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Banking sector in the Indian financial system plays the most important role in shaping the economy. Banks in India offer various kinds of services, out of which the service of providing/granting loans is the utmost important. Banks provide various kinds of loans, namely education loan, car loan, home loan, gold loan, personal loan, and many more. Though there are different kinds of loans, the nature of a loan can either be secured or unsecured.

Secured and unsecured loans are the terms coined from the perspective of banks. Loans like education loans are unsecured loans, as the bank trusts the customer and grants an opportunity, whereas a gold loan is a secured loan, wherein the borrower pledges gold (either in the form of jewelry or biscuits or bricks) and asks for the loan. What a secured loan basically suggests is that the asset/property/gold which is pledged by the borrower would be kept with full security, and the borrower would be able to get his property back after paying the principal amount along with interest.

A gold loan grant asks the borrower to pledge any kind of gold (more pure than 18 Karats), to get the loan granted. It is similar to a home loan, wherein the bank asks the borrower to submit the official papers of any other property as collateral.

Secured loans are comparatively easy to get and hence are more in demand. Such loans guarantee money, time, and schemes to repay the loan on time. Banks also keep the pledged properties in high security vaults, so the borrower also gets a sense of satisfaction that his belongings are kept somewhere safe. Though to get the ownership of pledged assets back, the entire amount (principal amount + interest) must be paid. It is also true that interest rates on gold loans fluctuate a lot because of market volatility. Hence, availing gold loans in recession or when the market value of gold is low should not be considered as a good financing option. As higher interest rate equals higher payment within the same time.

Coming to defaulting in gold loan, banks increase the interest rate and charge late fees, credit/CIBIL score is negatively affected, the bank would blacklist your name from providing loans any further, and you would not be able to fund future operations via organized loans. The risk in availing a gold loan is that of losing the ownership of the gold endowed to the bank. Banks generally put the gold pledged by the borrower on auction so as to recover the amount they didn’t receive back.

Hence, every borrower must foremost go through the terms and conditions, must logically structure the loan repayment process, must check the Gold Loan Interest Rate along with the market price of gold, and then accordingly decide whether it is the right time/bank/policy to avail the loan. The gold loan interest rate can be checked using the gold loan EMI calculator from any credible website on the internet, and based on that the decision should be made.

These were a few security measures which secured loans adhere to. Secured loans also abstractly push the borrower to judiciously utilize the amount availed because of the fact that his property is in the hands of an external body; which means that secured loans also motivate the borrower to work with more precision and be concise with the monthly payment budget.

Gold loan is the most convenient option to get money for the short term, mainly because of lower interest rates (generally lower when compared to other kinds of loans). SBI Bank is one such bank which offers friendly interest rates and requires basic approval documents to grant the SBI gold loan.

Also Read:- History of Gold Loan 

Gold loans are the best option if you want to get an accessible fund in a short amount of time. It is the safest investment option for getting an excellent value for your gold ornament.

There are a lot of benefits to applying for a gold loan. Some of them are listed below:- 

1. Processing:- As a gold loan is a secured loan, you give your gold against the loan amount. So here, the gold will act as a security, so banks usually dispersed these types of loans very quickly. The documentation process is not very lengthy. You just have to fill a small application form and attach some documents like an Aadhar card, pan card or passport for the verification process. You don't have to wait for a long time to get your documents verified, banks only take a few minutes to settle all the paperwork, and once it's done, they credit the loan amount to your bank account.
    
2. Interest Rate:- The interest rate for the gold loan is comparatively less than personal loans. The range is usually between 7% to 13% p.a. you save a lot of money here because the Gold Loan Interest Rate is low. Some banks allow you to pledge any other asset that you have as collateral, it will definitely help you decrease your interest rate even more.
   
   
3. Repayment options:- Banks give flexible repayment options to the customers. There are some unique options like 'interest only' where you just pay the interest rate that occurs every month, and you pay the whole principal amount at the end of the tenure. There are many other options like this available. The tenure usually ranges from 12-48 months, but you can extend it if you have some financial constraints. It is generally recommended to choose a shorter tenure for a gold loan because you might end up paying more interest than your loan amount.
   
   
4. Processing fee:- Most banks like Corporation Bank gold loan or State Bank of India gold loan don't usually charge a processing fee for gold, but if they do, it's generally 1% of your loan amount, which is very affordable and less expensive. But many banks and Non-Banking Financial Companies don't ask you to pay any processing fee because the process of gold loaning is quicker, and they have your gold as collateral.
   
