest on the entire outstanding balance since the date of each purchase if the entire sum is not paid.

The credit card interest rates have different types of interest rates starting from 7 to 35% depending largely upon the bank's risk evaluation methods and the borrower's credit background. Europe has much higher interest rates, about 50% over that of most developing nations, which average about 200%. In Brazil bank-issued Visa or Master card to a new account holder can have annual interest as high as 240% even though inflation seems under control at around 6% per annum.

RBI has made life convenient for credit card users. It has come up with a host of criteria for financial institutions and other companies that manufacture cards. The new instruction says that banks should not charge excessive credit card interest rates and must define a rate of interest. RBI also wants banks to have a system to provide credit card customers their monthly statement.

Financial institutions are warned against sending statements after a gap of a few years and demanding payments. RBI has slammed the practice of issuing unsolicited credit cards and has regulated stringent penalties on banks indulging in any mal-practices.

Let us take a look at the best credit cards in India which differ from bank to bank and some of them are visa card,master card, domestic, international, gold credit card, classic credit card,platinum credit card, sterling silver card etc. Many people feel that ICICI has the best credit cards with range of Signature Credit Card, Ascent American, Express card and ICICI bank Titanium Credit Card.

Thus it is clear that credit cards are the latest fashion tools in the word of finance and economics. Their arrival has infused a new spirit in the otherwise boring areas of retailing and shopping. Their arrival has facilitated the business to a very large extent.

Treat Yourself to Sorting Out the Money Thing

Financial abundance is our birthright and we can claim it.

It is never too late to change the way you think about or manage money, particularly if the way you think about it no longer serves you.

For many people, it is not so much how much money is earned, but instead what is done with it, how it is used, spent or saved in some way. It may be that you're a professional and earn way above the national average and yet you still have more month than money. Or it may be that you've worked in a manual/unskilled/semi-skilled position earning around the national average and it may even be that you have another job to supplement your main income - you may own properties in the country you live, and own rental properties in other countries and have a sizeable amount of savings.

It is a question of psychology. How do you think about money? Is your money working for you? Or are you working for your money? That is, is your money earning you money even whilst you sleep or are you earning your money and allowing it to frit away? Our thought processes around money is often determined by the emotional baggage we associate with it, usually from our childhood.
Certainly in my family we grew up never really having much. It seemed as though we just had enough to pay the rent, eat three reasonable meals a day, and pay the bills and not too much more to do much else. Buying clothes, certainly up to date clothes were pretty much off the agenda, much of the time.

I was told about the importance of saving. My mum was particularly insistent about this and I did save for a while, money that family and friends would give me.

My relationship with money has been quite fickle. I have earned a reasonable amount of money and it feels as though I have squandered a lot too. Do not get me wrong - I enjoyed what I was doing when I was doing it - going on holidays, buying clothes, buying property etc. What I did not do though was pace myself. I was speaking to a friend recently and communicated to him that over the last five/six years I have been close to bankruptcy at least four times. I was always living on overdrafts, always maxing on my credit cards, managing my bank account inappropriately and so having items returned unpaid and incurring bank charges.

The pain associated with those times was so great that I made a decision to think differently around money. Yes, it is been an ongoing process of fits and starts and I am seriously focussed and on my journey now. Each time I make money I pay something to myself as well as paying off debts and bills.

I love paying my debts as much as I love paying myself. As far as possible, it's important to be clear of debts. I have a different relationship with money. I have much more respect for money now. I know how it can serve me and beyond me - my community and charities generally. How I use the money I make is now very important to me, otherwise I may just as well stand on the street corner and devalue the money by ripping it to shreds - because in effect this is precisely what I have been doing - ripping it to shreds and throwing it away.

The best person to take control of your money is you. Of course you will take good professional advice, giving up complete control though, to the 'professionals' is not overly wise. You will want to get regular feedback on how your savings/investments are doing (if you have any). Get curious, stay interested, make decisions - take back the control.

I remember as a child I use to dread going back to school after the Christmas holiday - absolutely dread it. Why? Because I knew that I would have to lie about the presents I got. Certainly at the time I thought it was a `had to' lie. Friends around me were getting what seemed to me to be multiple presents of money, clothes and toys etc. etc. I cannot quite remember the gifts that I did get, but I do remember that they were small and yes what my parents could afford and certainly I was grateful for them because I knew that it took a lot to make sure that we did all get something. And yet I felt the `pressure' of having to fabricate all the things that I did not get. Reflecting on it now, I wonder if others did the same.

The great thing now looking back on those times is that I did get presents and I'm sure that many other children did not, though, as a young person, this was not what was going through my mind at the time. My thing was what lies could I make up about the presents I got? The lie, to some extent, related to who I was talking to at the time. It seems really elaborate now thinking about it, though didn't at the time, I did have to keep track of what I said to whom.

I grew up knowing that my parents always did their best and particularly my mother, she is a very selfless person. She never provided for herself without first providing for us.

Other memories about what I considered to be lack centred on school holidays, particularly going back to school after the summer holidays. Friends would be talking about what they did in the summer holidays - going away to stay with relatives and friends, going off to the seaside. We never did any of this in my family. The impact in relation to my adult life and how I have thought about money is that money it is there to be spent and I will get anything I want. Holidays, clothes, household goods, etc, etc, you name it; if I wanted it, I would get it. Instant gratification. Deferred gratification just was not in my vocabulary. I had no idea what that meant, and saving for a rainy day were words without meaning.

Strategically thinking about and planning in relation to money was not even a consideration. It was a case of making up for in adulthood what I couldn't and did not get as a child. These were my learned responses to money. Took me a very long time to fully appreciate that my thinking around money and use of it was actually counter-productive to my well-being. Maxing on credit cards, getting bank loans, defaulting on bills did absolutely no good to my credit rating.

I remember when I was first told that I was not credit worthy. It felt like a real attack on my identity. I went to a place of defensiveness. Not worthy?! What do they mean? They do not know me. Not credit worthy - I felt really indignant and yet looking back on it, I realise that it was a real wake up call for me. Still did not stop the indignation though. How dare they make judgements and assumptions about me?

Not worthy or even capable of managing my own finances, the evidence was there for all to see. I was completely blinkered to the glaringly obvious evidence. I went into complete denial and continued to spend more than I earned happily - oblivious to the mess that I was creating for myself. Being turned down for credit cards, bank loans. The impact often times going beyond my knowing.

We all carry baggage. Some positive, some negative. I wonder what yours is.

What are your dreams and desires?

What do you wish to achieve around money?

What are your yearly goals - or at least your goals for this year?

What plans will you set in place to achieve your financial goals?

These will be different for everyone. What's important is that you feel at one with your achievement of your goals. They are your goals. You wish to achieve them. It would be worthwhile to set out for yourself why you wish to achieve your financial goals. How will they benefit you and others? If you can arrive at a reason why your financial goals are important to you, it is much more likely that you will achieve them.