Personal Finance Archives – बैंक India — Indian Banks News & Tutorials

Top 5 Small Finance Banks in India

Dec 30, 2022 Suraj Tandon 1

The primary purpose and foremost goal of Small Finance Banks (or SFBs) as financial institutions are to meet the financial requirements of poor people, small farmers, Small Business units (SBUs), and micro and small industries, among other unorganized entities. Small Finance Banks do this through traditional banking activities and further financial inclusion by providing their banking services to unserved and underbanked regions of the country by extending credit facilities to them when it comes to loans, etc., that otherwise would be turned away by commercial banks. These banks provide their target communities with the essential banking services generally offered by commercial banks. They are registered as public limited companies under the Companies Act 2013. Here is a simple and quick list of the top 5 small finance banks in India to help you get started with your worthy investment. What is the Difference Between Small Finance Banks & Commercial Banks You should know that most Small Finance Banks function the same services as commercial banks, including accepting deposits, lending, and non-risk-sharing financial activities, such as mutual funds and insurance. These financial activities are, however, quite different from other commercial banks. Some fundamental differences between Small Finance Banks and Commercial Banks […]

Top 10 Finance Companies in India

Mar 26, 2018 Suraj Tandon 1

Finance Company specializes in supplying credits to purchase goods in credit. The finance companies grant loans or lend money to the customers for different projects or ventures. The finance companies play a vital role in the growth and development of the country. The importance of the finance companies in the country is not ignorable. Several finance companies operate in India and offer incredible financial services to the varying needs of consumers. Here is the list of the best finance companies in India. Top 10 Finance Companies in India 2022 10. Aditya Birla Finance Limited Aditya Birla Finance, formerly it was known as Birla Global Finance Limited. Birla Global Finance Limited is one of the leading names in the finance industry of India. The company incorporated in 1991 and has its headquarters in Mumbai. Aditya Birla Group operates the company and is successfully operating in the country since 20 years. 9. DSP Merrill Lynch Limited DSP Merrill Lynch Limited is one of the oldest and leading brands in the industry. It incorporated in 1914, and its headquarters is in Mumbai. This more than 100 years company has a distinguished reputation in the market for its financial services. 8. L & T […]

Top 12 Online Demat And Trading Account In India 2024

Mar 3, 2018 Suraj Tandon 0

Do you have an interest in the stock markets? You need a Demat and Trading account. Demat refers to dematerializing the shares into a digital form rather than in physical papers. The shares you purchase will get deposited in the Demat Account. From the same account, the shares you sell will get deducted. Through the Trading account, you will sell or purchase orders from the stock market. If you wish to enter and try your luck in the share market, you need to open a Demat and Trading account. In India, there are many companies providing services for Demat and Trading accounts. In this article, you will get the list of the top 12 companies to open Demat & Trading accounts in India that offer excellent facilities. The leading companies offering Demat and Trading Account In India 1. Zerodha Zerodha is one of the leading companies for Demat & Trading accounts. It has more than 1.5 Lakhs customer base. It has set a benchmark in the industry with a daily average transaction of over Rs 10,000 Crore. Zerodha is the best trading platform for small investors as they need not pay any minimum brokerage charges for trading. The minimal brokerage […]

How to Activate your UAN number

Apr 6, 2017 Suraj Tandon 2

Consulting the accounting department for the slip of paper containing information about Employees Provident Fund is the past thing. By now most of the EPF users or subscribers must have been provided with the UAN or Universal Account Number. Last year the Minister of Labour & Employment asked the organizations across the country to provide the UAN number to Employees under the PF Act. Universal Account Number will be different and individual to each of the EPF contributing member and act as the Login information to check PF status and other information about your Provident Fund. The number available as Universal Account Number will remain for your usage even when you change the job, it will be available as service till you use and subscribe it. In the article, we will discuss the simple process that will help you to check the EPF Balance and the Status of Payment received from the company by using UAN number. Process and Step to check EPF Balance online You need to visit the new official EPF unified portal https://unifiedportal-mem.epfindia.gov.in/memberinterface/ in order to set in for the further steps in order to know the details about your account tagged with the Universal Account Number […]

Few Reasons Why a Personal Loan Application May Be Denied

Feb 25, 2015 Rajeesh Nair 1

Personal loans are quite popular today for many different reasons. Personal loans are the best remedy to overcome any unforeseen costs at an interest rate lower than that of a Credit Card. For homeowners, these loans can come handy to build the property value while it may also be worthy to enjoy a long vacation with your loved one or shower your loved one with a high priced gift. In emergency situations or some urgent fund requirements, personal loans are always considered as the better alternative compared to credit cards. But getting a personal loan is not as easy as you think. Although it is an unsecured loan, there are chances that you might be turned down for a personal loan for different reasons. Being an unsecured loan, financial institutions have restricted the credit criteria which makes it difficult for many individuals to qualify for the loan. Hence, the chances of getting a personal loan from any financial institution are quite moderate and only those candidates who fit into the credit criteria designed by any financial institution are eligible for a loan. Before discussing your probability of getting a personal loan, you must understand the basic difference between Secured and […]