   
5. Income proof:- Unlike a personal loan, you don't have to submit any income proof to show that you're eligible for this loan. This feature makes a gold loan attractive because it allows everyone from an employed salaried person to an unemployed housewife to apply for this loan.
   
   
6. Credit Score:- If you have a low or bad credit score, then your application for any other loan can be rejected, or you'll have to pay a high-interest rate to avail of that loan. But that's not the case for a gold loan, and here you don't have to show your credit score to avail of this loan. You can get a gold loan at a low interest rate even if your credit score is low.
   
   
7. Anytime liquidity:- You can get this loan anytime, and the bank will just need 5-15 minutes to complete the whole procedure. So you can quickly get cash against your gold anytime and within just a few minutes.
   
   
8. Flexibility:- You can use the money you get from a gold loan anytime and anywhere. Unlike car loans and house loans, you don't have to use them for one particular situation particularly. You can use it for different purposes simultaneously, and you are not reasonable to anyone about your expenses. This gives you complete flexibility over the money you get from a gold loan so that you can use it for different purposes like wedding, medical expenses, vacation, debts, buying an asset or for a child's education.

Conclusion: There are a lot of advantages to applying for a gold loan. And you can apply for a gold loan anytime you want. The basic requirement is pure gold. But you'll have to be careful while paying the instalments because if you fail to pay the loan amount or the instalments, then the bank will seize your gold and sell it to cover up the loan and the interest amount. 

Any of the existing loans and the vast liabilities is the factor that continuously determines the home loan eligibility criteria. Whenever you have any of the loans, whether it can be a personal loan or a gold loan, all the banks calculate the repayment capacity based on every month income. Therefore, if any of the loans EMI also take up a considerable portion of every month income, and if you do not have a high score, this would be difficult to get the best of the home loan. Any of the applicant's avail of the home loan at any of the best banks. They would also be required to submit some of the primaries, detailed application form documents work. Nowadays, home loan applications are also made with online mode. Many of the banks also allow you to submit some of the preliminary application forms through online mode. And this is very fast and simple. You can choose any of whatever you have decided, but before avail, you need to check home loan EMI calculator and eligibility criteria; if you are eligible, then you can fill the form.

The substantial loan amounts that all the borrowers can get also depend on CIBIL score, income certificate, or more of the things. You can also check the loan amount that you are also eligible for using the calculator. The home loan minimum and the maximum period is 5 to 30 years; almost all banks provide the same time because the RBI always decides how long you can choose and avail the home loan.

Before you start massive research for a big dream house, one of the essential and vital things you would have to decide is how much fund you wish to avail and require. With some of the very effective high realty rates, those people purchase a home they always help this loan for buying any of the houses. Through this loan, you can or never get the total percentage of loan amounts. The maximum you can only get 80% to 90%, not more than this percentage because this is always the Reserve Bank of India.

If you are deciding any of the locations, it is a huge decision you also have to make. Proper research is always required when you do these things. Because without examination, you should not purchase any of the property. You have to research much about the property. Any of the builders in real estate companies also charge the construction of the house. This loan always has two calculating interest rate methods, whether you choose a static method or a floating rate method.

If you are choosing a fixed interest rate method, then the rate would be decided at the time. Whatever loan you have sanctioned, and remain the same every month; Otherside floating interest rate would be changed according to the market rate price. Mostly, many of the borrowers only opt for fixed interest rates on this home loan as they are also assured of the same rate until the end of the tenure period. However, this can not always be the same. This always depends on the person which method they would like to choose. But before selecting any of the plans, you need to research much about the technique.

Conclusion
Bank of India home loan interest rate charges only 6.75% per annum. The rate would be 7 to 9% between these two numbers. All banks charge interest rates. It depends on you which bank you are taking a secure home loan. If you are choosing another bank, then you have to check the interest rate. If they are charging low, then you can avail home loan in that bank. And some of the other things you also need to check because this would be very helpful for you in future. If the rate would be low, then EMI is also common.

Also Read:- Benefits Of Home Loan 

What is Home Loan? 

A Home Loan is availed by those who want to meet their financial needs for buying a house. The current rates of houses are three-fold more than a person’s annual income that makes an expenditure for purchase difficult. Home Loan can be your savior in such cases. Home Loan can also be used for Home Renovation, construction or expansion purposes. 

