ICICI Bank launches instant Credit Card

Ahead of the festive season, ICICI Bank has introduced an instant credit card which can be availed online and helps a customer to start shopping even before the plastic card gets delivered, reported PTI.

“The card will empower our customers to instantly get the credit card online in a few steps and immediately start transacting on e-commerce sites to take advantage of offers. There will be many interesting offers in categories like shopping, travel and entertainment ahead of the festive season, which witnesses higher consumption.” said ICICI Bank’s Executive Director Anup Bagchi. Continue reading

ICICI Bank offering Personal Loans via ATMs

ICICI Bank will be offering personal loans of up to Rs 15 lakh through its ATMs that can be availed of by select salaried customers even if they haven’t previously applied for one yet. Using data from credit information companies, ICICI Bank will pre-qualify select customers for personal loans. Such customers will get a message on the ATM screen after completing a transaction, informing about their eligibility for personal loans.

If a customer chooses to take a personal loan, he/she can avail of a 5 year personal loan of up to Rs 15 lakh and the amount will be credited instantly into his/her account. The service is already available.

A customer is given multiple amounts to choose from and will be informed about other crucial details like the interest rate, processing fee and monthly installments, before the transaction is completed by crediting the loan amount into her account. Continue reading

SBI launches “SBI Realty” portal for home buyers

India’s largest commercial bank State Bank of India (SBI) has launched a dedicated portal “SBI Realty” that will help home buyers to choose flats from its 3,000 approved projects across the country.

“SBI has taken another step towards customers’ convenience by launching ‘SBI Realty’ – a one stop integrated website www.SBIrealty.in for home buyers,” the bank said in a statement.

SBI Realty will help customers to choose their dream home from 3,000 SBI approved projects, which are spread across 13 states and Union Territories covering 30 cities. At present, there are 9.5 lakh home units available on the website. Customers can compare current and past trends of prices for the properties in various localities in the city. Continue reading

How to Get Best Rates For Secured Loans

Traditionally, secured personal loans have been very popular to get urgent finances, to buy a car, to fund a holiday etc. Modern society is increasingly using secured loans to fund innovative expenditures like home renovation, debt consolidation, business venture, etc. The loans are getting popular, but are the borrowers able to get the best rates for their secured loans?

Amazing it might sound, but the answer is a blatant “No”. Surveys show that majority of borrowers shy away from the hard work of shopping around for the best rates on secured loans. This is indeed a very worrying situation. It bleeds the borrower from the very first installment and is not good for the lending market in the long run because the lowest cost lender did not win the business, and the borrower is burdened financially more than he should have been. Getting a best rate for secured loan compulsorily includes a diligent shopping, and interviews/proposals required from at least 5 lenders. We will advise you to do this before you decide on any particular offer. Continue reading

How to Avoid Loan Penalties?

Have you ever been late on a loan repayment? It seems that just at the time that you need it least, banks and other lenders slap hefty charges on your account. This is the last thing you need, especially when you’re finding it difficult to keep up with your repayments. It’s like a spiral, you’re late on a payment, so you get a late fee, then the fee makes it harder to meet your next payment so you get another late fee, or a late fee from one of your other accounts. Before you know it all your money is going on late fees instead of on the payments themselves. Continue reading

Avoid Predatory Lenders and Get a Good Home Loan

The term predatory loan refers to a variety of abusive lending practices. Predatory lenders use high-pressure sales tactics. They only offer you high interest loans with lots of junk fees tacked on, even though you may qualify for a better loan. High interest rates and unnecessary fees raise the amount you must borrow, and make it hard for you to make your monthly payments. This puts you at risk of losing your home and the money you have paid into it.

You won’t know if a lender is legitimate or predatory until you shop around and get quotes from several lenders. If you are buying a home, or simply refinancing your current loan, it’s important to compare different loans and the cost of each. Even if you have good credit, you can fall victim to predatory lenders. Protect yourself by shopping for loans at different banks, credit unions and other lenders. Continue reading

Car Loan Refinancing

When you bought your own car, you might not have found the best financing deal. You could have taken out your car financing through a car dealer at an interest rate that is possibly higher than other financiers. This could be one of the reasons why you are currently paying way too much your current car loan. If your credit has not been in tip-top shape, you could be paying a higher interest rate as penalty. If so, then it’s high time you looked into refinancing.

Car loan refinancing is fast and easy. Once your car loan refinancing application has been approved, your current loan will be paid off by the new car finance company. You will be making payments at a lower interest rate than you have been previously paying. You’ll be surprised at how much you will be saving on car loan refinancing. Your savings could amount to hundreds, even thousands of dollars over the course of the loan, depending on how much your new interest rate is charged on your car loan refinancing deals. Continue reading

Basics of Student Loans

Student loans are meant to help students who are unable to bear their educational expenses. Student loans are different in different countries in the way they are devised, but then the common types of student loans available are the undergraduate loans, college student loans, private student loans and federal family educational loans. Most of the student loans are issued by the government generally with lower interest rates when compared with the regular loans.

Student loan repayments are not made until the student completes his graduation. This facility helps him to concentrate on his studies and earn some little amount of money while he is studying, but repayment has to start once he finishes his education. There is a grace period of six months normally after the graduation, meant to be a cushioning period for the student to get into a job and start earning. Under certain circumstances, the federal student loans can be forgiven on an income contingent plan after 25 years. Also the payments are required to be paid off within a minimum period of time. Continue reading

Are Secured Loans The Sensible Option?

Secured loans maybe easier and faster to obtain than many other loans, but there are a number of potential dangers with getting secured loans. If you are in need of a loan, but are unsure if a secured loan is the right way to go, then this article can help you. Knowing more about secured loans and their dangers will help you to decide if secured loans are the sensible option.

What are secured loans? Secured loans are loans that are granted because you put up some form of security behind the credit, usually in the form of your house. Amounts usually range from between £3000 and £50000, and repayment terms range from 3 to 25 years. The amount that you can borrow and the interest you pay will depend on how much equity you have in your property, which is the amount you have already paid towards your property’s value. Continue reading

Auto Finance Basics

These days when you step into a car showroom, there will be two major things that the dealer will be offering you. First he will be offering you cars, and secondly he will be offering you finance packages. This is how you should look at it. The fact of the matter is you may probably wouldn’t buy a car from your bank, even if they started offering them, so you may wish to apply the same scrutiny to the finance packages available at the car dealership and choose to buy only you car there and the finance package elsewhere.

It may be that there is nothing wrong with the finance being offered at the car dealership and in many cases this will be true. However, you must be aware that just because you buy your car there, does not in any way imply that you have to use the finance options and terms that they are offering. You are always free to take a loan from somewhere else, such as a bank, and pay for the car outright, and then simply make the loan repayments to the bank as with any other loan. Continue reading