5 Popular Reasons Why Someone Would Opt For Personal Loans

Feb 20, 2015 Rajeesh Nair 2

No matter how much you earn, there are some needs that you can’t afford your current income. At least, not in a lump sum. Many banks and lending firms have recognized this problem of an individual and have introduced personal loans as their way out. Yes, personal loans are curated in such a way that you can avail a specific amount of money from the bank or other lending firms for different purposes which are not specified by the lenders at a condition that you will repay all the money in addition to the predefined interest rates as EMIs to the lenders. Basically, these kinds of loans are classified as unsecured loans for which you just need to convince the lender about the surety of the repayments. In short, you don’t need to provide any security such as property papers or any other belongings. The lender can determine the potential of your loan repayment capability on the basis of your current and past income details or bank statements. As the interest rates on personal loans are quite higher compared to other secured loans, the borrower must understand their requirements and then thoroughly decide if they could pay those high-interest rates […]

How To Get Your CIBIL Credit Score Online?

Feb 16, 2015 Rajeesh Nair 1

Today with the help of Internet, everything is getting simplified and the same can be said for CIBIL credit score. Now, you can get your CIBIL credit score online through a paperless process. Yes, you can simply logon to the official website of Credit Information Bureau of India Limited (CIBIL) and get your credit score online. CIBIL Credit Information Report is considered as your financial report card that comprises of all your credit history. It is a report that can fetch the details about your past loans as well as credit card bill payment records. A CIBIL Credit score is determined on the basis of this Credit Information Report. All the major banks and lending firms in India refer to credit score of every loan applicant in order to determine the repaying capability of the individual in the most convenient manner. In short, a CIBIL score helps the banks or lending companies to analyze the probability of defaults of a customer. If you have a high CIBIL score then the chances of getting a loan approval rises whereas if the score is low then the banks would reject your application. How to check your Credit Information Report (CIR)? You can […]

Introduction to CIBIL Score and Importance of Credit Information Report (CIR)

Feb 12, 2015 Rajeesh Nair 0

Banks in India have always been strict when it comes to sanctioning a loan. In the past few decades, with a lot of new lending firms entering the market, most of the individuals opted to go for these new firms rather than depending on the banks for loans irrespective of high interest rates. With time, banks realized that they were losing a great part of their customers so they decided to make some regulations and introduced Credit Score as a vital tool to determine whether the individual is eligible for the loan he/she is asking for. The concept of credit score is very simple. Your eligibility criteria while applying for a loan from a bank improves if you have a good credit score. Banks rely on CIBIL (Credit Information Bureau (India) Limited) which is India’s first Credit Information Company (CIC) that collects and maintains the records of an individual’s repayments pertaining to loans and credit cards. CIBIL determines your credit score assessing your credit history. Your credit score depends on the following factors: Past history of late payments and defaults. Number of Loans and Credit Cards under your account. Alertness about paying loans and credit card bills. Number of Loan […]

CIBIL Credit Score – How to Improve Your Credit Score?

Feb 11, 2015 Rajeesh Nair 3

Credit history is vital and one of the main factors besides your monthly income that is considered by a Loan Manager in order to decide whether you qualify for any loan or credit card. Generally, each individual should understand the importance of the Credit Information Report (CREDIT SCORE) and how to maintain one as this is a report that would be accessed by the lenders to evaluate your loan application. CIBIL helps you get your Credit Score online instantly without much trouble. Approved by most of the banks and lending firms in India, you are liable to get financed whether for a new home, car or any other personal needs if you have a good CIBIL score. Hence, to get your loan approved, it is highly essential to maintain a good credit score. To maintain a good CIBIL Credit Score, you must follow these 7 simple rules: Pay your loan EMIs regularly: The most important and the best way to improve your credit score is to pay your loan EMIs on time without any defaults. Regular payment of your EMIs suggests that you are financially stable. In case, you are having more than one loan, then it is important to […]

Negative Factors That Affect Your Credit Score

4 Factors That Negatively Affects Your CIBIL Credit Score

Feb 7, 2015 Rajeesh Nair 2

CIBIL is currently very popular in the Indian market that provides your Credit Score which is very helpful in getting essential loans such as home loan, car loan and personal or business loans. CIBIL uses some unique but scientific methodologies to calculate your credit score which is accepted by almost every finance companies in India. Your chances of getting a loan increases if you got a high CIBIL score. The fact that CIBIL credit score is calculated on the basis of some scientific methodologies, you may get a positively high score or negatively low score based on your financial profile. There are examples where someone got a great score despite defaulting a couple of time whereas some got a low score in spite of making timely repayments. Hence, the factors determining the CIBIL credit score are not based on your repaying capability alone. In this article, I will guide you through the negative factors that affect your CIBIL credit score. Negative Factors affecting your Credit Score: 1. Defaults in Repayments: The most important negative factor responsible for a low credit score is your repayment history. If you have any delayed or missed EMIs on any of your existing loans in […]