Some Features of Home Loan

• Home Loan can be available for New Flat, Ready to move in house, Plot from MHADA, DDA, Home construction, Home extension, and Home renovation.
• Home Loan can be availed by Indian citizen or Non-residential Indian(NRI).
• Home Loan interest rates start at 6.90%.
• Tenure of 30 years is given for Debt consolidation
• The loan amount is sanctioned on a percentage based on the Property’s value. 
• 0.50% of the loan amount excluding GST is charged as interest rates for women to encourage them to be Home Owners.
• 0.5% of the loan amount, including GST, is charged as Processing Fee for women willing to be Homeowners. 
• No Guarantor is required for Home Loan.
• No Prepayment of Part Payment fees is charged.

How to apply for Home Loan online? 

These are very tough times for us as a country to battle against COVID-19. All we can do is take mandatory precautions and stay at home. Yes Bank has provided an option for submitting an online application for Home Loan. You can apply through your comfort of home by just visiting the bank’s official website. You can fill the application form for Home Loan. 

Login Id and password will be issued to you while applying for the Indian Overseas Bank home loan, which you have to note down to save for future reference. Fill in all the required details and submit the required documents needed for verification. All the documents need to be scanned before submitting. In a short while, a bank representative will call you and guide you through the loan process. If you are eligible for a loan, your loan application will proceed further for verification. In Document verification, a valid income proof with residence proof and Property-related documents must be submitted. An approval letter will be given to the borrower upon Loan approval which contains details about the Home loan scheme, the total amount of loan approved, interest rates, Processing fee, tenure period etc. 

Documentation Process

For Salaried Individual : A Valid Residence proof is mandatory. Aadhar Card, PAN Card, Driving License, Passport, Voter Id etc., has to be submitted for verification. 

For Income Proof, documents such as the latest Form-16 and IT Returns, Salary Slips of 3 months, Bank Statements of last six months or Employment letter can be submitted.

Property Related documents are needed to avail of the loan. A copy of the buyer agreement or Allotment Letter, Receipt of payment made to the developer, and a Cheque for processing fee favouring ‘ICICI’ have to be submitted to the Bank.

For Self-Employed Individual: A Valid Residence proof is mandatory. Aadhar Card, PAN Card, Driving License, Passport, Voter Id etc., has to be submitted for verification. 

Income proof: Bank statements of the last six months, Business Profile and previous three years Income tax Returns(both self and business/organization) or Last three years profit/loss account and balance sheet have to be submitted. 

Proof of business: Education Qualifications Certificates or Business Achievements are required.

Property Related Documents: A copy of the buyer agreement or Allotment Letter, Receipt of payment made to the developer and a Cheque for processing fee favoring ‘ICICI’ have to be submitted in the Bank.

For Agricultural Laborers or Farmers Identity Proof: PAN Card, Driving License, Voter Id, Passport, Aadhar Card needs to be submitted. 

Income Proof- Bank Statements showing Salary credits from the last six months or copies of title documents of agricultural land showing a yield of crops.

Property Related documents are needed to avail of the loan. A copy of the buyer agreement or Allotment Letter, Receipt of payment made to the developer, and a Cheque for processing fee favoring ‘ICICI’ have to be submitted to the Bank.

The Borrower needs to submit his/her two passport-sized photographs on the Application Form and Signature along with all these documents.

If we look into the matter, the finance world is very vast, which includes an ample number of services, and among that, loans and advances are one of them. There are different kinds of loans available in the market among the different types of the banks and the NBFCs like that of the personal loan, home loan, gold loan and all the other types of the loan. A personal loan is the type of unsecured loan which is mainly availed for the use of the uncertain financial or planned expenses to be met upon.

On the other side of the corner, other drawbacks are also there, which reduces the probability of getting into that option of the loan. If we talk about the gold loan, it also has a unique feature where a person can avail of the fastest and the easy loan to finance some urgent thing coming across the factor. Now the main topic is the home loan, which is a loan and an emotion or can be a chance of achievement if the things are appropriately followed. A home loan is the type of loan in which a person is disbursed a loan amount either in the bank account or in the bank account of the home-making company. The Home Loan EMI Calculator will give a better estimation. Based on these, specific criteria under different banks need to be checked upon so that they come to know whether they are eligible or not.

The first and foremost thing that should be focused on is the application process, where few things should have an alert. If we talk about the credit score, it is a score that states the past credit history, trends, and the ability of how the repayments have been made. While on the other side of the coin, it is said that a good credit score of about 750 will make way for the availing of the loan. If the credit score is not good, then there will be the chances of getting rejected or getting delayed in earning the approval of the home loan.

The application should be appropriately filled with all the required documents there so that there should not be any problem while calculating the different facts for approving the home loan. If all the things are as per the process, then an inspection for the background certification and an interview might be set up by the bank. After this, a sanction letter for the confirmation of the loan and then the disbursal of the loan will happen. There are advantages due to which the home loan is considered and is availed by maximum people.

Going through the whole process of the home loan is a sense of achievement where a person, after all the repayment of the loan and all the legal formalities, the ownership of the loan gets transferred in the name of the customer. This is why after a long period of hard work, a person gets the feeling of achievement where not only the person but also the family and the related ones will live. SBI home loan offers such benefits. Secondly, we can say that there are the chances of capital appreciation where a person actually can see the value of the house property keep on rising year after year, which becomes the asset and in the time of the last resort option can be sold, and the requirement can be filled up.

Conclusion: To conclude, we can say that there are few more advantages are there like that of the low-interest rate, tax benefits which saves a lot under the preview of the income tax act of India, renting a part of the home, tax benefit in case of the principal repayment act as a boon and not only for a small amount but for a big amazon as well.

Also Read:- Rules And Regulations On Home Loans 

What is a two-wheeler loan?

A two-wheeler loan is a loan taken from the bank to buy a two-wheeler. 

There are mainly two types of two-wheeler loan -

Secured : 

As the name suggests, here, the bank will take some asset or your two-wheeler as a security or collateral against your loan. So if you're unable to pay the loan amount, the bank will seize your two-wheeler and sell it to recover the loan amount.

Unsecured :

These types of loans are not secured, so you don't have to give any asset as collateral. But instead, you'll have to maintain a good credit score to be eligible for this loan. Banks provide an unsecured loan based on credit scores. So if your credit score is bad, banks (like Bank of Baroda Two Wheeler Loan) will reject it or ask for a high-interest rate.

The process to apply for a two-wheeler loan -

There are several steps that you'll have to follow to get your loan approved by the bank:-

1. Application :
   The first step is to fill the form given by the bank. You can even find the paper online on the bank's website. You'll have to go to the personal loan page and click on the 'Apply Now button. And once you do that, you'll be redirected to the application page. So fill in all the necessary details.
   
   
2. Documentation :
   The second step is to attach all the documents required by the bank. They usually ask for three types of proofs:- Identity proof:- So for this, you'll have to submit documents like an aadhar card, pan card, driving licence and passport. Because these documents will verify that you're a citizen of India.
   
   Address proof - For this, you'll have to submit documents like telephone bills, electricity bills and other utility bills.
   
   Income proof -
   Banks only give two-wheeler loans to someone who is employed. So you'll have to provide your income proof to show that you are employed. The documents that you'll have to submit are; bank statement, payslip, form 16, ITR, Tax Challan or any other document that shows your monthly income.
   
   
3. Verification :
   After you've attached all the necessary KYC documents. You'll have to submit the form to the bank. You'll also get the option to choose the interest rate, loan tenure and loan amount at this stage. So plan your budget accordingly and choose the best option for you.
   
   
4. Disbursal :
   Once the bank has verified your documents, you'll be declared as an eligible applicant for a Two-Wheeler Loan. And the loan amount will be credited to the dealer's bank account. Some banks give DD (Demand Draft) or cheque to the dealer. And if you've selected the secured loan option, the amount will be credited to your bank account.

Tips -

We've listed some tips below to get a two-wheeler loan at a low-interest rate :

• Compare banks and choose the one you think will give the lowest interest rate.
  
  
• Negotiate with the bank. And check if you can lower your interest rate. If you have a good credit score, that will help you lower your interest rate.
  
  
• Don't apply if you have multiple loans at the same time. Because if you're unable to pay one monthly instalment of either of them, you’ll have to pay extra charges, and it will also affect your credit score. So be sure that you get rid of all the previous debts or loans you've taken.
  
  
• Choose a bank that gives you flexible repayment options. And some banks give you the flexibility to plan the repayment structure of your loan amount.
  
  
• Choose short-term loan tenure because you might end up paying more than your loan amount if you opt for a long term.

Conclusion -

Look at a lot of options before deciding on one. Think, compare and then choose the one that fits according to your needs. You can even take help from loan consultants, and they'll compare all the banks in the market for you and choose the one according to your need.

There are different types of banks where credit cards are offered at different rates of interest with varying kinds of rules, regulations, and facilities. The most widely used credit card is the travel credit card. Travel credit cards are well served with cashbacks and the types of bonuses. There are other types of credit cards used for filling the fuel and the diesel or the CNG gas in the vehicles in the piping or the fueling station. Reward, shopping and the secured credit card can be used for other required necessities. There are few criteria that a person will have to meet to become eligible for getting a credit card.

 
First and foremost is age. The age criteria have been involved because there is a concept that below or above a specific age person loses financial independence, and this will be an issue in repaying the loan or the amount of the credit card as well. The legal minimum age in most of the banks and the NBFCs is 18 years of age if we see into that of the maximum period that can be provided to that till 60 years or near about it.

Now the next thing which one needs to keep an eye on is the credit score. A credit score is the type of score where the past repayment pattern and the style of the paying can be seen or examined and based on which it will be decided that the bank or the NBFCs will provide the loan. It is advised that a person having a bank account with the bank can avail of the credit card if the person's credit score while maintaining the performance is about 650 or above. If the transaction and the repayment have been made carefully at the proper time, then there will be less interest in almost most of the thing as there will not be the risk of the repayment due to the good credit score. Karnataka Bank Credit Cards  have such offers which are provided to the old and loyal customers. In most of the cases, it has been noticed that casually people avail themselves of the other services and are unable to repay on time thus this is the reason where the credit score takes a negative hit which can affect the credit score and the credit card or other types of the loans to avail.

The income support or the employment status is also essential as the regular earning will make the person pay regularly. It also depends on how much the person is deserving and based on which the loan EMI should be calculated. If the person is earning less than the loan tenure needs to be longer or more so that the EMI burden will be less on the loan borrower. In contrast, either side of the coin, if the earning is more, the loan amount can be higher with less rate of interest, and the loan tenure will also decrease as the EMI will be more affordable to that of the customers.

Conclusion:
Net monthly income of the customers is required to have the minimum salary of Rs 15000 in most cases, while it might be different in different banks and the NBFCs. The income tax returns are required in the case of the self-employed or the business professionals as well. If we look into the different types of banks, the interest rates in case of the credit cards are different in other financial institutions. For example, the case of the Unnati credit card provided by the State bank of India will have an interest rate of 2.50%.

Also Read:- Improve Credit Score through Credit Card 

There has been an absurd transaction that has caused many cases of frauds. Before doing any transaction, one should be careful. One should always fortify security and not share the pin with anyone. J & K Bank Credit Cards have devise guidelines to identify a breach of Credit cards transactions.

While using your card for any transaction, check that no one is peering over your shoulder to memories the card for your security pin details. By skimming, many hackers copy information from the internet, making payments from unreliable sites. The skimming is done from the magnetic strip where information is embedded and clone in a counterfeit card. One should not only e keep the computer protected against fraud but also from virus and malware.

The creditor should always ensure that his or her his or her card. The credit card bill should be thoroughly checked for every. An email or SMS alert is sent to the creditor after the card is being used for any purchase. You receive an alert, but you haven't made any purchase, you should directly contact your bank. In case of theft, one should block a credit card. Banks offer 24 hour zero level ATI for any transaction once you have blocked your credit card. The bank conducts an investigation on the fraudulent transaction within a time span of 45 to 120 days.

Frauds in a physical transaction are easy to investigate and crack because of the payments slips or bills. The forgery can be detected with the help of signatures or handwriting on the payment bills. The creditor’s precaution is to memories the CVV number and stretch it out from the card or avoid signing on the strip present on the back of the card.

By scrutinizing all financial documents, one should report them to the organization. One should always appear about the ATM slips and cancel checks our bills before throwing them away. One should always remove the data from digital gadgets on mobile phones before disposing of it.

Being digital savvy is very important while doing online transactions. Always use virtual keyboards to enter your password and not store your password on any unreliable site. Any URL which contains an uppercase letter is a sign of a fake site and should be directly reported. The sites which display an IP address on a numerical address are hazardous fake sites. Every sides review should be check before making any purchase or doing a transaction.

Day by day, the number of online frauds cases having to increase. A creditor must pay off full safety towards his payments and check the reliability of the source. The fraud transactions should be directly reported to the cybercrime branch. Phishing is also prevalent nowadays, where a lot of people will lure you into the trap of sharing your OTP or card details. It is generally advised that you never share your card details, CVV number or OTP with anyone. Whenever you received a call that tells you that your credit card has expired or your eligible for a lottery, this shouldn't be believed and avoid enclosing details to anyone. A bank representative never calls their customers for this purpose, nor does charge any fees via phone.

An individual should enroll in Credit monitoring or identity theft protection services are the services available pr checking the credit card reports and helps in analyzing your expenses. When credit checks are performed, an individual is notified by a text or an email to detect suspicious activity and take immediate action against it.

Card-not-present theft is the unauthorized use of a credit card account that does not necessitate the actual presence of the card. The thief simply has to confirm your identity, account number, and the card's security code to utilize this approach to make online transactions. In recent years, data breaches at shops and other businesses have exposed the personal information of millions of customers.

Some things to keep in mind while making Credit Card Payments:

When you're out and about, keep a close eye on your wallet or handbag, and never leave Credit Cards unguarded.

Keep credit cards you don't use at home rather than bringing them with you, and only carry your Social Security card if necessary.

If you're asked for your Credit Card number, Social Security number, or other sensitive information over the phone, be sure you're speaking with a real person.

While doing online shopping, check the reliability of the website and once should always ensure that the site is secured or not.

On the other side of the coin it is said that there are different types of credit cards available in the market. There should be proper prechecks and the planning on the basis of the selection of the credit card. As different credit cards come for different purposes with different interest rates. The uses should be known properly in order to avoid the extra charges as follows for which knowing the types of credit card is important. First and foremost the time comes for the Plain vanilla credit cards. Plain vanilla credit cards are those types of cards which are used as basic one without any discount and rewards.

 This type of credit card where it is used for purchases and it has a revolving balance up to a certain limit. If the payments are done carefully then more credit limits will  be added to it in order to have more benefits as well. There is a minimum type of payment where one needs to pay at the end of each month else there will be a penalty. So, one will have to keep a sharp eye on the types of the charges. On the other side of the coin, other credit cards are the balance transfer credit cards .It is basically used when a person wants to save high interest on the existing credit cards . Then the turn comes for the reward credit cards There are 3 types of reward credit cards. On the basis of which the first and foremost is the cashback credit card. The second one is the rewards credit card and the third one is the point credit card. In some of the words it will feel weird but it is true that one can get a student credit card if someone is a student. In this type of credit card a student can enjoy the benefits of the credit card with the low rate of interest.  A candidate can avail the credit card only if the student is a running student in a 4 year course university. Credit cards are also there .Charge credit cards, subprime credit cards ,prepaid credit cards and limited prepaid credit cards and business credit cards are also there. In this way for different uses the different credit cards will be used .

Conclusion

Now if we look into the matter there are few charges about which one should know where before going for availing the credit card. On the other side of the coin. Credit card users are unable to clear or pay the finance charges then there will be a penalty on non repayment of the outstanding charges. The biggest problem is that if the outstanding balance attracts such an interest of even 25% - 30% then it will be too much interest which will be unable to be paid. In this way people make them fall into trouble credit card holders should also avoid the credit charges from the starting day of the withdrawal till the final day of the repayment. IndusInd credit cards offer good facilities for the customers. This is the reason that the credit card holders must avoid the ATM withdrawals as it attracts a huge rate of interest for the charges till the repayment is made. Next comes the cash advance or the repayment fees. ATM cash withdrawals can also take the charge of which is 2.5 % of the interest amount. The charge along with the finance charge makes a huge charge which is very difficult to pay. On the other side of the coin is the late payment fees. Late payment fees are those fees which are paid on crossing the time limit of the due dates and they rate of penalty will increase.

Must Read:- How Credit Card can help you during Emergency? 

Loans help people in adverse conditions. People take loans when there are problems, emergencies to fulfil the desires they couldn't have achieved before due to some issues and many more reasons. A two-wheeler loan is an excellent help for the people. Some of the reasons to avail of two-wheeler loans are listed below:-

1. Safe and affordable- Two-wheeler loans are very safe and affordable for everyone as the tenure period is quite long, can be extended upto 60 months, which is a sufficient time to repay the amount taken. Banks follow proper guidelines provided by the government, so the process is very safe. Some banks offer the loan in some minutes of applying if your credit score is high.
   
   
2. Reach for your dream- Everyone aspires to buy a two-wheeler of their own. You can achieve this dream if you take a two-wheeler loan to buy a two-wheeler. Two-wheeler loan provide affordable interest rates, flexible EMIs. In the festive season, you get many offers as well. Many banks tend to collaborate with the brands for promotional purposes. In that time you will get pretty good discounts which will be helpful for you to save money.
   
   
3. Keep cash for emergency purposes- You can save your money for emergency purposes if you take a two-wheeler loan for buying a two-wheeler. Paying a massive amount of cash overnight may affect your financial stability. The repayment of the loan is pretty straightforward. You need a minimal amount of money monthly for the given tenure period. The instalments are pocket friendly.
   
   
4. Use the money to invest- The funds you have can be used in investments rather than paying for a two-wheeler. Assets are vital. It will give you a hassle-free future after you retire from your job. Don't use the real money for paying for a two-wheeler. It is a better choice to take a loan.
   
   
5. Inculcate financial discipline- After taking a loan, you know that you have to pay a certain amount of money monthly for a more extended period. You will have a sense of responsibility and discipline to save your money. It helps you to plan your expenses properly. You will learn to plan things well.
   
   
6. Tax and depreciation benefits- You can claim the benefits of the taxes if you are a self-employed business person. Two-wheeler insurance, fuel and maintenance cost, the interest of the loans are allowed to deduct from the profits.
   
   
7. Build a credit profile- Your financial behavior is tracked when you take a loan. There is an effect on the credit score. A credit score is a score that shows the worthiness of taking a loan. With repaying money in the time, you boost your credit score. Higher credit scores help you to get loans quickly. You will get discounts on the interest rates as well if you have a good track record.

Canara Bank two-wheeler loan is one of the loans in demand for an extended period. These provide interest rates starting from 9.00% p.a. These provide many offers and discounts. People of age 21 can apply for a two-wheeler loan. People with employment and unemployment can apply for a loan. Unemployed people need to have a guarantor who will ensure the repayment of the money timely else, and the bank will ask for the funds from the concerned guarantor. The processing fee is also significantly less. It is 0.25% of the loan amount. The max tenure period is upto three years which is a very long period—the lowest amount for the Rs. 10,000 loan is R.319. There are no prepayment charges as well. The features are pretty attractive as a customer.

Conclusion: There are many advantages of a two-wheeler loan. The loan gives you flexibility in managing your finances.

At the point when you think about a two-wheeler, all things considered, you are considering bikes, bicycles, and mopeds. A recently bought two-wheeler can keep going for more than 1 lakh kilometres and picking a correct two-wheeler would give you the opportunity to weave your way through the packed streets to work, travel to a cookout spot with companions or surrender to the hunger for new experiences for an excursion tough with no concerns.

For the individuals who are taking a loan unexpectedly, you first need to comprehend the terminology or expressions that the banks will utilize.

Loan Amount : 

It is the amount that you take as the loan. It is additionally alluded to as the chief amount. The loan amount you are pertinent for considers the expense of the two-wheeler and your reimbursement capacity.

Interest Rate : 

The interest that the borrower is relied upon to pay on the chief amount is determined to premise a specific rate called as the Two Wheeler Loan Interest Rate. It begins as low as 0.99% per annum at MCSL.

EMI or Equated Monthly Installment : 

It is the amount that the borrower is required to pay the moneylender consistently. With every portion, you are repaying an aspect of the chief amount and interest collected on the loan.

Loan Tenure : 

It is typically the number of months inside which you should reimburse the two-wheeler loan. You have the alternative of picking the tenure going from 12 four years.

Reimbursement Capacity : 

Your present pay and costs alongside different loans you have are considered to pass judgment on your reimbursement capacity. It assists with figuring the EMI you can pay serenely for the full tenure. The reimbursement capacity directly affects your loan amount qualification.

Processing Fees : 

It is a one-time, ostensible charge for processing your loan application. It is safe to say that you are tired of staying aware of the transport plan or those silly flood tolls that taxis charge? Or then again not finding the autos or taxicabs precisely when you need them the most? Why not take a two-wheeler and wipe out every one of those issues? Fortunately, claiming a two-wheeler isn't as outlandish as it might have appeared to be several years prior.

For what reason Should You Take a Two-Wheeler? 

First of all, you may not be very persuaded to take a two-wheeler on the off chance that you are utilized to public vehicle. We additionally have heard commonly that two-wheelers are terrible speculations.

All things considered, here are a few realities that may attempt to persuade you why you ought to apply for a two-wheeler loan and get one soon-

• In the current pandemic circumstance and social separating, it is more secure and prudent to drive on a bicycle as opposed to utilizing some other methods for the public vehicle.
  
  
• You can undoubtedly zoom through traffic and invest less energy holding up at the traffic lights. It's hard to believe, but it's true, as individuals trust that the street will clear up, you can simply squirm your way through traffic and advance beyond your four-wheeler partners.
  
  
• They are a lot simpler to keep up when contrasted with four-wheelers.
  
  
• The rate of endorsement for loans for bicycles is higher than those of four-wheelers.
  
  
• Two-wheelers don't contaminate as much as a four-wheeler because of better eco-friendliness.
  
  
• Generally, they are more efficient than four-wheelers.
  
  
• They have a decent resale value.

The inconveniences related dangers due to Coronavirus pandemic of the public vehicle will be a relic of times gone by with a two-wheeler. Apply for Bank of India two wheeler loan and experience a smooth and bother free loan application experience. Pick a two-wheeler loan and become a glad proprietor of another bicycle.

Read More:- What are the uses of a two wheeler loan? 

A credit card is a card that is issued by a financial firm, generally a bank that offers holders to get funds from them. The holder needs to return the bank with some interest as per the bank. Different banks have different interests. A credit card is a very valuable asset. It can help people in emergencies.

The different types of credit cards are:-

1. Travel credit card
2. Fuel credit card
3. Reward credit card
4. Shopping credit card
5. Secure credit card

The few types of credit cards are listed above. From shopping to traveling, there are many types of cards available. Different credit cards have different features for different uses.

In general, a credit card comes with a lot of features. It enables customers to avail additional benefits other than money. People can get additional discounts, travel points, cash back, and many more. If you want to get more discounts on a particular thing then you go for the specific credit card. For example, if you want a credit card only for shopping then you buy the shopping credit card using which you get more discounts. 

 A credit card can be the best way to rebuild your credit history. One needs to pay the money at the end of the month if they have withdrawn in that month to avoid paying the interest. It is the smartest way to use a credit card. 

Credit is not linked to your other bank accounts. This provides an extra membrane of security. It is very safe. None of your money is linked to this credit card account. The money that you withdraw from this account is needed to be paid back at the end of the month. So using a credit card is very safe. If your card is with you and your card number is stolen, and someone has done a transaction using that card then you are not liable for that fraud transaction. If any unknown transaction occurs then you will get alerts that will help you know about the suspicious transactions and you will be able to take actions against them. Your credit card issuer can freeze the card which will help in stopping further fraud transactions. Nowadays with increasing technology, the use of chip cards came into the picture which makes them safer as stealing data from them is more difficult.Credit cards can be used to take insurances as the recurring payment becomes very easy using the credit cards. The money automatically deducts from the bank account. 

Most of the banks charge annual fees on credit cards, one of the bank cards which don't charge a fee is Citizens Bank credit cards. Citizens Bank credit cards are designed in such a way that it matches your objectives, whether to minimize the interests or to maximize the cashback. For more cashback, you can buy the Cashback Plus Mastercard and for the lowest interest rate, you can buy the Clear Value Mastercard. You will get 1.8% cashback on every purchase using the cashback plus Mastercard and you will get as little as 0% interest for the first 18 withdrawals. The services they provide are also very good from a customer point of view. They provide a high level of security. They don't allow any purchases from unauthorized sources. They even provide extended warranty protection on the given brand warranty. Apart from credit cards, Citizens bank also provides debit card services, internet banking services, education loans with zero interest, EMI loans, and many more. 

Conclusion

As credit cards have no other bank accounts linked to them, these are very safe to use. They provide an additional layer of security because of the same reason. The use of these makes things very easy to handle. Such as payments, billing, insurances which require recurring payments, and many more. These also provide additional benefits which attract the audience to become a customer.